The nervous wait to exchange....

Soldato
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deep space nine
Up to 50 percent? Were you living underpriced? I hope so because otherwise that's shocking.

Edit. Just read 8 years. You probably had a good deal there


And this is the argument against anyone who says renting is better than owning. I just cannot understand how anyone could think that the case.
yeah the increase at the top end is almost the entire cost of my mortgage payment on the new place! As for rent vs own - we also don't have use of the storage in the rented house (LL uses it for their stuff) Ultimately I would like to get to a house with a garden and a garage or space for bikes (Mrs loves her bikes), and glad we locked in the rate for 5 years now.
 
Caporegime
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yeah the increase at the top end is almost the entire cost of my mortgage payment on the new place! As for rent vs own - we also don't have use of the storage in the rented house (LL uses it for their stuff) Ultimately I would like to get to a house with a garden and a garage or space for bikes (Mrs loves her bikes), and glad we locked in the rate for 5 years now.

Sounds familiar.

In 2020 moved from a 1 bed rented flat with no storage and electric heating to a 3 bed detached with garden and detached garage on a 500m2 plot.

1 bed grotty flat: 530 rent
3 bed detached : 800 mortgage (28 year mortgage)

Absolutely ridiculous really. These places are less than 1 mile apart. And actually house is on a nicer more expensive street.
The flat owners were pushing us to sign a new more expensive lease, but we hadn't exchanged. It was dragging on. So stressful have that pressure. Nearly got to going down the eviction route. As they didn't want us on rolling.

I have outdoor hobbies too. Garage is amazing for this.


Congratulations on escaping the rent trap!
 
Soldato
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Well, just been updated to another delay. The landlord wants an amendment to the deed of variation, which needs to be reviewed and sent back to be signed, to then be sent back again. It's absolutely crazy considering the deed of variation itself changes just two clauses! Tomorrow marks 4 months since we had the initial offer accepted, 7 months with my partner's parents (should have been 7 weeks), and 11 months since we offered on the first house.

This whole ordeal has been draining, and it still isn't over. I'm verging on having no emotion left for anything.
We have an idea how you feel.
3 1/2 months since we offered on the current property and 7 months since we offered on the first house.
Currently waiting for a property in the chain to obtain grant of probate before the chain can complete - this was applied for 8 weeks ago now. Our buyer only has until mid-June with an extension on their mortgage offer.
Our solicitors seem great but some of the EAs appear hopeless.
 
Associate
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Viewed house today with an asking price of offers over 500k. We sold ours 15k over asking. It seems most are going over asking. What is a reasonable offer? Anyone who has sold recently did you get much over asking?
 
Soldato
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Viewed house today with an asking price of offers over 500k. We sold ours 15k over asking. It seems most are going over asking. What is a reasonable offer? Anyone who has sold recently did you get much over asking?
I did 60k over asking on a place I thought would really work - 2 large reception rooms, potential to extend kitchen, 3 large bedrooms + loft room. Unfortunately lost out not on bid (I think we were highest) but on status (non cash buyer/small chain).

I did 10k over asking on the place I have an offer accepted on, but this is going to be loooooooong as its tied up in probate.

My basic man maths was I made 75k on this place so if I think the price is fair then anything up to 75k isn't (too) stupid.

I see a lot of estate agent strategies are to list at last years high and get closed/sealed bids so don't feel too silly going "way over" if they've priced it accordingly... in hindsight the house I bid 60k over was listed at 2020 prices.
 
Associate
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@dLockers thanks. I spoke to someone in my current street who was interested in the same house. They were told by the estate agent that they booked in 12 viewings within the first hour of it going live on Rightmove. They also had an offer of £525k that day without the person viewing. Of course the estate agent could be lying who knows. We’ve put in an offer of £545k. Absolute crazy market, it can’t continue like this. I remember when I bought my current house in 2015. I did two viewings within a week or two then offered. How times change.
 
Underboss
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Well think we've recovered the purchase :D

Had further viewings on sat, a handfull of no shows, 4 very promising wiht minimal chain.
Accepted an offer from a FTB with a chunky cash deposit, surely threes minimal things that can go wrong now haha.
Shame it's a canny chunk less than the last offer but the new build weren't willing to hold the plot any longer.

The one thing that frustrates me is people coming for viewings and not putting in an offer based on things they already knew.
IE - the house not being on a cul de sac and which way the garden faces :/

Panic over (for now :p)
 
Soldato
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Well think we've recovered the purchase :D

Had further viewings on sat, a handfull of no shows, 4 very promising wiht minimal chain.
Accepted an offer from a FTB with a chunky cash deposit, surely threes minimal things that can go wrong now haha.
Shame it's a canny chunk less than the last offer but the new build weren't willing to hold the plot any longer.

The one thing that frustrates me is people coming for viewings and not putting in an offer based on things they already knew.
IE - the house not being on a cul de sac and which way the garden faces :/

Panic over (for now :p)
lol yeah we have a tiny second bedroom and one women wrote an Amazon-esque review about our house post viewing with a paragraph about the size of the second bedroom. It is literally 1.5m x 3m - even if you say it quietly to yourself or out loud, it ain't getting any bigger

@dLockers thanks. I spoke to someone in my current street who was interested in the same house. They were told by the estate agent that they booked in 12 viewings within the first hour of it going live on Rightmove. They also had an offer of £525k that day without the person viewing. Of course the estate agent could be lying who knows. We’ve put in an offer of £545k. Absolute crazy market, it can’t continue like this. I remember when I bought my current house in 2015. I did two viewings within a week or two then offered. How times change.
Did you get it?

The one I whinged about going up at 525 didn't even make it to the weekend, offer received closer to 600 from what I can gather...
 
Soldato
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Still no news on our purchase; still waiting on this deed of variation; still causing massive issues for the parents we're staying with; still slowly fraying the relationship between me and my partner.

I can't ******* stand this.
 
Soldato
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It’s a horrid process. I feel like estate agents are lying to us to stop us from chasing them. I will be dropping a note off to vendor so we can exchange details and keep each party up to date with where we are. Any contact to ea results in “waiting for vendors, just spoke with them yesterday, we’ll keep you updated” I’ll let you guess if they ever update us or not :D
 
Soldato
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It’s a horrid process. I feel like estate agents are lying to us to stop us from chasing them. I will be dropping a note off to vendor so we can exchange details and keep each party up to date with where we are. Any contact to ea results in “waiting for vendors, just spoke with them yesterday, we’ll keep you updated” I’ll let you guess if they ever update us or not :D
Just had this rant at my wife who called for an update - the amount of times they used "feelings" to describe the update - "I think", "I reckon so", "I believe" --- in my world we stick to Excel and it doesn't let you enter letters.
 
Associate
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After calling the solicitors yesterday and getting a ring back in 20 mins they apologised as they thought they had replied, answer a couple questions then said will reply shortly….and nothing so far!

Plus side, mortgage had not been sent to them till yesterday so at least that wasn’t their fault…

They’re about to get a rant from the wife so hope they realise I’m the nice guy to reply to quicker before she jumps in both feet first!
 
Associate
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Won't quote myself but the wrath of the wife worked (or co-incidentally a reply came shortly after but to my email, not my wifes).

They are waiting on sellers solicitors responses apparently, why they didn't chase I don't know but I've asked them to (as well as the EA to do that) as we sent our responses to our solicitor 4 weeks ago (and I'm trusting they sent them soon after). They apparently think nothing more is to be done now till they get that and the mortgage offer (which I've asked them to check again as they should have had it yesterday).

They apparently think this is all progressing well though...as they don't count anything as having started till they got the draft contracts, which was 7 weeks back...I don't think that is much progress but whateves I guess as I'm the newbie!

I've laid it out I need them to chase, and I expect to hear in the next couple of days where things are as we want to exchange in the next couple of weeks...we shall see.
 
Soldato
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Won't quote myself but the wrath of the wife worked (or co-incidentally a reply came shortly after but to my email, not my wifes).

They are waiting on sellers solicitors responses apparently, why they didn't chase I don't know but I've asked them to (as well as the EA to do that) as we sent our responses to our solicitor 4 weeks ago (and I'm trusting they sent them soon after). They apparently think nothing more is to be done now till they get that and the mortgage offer (which I've asked them to check again as they should have had it yesterday).

They apparently think this is all progressing well though...as they don't count anything as having started till they got the draft contracts, which was 7 weeks back...I don't think that is much progress but whateves I guess as I'm the newbie!

I've laid it out I need them to chase, and I expect to hear in the next couple of days where things are as we want to exchange in the next couple of weeks...we shall see.
How long has the process taken since you had your offer accepted?
 
Soldato
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Yeah I think we are at week 3 for initial contract pack to buyer. For the sell side they're sitting on their hands, other than searches, until probate is granted.
 
Soldato
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We’re in the 10th week. So I don’t think 3 weeks to get contracts was “that” slow.
took 5 for me and a lot chasing where they blamed the sellers for not sending them out.. yet on their docs the submission date was literally 3 days after they requested it. Our solicitor reviewed them etc, all ok but she had a couple enquiries, those were sent to sellers solicitors and again we're in dead silence and on week 3, we chased and our solicitor chased and we were told that it is vendors again - BS.
 
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