Soldato
Probably got a reason. I wish my sellers did
The nervous wait to exchange....
- Thread starter noj
- Start date
Madness, just madness is my experience just now.
I'm 42, nearly 43 and this really is the last chance saloon of owning a property.
Asking price +10k does not even cut it in Dorset.
Hopefully a nice crash, neg equity scenario will come and hound out those greedy investors who put it all down on zero and thus far been lucky.
I'm 42, nearly 43 and this really is the last chance saloon of owning a property.
Asking price +10k does not even cut it in Dorset.
Hopefully a nice crash, neg equity scenario will come and hound out those greedy investors who put it all down on zero and thus far been lucky.
Soldato
It’ll simply mean banks lend you less and you pay higher rates. No good to you either.. we basically had to leave 50k above guide/asking/over etc to have enough wiggle room for offer to be accepted.
On a property worth how much ?
Soldato
Budget was up to 450 so we limited our search to 425 to have a chance.
Associate
- Joined
- 25 Jun 2005
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- 1,129
After the house we are buying was undervalued we managed to renegotiate to get to a point where everyone was happy, a stressful few days as I thought the seller was going to play hardball, we got our formal mortgage offer through, all good and about 1 hour after it landed our buyer pulled out due to an unforeseen financial reason apparently - I hate this rollercoaster!
Thankfully my EA was all calm and simply rang around all the people who offered originally (we had 5 offers) to see where they all were. Our original second choice buyer still hadn't found anywhere so he reinstated his original offer (the same price as we sold for) so all good again, his mortgage is ready and he has a healthy deposit (30%) so fingers crossed he's the one.
They can carry me out of our new place in a box, presuming we ever get there - I'm never moving again!
Thankfully my EA was all calm and simply rang around all the people who offered originally (we had 5 offers) to see where they all were. Our original second choice buyer still hadn't found anywhere so he reinstated his original offer (the same price as we sold for) so all good again, his mortgage is ready and he has a healthy deposit (30%) so fingers crossed he's the one.
They can carry me out of our new place in a box, presuming we ever get there - I'm never moving again!
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Soldato
Yes that's what we are doing too but even those go quickly
I'm so sick of every little thing that is befalling us and our purchase. We're still waiting for a signature on a deed of variation which was requested last week, but the only update we've had was Monday evening to say the woman who deals with the deeds is out of office this week and will be back next week. Not only that, the vendors' solicitor left without warning so their case is transferred to a new solicitor in the company (PPL) so I assume they're just playing catchup now. It is maddening how all these little things keep happening. There's no good news, only ever more delays. Approaching 5 months since we had our offer accepted now.
Soldato
interests rates have gone up so people's max budget would be affected i imagine for anyone looking to buy
Soldato
We’re 3 months in now, finally had all enquiries answered and deposit is now requested out of our LISA so as soon as that is in solicitors account, they’ll push for exchange. Hopefully the next 1-2 months and we’ll be done.
Good news - one would imagine that would be a bit quicker than 1-2 months now?
Our solicitor has recommended a simultaneous exchange and completion day. Once the signature is in she'll request the funds be released from the lender which takes about 5 working days, so she said there's no real point splitting them up as it'll only be 5 days to completion anyway.
Man of Honour
- Joined
- 21 Nov 2004
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- 45,033
While the purchase drags on, on the plus side the sellers are willing to sell us a few furniture items - saves us a bit of time, money, waiting for delivery etc.
As for exchange dates, nowhere in sight currently
Went down there recently and it reaffirmed in my mind why we're buying it
As for exchange dates, nowhere in sight currently
Went down there recently and it reaffirmed in my mind why we're buying it
While the purchase drags on, on the plus side the sellers are willing to sell us a few furniture items - saves us a bit of time, money, waiting for delivery etc.
As for exchange dates, nowhere in sight currently
Went down there recently and it reaffirmed in my mind why we're buying it
Always worth doing a private cash deal for things like washing mashines and fridges etc. if it suits you. Oven should always be included in the sale IMO, but other stuff is worth asking about, window blinds etc, are not strictly included, but its unlikeley they will fit the new windows in thier new place, so it's worth having a conversation, helps both parties as long as it's sensible.
Soldato
I’ll have to see. Their solicitors have been very slow so we’ll see when they agree to exchange. After exchanging competition I hope is soon.
Just want that done asap so it’s actually legally binding. This system of “anyone can pull out at any time before exchange” is scary to say the least lol.
Soldato
I'm certain that the reason the system is as crazy is so solicitors can milk costs.
Imagine:
Sellers gets searches and basic survey done and a legally binding valuation that mortgage companies are legally bound to accept. Any issues like planning permission indemnity etc get sorted. Then your house goes on the market.
Buyer gets a open mortgage offer before house hunting. This can be used on any house with a pre agreed loan to value ratio range.
Then, I want to buy your house. I look over the valuation, survey and the searches.
I make an offer. You accept with full view of my financial state.
My solicitor gets your searches etc, my mortgage company accepts your valuation.
Exchange, done.
Imagine:
Sellers gets searches and basic survey done and a legally binding valuation that mortgage companies are legally bound to accept. Any issues like planning permission indemnity etc get sorted. Then your house goes on the market.
Buyer gets a open mortgage offer before house hunting. This can be used on any house with a pre agreed loan to value ratio range.
Then, I want to buy your house. I look over the valuation, survey and the searches.
I make an offer. You accept with full view of my financial state.
My solicitor gets your searches etc, my mortgage company accepts your valuation.
Exchange, done.
Soldato
We changed ours for part of our sale 4 months into a purchase and they completed in 6 days what the bank appointed firm had failed in 4 months. They saved our chain and got us and everyone else into the homes they wanted so not always a bad thing!
Soldato
The government tried to force something similar ages ago and the banks refused to accept searches done by the seller as they would have an interest in covering things up! The irony is everyone outsources the searches to the same small group of specialist companies so it doesn’t matter who pays for them!
It was late May when you wrote this. Anyone wanting to move to get into a school will have agreed a deal already, applications will have gone in 6 months ago and places already allocated by schools. That ship has sailed, you won't be competing for people rushing to get a house for schooling reasons because the rush has already been and gone (although there might be the odd family already living within catchment that wants to to move to another local property in the summer of course).
Soldato
Done in less than a month as well.