We're going down this rabbit hole... Hey ho.
The nervous wait to exchange....
- Thread starter noj
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We're going down this rabbit hole... Hey ho.
Soldato
And don't forget to factor in the fact that your mortgage offer may lapse if things get delayed. That hadn't occured to me when I was in the same position. I managed to extend mine twice but was told no more and completed within a few days of it expiring. Nerve wracking at the time.
Soldato
We exchanged yesterday, completing on the 31st March! Can't wait!
Soldato
Congrats!
My buyer is very frustrated completion date might be end of April rather than end of march.. I hope (pray!) they don't pull out before exchange for this!
Considering they've already put the full cash price (not just deposit) across to there solicitors it's possibly unlikely...
Soldato
Good luck. My buyers also are full cash and it means they’ve felt that they can lord over us. The fact that yours have already paid is wonderful though
Soldato
Well, they haven't paid us or I'd be laughing to the bank! They have paid their solicitor though
Soldato
Soldato
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Moved in to our new place on Friday.
It's big, old and cold. Requires never ending work it feels like.
Accepted it with contents so barely unpacked anything as we're having to clear as we go, found a few wee gems though, not sure if there's anything we'd keep but may raise a few pennies at auction.
It's big, old and cold. Requires never ending work it feels like.
Accepted it with contents so barely unpacked anything as we're having to clear as we go, found a few wee gems though, not sure if there's anything we'd keep but may raise a few pennies at auction.
Tell us more! Ex-probate house or something?
Soldato
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Accepted an offer on our house last Tuesday from a first time buyer
Had decision in principal today and offer accepted on the house we want to buy.
Even though we are at 20% deposit interest rate will be 3.5%ish because I am self employed and only have 1 year of accounts available so will have to use a "specialist" lender.
Just got to cross our fingers that we are in before September so we don't have to pay Stamp duty, which will likely cause our deal to fall through
Had decision in principal today and offer accepted on the house we want to buy.
Even though we are at 20% deposit interest rate will be 3.5%ish because I am self employed and only have 1 year of accounts available so will have to use a "specialist" lender.
Just got to cross our fingers that we are in before September so we don't have to pay Stamp duty, which will likely cause our deal to fall through
Soldato
Accepted an offer on our house last Tuesday from a first time buyer
Had decision in principal today and offer accepted on the house we want to buy.
Even though we are at 20% deposit interest rate will be 3.5%ish because I am self employed and only have 1 year of accounts available so will have to use a "specialist" lender.
Just got to cross our fingers that we are in before September so we don't have to pay Stamp duty, which will likely cause our deal to fall through
The bigger break is before end of June isn't it? It's only £5k max saving after that - hopefully £5k on a 500k purchase wouldn't break it at that point!
You say that but a lot of people don't have 5k liquid during a house purchase on top of everything else needing cash
Soldato
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ARGGGHHH I didn't realise that.
I thought it was full holiday until 30th September
That could possibly throw a huge spanner in the works
Soldato
You say that but a lot of people don't have 5k liquid during a house purchase on top of everything else needing cash
Indeed, though not having a little bit of fat is dangerous....I was just making sure he knew it wasn't the full amount..
.
...and it turns out my gut was right !
Is there an upward chain on your purchase? You should be able to get your house sold within end June unless your local searches are absolutely screwed, as long as you have decent solicitors on buy and sell side, and same with purchase as long as they're not in a chain?
Soldato
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Panic over, spoken to mortgage advisor this morning and an extra £10k borrowing should be fine.
Also we have some fat but Its fat I would rather not touch if I can help it, worst case scenario I could empty every account and come up with about £8-10k more, but that puts me in a position I would rather not be in financially.
Then as an absolute last resort I could always sell my car for £12-13k and buy a £2-3k runabout, but again that is an absolute last resort.
We are selling to a FTB, I am not 100% sure of the chain on the house we are buying, but what i do know is the seller did the viewing themselves and they said that they have the house they want to buy lined up and the seller is willing to wait as long as necessary for them to buy.
They also want to move before the SDLT holiday ends, I think that is why they accepted an offer for £15k below asking. (and £35k below the initial market price)
John German told me average house sale is taking around 16 weeks yesterday
Mortgage advisor this morning told me 6 weeks.
so who knows.
Mortgage advisor wants to use a solicitor called Fidler and Pepper, but the reviews online don't look promising.
Might have to use my own solicitor
Soldato
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I have heard this a lot.
Why would the MA be pushing me to use his solicitor ?
Surely from his side if the solicitor was that bad he wouldn't use them as the extra headache isn't worth it.
He's been in the business 20/30 years as well running his own business with employees so its not like I have an inexperienced MA.
He also told me that he would be doing all the chasing of the solicitor etc. so again if he has to do extra chasing/work I would have thought that he would want to use hassle free solictors
Because they get commission. They don't care when you complete, as long as you do.