The nervous wait to exchange....
- Thread starter noj
- Start date
Deleted User 298457
Deleted User 298457
Haha I know that feeling. I shift cash all over the place (or did, when the 5% Lloyds and TSB accounts were going). I also got huge amounts of expenses through work so would often go from baller to pauper in a night with apparent massive credit card debt. Luckily they'd seen it all beforeMortgage offer has come through! Nationwide booked valuers for Tuesday and then rebooked for today (development site is shut Mondays and Tuesdays) and this afternoon got a text saying the valuation report had been received and 10 minutes later, if that, another text saying accepted and mortgage offer sent out! Great result; I was getting rather anxious over the whole thing as my finances definitely looked a bit weird if you judged it only by bank statements, so now I can relax and hopefully the house doesn't get delayed - roll on June!
Soldato
- Joined
- 2 May 2011
- Posts
- 12,144
- Location
- Woking
Just moving drama. It felt like a very long day. The movers were not good. Seems that it was subcontracted out and there’s no quality control. The guys worked hard but they were clearly exhausted before they even came to us. I’m not really sure what to do to be honest as on one hand, I don’t feel like I got the service I paid for. On the other hand, the contractors need the money more than we do.
Associate
- Joined
- 20 Apr 2009
- Posts
- 1,313
After 2 fallen through sales and my house up for sale since August I've finally exchanged
Safe to say I never want to both sell and buy a house again!
Complete at the end of the month
Congrats! Hope the move day goes well
Still nervous it'll go to ****, but getting a local company with good reviews to do the move. Says he will have a team of 3 to 4 people do it so hopefully that takes the stress off me (£900 and about 20mins drive away)
Did you have a homebuyer report done or a building survey?
My current house has a chimney breast removed at ground and first floor level, but the chimney stack is supported by a small RSJ in the loft.
A "full structural survey" doesn't normally involve anything invasive, a specialist investigation may do though.
After 2 fallen through sales and my house up for sale since August I've finally exchanged
Safe to say I never want to both sell and buy a house again!
Complete at the end of the month
Well done - did the same last year but only had the one fallen through sale, have no desire whatsoever to move again!
We had a house under offer (accepted about 3 weeks ago) but the owners wouldn't take it off the market as it had been on and off twice before due to issues at lender's valuation stage. They've been trying to sell since last September. We knew that the buyer previous to us pulled out once their banks surveyor used the term 'structural movement', but we were happy having looked at the house and with a thorough old-house specialist building surveyor appointed that we could derisk it. Our lender's valuer picked up the same thing but our surveyor was due tomorrow and confident he could assure the lenders that the issues weren't a deal breaker. Phone call this morning from the agent and sellers have accepted a cash offer from a property development company who had a 3 hour look around (basically their own survey) and offered similar to us with no requirement for borrowing.
Can't decide if I think the sellers are ***** or it's fair enough, as they did say they wouldn't take it off the market and we're all just looking to get things bought/sold as quickly and risk free as we can as things are. Still extremely annoyed. Only thing we could have done different is put our foot down with our offer and said "off the market or we're out", but we probably would have needed a significantly higher offer to pull that off and I wanted every pound we could have to refurbish as it needs it.
Back to the rightmove search and 4 hour round trips with the kids for viewings
Can't decide if I think the sellers are ***** or it's fair enough, as they did say they wouldn't take it off the market and we're all just looking to get things bought/sold as quickly and risk free as we can as things are. Still extremely annoyed. Only thing we could have done different is put our foot down with our offer and said "off the market or we're out", but we probably would have needed a significantly higher offer to pull that off and I wanted every pound we could have to refurbish as it needs it.
Back to the rightmove search and 4 hour round trips with the kids for viewings
Associate
- Joined
- 15 Jun 2009
- Posts
- 2,494
Just wondering what my options are if a house is valued at lower than what was offered? And also accepted?
Guessing I could challenge the valuation. Also wondering if it's possible to adjust my offer this far in to the process?
Guessing I could challenge the valuation. Also wondering if it's possible to adjust my offer this far in to the process?
Soldato
- Joined
- 25 Mar 2004
- Posts
- 15,992
- Location
- Fareham
The bank will only lend you what they say they think it's worth. So for the remainder, you will have to stump up the difference yourself, or lower your offer.
Having a lower valuation could be an ice-breaker for "Our valuation report says it's worth less, we can't find the extra cash to cover the whole of the difference, would you accept £X?" but any attempt to negotiate should be taken with careful consideration. Without having Exchange Contracts no one is tied in to anything at this point.
I think you have to decide if you want to try a different bank/surveyor, try and negotiate the price lower, or find the cash gap without borrowing it.
I live in a mining area and there's a thing called Cleveland shale, that a lot of houses in the 50's to 70's were built on top of, used an infill. The house I'm buying, the previous buyers pulled out as the vendor refused to have a shale test done as it wasn't required by the mortgage lender and apparently tried to reduce the price based on a few other things.
I've been approved on my mortgage but my solicitor is recommending I have a shale test done, and has gone to the vendors solicitor to ask and been refused. My solicitor is now going to my lender to inform them that there could be potential shale - apparently, she is obligated to do so but asked me if that was okay as if it is required by a lender they 'might' budge, but also might end up with me not being able to get the mortage. I agreed since I'm not really sure I want to be in his similar position when selling in having to justify it doesn't have shale and be at a loss if it does.
I've spoken to the estate agents today, as I thought I would try them first instead of it costing to speak to my solicitor since two weeks has passed with no news. She informed me that the last she knew I put everything on hold, which I did as I wasn't going to fork out searches and surveying if he was plain refusing to have a shale test done. She informed me the vendor is annoyed because it's the second time this has happened and the second time it hasn't come direct from a mortgage lender and won't budge on the shale test being done and it is up to me whether I want to proceed since he isn't required by law to have one done. She also said that he had informed them the same surveyor I booked and cancelled to put things on hold was the same one that went round for the previous buyer, and he said everything was okay but he could not 100% it without a shale test so I would get the same answer. They are claiming damp proof and new floor as the reason they won't have it done.
If it is the same surveyor then technically he already has a report done, and will be charging me if and when I go back to him for a homebuyers, for the same report. Can I just not ask him to buy the recent homebuyers report at a lower cost now that I know this and request that there is no need to go inspect a second time, or is that being too cheeky? When I spoke to him to cancel and explained the situation he didn't seem to alarmed about shale and said it's over hyped, but also recommended I walk away if he is refusing to have a test done.
I've been approved on my mortgage but my solicitor is recommending I have a shale test done, and has gone to the vendors solicitor to ask and been refused. My solicitor is now going to my lender to inform them that there could be potential shale - apparently, she is obligated to do so but asked me if that was okay as if it is required by a lender they 'might' budge, but also might end up with me not being able to get the mortage. I agreed since I'm not really sure I want to be in his similar position when selling in having to justify it doesn't have shale and be at a loss if it does.
I've spoken to the estate agents today, as I thought I would try them first instead of it costing to speak to my solicitor since two weeks has passed with no news. She informed me that the last she knew I put everything on hold, which I did as I wasn't going to fork out searches and surveying if he was plain refusing to have a shale test done. She informed me the vendor is annoyed because it's the second time this has happened and the second time it hasn't come direct from a mortgage lender and won't budge on the shale test being done and it is up to me whether I want to proceed since he isn't required by law to have one done. She also said that he had informed them the same surveyor I booked and cancelled to put things on hold was the same one that went round for the previous buyer, and he said everything was okay but he could not 100% it without a shale test so I would get the same answer. They are claiming damp proof and new floor as the reason they won't have it done.
If it is the same surveyor then technically he already has a report done, and will be charging me if and when I go back to him for a homebuyers, for the same report. Can I just not ask him to buy the recent homebuyers report at a lower cost now that I know this and request that there is no need to go inspect a second time, or is that being too cheeky? When I spoke to him to cancel and explained the situation he didn't seem to alarmed about shale and said it's over hyped, but also recommended I walk away if he is refusing to have a test done.
A new financial year brings up an issue for me, I've got a Lifetime ISA with Skipton, the majority of my deposit is with them while the rest is in a regular savings account. The house we're buying is in a chain of three, we're FTB and at the other end, the house they're buying is empty. We've not got a date for completion yet but I'm wondering if I've got time to stick another 4k from my regular savings account into my LISA to then get the additional 1k Government bonus. That would help us out a lot as the additional 1k saved can go towards whatever we need in the house.
My main worry is that I'll stick 4k into the LISA then the solicitor contacts me with a date for completion which is before the date the bonus is paid in.. I'd be looking at around the 20th May at the earliest for bonus to be paid into my account.
I guess if I transfer 4k over and we get a completion date before the bonus is paid it's not the end of the world, I won't lose out on anything which I never had.
Hope this makes sense..
My main worry is that I'll stick 4k into the LISA then the solicitor contacts me with a date for completion which is before the date the bonus is paid in.. I'd be looking at around the 20th May at the earliest for bonus to be paid into my account.
I guess if I transfer 4k over and we get a completion date before the bonus is paid it's not the end of the world, I won't lose out on anything which I never had.
Hope this makes sense..
Last edited:
As a little update. The Homebuyers Survey was done yesterday and we have already have a copy of the report. No major issues raised but a few items marked as "3" which should be cleared subject to confirmations from the seller's solicitors about guarantees and paperwork.
Our solicitor has already looked at the title deed and done the inventory report.
Not bad progress in two weeks. Touch wood on schedule to complete in May which is fortunate given our land lady just gave us notice on our flat - saves me the hassle I guess.
The timing for my Moneybox LISA is that the bonus is paid in at the end of the month after the month in which you made the deposit, i.e. anytime between 6 April and 30 April would result in the bonus being paid 31 May.
I'd drop Skipton a tweet or a call to confirm. They responded to me about a related query on twitter and I do not even bank with them!
Just had the first evening of viewings at our flat we’re selling. We had three tonight.
Very positive noises, certainly think one will put an offer in. Three more viewings tomorrow, and two on Saturday booked.
It’s quite strange having people in but very exciting. We’ve had an offer accepted on a house so keen to get this sold and a move date finalised.
Natwest are a pain in the arse though! We need to use them to avoid an early redemption fee but they have been poor so far.
Very positive noises, certainly think one will put an offer in. Three more viewings tomorrow, and two on Saturday booked.
It’s quite strange having people in but very exciting. We’ve had an offer accepted on a house so keen to get this sold and a move date finalised.
Natwest are a pain in the arse though! We need to use them to avoid an early redemption fee but they have been poor so far.
Soldato
- Joined
- 3 Oct 2009
- Posts
- 19,893
- Location
- Wales
I have a couple of clients with the same dilemma.
Ultimately a completion date doesn't just get "set". You have to choose or agree to it. So just say you need a couple of weeks extra to make sure you get the bonus. No one in their right mind is going to refuse you that and even if they don't like it what are they gona do, withdraw and find another buyer and wait another 3 months instead?
Be a little bit careful as we looked into this and it turned out we wouldn't get our bonus until June some time.
Yeah I've realized this since posting. Makes it a little easier. Skipton does say it'll be paid in 14 days after the second month which is 20th May.
We had an offer accepted on Monday, woop!
Now thinking as the sellers are landlords with no chain (old couple, not investors) and we are FTBs we might actually get this done in time before the stamp duty changes. We have a decision in principle from Nationwide but need to arrange the mortgage. What are thoughts on 'execution only' mortgages? We are FTBs with a large deposit, the mortgage required is well within in our means and we are holding back cash to extend into the loft and do a lot of work (replace bathroom, kitchen etc.) asap so it really shouldnt be very complicated. Really, we just want to fix for 5yrs to get the best rate.. seems obvious no?
But what are the downsides to not using advice first? Obviously we don't want to rush into anything as big as a mortgage but want to keep the wheels turning...
Now thinking as the sellers are landlords with no chain (old couple, not investors) and we are FTBs we might actually get this done in time before the stamp duty changes. We have a decision in principle from Nationwide but need to arrange the mortgage. What are thoughts on 'execution only' mortgages? We are FTBs with a large deposit, the mortgage required is well within in our means and we are holding back cash to extend into the loft and do a lot of work (replace bathroom, kitchen etc.) asap so it really shouldnt be very complicated. Really, we just want to fix for 5yrs to get the best rate.. seems obvious no?
But what are the downsides to not using advice first? Obviously we don't want to rush into anything as big as a mortgage but want to keep the wheels turning...
We had an offer accepted on Monday, woop!
Now thinking as the sellers are landlords with no chain (old couple, not investors) and we are FTBs we might actually get this done in time before the stamp duty changes. We have a decision in principle from Nationwide but need to arrange the mortgage. What are thoughts on 'execution only' mortgages? We are FTBs with a large deposit, the mortgage required is well within in our means and we are holding back cash to extend into the loft and do a lot of work (replace bathroom, kitchen etc.) asap so it really shouldnt be very complicated. Really, we just want to fix for 5yrs to get the best rate.. seems obvious no?
But what are the downsides to not using advice first? Obviously we don't want to rush into anything as big as a mortgage but want to keep the wheels turning...
For my first purchase I did all the research myself and simply went for an execution only mortgage from Nationwide. It was the best deal I could find and had cash back. Apart from having to drop documents at a branch it was incredibly straight forward and I’d do it again no problem.
I’m currently going through an application with NatWest where we are having to go down the advice route due to circumstances (she’s selling her flat to raise the deposit for the new place and wants to port the mortgage but then add me onto it once the new house has been bought).
It’s a pita, had four phone calls with the advisor and got a 2 hour meeting scheduled for next Thursday. And apparently after that meeting there could be another step. We know what we want, we have all the paperwork, and ready to go. But we have to wait for them. There is no value being added.
so for me, nothing wrong with doing it all yourself without advice. I suspect the majority of these advisors just read stuff off the screen rather than have much knowledge or autonomy. If you’ve done the research on the comparison websites, what else are they really offering? Just another place to add delay IMO.