The nervous wait to exchange....
- Thread starter noj
- Start date
Correct... Think of it as akin to a first time buyer requesting a 100% mortgage with no deposit.. Too risky for lenders.
I'm currently at this stage..searches done, all parties ready to move forward..I've asked a few questions (no deal breakers I don't think, but things that need clarification beore I will move forward)....and now...tumble weed
Soldato
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- 28 Nov 2005
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Does it need to be around 20% left ?
If that is the case it seems that idea isn't such a good one. We would like every penny to have saved away for putting towards our next place.
Even though it would be nice to be able to keep it and rent it out forever sort of thing, but no ambitions to be a landlord or have a property portfolio ha
I think the exact ammount you could borrow against the existing house (even if you own it outright) would depend on the risk appetite from the specific lender... maybe speak to a specialist broker
Deleted User 298457
Deleted User 298457
Rates on BTL mortgages are tough nowadays (hence why rents are increasing
) so yes you'd need roughly 20% equity to get a decent rate.Note that I said 20% equity not 20% 'left' though... if you house has increased in value your loan-to-value may have improved anyway. E.g. I did a 10% deposit on a £450k house but over the 3 years the house has increased to £525k which means there is £52.5k equity in the house (ignoring my repayments for a second).
I could theoretically take £7.5k out and maintain 90% LTV.
So, after some negotiations, our offer was accepted and it's off the market.
My other half got an email about the other house, where they have been messing us around. The vendor would be happy to accept with an increase of a further 15k. Still a decent 12% reduction, but I think the house was overpriced anyway and there's the 15yr old thatch and windows to worry about in the next 5-10yrs (40-50k).
What's that saying about buses
Well played for being able to sell a house in Dundoom, plus you got 95k more. What a result.
As we're savvy and gobble up all the houses you want, leaving you languishing in your current abode
Don't worry, you will get there. No chance of you selling up and doing something similar? Some short term pain for less stress and a far better position to get a house with.
My other half got an email about the other house, where they have been messing us around. The vendor would be happy to accept with an increase of a further 15k. Still a decent 12% reduction, but I think the house was overpriced anyway and there's the 15yr old thatch and windows to worry about in the next 5-10yrs (40-50k).
What's that saying about buses
Well played for being able to sell a house in Dundoom, plus you got 95k more. What a result.
I hate chain free buyers
As we're savvy and gobble up all the houses you want, leaving you languishing in your current abode
Don't worry, you will get there. No chance of you selling up and doing something similar? Some short term pain for less stress and a far better position to get a house with.
Deleted User 298457
Deleted User 298457
Tempted to ask our buyer to add £8k which covers our ERC and then move into rental. But rentals around here cost roughly the same as my mortgageAs we're savvy and gobble up all the houses you want, leaving you languishing in your current abode
Don't worry, you will get there. No chance of you selling up and doing something similar? Some short term pain for less stress and a far better position to get a house with.
Went to view a 1930s semi today. It had been owned by a mega petrol head so had a 400sq/ft workshop with integrated inspection pit - super, super cool. Unfortunately it didn't have "family home" vibes as it was on a main through-road and the noise was super off putting.
It was listed for £850k and needs everything - the boiler was a floor mounted thing from 40 odd years ago for instance. I could do the incremental stuff (to the rough end of plumbing/wiring) but it really needs a grand designs makeover OR someone who can afford to stock the epic workshop with tools/cars
I hate chain free buyers
It's a huge advantage, but do consider that some cash buyers are just individuals who have recived inherritence so they can buy, it's kinda bitter sweet as losing both parents is the only reason they are in that position.
Unless they are a slum lord/investment company.
Soldato
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- East Sussex
It's not that expensive - had a small 4x4 meter building done for 1K with reed (lasts longer than straw).
Edit: That was over 10 years ago though!
That was reasonable.
This gatehouse is about 10m long with a 45 degree roof, so 2 sides. Then another entrance hall bit tacked on the front.
Finally there's 4 very ornate slim framed, single paned steel windows.
Sounds like a load of hassle purely to get it done for maintenance reasons. Best stick with the more modern and nicer house!
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- Newcastle U/T
Mortgage application approved, pending valuation 
None on the development have been downvalued as yet, almost there.
Just our buyer holding things up at the moment now
None on the development have been downvalued as yet, almost there.
Just our buyer holding things up at the moment now
- Joined
- 14 Jun 2004
- Posts
- 17,509
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- Newcastle U/T
Yeah I'd be harassing them every couple of hours with that, put an incentive in?
Told them, pulling out if i dont hear anything. If i lose the house, so be it. I hate being mucked about..
Associate
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Don’t see why not. Worst they can do is ignore you.
We had some initial contract and itinerary info yesterday as well as the land registry plot. Looks pretty much ok though they don’t know who’s looking after/owning fences but whatever I guess.
Questioned some things on itinerary as they’ve stated they’re taking the fitted electric fireplaces which feels odd…I’m not paying extra so just ask for clarity and to confirm they won’t leave holes/voids and to make good.
We had some initial contract and itinerary info yesterday as well as the land registry plot. Looks pretty much ok though they don’t know who’s looking after/owning fences but whatever I guess.
Questioned some things on itinerary as they’ve stated they’re taking the fitted electric fireplaces which feels odd…I’m not paying extra so just ask for clarity and to confirm they won’t leave holes/voids and to make good.
Your solicitor should be contacting their solicitor, that’s what you pay for. The vendors solicitors are unlikely to deal with you directly.
Solicitors tend to ignore estate agents as they are not their clients, they can’t disclose any information to them without your express permission anyway. GDPR and all that. Likewise they can not act on information from the estate agent for the same reason.
All the estate agent can do is go back to the vendor directly who need to chase their solicitors and ask them to do it. They can also communicate any relevant messages.
Solicitors tend to ignore estate agents as they are not their clients, they can’t disclose any information to them without your express permission anyway. GDPR and all that. Likewise they can not act on information from the estate agent for the same reason.
All the estate agent can do is go back to the vendor directly who need to chase their solicitors and ask them to do it. They can also communicate any relevant messages.
that’s what I’ve been getting. Ignored. Shocking service. A single liner telling me to just contact through our solicitors would be enough.
thanks. Makes sense, I’ll be chasing my solicitors then and instructing them to chase theirs. Need to get vendors details too, completely forgot last time we viewed the house.
