The nervous wait to exchange....

[413x]

ah you're right! we did transfer from help to buy to LISA a while ago, that explains my confusion. Honestly, 450k for a first time home is ridiculous. Me and my other half do well for ourselves at our age(early 30s) and I honestly can't image how people who earn less can afford anything, unless they get chunky deposits from parents/grandparents etc. My mate dumped everything and moved to Scotland after trying for years to buy here(west sussex).

Ah you were thinking about htb. Yeah that was a nasty low limit.


About earning less..
Me (44k) and my partner (24k) with a mortgage (210k) certainly don't feel rich at all. Despite earning over average, and having relatively low costs (both full time WFH, no kids ever).

Fortunately I wanted to live in a Cheaper area (Wales) by choice. Would absolutely be priced out of London with what we had. I don't know how anyone with average conditions lives there.

But even with this mortgage it's the interest rate rises and energy price rises that could turn comfort into hopefully not a struggle, but moderate life changes.

If we are in the above average earning with below average costs and having to make careful plans it really shows what the below average are facing.

If I ever move again probably need a house price crash or a lottery win really. And I really do want to move again.

 

[~Divine~Wind~]

yeah the prices now really are going ape, FTBs needing a lot more money than you did in the past (we managed at around 140k with a deposit of around 20k)

 

[CaptainRAVE]

After one buyer pulled out and lots of fussing from the second, we’ve finally exchanged. 36% profit. Not too shabby in just a few years.

Now all fingers crossed for the new purchase.

 

[Smeghead]

Does a gifted deposit letter legally need a witness signature to be valid? I've seen a lot of templates that don't include it.

 

[a1ex2001]

Does a gifted deposit letter legally need a witness signature to be valid? I've seen a lot of templates that don't include it.

No

 

[delta0]

Success! The seller backed down on gazumping us and has agreed to the original price. Exchange happening imminently, completion within the next couple of weeks.

 

[LuckyBenski]

Success! The seller backed down on gazumping us and has agreed to the original price. Exchange happening imminently, completion within the next couple of weeks.

****ing win, congratulations!

Now if only my solicitor would pick up the phone/email and tell me we've got a date for exchange... Radio silence for 10 days now

 

[maj]

So we finally exchanged today. What a rollercoaster the past 5 months has been. It has caused a fair few sleepless nights and stress but had the phone call to confirm that the exchange has been completed on the sale of our house and the house we're buying. We've had to endure the solicitor having a cyber attack which took them down for weeks, buyer not chasing their own solicitor to progress the sale and also had the builder of our new house threatening to pull the plug due to how long the chain was taking. Solicitor on my side wasn't great either but they've at least got the job done. We can now look forward to completing next Friday.

 

[grudas]

Anyone dealt with connells? We’ve viewed the property we discussed above and made an offer. It really is the right house for us. But it seems like connells do not want to put our offer through until they prove our financial position. From the emails the branch manager has been sending my other half, they want a 30 minute meeting to discuss our income, deposit amount and outgoings. Now that would be fine but they’re estate agents not MAs so that info will not be given by me.

I feel like they’re trying to push us to use their MA services which is hilarious as just recently I’ve read : https://thenegotiator.co.uk/connells-launches-internal-probe-over-conditional-selling-allegations/

article about them.

I’m happy to provide them with MIP agreement from HSBC but that’s my limit I think. All I want them to do is pass my over offer. Our MA will deal with the financial side of it.

being a first time buyer.. am I on the right track here? Surely, EA should not need my income, outgoings etc discussed before passing an offer.

The emails sent to my other half with “have the numbers ready” are just hilarious. I know they’re bad but the house is being marketed by them.

 

[LuckyBenski]

Anyone dealt with connells? We’ve viewed the property we discussed above and made an offer. It really is the right house for us. But it seems like connells do not want to put our offer through until they prove our financial position. From the emails the branch manager has been sending my other half, they want a 30 minute meeting to discuss our income, deposit amount and outgoings. Now that would be fine but they’re estate agents not MAs so that info will not be given by me.

I feel like they’re trying to push us to use their MA services which is hilarious as just recently I’ve read : https://thenegotiator.co.uk/connells-launches-internal-probe-over-conditional-selling-allegations/

article about them.

I’m happy to provide them with MIP agreement from HSBC but that’s my limit I think. All I want them to do is pass my over offer. Our MA will deal with the financial side of it.

being a first time buyer.. am I on the right track here? Surely, EA should not need my income, outgoings etc discussed before passing an offer.

The emails sent to my other half with “have the numbers ready” are just hilarious. I know they’re bad but the house is being marketed by them.

Well, I phoned a branch and was told the property was already booked up/offers etc. Then I got a series of calls and voicemails from every Connells Branch in that area (Horley, Horsham, Crawley, etc). The thing is we were looking at the entire band around London at that distance so, sorry, don't need an individual EA office calling me with properties. My phone would never stop ringing.

In terms of what to have ready for them, I'd think AIP should be enough! Just tell them you've already got a mortgage adviser/broker lined up I guess?

 

[grudas]

Well, I phoned a branch and was told the property was already booked up/offers etc. Then I got a series of calls and voicemails from every Connells Branch in that area (Horley, Horsham, Crawley, etc). The thing is we were looking at the entire band around London at that distance so, sorry, don't need an individual EA office calling me with properties. My phone would never stop ringing.

In terms of what to have ready for them, I'd think AIP should be enough! Just tell them you've already got a mortgage adviser/broker lined up I guess?

That’s my thinking. We’ve got a MA lined up who’s actually a family friend and we know him well. They’re pushing us to use their services but it’s just wrong to not pass the offer.

if it gets to them being too pushy and refusing to pass the offer over. I’ll end up posting an envelope with my offer directly to the seller we’re literally few minutes away from them.

 

[Peerzy]

That’s my thinking. We’ve got a MA lined up who’s actually a family friend and we know him well. They’re pushing us to use their services but it’s just wrong to not pass the offer.

if it gets to them being too pushy and refusing to pass the offer over. I’ll end up posting an envelope with my offer directly to the seller we’re literally few minutes away from them.

They just want the commission from the in house MA (it's normally a decent kickback). Just phone up the main person, say you had a AIP and a family friend MA. You are ready to proceed and £X is your offer. You don't wish to speak to their in house MA and your AIP can be backed up by a phone call to your MA if required.

On very rare occasions if the property is extremely popular and it's clear the EA will have multiple offers in excess of what they want or they can push it to best and final they can engineer things so that only bidders who speak with their MA get put forward. It's obviously not something they should do but it's easy enough for them to word your offer as not being serious / unable to verify funding etc.... when they have 3 others in the same ballpark and it's more than the sellers want.

 

[Semple]

That’s my thinking. We’ve got a MA lined up who’s actually a family friend and we know him well. They’re pushing us to use their services but it’s just wrong to not pass the offer.

if it gets to them being too pushy and refusing to pass the offer over. I’ll end up posting an envelope with my offer directly to the seller we’re literally few minutes away from them.

Yeah stick to your guns, that's typical behavior of sleazy EA. In house MA tend to be the worst of the bunch along with in house conveyancers.

IIRC I had to send proof of deposit as well as MIP.

 

[Semple]

Lisa was great. Really helped me.

When I first read that I wondered who on earth Lisa was

Ah you were thinking about htb. Yeah that was a nasty low limit.


About earning less..
Me (44k) and my partner (24k) with a mortgage (210k) certainly don't feel rich at all. Despite earning over average, and having relatively low costs (both full time WFH, no kids ever).

Fortunately I wanted to live in a Cheaper area (Wales) by choice. Would absolutely be priced out of London with what we had. I don't know how anyone with average conditions lives there.

But even with this mortgage it's the interest rate rises and energy price rises that could turn comfort into hopefully not a struggle, but moderate life changes.

If we are in the above average earning with below average costs and having to make careful plans it really shows what the below average are facing.

If I ever move again probably need a house price crash or a lottery win really. And I really do want to move again.

I'm always a bit surprised by your numbers. Your household net monthly income must be around 3700? With a mortgage of around 800-900? A generous 450-500 for bills, and 300-400 on food, should leave you nearly 2k a month for other stuff and savings.

I certainly don't mean to pry, but I know you've commented a few times about a bit of a price increase could make things difficult for you, and we've had a similar household income in the past with similar expenditures/lifestyle and have normally had quite a bit to spare fortunately.

 

[Eurofighter]

My grandma died and my mum is selling her house. It has fallen through twice and has even going on for 6 months!

Hopefully they will exchange next week. Fingers crossed. I want some inheritance plz haha.

 

[Cadder]

We're aiming to decide on the offers we have received for our house tonight. Never done this before so not sure what happens next. We're selling with Strike but haven't opted for any of their partners.

 

[squerble]

We're aiming to decide on the offers we have received for our house tonight. Never done this before so not sure what happens next. We're selling with Strike but haven't opted for any of their partners.

I know it's too late now, but Strike have been the cause of many delays on 2 of our attempted purchases. There's a reason they're free - they're beyond crap, especially if you then pay for their legal services.

 

[413x]

Mortgage :800ppm
Council tax: 160 (960)
Electricity+gas: 160 (1120)
Water: 20 (1140)
Food: 300 (1440)
Student loan: 250 (1690)
Pension:300 (1990)
Car costs: 100-200 (2190)
Other costs (broad band etc): 100 (2300ish)


My concern is the mortgage. If that jumps to 5 percent it will be more difficult. It won't be difficult compared to some but that savings pot for holidays / general. Savings etc will not be as full.
For every 1 percent increase in mortgage rates that 100ppm of cost extra. It's such a concern I'm considering paying early repayment fee (2k ish) and refixing for 5 years.

So it's not difficulty it's more it will impact I suppose.

Student loan is about to Change to about (70ppm?) but partner has only had 1 month on that wage (was 21k) so it isn't quite as high as it seems.

 

[dlockers]

I was just x-checking against my bills thinking wtf how are yours so high - as mine includes 2 cars as well. Turns out I was just looking at my share

 

[413x]

I was just x-checking against my bills thinking wtf how are yours so high - as mine includes 2 cars as well. Turns out I was just looking at my share

Yeah the above is approx both (I don't know exactly gfs salary and costs).

Electric/gas is obviously higher right now as its winter too

Student loan is the big one about to change Also. This will be my first pay at 44 from 42.