The nervous wait to exchange....

[grudas]

What's the normal ETA for getting a contract in place with your conveyancer?

I engaged someone Tuesday afternoon; I have been told 2 days to get contracts out. I assuming that is just the contract between me and them? Why would that take two days?

the contract between you and them should be quick. Was literally a day for us to get all the paper work and fill it in and post it back.

but the draft contracts here took like 5 weeks and a lot chasing to get it going.

 

[nantucket66]

Subject to valuation/survey our mortgage has been approved, survey should be done next week, homebuyers report will follow once I know the valuation is over the line.

I'll get some sleep once we've got over this hurdle, our solicitor so far seems very much on the ball and making decent progress.

 

[Deleted User 298457]

the contract between you and them should be quick. Was literally a day for us to get all the paper work and fill it in and post it back.

but the draft contracts here took like 5 weeks and a lot chasing to get it going.

Suspected as much - binned them off and gone with the same practice as the person I am buying from. Already infinitely more competent!

 

[a1ex2001]

They've asked us 3 times to provide indemnity insurance... they got a PDF of the one I bought haha

I honestly dont see the reasoning behind me purchasing indemnity insurance for a property I will have no interest in lol

Honestly tell them you put it back on the market unless they pay for it, the risk is there’s so they should be insuring against it. These insurances are basically just a money making machine as the number of claims is virtually 0

 

[~Divine~Wind~]

Its honestly getting to that point

She's now "talking to her solicitor" about the survey she had done nigh on 3 weeks ago.. surely you discuss the survey with the EA or your surveyor LMAO

The EA says she's a "very cautious" buyer
The Sparky said if he received another call full of questions from her he was simply gonna block her.
We've got an exhange date set and only have a few days for our new build and here she is ****** about

 

[a1ex2001]

Its honestly getting to that point

She's now "talking to her solicitor" about the survey she had done nigh on 3 weeks ago.. surely you discuss the survey with the EA or your surveyor LMAO

The EA says she's a "very cautious" buyer
The Sparky said if he received another call full of questions from her he was simply gonna block her.
We've got an exhange date set and only have a few days for our new build and here she is ****** about

Give her a deadline and if she isn’t ready to commit tell her to jog on if you are selling an even vaguely desirable house you should have a queue of buyers turn the screws.

 

[Deleted User 298457]

Its honestly getting to that point

She's now "talking to her solicitor" about the survey she had done nigh on 3 weeks ago.. surely you discuss the survey with the EA or your surveyor LMAO

The EA says she's a "very cautious" buyer
The Sparky said if he received another call full of questions from her he was simply gonna block her.
We've got an exhange date set and only have a few days for our new build and here she is ****** about

 

[Peerzy]

Give her a deadline and if she isn’t ready to commit tell her to jog on if you are selling an even vaguely desirable house you should have a queue of buyers turn the screws.

It's not quite that simple though, DW has said he only has a few days before the new build is ready. Getting a new buyer would set him back a minimum of 3-4 weeks if they were a cash buyer willing to forgo all searches and probably 6-10 weeks at a minimum if they needed a mortgage and wanted to do the full normal process.

You have to be smart and play along, it's all a game and jumping up and down and saying I'll find another buyer could just make things much worse.

 

[Deleted User 298457]

Suspected as much - binned them off and gone with the same practice as the person I am buying from. Already infinitely more competent!

New solicitor has already nailed me a tonne of sensible requests. About a grand on top of what I was paying fly-by-night firm but probably worth it for my own sanity...

Also sold my last batch of company shares. Only a $300 loss (last share purchase was November when we were +30%

 

[Peerzy]

Suspected as much - binned them off and gone with the same practice as the person I am buying from. Already infinitely more competent!

How does this work? Your solicitor needs to be representing you as their client. If they are acting for both parties then there could be a conflict of interest at some point?

 

[Deleted User 298457]

How does this work? Your solicitor needs to be representing you as their client. If they are acting for both parties then there could be a conflict of interest at some point?

Same practice, different partner. They've sent a form for us to sign that says to use their "personal work emails" rather than the group email etc.

 

[~Divine~Wind~]

It's not quite that simple though, DW has said he only has a few days before the new build is ready. Getting a new buyer would set him back a minimum of 3-4 weeks if they were a cash buyer willing to forgo all searches and probably 6-10 weeks at a minimum if they needed a mortgage and wanted to do the full normal process.

You have to be smart and play along, it's all a game and jumping up and down and saying I'll find another buyer could just make things much worse.

Yeah I've previously said further delays could put the chain at risk, water off a ducks back

Everything we can do has been done, all the paper work, draft contracts, mortgage good to go, funds proven, options on new place chosen, finances all in order and the buyer... just running aboot like a headless chicken

We had 2 other very promising buyer, one put an offer in only a few k less
And the young couple said the house was much better than ones they'd looked at considerably more but our initial move dates put them off (theyve since changed)
We're ok to Break chain, have accommodated to everything this buyer has asked, were now getting down to the line, have a few days left and then were away for a week.
Really don't want this on my mind while were away and the buyer is just ******** about lol

 

[Deus Ex]

I've left the country, my brother is thinking of buying a house in the UK with his partner, nearish Birmingham. What do people think the market is like right now, I hear its ripping away?

 

[Deleted User 298457]

I've left the country, my brother is thinking of buying a house in the UK with his partner, nearish Birmingham. What do people think the market is like right now, I hear its ripping away?

Highest it has ever been, no signs of stopping. Buy now or wait 5 years for some mythical correction.

 

[a1ex2001]

Highest it has ever been, no signs of stopping. Buy now or wait 5 years for some mythical correction.

I always say by now if you can afford it waiting for the mythical correction just means you get less house for your money when you finally commit! In all but the least desirable areas even the banking crisis didn’t put prices down significantly just held them steady for a few years. The issue is supply and demand and no Government has shown an appetite to fix the shortage of housing in the country.

 

[Azza]

I've left the country, my brother is thinking of buying a house in the UK with his partner, nearish Birmingham. What do people think the market is like right now, I hear its ripping away?

If it's anywhere near where I am they'll need to be prepared to put in an offer the day they've viewed a property, if they want it. Otherwise they won't get it.

 

[Deus Ex]

Thanks all, interesting to hear how hot things truly are.

 

[nantucket66]

We've had our mortgage approved subject to valuation survey and are waiting for this to be done.

House was up for £375k, offered accepted at £400k, lots of interest and viewings and I must admit we both loved it.

Last week I spoke to local surveyor who was recommended to me by a friend about getting a structural survey done (house is around 100 years old) and he reckons the house is overpriced and to be prepared for a lower valuation.

He reckons £350k to £375k is more realistic, we have a £90k deposit so a respectable LTV (I hope!).

He said the reason is the house is a one off in the immediate area and there is literally nothing to compare it to at all, a lovely house but tough to value. The house is a decent size at 2200sq ft and internally nothing needs doing other than decorating/carpet/alarm/cctv.

Presuming his survey highlights nothing of note and the valuation comes back at £370k as an example what would people do?

Go to another lender and try again? Presumably no guarantee the valuation would be any different, it could even be the same surveyor or surveying company that do the survey, time consuming too.

Offer £370k and test the water, we could increase deposit and push up to around £385k if we had to, but I wouldn't want to immediately show that hand for obvious reasons.
When we viewed the vendor actually told me she thought her EA valuation was nuts and her EA knows I know that.

If we can't agree and we walk away she presumably will struggle to re-market for the same price as the same thing could happen again and I'm presuming they have to disclose why it's back on the market?

We love the house and don't want to let it get away, given that the answer may be obvious providing the survey is OK and the vendor will negotiate which I'm hopeful she will.

Any thoughts or advice?

 

[LuckyBenski]

At the end of the day you have an offer accepted for a certain price. If the lender values it lower than that, you'll either have to make up the difference with your own cash (let's hope you have it). Effectively borrowing with a worse LTV. Or hope the vendor is willing to adjust a bit.

On the bold assumption that there were other buyers offering similar prices, who might have the cash to stick to their offer regardless of valuation, I wouldn't hold out hope for knocking 25k off.

 

[413x]

On my remortgage the lender valued ours at significantly less (like 15 percent) than the estimates. And about 10 percent less than what I would expect. If I was buying it would have been a deal breaker.
Wouldn't be able to find that kind of money.

I suspect it was because of a pen and paper valuation. As this would be about right on bedrooms etc with no visit.

Wouldn't be surprised if there are quite a few this will happen to.


I know for a fact our sellers (when bought) wouldn't renegotiate. It did indeed fall through at a higher offer and was remarketed before we bought it.