The nervous wait to exchange....
- Thread starter noj
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Meant to be completing on Monday. Solicitor today decides to announce we need to sign a couple of affidavits in person at her office. Can’t do it today as she’s working from home, so could we do it on Monday.
Only four months have they had to ask us to do this, let’s literally leave it to be done on the day. Hopeless!
Only four months have they had to ask us to do this, let’s literally leave it to be done on the day. Hopeless!
We've decided to withdraw our offer, there were too many issues and we don't really want a project. House has gone back on the market for the same amount which I find underhanded. If the next person doesn't have a survey, they'll be buying a house with major issues that will cost the new owners a pretty penny.
They might feel it is worth the asking price even with the issues, I don’t think those three you listed are particularly major. The bay window probably just needs some new wood and a lick of paint, the CU swap and possible rewrite is pretty standard for surveyors covering themselves on elective and the wall ties is the surveyors get out clause as he can’t see them. I’d have bought the house after using the survey results to try and beat them down a little on price.
Currently in the process of moving. We've sold our house to our cash buyer, put everything into storage, and are currently living with parents. We have a short chain, us, the people we're purchasing from, and the house they are moving into. When we put in an offer for the house we liked we were told that they owners were going to be moving into a property just up the road and that the person who owns that can happily move quickly.
it took 8 weeks to sell our house from start to finish which, by all accounts, is quick. However it now transpires that the guy at the top of the chain needs four weeks post exchange to move as he has a tenant in the house we would be moving into. It would have been nice to know that up front and not get told this at the 11th hour. Exchange is due to take place next week and we were looking to be moved in no later than mid-September but its looking more like mid-October now. Not only is this annoying but we'll be hit with an additional 2.5k stamp duty (as are the people we are buying from) as well as the additional fees for storage.
bit of a woe is me post really but it just goes to show that buying a house isn't always as easy or straight forward as we'd like it to be.
it took 8 weeks to sell our house from start to finish which, by all accounts, is quick. However it now transpires that the guy at the top of the chain needs four weeks post exchange to move as he has a tenant in the house we would be moving into. It would have been nice to know that up front and not get told this at the 11th hour. Exchange is due to take place next week and we were looking to be moved in no later than mid-September but its looking more like mid-October now. Not only is this annoying but we'll be hit with an additional 2.5k stamp duty (as are the people we are buying from) as well as the additional fees for storage.
bit of a woe is me post really but it just goes to show that buying a house isn't always as easy or straight forward as we'd like it to be.
I'm confused. The house you're buying has a sitting tenant? Someone has screwed up royally because your mortgage and contract should both state "vacant possession"
If so, you can sue for breach of contract no?And did the selling agent never mention there were tenants in situ?
When we were looking (aiming to beat the July stamp duty holiday) we pretty much walked straight back out of a couple of house viewings because there were sitting tenants that hadn't been given notice..
He said that the vendor has just revealed that he needs an additional 4 weeks post any exchange, to clear the house for that reason....I'm confused. The house you're buying has a sitting tenant? Someone has screwed up royally because your mortgage and contract should both state "vacant possession"
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I'm confused. The house you're buying has a sitting tenant? Someone has screwed up royally because your mortgage and contract should both state "vacant possession"
And did the selling agent never mention there were tenants in situ?
When we were looking (aiming to beat the July stamp duty holiday) we pretty much walked straight back out of a couple of house viewings because there were sitting tenants that hadn't been given notice..
the tenants are in a flat which the guy at the top of our chain will be moving into. the guy who owns the house that our sellers are moving into said he could move out quickly. there was been no discussion around tenants until it came up on friday that he needs 4 weeks notice from exchange to move! our sellers were unaware of this as are we. we have spoken to the estate agent and told him to tell the guy at the top of the chain that we will be seeking compensation for the additional stamp duty and storage fees.
What's your point? I'm sure it was a condition of getting our mortgage that the house we bought had to be vacant possession. Sounds like the people buying that house didn't have that stipulation but should have been aware of the time lag. So it's partly their fault as well. If they haven't exchanged I guess there's no breach of contract, but again, it was in our contract that it would be vacant possession.
Makes sense. Sounds like a hobbyist landlord that probably didn't want to give notice to his tenants until he sold -- which as above, is entirely the wrong way to go about doing things. I'm sure standard notice is currently 3 months anyway, not 4 weeks as he's probably hoping... I'd be mindful...
wait... what?!!?
Then I am really confused. I will be speaking with the agents tomorrow and my solicitor to find out what the deal is here.
yes and it will be, I think you just misunderstood the posts. No exchange has taken place and he does plan to complete with vacant possession. I pointed this out for clarity for you as you didn’t seem to understand that’s all
https://england.shelter.org.uk/housing_advice/eviction/eviction_notices_from_private_landlords (a quick Google, Shelter is normally best resource for renters). Might be 4 months but this is all assuming they don't get in etc. Tenants might have been given notice and found somewhere wanting immediate move-in anyway which is quite often the case
I kinda missed the bit about not exchanged yet. But it still seems a bit screwy!yes and it will be, I think you just misunderstood the posts. No exchange has taken place and he does plan to complete with vacant possession. I pointed this out for clarity for you as you didn’t seem to understand that’s all
Soldato
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Is he definitely giving the tenants notice to leave? Or notice that he's moving in there as well?
Sounds like a longshot but could be a live-in landlord type arrangement (although he obviously wasn't living-in up til now so the tenant's contract probably doesn't reflect that).
I have a live-in landlord but he's ultimately been working away on contracts most of the time. So since covid he hasn't been - was a bit abrupt to get a few hours' notice when he came last week!
Sounds like a longshot but could be a live-in landlord type arrangement (although he obviously wasn't living-in up til now so the tenant's contract probably doesn't reflect that).
I have a live-in landlord but he's ultimately been working away on contracts most of the time. So since covid he hasn't been - was a bit abrupt to get a few hours' notice when he came last week!
The seller want willing to negotiate on price when the property had been undervalued by the banks so it was highly unlikely she would based on the survey
I still don’t think those three things necessarily warrant a Reduction in price, I would have asked (note I said try in my original post) but a refusal to negotiate wouldn’t necessarily have stopped me if I really wanted the house. Bank valuations are notoriously rubbish particularly so in the current fast moving market. There is a very good chance they will get someone to buy the house at the price they want if it is a a half decent property in a desirable area.
A mortgage undervalue AND a list of critical issues from the surveyor would definitely give me pause for thought too though if the seller is unwilling to change their price.
There isn't a list of critical issues there are three things two of which are only potential issues that come up on virtually every survey (Electrics and Wall Ties) because the surveyor lacks the expertise or access to do anything more than flag them as potential issues. If someone asked me for money off because the surveyor said the electrics might be dodgy I would expect the buyer to get an actual electrician to confirm this and the same with the wall ties asking a vendor for money of because something may be an issue isn't ever going to fly.
The bay window is the only real concern and that again I'd want to have a real good look at myself or with someone that knows about these things. Our survey said every window in the house needed replacing as they didn't open and were rotten, in reality they were wooden sashes someone had painted shut all of which were made to open with a stanley knife and one or two of which needed replacement sills they had lasted 100 years and would probably have done 100 more if we hadn't wanted to swap the sashes for double glazed ones (The original sash boxes are still going strong).
It is entirely dependant on the house but always take a survey report with a pinch of salt particularly things where it says needs further inspection as that as I said simply means they either couldn't check it or don't have the skills.