The nervous wait to exchange....

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ChrisD. said:
Completion day. We were packed up and loaded onto the vans by 11. Currently sat outside the new house while they are still packing and emptying the house… which we legally own. Fuming isn’t the word but what can I do but wait.
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I had this with my first purchase. Professional cleaner left waiting in the car as well as she couldn't get in and started. They left loads of rubbish in the garage and loft and a nice present in the toilet!

Our solicitor shouted, chased and threatened action but none of it helped and nor was it worth continuing any legal action for the sake of a £200 skip.
 
We were the same. Had to pay our removers an additional fee because we were still sitting there at 2:45 waiting for the exchange to happen.
 
fez said:
but if the same product is being sold repeatedly for the same price then at some point you have to accept that whatever amount that is will be the value of the item.
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But that's the whole basis of how a RICS valuation is finalised, that they consider the evidence of recent sales for similar properties - https://www.rics.org/globalassets/r...parable-evidence-in-real-estate-valuation.pdf

Dismissing them as complete **** is a laughable. We're talking a valuation difference of £55,000 here - as mentioned earlier, my frustrations lie with the estate agents for allowing the property to be marketed at such a level and not managing the expectations of the vendor.
 
Contracts exchanged, Help To Buy documentation sent, mortgage funds will arrive on Tuesday and completion set to Wednesday. Cutting it fine but very excited! And now, to pack...
 
Put an offer in on a property which was perfect for our needs and in our target area. Although our offer was the top offer, the vendor sold to someone who had nothing to sell. Apparently, the house sale fell through on 3 previous occasions so the vendor wanted to reduce the risk of it falling through again.
My property is SSTC to a first time buyer and we've a decent deposit, alas. Gutted to say the least. :(
 
PermaChanged said:
But that's the whole basis of how a RICS valuation is finalised, that they consider the evidence of recent sales for similar properties - https://www.rics.org/globalassets/r...parable-evidence-in-real-estate-valuation.pdf
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So when we showed them 6+ properties that had sold in the last 6 months that had sold for far more than their valuation of our larger 3 bedroom flat, what was their excuse? That the market and other buyers were wrong for paying that much? What about the fact that the amount they valued it at wouldn't get you anything like a similar flat in that area at the time.

I know exactly how they come to their valuations and they still clearly get it wrong on a regular basis. They don't even bother going into the properties either which can make a huge difference to values. Sometimes they don't even go and look at the bloody house and do it all online based purely on recent sales in the area.

You seem to think they are some highly accurate metric of property prices. They aren't. If they can't work out the value of a flat that is a carbon clone of 100 other flats in an estate where there is a regular turnover of properties then they are clearly not that good.

PermaChanged said:
Dismissing them as complete **** is a laughable. We're talking a valuation difference of £55,000 here - as mentioned earlier, my frustrations lie with the estate agents for allowing the property to be marketed at such a level and not managing the expectations of the vendor.
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So you want estate agents to sell houses for less than people are willing to pay for them because.... If a house sells for an amount, that is what it was worth at that point in time to that buyer. Whether they overpaid for it is by the by. I know plenty of people who have had undervaluations from mortgage surveys and none of them overpaid for their homes based on the local house prices.

We looked at probably about 30 houses and plenty were overpriced and its quite easily to tell when one is when you look at enough and you know the area. We saw properties that needed 50-100k of work on them valued like they had already had that work done on them and you could tell straight away that the estate agent didn't want to be there because there was no chance anyone was buying the house at asking or anywhere near.

Estate agents are a mixed bag. Some will put it on for whatever you want and others will tell you to hop it if they think you are asking too much and it won't sell. Our estate agent when we were selling was trying to get us to go higher than we thought we should because they thought it would impress us. We knew we wouldn't get that for it and we wanted to sell. We ended up getting very close to what we put it on for because we knew the market value. It still took a while to sell.
 
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Not worth a new thread but we're absolutely fuming. My girlfriend had an email from nationwide asking to fill in a survey about the mortgage experience. It looked like a scan because they send emails from nationwide-service.co.uk (??!) And the postcode was half right.

She knew the email address was correct for nationwide as she's had a credit card with them. So she (separately) logged in to look at the address stored and it's flipping changed! There's a road in the neighbouring borough with the same name, and the postcode is similar (well first part had one same digit). So it looks like some numpty has typed in the first line of our address and not checked the rest!

The main mortgage line is shut for tonight so she rang the credit card fraud line, who tried to put her through but couldn't. We've tried to find out what may have been sent and think it should be the mortgage notification so God knows what personal information that has on it that has gone to completely the wrong address :mad: Mental. After almost the same thing happening with our first solicitors (that dumped us because of their mistake!) it's absolutely insane that this has happened again. How can a bank, of all organisations make such a massive mistake? :confused: :mad:
 
Scam said:
. How can a bank, of all organisations make such a massive mistake? :confused: :mad:
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I know it's not really an excuse but the pressure banks are under at the moment is insane. They are making mistakes and solicitors can't get through to them to rectify them. They are failing to send mortgage funds on time already, dread to think what they will be like Mon - Wed next week.

Santanders hold time yesterday was 2 hours and half the time the line just cut off or went to what seemed like a mobile voicemail :confused:
 
fez said:
SNIP
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Don't want the thread to digress, and we'll have to agree to disagree on whether or not the house was accurately valued - it's probably not a coincidence I, as the buyer, side with the lower valuation provided by the surveyor and am grateful for the fact he's not allowing us to get mugged off.
 
PermaChanged said:
Don't want the thread to digress, and we'll have to agree to disagree on whether or not the house was accurately valued - it's probably not a coincidence I, as the buyer, side with the lower valuation provided by the surveyor and am grateful for the fact he's not allowing us to get mugged off.
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Oh we benefitted to the tune of £14k due to the lower valuation from the bank when we bought the flat. We basically said "the bank has valued it at £210k and we agreed £240k and we can't get the mortgage. Anyone else getting a mortgage for the place will have the same issue." So we agreed to split the difference. That doesn't mean I don't think the bank was wrong in their valuation. I was pleased they were in the end however :p
 
Our offer was amended to match that of the top end of valuation, it was declined as we expected to be perfectly honest, we're now awaiting a response to the below;

We’ve tried to put ourselves in the vendors shoes, and we now appreciate that they too will be equally disappointed by the valuation, when the sale had been earlier agreed at a higher price. Whilst I’m sure they too can appreciate the factual side of the matter of the valuation, and what it means in terms of how much the bank are prepared to lend against the property, that does not take the emotional aspect out of having the original deal fall through, which impacts us all.

In light of the above, and as a gesture of goodwill, we are prepared to sacrifice the collateral we had set aside to enable us to begin works to fit a new kitchen. We are prepared to increase our offer to XXX. This additional £15,000 above the valuation is a significant and direct impact on our savings, and is money which we were not originally going to be parting with in the original transaction if the valuation had come back in line with our original offer - proportionally this is a huge hit on us financially and that must be well understood.
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So, the flat has been put back on the market as the buyer pulled out. However, the estate agent has simply marked it as unsold on Rightmove/Zoopla rather than create another advert. This means that the listing date is April. When we were searching for houses, we filtered by last 3 days so I'm worried people will miss the advert. Estate Agents are playing dumb and saying they don't really get what we are saying and they can't amend the date but will email Rightmove/Zoopla.
I assume there's a cost for a new advert, which we're happy to pay, but they aren't budging.

Any thoughts?
 
Peerzy said:
I had this with my first purchase. Professional cleaner left waiting in the car as well as she couldn't get in and started. They left loads of rubbish in the garage and loft and a nice present in the toilet!

Our solicitor shouted, chased and threatened action but none of it helped and nor was it worth continuing any legal action for the sake of a £200 skip.
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I one helped a mate move. Got to his house, to find they hadn't emptied the cupboards, fridge, anything. What i expected to be a couple of hours turned into a whole day.

A bit awkward when the new owner turned up at 4pm.

I went home at 10 and they still hadn't finished. My mate said they finished around 1am!
 
Ahleckz said:
So, the flat has been put back on the market as the buyer pulled out. However, the estate agent has simply marked it as unsold on Rightmove/Zoopla rather than create another advert. This means that the listing date is April. When we were searching for houses, we filtered by last 3 days so I'm worried people will miss the advert. Estate Agents are playing dumb and saying they don't really get what we are saying and they can't amend the date but will email Rightmove/Zoopla.
I assume there's a cost for a new advert, which we're happy to pay, but they aren't budging.

Any thoughts?
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My thoughts are, you are the customer and are paying them for a service, if they are not giving you that service then go elsewhere.
I would at least warn them that is what you are going to do if they don't give you what you want.

unless of course you paid up front with purple bricks etc.
 
MassiveJim said:
My thoughts are, you are the customer and are paying them for a service, if they are not giving you that service then go elsewhere.
I would at least warn them that is what you are going to do if they don't give you what you want.

unless of course you paid up front with purple bricks etc.
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It’s not like you can go elsewhere without paying a penalty/exit fee for the EA, though.

Perhaps worth doing if the feelings are that strong, though.
 
Basher said:
It’s not like you can go elsewhere without paying a penalty/exit fee for the EA, though.

Perhaps worth doing if the feelings are that strong, though.
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With the usual high street EAs when we had quotes they told us they took nothing until the house sold. But we sold with purple bricks for half the price
 
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