The nervous wait to exchange....

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413x said:
Heading that way.
Can't think of anything worse myself. I hated living with my parents even though it was cost effective it just wasn't worth it. Always felt like a child.

But yeah prices cannot continue. Something has to give. And at some point it has to be house prices
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Its mental right?
 
squerble said:
Fingers crossed! Still hoping we're third time lucky... just heard from the vendor's solicitors that they're working on the deed of variation but it could "take some time". I think the chance of us getting into the new house over the Easter holidays has now gone, which means I'll basically be doing the move alone. Sigh.
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Cheers mate. Shame about the delay with your one, got to hope it keeps progressing and you dont get stuck anymore!
 
Ali195 said:
It's disgusting is what it is. One wonder's if an entire generation will simply not move out and take the house once the parent's pass on. Though social care costs may prevent even that, eventually forcing sale.

Or if we'll shift to Indian style with multi-generational living under one roof. Won't happen overnight but how can prices keep increasing like this.. indefinitely.?
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413x said:
Heading that way.
Can't think of anything worse myself. I hated living with my parents even though it was cost effective it just wasn't worth it. Always felt like a child.

But yeah prices cannot continue. Something has to give. And at some point it has to be house prices
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Covid has accelerated the price rise of properties with certain features or certain types of property (at least round our way), if we'd purchased a flat in 2019 in our area we'd have seen little if any gain in value, but as we were lucky enough to get a house with gardens and we were able to put in a driveway (parking is a nightmare round us) and we had space to work from home, so it's really driven up the value relative to all the flats around us (you can't really extend a flat after all). But I agree an 80K gain since 2019 is mental on a house in that was less than 500k when we purchased.

I think people will just be getting on later or with smaller deposits, or the bank of mum and dad will be playing a role way more often for the lucky ones, mortgage products with even longer terms are starting to become more common as well.

I think some people would rather rent than live in multi generational households - its definitely not for everyone.
 
BongoHunter said:
Covid has accelerated the price rise of properties with certain features or certain types of property (at least round our way), if we'd purchased a flat in 2019 in our area we'd have seen little if any gain in value, but as we were lucky enough to get a house with gardens and we were able to put in a driveway (parking is a nightmare round us) and we had space to work from home, so it's really driven up the value relative to all the flats around us (you can't really extend a flat after all). But I agree an 80K gain since 2019 is mental on a house in that was less than 500k when we purchased.

I think people will just be getting on later or with smaller deposits, or the bank of mum and dad will be playing a role way more often for the lucky ones, mortgage products with even longer terms are starting to become more common as well.

I think some people would rather rent than live in multi generational households - its definitely not for everyone.
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Similar situation on paper

House has risen 55k in 2 years (nearly exactly 2 years) on a house that's 260 to begin with. That's ridiculous.

Will be interesting to if bank value it that high!
 
That's where the problems come in, the EA we used said they'd had daft offers for properties, ultimatley with the bank then downvaluing.
Extra cash being madeup from sidedeals of cash from CC's and loans, is a dangerous territory to get into.

We're slowly progressing,stage 4/21 on the newbuild we currently have a very open plan slab of concrete lol
 
Put in an offer for a 3 bed detached with a garage this morning (I was the first viewing). They have more viewings today and tomorrow and agent will get back to me on Monday. So far they have had 2 offers put forward according to the agent including mine (but they won't say what the other offer is, hopefully its less or have a very small deposit). Its pretty much ideal for myself, big living room, ethernet sockets all over the house in all the rooms and its relatively new (7 years so yes its one of those small builds compared to older houses only about 4.5meters by 7meters). The cupboard under the stairs has 10 ethernet sockets on the wall next to the router, no idea what the owners where doing but its a bonus I guess? all the rooms upstairs have 2 ethernet sockets on the wall which is a massive win for me. The only issue I could find is that the carpet is cream and shows all the dirt/muck and would ideally be replaced before moving in although that's cheap enough to get done.

However the price is already at the top end of the price bracket for the area its in, the house next door which is also a 3 bed detached with garage went for ever so slightly more last month than I have offered so I have some wiggle room. Although I'm putting down a 50% deposit which strengthens my position I guess compared to many others. Now have to start the daunting waiting all weekend to find out :(
 
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LuckyBenski said:
Does that strengthen your case to the vendor? Maybe because you're a safer bet to get finance?
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From what I've been told before when trying to buy yes, I had one last year I was in the process of buying (it fell through) and the agent chose myself even though my offer was slightly less just because of where I stood in terms of deposit, its less of a risk for them. This could be a load of nonsense but there you go haha. I suppose it may make the seller more confident you are not messing them around and likely to back out due to finance issues.
 
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MatsyLR said:
From what I've been told before when trying to buy yes, I had one last year I was in the process of buying (it fell through) and the agent chose myself even though my offer was slightly less just because of where I stood in terms of deposit, its less of a risk for them. This could be a load of nonsense but there you go haha. I suppose it may make the seller more confident you are not messing them around and likely to back out due to finance issues.
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That makes sense. I suppose some EAs want to see a mortgage in principle before they'll do viewings or take offers, we had some ask for one. But I don't think the EA for our actual purchase asked/knew what our deposit was. Unless I've simply forgotten, it's been a stressful 3 months :D
 
The vendors EA is messing us about now - told us we were over the line and offer accepted, no more viewings/off the market. So we instructed our conveyancing firm and paid them to get things moving.

But then EA just booked another load of viewings over this weekend.

So frustrating to be getting messed about this early in the process - we won't be able to up our offer as it's at the limit of what we wanted to spend.
 
BongoHunter said:
The vendors EA is messing us about now - told us we were over the line and offer accepted, no more viewings/off the market. So we instructed our conveyancing firm and paid them to get things moving.

But then EA just booked another load of viewings over this weekend.

So frustrating to be getting messed about this early in the process - we won't be able to up our offer as it's at the limit of what we wanted to spend.
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What a crappy situation :(
Totally not on them taking more viewings after they have already accepted your offer.
 
MatsyLR said:
What a crappy situation :(
Totally not on them taking more viewings after they have already accepted your offer.
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Yeah very annoyed - it's an awesome property would be very sad to loose.

Right on the edge of the South Downs, and a great annex on the property, gonna be hard to find another house like that in budget if someone else does make an offer. Fingers crossed we're still in the running - it has 2 council tax charges and 2 sets of bills due to how the annex was built, so hopefully that will put some people off!
 
It's against regs if they've formally accepted your offer. Are you sure they formally accepted? Do you have an offer receipt?
 
dLockers said:
It's against regs if they've formally accepted your offer. Are you sure they formally accepted? Do you have an offer receipt?
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There's nothing stopping a vendor from allowing further viewings if they've already accepted an offer in England. They can do whatever they want right up until the point of exchange, that's exactly what gazumping involves, and its unfortunately very common.
 
ci_newman said:
There's nothing stopping a vendor from allowing further viewings if they've already accepted an offer in England. They can do whatever they want right up until the point of exchange, that's exactly what gazumping involves, and its unfortunately very common.
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squerble said:
Curious what regs it's against? As mentioned in the post above mine, they can even accept another offer if they want to, at least in England.
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You chaps are probably 100% correct - I may have been quoting the brochure from my vendor and it is their own policy. Equally I may have confused it with "all offers must be put forward", which I think is 'a law'.
 
valuation tomorrow. I'm crossing everything and hoping it comes up in the range. We had to offer 8% over asking to secure and being realistic the property was listed a good 25-35k under other similar properties in the area but it is still worrying.

Have yet to hear much from solicitors, last update was that they're waiting for draft contract papers which I'm expecting to be there soon, it's been 2 weeks, will have to chase otherwise it'll sit without moving I bet.

anyone else who has gone through it, how long did it take for the draft contract papers to come through? searched have been kicked off already so should be back in 3-4 weeks max.
 
grudas said:
valuation tomorrow. I'm crossing everything and hoping it comes up in the range. We had to offer 8% over asking to secure and being realistic the property was listed a good 25-35k under other similar properties in the area but it is still worrying.

Have yet to hear much from solicitors, last update was that they're waiting for draft contract papers which I'm expecting to be there soon, it's been 2 weeks, will have to chase otherwise it'll sit without moving I bet.

anyone else who has gone through it, how long did it take for the draft contract papers to come through? searched have been kicked off already so should be back in 3-4 weeks max.
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We had our valuation last week and was thankfully all fine but we “only” over offered by about 2% I think.

We’re at the start of week 3 and also not had draft contracts if that helps…our seller only offered on a property last week so maybe that’s caused a delay.
 
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