The nervous wait to exchange....

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WELL. We hassled the solicitor and kept them on the line while they phoned the other solicitors. That was about 3pm.

Around 4.15pm the solicitor called and said it was all done. Called the EA around 5pm who said they'd heard nothing at all.

Got a call at bang on 6pm from the EA saying they were surprised but it had gone through and we can collect keys! Obviously it's Saturday or after Tuesday now due to double bank holiday.

What a flipping stressful week considering we sent deposit last Friday and were expecting to complete Tuesday!

Scuse me while I go and collapse... Rest tomorrow and then hopefully I'll be able to feel excited on Saturday. All I can feel now is achey and worn out.
 
LuckyBenski said:
WELL. We hassled the solicitor and kept them on the line while they phoned the other solicitors. That was about 3pm.

Around 4.15pm the solicitor called and said it was all done. Called the EA around 5pm who said they'd heard nothing at all.

Got a call at bang on 6pm from the EA saying they were surprised but it had gone through and we can collect keys! Obviously it's Saturday or after Tuesday now due to double bank holiday.

What a flipping stressful week considering we sent deposit last Friday and were expecting to complete Tuesday!

Scuse me while I go and collapse... Rest tomorrow and then hopefully I'll be able to feel excited on Saturday. All I can feel now is achey and worn out.
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What a poo show. At least you’re on the last step this mess.
 
Is it just me or is buying a property this year about 10x as hard as it was in 2020. Prices and the whole process just seems crazy ridiculous atm.
 
jamief said:
Well, having lived in our current house (140m2 1925 semi, which we extended a few years ago) since 2009, and feeling a bit of a lack of space with our 3 kids, we've put a deposit on a new build. Due to be completed in just under a years time. 374m2 with a 38m2 garage. Excited, bit nervous, and entirely not looking forward to moving house again. Housebuilder seems very reputable (Kirkwood Homes), and due to them having taken over the development we are going to, the houses are very well spaced unlike a lot of newbuild "estates", and only contains 20 odd homes.
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So, bit of an update. We put our house on the market on a Monday in late February. Had 10 viewings the next day, 9 the following day - EA suggested a closing date the following Wednesday (10 days after listing). We ended up with I think 34 viewings over the 9 days. Got 7 offers, top one was about 22% over asking so we accepted (they were cash buyers too which is attractive!). Got missives concluded quite fast, so we were able to conclude missives on on our new property too (which should be ready early September).

Unfortunately it means we need to be out of here in 7 weeks, and spend the summer in Airbnbs...not cheap. Due to the golf being on in St Andrews in July, we literally couldn't afford a Airbnb for July, so staying with family and having a holiday (Airbnbs typically over 20k for the month of July, compared to 2-3k in June/August!).
 
Not sure if anyone can advise on this one?

We're selling our house to buy the new place - but I also own 25% of another house. So could that mean higher rate stamp duty in some way (3% on top of normal stamp duty if I'm reading the Gov webage right?)

I'm assuming not a problem as not main dwelling?
 
jamief said:
So, bit of an update. We put our house on the market on a Monday in late February. Had 10 viewings the next day, 9 the following day - EA suggested a closing date the following Wednesday (10 days after listing). We ended up with I think 34 viewings over the 9 days. Got 7 offers, top one was about 22% over asking so we accepted (they were cash buyers too which is attractive!). Got missives concluded quite fast, so we were able to conclude missives on on our new property too (which should be ready early September).

Unfortunately it means we need to be out of here in 7 weeks, and spend the summer in Airbnbs...not cheap. Due to the golf being on in St Andrews in July, we literally couldn't afford a Airbnb for July, so staying with family and having a holiday (Airbnbs typically over 20k for the month of July, compared to 2-3k in June/August!).
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Why on earth is the sale of your house not ties to the dates you new one is ready? No way I’d be wasting all that money in air bnb’s in a sellers market like this!
 
Aye we were in a similar position, was gonna be cheaper goign on holiday for a month than renting!

End up were just gonna stay with family for a couple of month
 
a1ex2001 said:
Why on earth is the sale of your house not ties to the dates you new one is ready? No way I’d be wasting all that money in air bnb’s in a sellers market like this!
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A couple of reasons:

The offer we got was extremely good (nearly 500k on a house valued at 405)

Cash buyers

Bit of uncertainty as to how long the current sellers market will continue (we are paying 6k for Airbnb, which over the 3 months works out at about 2.5k over what we would pay on a mortgage). If interest rates were to shoot up, or something happens on a more global level, the market might slow down (we lost out a bit in 2007, so taking the money now seems like a sensible option even if we spend a few grand on renting in the meantime)

Uncertainty over exactly when our new house will be ready.
 
All the best to everyone in this funny game of house buying in Englandshire.

Sold our place in Scotland the other month after 10 days and had a nice bidding war on the closing date. Now down at my parents nearer the 'Big Smoke' and playing the chain free game.

Already pulled out of a weird house on the Thames as the survey came back with a 49 page report and what the Solicitor called 'the most defects and issues I've ever seen', plus the searches brought up a load of serious potential problems. Oh, and the gardener/housekeeper was living in the shed, which had a tree partially fallen into it ......... A nice waste of a survey and solicitors fees, but quite the learning experience.

Trying a few locations further away from our choice area, as prices are silly. Every house being sold that needs some development is either overpriced or being sold by a developer who thinks gaining planning permission adds £200k to an already expensive house/plot.

One place we have an an offer on has a nice plot, but a weird grade 2 listed gatehouse attached to the main house. Thatch might need doing sooner rather than later, along with the old metal type protected windows (£40k for no value increase, just maintenance). The vendor is a psychologist and won't negotiate, even with the house being on the market for 3 months with no offers. Plus the agent keeps demanding every piece of financial info about us, such as jobs, earnings, company worked for, bank account screenshot, all to 'check affordability and share with the vendor'. Not happening sunshine!!!

Got an offer in on another place where there's other offers, but it seems so far like we're the only chain free couple good to go and they're keen to move on a new build bungalow to downsize near family. I hope no one else is chain free as getting into another bidding war is not something we want to do!

We only moved down 2 weeks ago :D

Fun fun fun!
 
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Hi,

Myself and my partner are considering selling our property in order to fund a move to our "forever" home next year. This will involve moving into her mothers house for around a year. This kind of works ok as I work away Mon-Fri anyway. We are pretty torn however, we are also considering remortgaging our current property so that we can cash in a bit of a chunk and then rent out this property and then looking for the next place...... however is that doable?

We have a little chunk of equity available in the current property, but we are quite tempted to cash in also as the current market around our way is mental to say the least.

Downside to selling is yeh we can cash in, but we will end up trying to join the mental race again. But like I said, we are in a good position of not having to rush to find the next place as we can stay at her mothers, for almost free.

I have no idea on the housing market and where it is going, so any info on that would be great. Or just advice from the shop floor in general really. Thanks.
 
lemonkettaz said:
Hi,

Myself and my partner are considering selling our property in order to fund a move to our "forever" home next year. This will involve moving into her mothers house for around a year. This kind of works ok as I work away Mon-Fri anyway. We are pretty torn however, we are also considering remortgaging our current property so that we can cash in a bit of a chunk and then rent out this property and then looking for the next place...... however is that doable?

We have a little chunk of equity available in the current property, but we are quite tempted to cash in also as the current market around our way is mental to say the least.

Downside to selling is yeh we can cash in, but we will end up trying to join the mental race again. But like I said, we are in a good position of not having to rush to find the next place as we can stay at her mothers, for almost free.

I have no idea on the housing market and where it is going, so any info on that would be great. Or just advice from the shop floor in general really. Thanks.
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I'm six months into what should have been a six week stay with the in-laws - don't do it!!
 
lemonkettaz said:
Hi,

Myself and my partner are considering selling our property in order to fund a move to our "forever" home next year. This will involve moving into her mothers house for around a year. This kind of works ok as I work away Mon-Fri anyway. We are pretty torn however, we are also considering remortgaging our current property so that we can cash in a bit of a chunk and then rent out this property and then looking for the next place...... however is that doable?

We have a little chunk of equity available in the current property, but we are quite tempted to cash in also as the current market around our way is mental to say the least.

Downside to selling is yeh we can cash in, but we will end up trying to join the mental race again. But like I said, we are in a good position of not having to rush to find the next place as we can stay at her mothers, for almost free.

I have no idea on the housing market and where it is going, so any info on that would be great. Or just advice from the shop floor in general really. Thanks.
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You need to find out how much you are allowed to borrow. And you'll need to leave enough equity in the rental to get a BTL mortgage.

Timing the market is never a good idea but given the seismic shift over the last 12 months, it is anyone's guess whether we are at the peak/flat lining or about to crash :D

When I bought my house in 2019 the owners thought the market was about to tank and cashed out/moved into rental. I've made £75k in equity since, so who knows.
 
squerble said:
I'm six months into what should have been a six week stay with the in-laws - don't do it!!
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We wouldn't look to buy again until at least next summer or back end of 2023.... its not a thing of having to find somewhere right now.

But yeh, what if its just as mental in a year or 2 time... that's what our concern is. But we would have a fortune saved
 
dLockers said:
You need to find out how much you are allowed to borrow. And you'll need to leave enough equity in the rental to get a BTL mortgage.

Timing the market is never a good idea but given the seismic shift over the last 12 months, it is anyone's guess whether we are at the peak/flat lining or about to crash :D

When I bought my house in 2019 the owners thought the market was about to tank and cashed out/moved into rental. I've made £75k in equity since, so who knows.
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How do you mean? Could we not remortgage and get all the equity then rent it out?
 
lemonkettaz said:
How do you mean? Could we not remortgage and get all the equity then rent it out?
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You'd need to maintain a decent LTV.

The mortgage provider would assess total borrowing as well - so if you are only allowed say... £400k - and £300k of that is tied up in your rental, then you only have £100k to borrow.
 
So we couldn't get every penny out the place remortgaging to use as a deposit for another place and then rent out the existing? Apologies for maybe asking dense questions but just trying to fully understand not really fully clued up with all this
 
lemonkettaz said:
So we couldn't get every penny out the place remortgaging to use as a deposit for another place and then rent out the existing? Apologies for maybe asking dense questions but just trying to fully understand not really fully clued up with all this
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Correct. If every penny meant a 100% mortgage. If prices have gone up though you may be able to still make it work.
 
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