Yeah I was tempted but I've picked up on a ridiculous amount because I'm over cautious with everything, that and it's new, so I expect new. Lol
The nervous wait to exchange....
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Yeah I was tempted but I've picked up on a ridiculous amount because I'm over cautious with everything, that and it's new, so I expect new. Lol
So it came back them needing another £4100 deposit as i think the furlough pay maths was a little out. Luckily we had this so have agreed. It's now off to the underwriters.
I'm fussy about finish as well and will probably spot most superficial stuff, but I want a trained pair of eyes looking at the more structural stuff, seal, envelope, brickwork etc. as that is the stuff I don't really know about.
I'm fussy about finish as well and will probably spot most superficial stuff, but I want a trained pair of eyes looking at the more structural stuff, seal, envelope, brickwork etc. as that is the stuff I don't really know about.
Aye, still tempted to get someone in haha.
Just keep saving, our estimated solicitors bill did t go over by much, but they did slap a little extra bill on the end. Keep track of everything you send basically.
Look into house, contents and buildings insurance too, mortgage advisor should help there.
OcUK, I need help. We're really not sure what to do now with the house we've had an offer accepted on. Upon reflection, I didn’t make much of the surveyor in all honestly and found her really unprofessional. I’ve since spoke to a few people and they all said it’s basic wear and tear on a 20+ year old house and not really a point for negotiating. We've got ourselves in a corner though due to the race to complete before the stamp duty holiday, it would cost over £13k if we don’t complete beforehand.
Negative points are that the boiler is old and potentially condemned, although the vendor is now arranging a service. One of the windows on the extension possibly needs replacing and the roof may need some work, also the chimney hasn't been swept in at least 5 years, although it is in use so assumed to be functioning:
The rest of the points raised were minor. Neither of us have ever bought anything other than a new build, so we don't really know how to play this game. If we start negotiating we would probably delay things and further risk paying stamp duty.
I’m really frustrated as I think my house has sold for £10-15k less than it’s worth and my mrs and I are paying near top end for a house which no matter how you look at it needs money spending on it. I think our initial offer which was accepted was too high. While the house is reasonably private it's quite close to the M5 which you can hear outside (although it's not too bad), there's a public footpath directly next to it, the garden while a decent size would be quite small for the size of the house if we did put another extension on to make the kitchen bigger (it's quite small for the size of the house). I basically feel like the vendor has the best part of this deal.
We love the house despite the negatives but we have got cold feet about it all now. If we did end up paying stamp duty our combined £60k savings would be dwindled to below £10k, plus further reductions like a new washing machine, repairs to the roof/window etc wouldn't leave us with much under the matress at all.
If we were to pull out then the vendor almost certainly would pull out of buying our current house so it would have to go back on the market at some point, then there's the various solicitors fees on top of what we've spent already on the surveyor etc which would be lost.
The current house we are in is nice and big enough for us even if we did end up with a child on the way, though it does have some drawbacks. It's on a new build estate so it's extremely overlooked, the garage is opposite and under someone's coach house and doesn't have power, parking while manageable is a pain in the backside, the roads in and out are a rabbit warren.
This is our current house:
https://www.rightmove.co.uk/properties/84105355#/
This is the one we've had an offer accepted on:
https://www.rightmove.co.uk/properties/98427038#/
A big part of me wants to pull out, cut our losses and move over to a tracker rate mortgage at the end of March when the current 2 year deal ends. Current LTV is around 65% (based on a desktop valuation) but we could put a large amount of our savings in to bring it closer to 40%, then just wait, see how Covid pans out and try and continue to save. My mrs does want to move but understands my concerns and will go with whatever I choose.
Another option is to stay put and use our savings to get a BTL property but it's really not that lucrative when you consider all the fees and extra hassle.
Negative points are that the boiler is old and potentially condemned, although the vendor is now arranging a service. One of the windows on the extension possibly needs replacing and the roof may need some work, also the chimney hasn't been swept in at least 5 years, although it is in use so assumed to be functioning:
The rest of the points raised were minor. Neither of us have ever bought anything other than a new build, so we don't really know how to play this game. If we start negotiating we would probably delay things and further risk paying stamp duty.
I’m really frustrated as I think my house has sold for £10-15k less than it’s worth and my mrs and I are paying near top end for a house which no matter how you look at it needs money spending on it. I think our initial offer which was accepted was too high. While the house is reasonably private it's quite close to the M5 which you can hear outside (although it's not too bad), there's a public footpath directly next to it, the garden while a decent size would be quite small for the size of the house if we did put another extension on to make the kitchen bigger (it's quite small for the size of the house). I basically feel like the vendor has the best part of this deal.
We love the house despite the negatives but we have got cold feet about it all now. If we did end up paying stamp duty our combined £60k savings would be dwindled to below £10k, plus further reductions like a new washing machine, repairs to the roof/window etc wouldn't leave us with much under the matress at all.
If we were to pull out then the vendor almost certainly would pull out of buying our current house so it would have to go back on the market at some point, then there's the various solicitors fees on top of what we've spent already on the surveyor etc which would be lost.
The current house we are in is nice and big enough for us even if we did end up with a child on the way, though it does have some drawbacks. It's on a new build estate so it's extremely overlooked, the garage is opposite and under someone's coach house and doesn't have power, parking while manageable is a pain in the backside, the roads in and out are a rabbit warren.
This is our current house:
https://www.rightmove.co.uk/properties/84105355#/
This is the one we've had an offer accepted on:
https://www.rightmove.co.uk/properties/98427038#/
A big part of me wants to pull out, cut our losses and move over to a tracker rate mortgage at the end of March when the current 2 year deal ends. Current LTV is around 65% (based on a desktop valuation) but we could put a large amount of our savings in to bring it closer to 40%, then just wait, see how Covid pans out and try and continue to save. My mrs does want to move but understands my concerns and will go with whatever I choose.
Another option is to stay put and use our savings to get a BTL property but it's really not that lucrative when you consider all the fees and extra hassle.
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Ouch, our two bed cost more than your four bed haha
Sounds like you've sort of made your mind up, I wouldn't move for movings sake, stamp duty or not.
You have concerns, not even just over what the surveyor has brought up. Perhaps sit down and make a list about the pros and cons?
Sounds like you've sort of made your mind up, I wouldn't move for movings sake, stamp duty or not.
You have concerns, not even just over what the surveyor has brought up. Perhaps sit down and make a list about the pros and cons?
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The rest of the points raised were minor. Neither of us have ever bought anything other than a new build, so we don't really know how to play this game. If we start negotiating we would probably delay things and further risk paying stamp duty.
This is our current house:
https://www.rightmove.co.uk/properties/84105355#/
This is the one we've had an offer accepted on:
https://www.rightmove.co.uk/properties/98427038#/
stay put and use out savings to get a BTL property but it's really not that lucrative when you consider all the fees and extra hassle.
Those items /pics seem like fairly cosmetic rather than causing an issue with the structure. I wouldn't expect getting money off for that. The window to fix possibly but it's fairly cheap to replace a window.
Why did you not make much of your surveyor?
I agree, it’s mainly cosmetic and I don’t think anything worth negotiating over expect maybe the boiler not being serviced and might be condemned.
She was really unprofessional in many ways, she seemed to take a personal dislike with the vendor and spent most of the time with us trying to talk us out of it.
Yeah if the boiler gets written off then fair enough, but that'll just cost a couple K.
Sounds like you're more having second thoughts than anything specific with the property? I don't know the areas etc so no idea on relative values, nor will most people who don't live local/know the area.
*just had a quick look at the house your buying, no idea about values, area etc but looks nice to me. Only thing that might put people off is a North facing garden? Depends what your priorities are.
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Just maybe, she wants to buy it!
Soldato
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From a tax perspective and therefore obvious cost on a financial statement, sure. But how much are you overpaying for the property because of the increased demand due to the SDLT holiday? You or I might not have the exact answer to that question but it's definitely not zero. And I would argue its probably not particularly far from the stamp duty "saving".
Deleted User 298457
Deleted User 298457
Do you love the new place? Everything the surveyor has noted is trivial. They do it to protect their own ass.
If the answer the Q1 is no then your moving for the wrong reasons. I have a 8 month old (tomorrow!) In 630sqft so space definitely isn't an issue.
If you're only at surveyor stage though, are you really likely to conclude before 31st March? I forgot how far that is into the process.
We do both like the house, although I did ask my mrs last night if she would be gutted if we missed out and she said no - I think that statement goes a long way.
Yes the garden is north facing but so is the current one and it's quite nice on a summer evening, although obviously not as good as a south facing one for ultimate sunshine.
Conveyancing wise we are waiting on search results which are due any day now and draft contracts/reports/mortgage offer etc are all done so I don't think there is too much more to be done?
Yes the garden is north facing but so is the current one and it's quite nice on a summer evening, although obviously not as good as a south facing one for ultimate sunshine.
Conveyancing wise we are waiting on search results which are due any day now and draft contracts/reports/mortgage offer etc are all done so I don't think there is too much more to be done?
All of that looks like normal age to me. If the service shows up a problem with the boiler that would be grounds for money off, but the rest of it? Nah. Depending on how much the fire is used and what fuel, etc. is used, 5 years of not sweeping may be a fire risk, but so long as you get it properly swept before you use it yourself that's not a bother.
As for surveyors, you need to understand their job is to pick up on every last little issue. I read hundreds of these when I was doing my first job processing mortgage applications for the Halifax. It was quite common for us to get customers ringing up in a tizz after reading them, because they'd picked up lots of unimportant issues like these. Talk to your solicitor about the stuff in there, they should have the expertise to tell you whether there's anything worth making an issue of.
Deleted User 298457
Deleted User 298457
Yeah your first sentence says a huge amount really... sounds like this house is meant to be the "lifer" as well. £13k is a decent saving but lets be honest, on a £475k house isn't a game changer and you will pay a lot more if you are not really in love with it.
So after 5 months we were due to exchange yesterday and complete next week.....got a call at 10am from our EA saying top of the chain have decided the empty house they were buying needs to much work doing so have pulled out. Devastated is an understatement. I understand you have to do what's best for your family but leaving it so long to make a decision and pull out on the day of exchange just seems very cruel to me.
Awful news. This shouldn't be allowed surely they knew the house needed a lot of work before they got to this stage. Load of b.s.
Oh man! I'm sorry. The UK system is such a mess
Hopefully the rest of the chain can sort it.That sucks! The English House buying system is totally broken. I believe the Scottish one is slightly better but not entirely sure of the benefits
Heres hoping 3rd time lucky for me
Sounds like you're just having a bit of cold feet? Which is fair enough to have I wouldn't shame anyone for it. Better to get it right now than move quickly after a purchase.
Yes i believe that's fairly close but I could be wrong!
So my risky unsure-if-it-will-pass furlough pay mortgage was approved yesterday by the bank...in 3 days, 2 of which were Saturday and Sunday. I'm flabbergasted it was done so quickly, as was my broker. He rang me yesterday afternoon with the good news. In terms of actual working hours, it was approved in about 5 hours from application sent to being received back approved. I thought there was a pandemic/busy period on!
Over the moon TBH, absolutely love the place. Needs a bit of work, but with a 6 month old, finally feel like he can have a family home to grow up in, and not a rental place. Aware things can go wrong (getting a survey done next week...), but no chain to fall though. Literally just bad survey results or her pulling out due to changed circumstances. Nearly there!
Over the moon TBH, absolutely love the place. Needs a bit of work, but with a 6 month old, finally feel like he can have a family home to grow up in, and not a rental place. Aware things can go wrong (getting a survey done next week...), but no chain to fall though. Literally just bad survey results or her pulling out due to changed circumstances. Nearly there!