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The nervous wait to exchange....

Discussion in 'Home and Garden' started by noj, 3 Apr 2014.

  1. Buffman

    Sgarrista

    Joined: 4 May 2007

    Posts: 8,195

    Location: West Midlands

    Can the buyer not be charged your costs?
     
  2. ci_newman

    Sgarrista

    Joined: 24 Feb 2004

    Posts: 9,879

    Location: Hook, Hants

    Had you actually exchanged contracts at that point on Monday? If so, the vendor will be liable for any incurred costs and breaching the agreement of the contract if it was written to complete today
     
  3. fastwunz

    Mobster

    Joined: 12 Jul 2005

    Posts: 3,667

    this - if you actually exchanged and the compeltion date is missed its costs +10% to you
     
  4. andicole0

    Soldato

    Joined: 12 Sep 2005

    Posts: 6,443

    Location: Robertsbridge

    Three attempted purchases have failed, now started on the 4th, this is getting very boring (and expensive).
     
  5. R-evans

    Wise Guy

    Joined: 13 Nov 2012

    Posts: 2,032

    We get our keys tomorrow, very excited.

    It seems like it has taken ages but we first viewed the house in July and put an offer in immediately, so compared to some we have been very lucky, it really does pay to spend a little more on solicitors! Also helped that the house has been empty for months and we are first time buyers so nothing to sell.

    My mate purchased the flat he has been living in for 10+ years earlier this year and that took 13 months to go through with the cheapest sols he could find.
     
  6. Skillmister

    Capodecina

    Joined: 3 Oct 2009

    Posts: 19,815

    Location: Wales

    Well October marks a very long awaited calming to the process after a year of chaos :o

    Another month of mostly 12 hour days. A few unfortunate people that didn't make the deadline for reasons outside their (and my) control but generally it was a lot better than June..

    Now hears hoping there's no Christmas rush as there's no one left to move :p I wish..
     
  7. Skillmister

    Capodecina

    Joined: 3 Oct 2009

    Posts: 19,815

    Location: Wales

    The amount spent on solicitors means absolutely nothing. Cost =/= competence in this game.
     
  8. R-evans

    Wise Guy

    Joined: 13 Nov 2012

    Posts: 2,032

    Possibly not, all I know is the other side went with the cheapest sols in Leeds and it took them over a month to spell my name correctly on the contract. That alone, according to our solicitor, delayed us getting the keys by at least a week. There were quite a few other problems with them too.

    They're the same firm my mate went with in my initial comment too, he said they were useless.
     
    Last edited: 3 Oct 2021
  9. a1ex2001

    Capodecina

    Joined: 14 Mar 2005

    Posts: 14,551

    Location: Here and There...

    Most just take on too much work, the margins are not great on basic Conveyancing so it is all about quantity. The last month seems to have been utterly bonkers with the stamp duty ‘holiday’ finally ending we haven’t been able to get much if anything out of our solicitors or mortgage providers as we were are not due to complete until the end on October so got shoved in the back burner!
     
  10. Invertigo

    Wise Guy

    Joined: 19 Sep 2010

    Posts: 2,251

    Location: Manchester

    Had a viewing last week, the viewing was with the vendors themselves rather than an agent which was nice. Good chat, talked us through everything about the house and all the renovations that have been done etc.

    Anyway we were upfront and told them we were planning to make an offer, sent it though to the agents and got an acceptance today. So, now we're getting the mortgage/solicitors process started. First time through this all so very exciting while also feeling like a shed load of work!
     
  11. Unseul

    Mobster

    Joined: 18 Jun 2018

    Posts: 3,013

    Location: Isle of Wight

    As unpleasant as it sounds. Don't get too excited yet. There's plenty of time to get gazumped, or the survey to come back with issues etc. My wife got attached to the first place we had an offer accepted, only for 2 weeks later to be told they'd accepted a higher offer.

    This time, the surveyor highlighted a serious potential issue with the roof space. There should be a structural engineers report completed soon to determine if it's safe, or need money spent to fix it up.
     
  12. squerble

    Mobster

    Joined: 13 Apr 2009

    Posts: 4,797

    Location: UK

    As above, we saw a new listing on 13th July, offered and accepted by 21st July, got through all the mortgage application etc, got the offer, then had the report on title from our solicitor and home buyer's survey back, which both highlighted many issues and we ended up pulling out on 17th Sept, so over 2 months later. This was after measuring up rooms, choosing new furniture etc. etc., so was very disappointing. We saw a property on the 20th Sept and offered and were accepted the same day - but this time expectations and excitement are very much tempered.


    With the new house, we've already had our mortgage offer and survey back, all fine. Solicitor is doing the searches now, so the process is moving much, much faster. The property was also taken off the market on the day we had the offer accepted so this reduces our worry of being gazumped. However, the vendors are yet to find a new place - they've got viewings lined up and have offered on a couple of properties but yet to give us the good news, so we're moving in with girlfriend's parents this weekend while our property sale is completed.
     
    Last edited: 7 Oct 2021
  13. thedazman67

    Wise Guy

    Joined: 24 Apr 2004

    Posts: 2,038

    Location: Warrington, UK

    Finally had some progress on our sale this past few weeks, enquiries have all been satisfied, the buyers mortgage valuation was done on Monday. Today we got told that the buyers lender has down valued our sale by £10k. Which is exactly the amount over asking price the buyers offered originally. I could take the hit but that would be all my savings wiped out. I've told our agent we are willing to negotiate a little, not as low as the 150k though. Will see what they come back with tomorrow.
     
  14. Lonewolf

    Mobster

    Joined: 23 Feb 2004

    Posts: 3,559

    Location: Manchester

    We can only do viewings on a Saturday unless a vendor is prepared to show us around in the evening. So, we’re missing out on many a property because offers are being accepted before we can do a viewing. Frustrating when work gets in the way of your future.
     
  15. Rabtech

    Wise Guy

    Joined: 27 Dec 2003

    Posts: 1,154

    Location: Preston, Lancs

    Well folks, my tale of woe finally ended. On the day we were supposed to complete (29th September), the buyer decides they now had the cash - we got a call from our solicitor at 11AM, the buyer asked if we can move out that day. Fortunately our solicitor agreed it was an unreasonable request and managed to negotiate 5PM the next day (30th) for moving our belongings but completion on the 29th as per contract. I dropped off my keys on the 29th (to satisfy the new owners had keys) to our estate agent and dropped off the rest of the keys by 4.45PM on the 30th. Managed to meet the SDLT deadline after all that and had stroke of a luck with a 2 day Luton van hire. We are in that's the main thing, not unpacked yet but thankful it's all over. Hoping everyone else has less issues than we had :)
     
  16. a1ex2001

    Capodecina

    Joined: 14 Mar 2005

    Posts: 14,551

    Location: Here and There...

    Mortgage 1 approved should hear on mortgage 2 this week and gave the structural engineer looking at some ‘interesting’ cracks in Wednesday. All still in track for the end of the month, unless it is falling down!
     
  17. Unseul

    Mobster

    Joined: 18 Jun 2018

    Posts: 3,013

    Location: Isle of Wight

    And this is why you don't get too attached. Sellers have pulled out, deciding that they're going to stay put.

    I can't wait to tell my wife...
     
  18. fastwunz

    Mobster

    Joined: 12 Jul 2005

    Posts: 3,667

    there is a lot of this happening at the moment. Total lack of stock means that vendors have very little choice and despite looking are fighting over very few properties. People are being forced into bidding wars with multiple parties fighting over each potential property.

    My friends recently had a very similar experience and as a chap in the surveying industry, I’m seeing a lot of this
     
  19. Bug One

    Capodecina

    Joined: 18 Oct 2002

    Posts: 11,168

    Location: Sandwich, Kent

    This must be a terrible time to buy a house. So glad we got ours last year before all this madness started. I fear that in a few years people are going to really regret overpaying so much for their houses.
     
  20. 413x

    Capodecina

    Joined: 13 Jan 2010

    Posts: 23,496

    Location: Llaneirwg

    Think so too.
    My sister is looking to move out of the flat her boyfriend owns into a shared house. So little stock and could be top of the market for some time.

    People being 'forced' into buying places they wouldn't normally for more than they want to pay