The nervous wait to exchange....

  • Thread starter Thread starter noj
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Which is all great and I understand that, but you wrote:

Peerzy said:
Generally speaking, historically a new build would lose value for the first few years (3-8 years).
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You said a new build will generally lose value after the first few years. By losing value, the £250k new build in your example would be worth less than £250k in the first few years. That's a completely different thing compared to not returning as much money as opposed to a conventional house bought at the same time for the same amount.
 
ChrisD. said:
You said a new build will generally lose value after the first few years. By losing value, the £250k new build in your example would be worth less than £250k in the first few years. That's a completely different thing compared to not returning as much money as opposed to a conventional house bought at the same time for the same amount.
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Hmm, maybe badly worded on my behalf. In the past new builds have been worth less than the brand new purchase price for early periods. I guess since the end of last recession (2012ish) they've just tracked behind older stock in growth but still risen in price (excluding maybe a sale within the first 12 months).
 
Aaaaaaaand we're here.

Just had an offer accepted. We've been looking for a few weeks, and then got very lucky that we found out about a property that would go up for sale, but is not yet with an agent. We liked it, and asked them to give us this week (they weren't planning on listing for another 2-3 weeks) just to finish the viewings we had lined up. Just had a viewing at 10.30am today, a 3 bedroom, 3 storey flat, as part of an old country manor type thing (not ridiculously big, just large), communal upkeep of the building and gardens etc, loved it. Made an offer and had it accepted a couple of hours ago!

Perhaps risky that we're stepping onto a chain, though we are at least first time buyers, so close one end of a chain, rather than the other place that would have simply been available.

Now it's the minefield of getting the mortgage, conveyancing, surveying etc. Got a mortgage broker and decision in principle. Estate agent will forward our details to their conveyancing team (is this a minefield, better to get our own or in their interests to help?), have contacted a private one too.

Very nervous!

On a tech theme though, 2nd biggest bedroom will be my office! Plenty of VR space too :D. The boy will get the 3rd floor, which is loft room type, but has it's own shower room, bedroom and sort of landing type area.
 
Congratulations! 3 story flat sounds like a fun/interesting layout :)
Unseul said:
Estate agent will forward our details to their conveyancing team (is this a minefield, better to get our own or in their interests to help?), have contacted a private one too.
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I'd be wary. The selling agent will be looking out for the sellers over anything else. Having said that, when our original solicitors binned us because they were morons, we went with the solicitor that the agent recommended and she was utterly brilliant. We exchanged 4 weeks after instructing her. It's a total minefield either way, as my Dad recommended just have the lowest of expectations when dealing with conveyancing solicitors and at least you won't be disappointed!
 
Scam said:
Congratulations! 3 story flat sounds like a fun/interesting layout :)
I'd be wary. The selling agent will be looking out for the sellers over anything else. Having said that, when our original solicitors binned us because they were morons, we went with the solicitor that the agent recommended and she was utterly brilliant. We exchanged 4 weeks after instructing her. It's a total minefield either way, as my Dad recommended just have the lowest of expectations when dealing with conveyancing solicitors and at least you won't be disappointed!
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Yeah, I'm not going to get overly expectant!

First floor (ground floor flat below us), has lounge, small dining room, toilet and then 2 steps down to a long narrow kitchen. Steep stairs up to first floor with 2 large bedrooms, one with fitted wardrobes, which will be our bedroom, the other will become the office/vr space, has a long bathroom, we'll plan to replace that with a large shower. 3rd floor is a loft conversion, lots of angles, but enough room for a longish narrow bedroom (enough for a bed to go across though), a sort of landing area that's big enough for some cushion/low sofa thing and a tv, and a small shower room with toilet. Perfect for our son to have as his own little space, something he may not appreciate as a 9 year old, but as he gets older I'm sure it'll be more and more appreciated.
 
Man the lack of noise on my move is depressing, I originally sold end of April and it's been 5-6 weeks since the collapse of the first buy and re-sell.
 
montymint said:
Man the lack of noise on my move is depressing, I originally sold end of April and it's been 5-6 weeks since the collapse of the first buy and re-sell.
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This is something that worries me. We're first time buyers, so at least close one end of any chain, but I don't want to be stuck in limbo, being afraid of things not working out etc.
 
Unseul said:
This is something that worries me. We're first time buyers, so at least close one end of any chain, but I don't want to be stuck in limbo, being afraid of things not working out etc.
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I'm sure it'll be fine for both of us. My first buyer never filled in his solicitors forms for his sale in 6 weeks, so his buyer pulled and collapsed the chain up to me. I then had to list and sell my house within 3 days in order to keep my seller from pulling out - so I ended up eating a 4k hit on my house to push it through.

June didn't help since both the house I'm buying and my own are under £250k, so they were pretty much back burnered for more expensive sales beating the July 1st deadline for stamp duty.

Thankfully my best mate is my solicitor, so I know when things aren't moving fast it's because that's how it is.

I'm just frustrated because I can't get quotes for anything until I know my move date and I don't want to start packing until then either.

It probably also doesn't help that I now hate where I live (area, not house).
 
Are all conveyancers useless or have I just been unlucky? Got a notification that there was a document waiting for me on Saturday, log in and find a letter telling me it's the second time they've written to me asking for signed Contract, TR1 and contract response form, this is uploaded to the purchase side of things which they received over a month ago, oh wait a minute it's for the sale of my place not the purchase of the new place, call them... yes they've apparently already written to me once already as they've not received them, okay, how about you actually send them to me in the first place, can't sign documents I don't have nor do I have any idea I should have them because their own tracking website makes no mention of them having been made available to me nor is anything available in the documents area.

The worst of it is that I'm using the same conveyancers for both sale and purchase, the purchase side, other than the completely misspelled name on the contracts, has in fact been plain sailing so far.
 
Dano said:
Are all conveyancers useless or have I just been unlucky? Got a notification that there was a document waiting for me on Saturday, log in and find a letter telling me it's the second time they've written to me asking for signed Contract, TR1 and contract response form, this is uploaded to the purchase side of things which they received over a month ago, oh wait a minute it's for the sale of my place not the purchase of the new place, call them... yes they've apparently already written to me once already as they've not received them, okay, how about you actually send them to me in the first place, can't sign documents I don't have nor do I have any idea I should have them because their own tracking website makes no mention of them having been made available to me nor is anything available in the documents area.

The worst of it is that I'm using the same conveyancers for both sale and purchase, the purchase side, other than the completely misspelled name on the contracts, has in fact been plain sailing so far.
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Hit and miss really. Some of the online estate agents / banks use conveyancers that are effectively large call centres. The advantage of them is that in straight forward cases they tend to rubber stamp stuff through, but when things go wrong - BOY HOWDY DO THEY. I had one in 2019 for natwest on a re-mortgage that took 3 months to sort, useless.
 
montymint said:
...

It probably also doesn't help that I now hate where I live (area, not house).
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Yeah, have to agree, as that is how I am feeling. We're hopefully 1 month out from our moving date and it can't come soon enough. So looking forward to the day I drive away from here for the last time !!!
 
I can categorically say I don't think I want to go through this hassle ever again, loving the new place almost one month in but don't think could put myself through it again!

Best of wishes to those still on going.
 
Have to say the whole thing was a total nightmare for us too. Useless conveyancers, awkward vendors, unpleasant buyer, covid, stressful completion day, screwed up bank transfers, the lot. Never want to do it again. An utter shambles from first day to last. And it went on nearly a year...
 
We haven't completed yet so there is still time for things to go wrong but our process has been fairly straight forward, its just taken a while because everyone is overloaded with the stamp duty holiday uplift.
We began the process in March and hope to complete in the next couple of weeks (fingers crossed next week)
 
Robdav said:
annoyingly though was getting all the paperwork together. It has surprised me just how little the previous owner sent us in terms of paper work. I only found out today who installed the windows in the house which was done a year before we moved in. We'd receieved no FENSA certificate for it, or any guarantee paper work either but then this was our first house and none the wiser at the time. Couple of quick calls sorted it though.
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That's on the solicitors you used on that purchase then, that is information they should have been requesting and demanding.
 
Today was a good day, I sold my flat! Purchased for £276k less than 2 years ago, and sold for £100k more with roughly £40k invested in renovations.

My partner sells her property on Thursday, and we also buy our home together on Thursday too. It's a project house which we expect to spend over £200k on to get it to the standard we want.

Exciting times ahead!
 
PermaChanged said:
Today was a good day, I sold my flat! Purchased for £276k less than 2 years ago, and sold for £100k more with roughly £40k invested in renovations.

My partner sells her property on Thursday, and we also buy our home together on Thursday too. It's a project house which we expect to spend over £200k on to get it to the standard we want.

Exciting times ahead!
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Pics :cool:
 
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