The nervous wait to exchange....

  • Thread starter Thread starter noj
  • Start date Start date
We’re pretty close to agreeing exchange/complete dates which means we’d be in the new place within 3 weeks… the house we’re buying is classified as ‘6 bedsits in a dwelling house’ - planning was submitted to turn it into that in the 80s but the entry said ‘not development’ so I don’t know if at the time it was a permitted change. Anyway, our solicitor has just reported to the mortgage company telling them that we’ll need to apply for change of use back to a ‘dwelling house’ after completion but that they see it as low risk. Realistically changing it to a single dwelling isn’t unrealistic and the council have said it should be relatively straightforward. Still, I am bricking it that the mortgage lender is going to revoke their offer.

Eurgh. Has anyone been through/got experience of similar fresh hell?
 
Reginald said:
We’re pretty close to agreeing exchange/complete dates which means we’d be in the new place within 3 weeks… the house we’re buying is classified as ‘6 bedsits in a dwelling house’ - planning was submitted to turn it into that in the 80s but the entry said ‘not development’ so I don’t know if at the time it was a permitted change. Anyway, our solicitor has just reported to the mortgage company telling them that we’ll need to apply for change of use back to a ‘dwelling house’ after completion but that they see it as low risk. Realistically changing it to a single dwelling isn’t unrealistic and the council have said it should be relatively straightforward. Still, I am bricking it that the mortgage lender is going to revoke their offer.

Eurgh. Has anyone been through/got experience of similar fresh hell?
Click to expand...
I'd hope its just a rubber stamp excersise if you are turning 6 'bedsits' into one house.

You might need to be wary of the council tax bracket though, I'm not sure if it's on this thread or another, but if you have multiple 'kitchens (ovens)' it might change the tax bracket.

Someting to look into,I don't think the mortgage lender will really care (they just want to be paid) but it might have council tax implications depending on the configuration.
 
mattyfez said:
I'd hope its just a rubber stamp excersise if you are turning 6 'bedsits' into one house.

You might need to be wary of the council tax bracket though, I'm not sure if it's on this thread or another, but if you have multiple 'kitchens (ovens)' it might change the tax bracket.

Someting to look into,I don't think the mortgage lender will really care (they just want to be paid) but it might have council tax implications depending on the configuration.
Click to expand...
Thank you. I spotted the post about council tax and checked this evening. It’s the same band as the other houses on the road and has 1 kitchen.

I hope it’s just a rubber stamp exercise - that’s how the council made it sound (just on the phone not in writing). Bit nervous about what I might not be aware of though.

Fingers crossed the bank just wants our money :D
 
Reginald said:
Thank you. I spotted the post about council tax and checked this evening. It’s the same band as the other houses on the road and has 1 kitchen.

I hope it’s just a rubber stamp exercise - that’s how the council made it sound (just on the phone not in writing). Bit nervous about what I might not be aware of though.

Fingers crossed the bank just wants our money :D
Click to expand...

yeah if you have multiple kitchens then the council will probably tax you for x6 properties.

The bank/lenders don't really care as long as thier boxes are ticked and you can pay them, just something to be aware of.
 
Biz.Kid09 said:
Handing in the notice removes the responsibility of rent off my shoulders. If I have to move to my parents for a day or so till its sorted then no issue. If it collapses, then I will get another rental. The one upside of rental properties is their availability.

Anyway, its a moot argument. I spoke with the landlord today, explained my situation and she has no problems. She just said let her know the date of completion on the house and jobs a good un. Be it a month or two weeks.
Click to expand...

That's good as it never works out how you describe. You're never left in the position to get another rental as the process tends to get delayed and drag on rather than instantly fall apart. It means you move out someone with 10 days in mind and end up living there for 4 months but never actually knowing how long.

Plus, when we moved from rented into owned having a 2 or 3 weeks period of having both properties made moving so much easier.
 
Peerzy said:
That's good as it never works out how you describe. You're never left in the position to get another rental as the process tends to get delayed and drag on rather than instantly fall apart. It means you move out someone with 10 days in mind and end up living there for 4 months but never actually knowing how long.

Plus, when we moved from rented into owned having a 2 or 3 weeks period of having both properties made moving so much easier.
Click to expand...

That overlap allowed me to do the removals with a van myself. It was a godsend saving money.

I think I made 4 round trips! It was intense
 
Peerzy said:
That's good as it never works out how you describe. You're never left in the position to get another rental as the process tends to get delayed and drag on rather than instantly fall apart. It means you move out someone with 10 days in mind and end up living there for 4 months but never actually knowing how long.

Plus, when we moved from rented into owned having a 2 or 3 weeks period of having both properties made moving so much easier.
Click to expand...
If it gets delayed past what I expect then I'll pull the plug and move into a new rental.

I have a one bed flat worth of stuff to move, it's honestly 30mins work. All the furniture and everything not attached to a hanger is going in the bin! Hah.

Interestingly, had a call from the agent earlier. The seller is desperate to complete and wanted to know why we were taking so long lol!
 
I saw a house just this morning that is on a road that has a slope/hill.

Any concerns I should know of or issues that could arise for such a property? It's a minor slope.
 
LuckyBenski said:
WELL - I will preface this with the fact we're about to raise a complaint so not an unhappy customer, but feel they could improve their process for future clients.

The firm was recommended by a friend who just completed a purchase and he showed me his report, I was pretty impressed. Ours was a similar standard, pretty thorough, lots of photos, lots of attention to detail. However we think they failed to do some of the technical report process correctly e.g. not categorising risks by rating (1, 2, etc). The result of this is that we didn't rank issues as seriously as we might have if they had labelled them better. I believe there is a standard RICS process which they outlined but didn't completely follow.

They did spot lots of things we didn't know about and it was very very informative, considering we only got 2x 20 minute viewings ourselves. I wouldn't say it didn't help. But I feel that we would have acted differently e.g. negotiated costs of work before completion, had we realised which ones were critical. So yeah, don't regret having the survey done but potentially got unlucky with our particular experience.

The firm is called Allcott, should be first Google result.
Click to expand...
Ok, thanks for the response and feedback. I'll take a look anyway.

Just seen another house and it's now the new leader. Will need a strong offer, maybe even going over ask to try and secure as it's gonna be a popular one. Needs a Reno and the kitchen is dying to be pushed out and combined with dining room.

Then you can enjoy the garden and views over the river properly from the elevated house position.

But it's going to be a popular one, so I'm thinking there might be people with deeper pockets coming into the mix. Bah.
 
jonneymendoza said:
will lenders accept morgtage of property thats had a offer accepted that is 10% more than asking price?
Click to expand...
They won't consider the asking price at all AFAIK - they will value the house, and estimate the LTV based on that. How much you can borrow depends on your income, and the LTV is then used to calculate interest rate/monthly payments.

In other words any difference between what you've offered vs the bank's valuation needs to be made up from your own cash (bigger deposit) or borrowing more (if you have the option, and affects LTV negatively).
 
LuckyBenski said:
They won't consider the asking price at all AFAIK - they will value the house, and estimate the LTV based on that. How much you can borrow depends on your income, and the LTV is then used to calculate interest rate/monthly payments.

In other words any difference between what you've offered vs the bank's valuation needs to be made up from your own cash (bigger deposit) or borrowing more (if you have the option, and affects LTV negatively).
Click to expand...
Ok cool.

How will they value the house? I heard they get there own surveyor to do a small level 1 surveyor themselves?

How does there valuation of the property defer for how the estate agent had valued and put the property on the market?
 
For our new place and the initial buyers mortgage was simply a paper exercise I believe.

This 2nd buyer is getting a mortgage thru HSBC and they had a surveyor round checking everything over taking pics n peeking in the loft.

This it probably depends on valu or the property versus those around it tbh
 
The surveyor will do a quick look around the property to make sure it’s in habitat condition (E.g. it has a kitchen and bathroom) and then do a desktop valuation based on similar properties that have sold recently in the local area. They don’t really take into account the condition of the property itself or it’s fixtures and fittings.

The issue is that ‘recently’ is based in land registry data which could be 3-6 months behind the actual market.
 
b0rn2sk8 said:
The surveyor will do a quick look around the property to make sure it’s in habitat condition (E.g. it has a kitchen and bathroom) and then do a desktop valuation based on similar properties that have sold recently in the local area. They don’t really take into account the condition of the property itself or it’s fixtures and fittings.

The issue is that ‘recently’ is based in land registry data which could be 3-6 months behind the actual market.
Click to expand...
What if the last property that was sold in the same road was 2 years ago?

How does an estate agent value a property?
 
You must log in or register to reply here.
Back
Top Bottom