Soldato
Ahh ok cool thanks.
The nervous wait to exchange....
- Thread starter noj
- Start date
Very common. We had that on 4 properties we offered on. EA only allowed initial bids up to asking price. They were often getting 10+ at asking so had to go to sealed bids. We put in the best we could offer and that's it - you don't see what other people have bid, you'll just find out if you were successful or not. You won't get another bid opportunity.
Note that you can pay whatever you want, but do value your "next best scenario". For me I was being done over by first time buyers/chain free people. Some quick man maths put the cost of moving out/into rental at at least £15k so whatever our highest offer + £15k became the norm.
Still wasn't good enough to outbid people with lower offers but chain free though
Soldato
EA said the area I am looking at as had bids that are 10 percent higher than the asking price. Crazy
Yep, we got done by a lot of chain-free buyers tooNote that you can pay whatever you want, but do value your "next best scenario". For me I was being done over by first time buyers/chain free people. Some quick man maths put the cost of moving out/into rental at at least £15k so whatever our highest offer + £15k became the norm.
Still wasn't good enough to outbid people with lower offers but chain free though
laughably we're now chain-free so got picked, but various issues have cropped up and we're over 4 months since offer accepted and no idea when we can set an exchange/completion date 
Yup, we saw that last year too - looking at houses around £200-220k and had to offer at least £235k to be in contention, and still usually got beat.
Soldato
seems to be norm in my area! it's insane. For us we were lucky enough that the EA told us lowest and highest bids after we offered! Not sure if he was meant to but.. this was before final offers went in, sealed work different like others have said.
Being the highest doesn't always win, being chain free/cash buyer etc are good things especially if vendor wants to move quick.
They're all scum bags tbh. The whole closed and sealed bid system is a big unregulated scam. They could just make up the number for you to go higher. There is no due process they have to follow.
The local EA that advertised a lot of houses we liked only allowed offers up to the asking price, then went to sealed bids. That seems like the most reasonable compromise. They would only say there had been "multiple" bids at asking to explain why it'd gone to sealed bids.
Soldato
Yeah. It’s a broken system but you have choice but to play by their rules and deal with their bs.
Soldato
So really i should not be looking at properties that max my budget but look at ones that are 10% lower then my budget more lesser lol
So if your mudget is 100k for a house, u should only look at 90k or less.
Soldato
yes.. our budget was max £450k(lisa hard limit basically) so we looked at houses around 400-425 as we knew all properties went over asking..
Had the very slightest of movements. The deed of variation came back from the management company and our solicitor has approved it on behalf of our lender. We now just need the freeholder (the home builders) and the vendors to sign and then we can set our completion date.
However, the vendors' solicitor is currently asking the management company whether the freeholder needs to be party to the deed of variation and if it needs signing by them. The vendor sent us a screenshot of the deed of variation, showing a section that is clearly marked as needing the freeholder's signature... I don't understand how a solicitor could be questioning the management company (a third-party) or even anyone as to whether the freeholder would need to sign. The freeholder is listed as a party on the deed of variation, and there is a section requiring their signature. The incompetence of the vendors' solicitor (PPL / Premier (lol) Property Lawyers) is off the scale
this is just adding days and weeks delay that never should have been there in the first place.
However, the vendors' solicitor is currently asking the management company whether the freeholder needs to be party to the deed of variation and if it needs signing by them. The vendor sent us a screenshot of the deed of variation, showing a section that is clearly marked as needing the freeholder's signature... I don't understand how a solicitor could be questioning the management company (a third-party) or even anyone as to whether the freeholder would need to sign. The freeholder is listed as a party on the deed of variation, and there is a section requiring their signature. The incompetence of the vendors' solicitor (PPL / Premier (lol) Property Lawyers) is off the scale
this is just adding days and weeks delay that never should have been there in the first place.
Soldato
We've got the contracts, deeds etc from our solicitor today so things are moving along!
only issue I can spot is that the sellers have added a carport/summer house and I don't think those require planning permissions due to the size/height of them but our solicitor recommended indemnity insurance and asked the sellers to take it out. I presume this is the norm? currently they can't provide any perms/applications so that is why it is being asked. If they refuse, this I presume is worth taking out from our POV ? Around £400 apparently.
only issue I can spot is that the sellers have added a carport/summer house and I don't think those require planning permissions due to the size/height of them but our solicitor recommended indemnity insurance and asked the sellers to take it out. I presume this is the norm? currently they can't provide any perms/applications so that is why it is being asked. If they refuse, this I presume is worth taking out from our POV ? Around £400 apparently.
Interesting, I'm not entirely sure but if by summer house you mean glorified shed, and by car port you mean a wooden pagoda then I'd think thats fine as they are not permenant structures?
Funny how things have changed. I used the £450k LISA hard limit to negotiate my house down from £475k to £450k (2019).
Soldato
basically yes, it's an L shaped "covered outdoor" area that connects to a "shed" thats 6x3 and insulated with windows, elec etc.. basically a garden office. So neither are "permanent" structures and require no planning perms but my solicitors basically said, we can't see the property ourselves so we recommend xyz. It's essentially a car port with door at the front and that is it. I'll have to see what sellers say, if they're happy paying for it, great. If not we'll just leave it. I spoke with them about it and it was built by the guy himself with wood and plastic panels basically, it's waterproof and has been there for 5 years now and he's had no problems.
yea I wish we could've done that! its the opposite now.. you read all these articles from 2019 on best way to make an offer etc and it's all irrelevant now
Soldato
'I'm reaping the house price rewards of Crossrail – just four years late'
There will be a surge in homes for sale along the Elizabeth Line as those who have waited years for profits finally cash in
www.telegraph.co.uk
The opening line makes me angry "people sitting on properties waiting to cash in now that the Elizabeth line is open"
Can we put a price cap please on properties?..
Soldato
That's what I tried to do last week and offered lower than the asking price lol.
That property is still on sale though...
Our sellers are still waiting on probate on the property they are purchasing. This is week 10 since grant of probate was applied for.
We are tempted to offer on another property that is end of chain without the issue of probate, but we’ve waited since February — knowing our luck probate would come through after we have pulled out and started proceeding with another property.
We are tempted to offer on another property that is end of chain without the issue of probate, but we’ve waited since February — knowing our luck probate would come through after we have pulled out and started proceeding with another property.