The nervous wait to exchange....

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PermaChanged said:
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;

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Just been catching up on this thread after finally getting WiFi sorted out in my new home, but weren’t you the chap who said he’d already pulled out of one purchase?

If there’s something fundamentally wrong with the property that you’re buying, something a survey or search brings to light, then I can see why renegotiation might be required. However, if you’re just unhappy that you’ve made an offer higher than a valuation you’ve later received, I can’t say that I see why the seller would have any compulsion to reduce the price, after all it was your offer they accepted.

Sadly the market is what it is. We’ve probably just paid about £50K more than if we’d managed to move this time last year but it was absolutely the only house we both thought was ideal therefore ultimately worth it for us.
 
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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If it's been 14 weeks I believe since sale, Rightmove can update it as "new".

When my first buyer pulled out they did it for after only approx 8 weeks (so I think theyre flexible on timing) . Purplebricks got in touch with them for me, but I first raised the query to Rightmove via their Facebook messenger.

It didn't cost anything fyi.
 
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A buyer pulled out of the house that I am now buying, that was originally listed on 18th March on Rightmove.

It went back up on 25th May, which is the same day we looked at it and put the offer in, but still listed as being from March and the reason I saw it in May is that it appeared in my 'added in the last 24 hours' search.

So don't worry, it should be fine.
 
Turns out it's all moot. We had a viewing on Friday who saw it as the ad appears as a Featured Add, explained that we had accepted an offer before but it fell through and he basically said he'd offer a bit more than that offer. He offered on Saturday and we accepted that afternoon.

Annoyingly, the Estate Agent had phoned everyone else who offered on the property and one of the people came back this morning with a higher offer but feel that as we've accepted the offer on Saturday we will honour that. It's not a great deal more money and don't really want to let the buyer down.

So, no need to tell our seller anything and hopefully everything can move along now.
 
VincentHanna said:
Oh and we're exchanging tomorrow to complete on 30th June, so no Stamp Duty :D

However it's probably been over-inflated in value anyway, so swings and roundabouts.
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I'm in the same position, hopefully... exchange is entirely dependent on the banks transferring the mortgage funds on time tomorrow though.
 
ci_newman said:
I'm in the same position, hopefully... exchange is entirely dependent on the banks transferring the mortgage funds on time tomorrow though.
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Completion you mean? I wish you both all the best. I'd be very wary of how busy banks and solicitors are going to be in the run-up to 30th June, let alone the day itself!
 
Scam said:
Completion you mean? I wish you both all the best. I'd be very wary of how busy banks and solicitors are going to be in the run-up to 30th June, let alone the day itself!
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No I mean exchange. The solicitors in the chain have refused to exchange unless mortgage funds are in their possession because exchanging but failing to complete on the 30th opens a whole host of legal issues relating to liability on stamp duty.
 
ci_newman said:
No I mean exchange. The solicitors in the chain have refused to exchange unless mortgage funds are in their possession because exchanging but failing to complete on the 30th opens a whole host of legal issues relating to liability on stamp duty.
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I see. Sounds like a lot of bottom-covering in case it all goes Pete Tong on the 30th! :(
 
Any of you guys above get terrible sleep last night? :D

We are exchanging and completing today. After multiple mess ups with paperwork at the top of the chain due to probate we were supposed to exchange yesterday...

Stamp duty is OK for me as purchase is 240k however my sellers DO benefit from the relief so I am praying all goes well today and they don't miss out on that or it could bring about a new host of issues.
 
I had terrible sleep for the 3 weeks prior to my move. Way more stressful than I anticipated.

Good luck to all those trying to complete today or tomorrow. You’re braver than I am. :D
 
HRL said:
I had terrible sleep for the 3 weeks prior to my move. Way more stressful than I anticipated.

Good luck to all those trying to complete today or tomorrow. You’re braver than I am. :D
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We were shooting for the moon anyway, our chain was only completed on 26th April! We are all ready to exchange though so it's literally just the mortgage funds we're waiting to transfer.

Oh, the entire family has tested positive for covid too over the last few days. Fun times.
 
I'm moving from a rented home that has 30 days notice on it anyway, so we have plenty of time to gradually move in.

I don't know how you guys do a same-day move, that must be stressful as hell.
 
HRL said:
Just been catching up on this thread after finally getting WiFi sorted out in my new home, but weren’t you the chap who said he’d already pulled out of one purchase?
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Nope, not me! This is the first property which we've made an offer on.

HRL said:
However, if you’re just unhappy that you’ve made an offer higher than a valuation you’ve later received, I can’t say that I see why the seller would have any compulsion to reduce the price, after all it was your offer they accepted.
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Even if we did want to honour our offer it's impossible, the bank won't lend us enough money - our argument is that we only offered £5k above asking price, and therefore we assumed we'd be paying 5k more than valuation - if we'd offered £60k above asking price, and it was this which caused the massive discrepancy between valuation and offer, we'd honour it.
 
VincentHanna said:
I'm moving from a rented home that has 30 days notice on it anyway, so we have plenty of time to gradually move in.

I don't know how you guys do a same-day move, that must be stressful as hell.
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I moved out my old place 10 weeks ago. Spent the last ten weeks in between parents and hotels so I'm in a similar position, can move in my own time however just desperate for the keys now.
 
Bah, just been told my seller is unable to move until end of the year due to his new build not being ready, oh well, stamp duty to pay in full now and need to move in with mother for a few months, was expecting to be told it had fallen through though so it could have been worse :)
 
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