The nervous wait to exchange....

Soldato
Joined
21 Jan 2010
Posts
12,824
What does zoopla and other places show other properties have sold for, or is it just that one previously for 880k?

Also, I can;t tell from your post, have the bank agreed with the valuation (of 10k over) or are you having to make up that extra 10k?
Yeah bank have agreed no drama. The one next door sold 2 years ago, identical but renovated - 740k lol. Market is crippling.
 
Man of Honour
Joined
21 Nov 2004
Posts
42,039
We had our survey back on the new place. We offered £10k over asking - the property was valued at £860k. A similar house sold two years ago for £880k with 2 more bedrooms and "fully" renovated. Annoying.

Survey has said the roof hasn't been touched since it was built in 1930, and has a few cracked tiles. Everything else we are broadly aware of.

What's folks opinions on going back for a discount, considering the cracked tiles (and ultimately the roof being at end of life?).

In this market they’ll tell you there’s another buyer waiting if you aren’t interested. In our area this wouldn’t be a lie and they’d probably get more money rather than less. Depends how far along the paperwork is and how desperate they are to move.
 
Soldato
Joined
4 Nov 2004
Posts
13,993
Location
Not Aberdeen
Yeah bank have agreed no drama. The one next door sold 2 years ago, identical but renovated - 740k lol. Market is crippling.
Yup it's crazy down south.

Our place is slowly chugging along. The agent for the vendor says conveyancing is currently taking 16 weeks (in our WhatsApp group), but the Mrs has informed then we're progressing a lot quicker than that, so get those info packs and question answers back quick, or you'll get badgered until you do reply :D
 
Soldato
Joined
7 Apr 2008
Posts
20,509
Location
Lorville - Hurston
In this market they’ll tell you there’s another buyer waiting if you aren’t interested. In our area this wouldn’t be a lie and they’d probably get more money rather than less. Depends how far along the paperwork is and how desperate they are to move.
But what if the lender devalues the property when they do a valuation?

That's my worry in a property that I just went almost 10 percent above the asking price as that's the going rate in this particular area!
 
Associate
Joined
25 Jun 2005
Posts
1,087
But what if the lender devalues the property when they do a valuation?

That's my worry in a property that I just went almost 10 percent above the asking price as that's the going rate in this particular area!
This happened to us and we simply went back to the EA and renegotiated by almost splitting the difference between the mortgage valuation and our offer.

There’s a good chance a different lender/surveyor would value it the same so if the seller pulls out and relists there’s a fair chance it will happen again, that was one of our arguments and it worked and we ended up saving a few quid.

I’d have been happy at the original asking price given it was what we offered and it would saved time and stress!
 
Last edited:
Man of Honour
Joined
21 Nov 2004
Posts
42,039
But what if the lender devalues the property when they do a valuation?

That's my worry in a property that I just went almost 10 percent above the asking price as that's the going rate in this particular area!

This happened to us some time ago and the sellers reduced our offer. Fortunately we still had plenty of margin to borrow.
 
Soldato
Joined
12 Mar 2008
Posts
22,172
Location
West sussex
But what if the lender devalues the property when they do a valuation?

That's my worry in a property that I just went almost 10 percent above the asking price as that's the going rate in this particular area!
You gotta match it from your own funds or renegotiate the price. Problem these days is there’s a lot of cash buyers which always get in the way.
 
Soldato
Joined
28 Dec 2017
Posts
6,620
Location
London/Beds
This happened to us and we simply went back to the EA and renegotiated by almost splitting the difference between the mortgage valuation and our offer.

-----

I’d have been happy at the original asking price given it was what we offered and it would saved time and stress!
No word of a lie, a typo meant that we saved £2,700 on our offer. The EA mixed up 2 digits in our final offer (which was basically our absolute max budget). We got the memorandum of sale (basically the invoice for the house, at the very beginning) and I had to call to confirm the wrong figure. She said that was the figure she had communicated and the vendors were happy, so let's not tell anyone.

I kept it under wraps until the keys were handed over :D
 
Joined
14 Jun 2004
Posts
16,812
Location
Newcastle U/T
We had our survey back on the new place. We offered £10k over asking - the property was valued at £860k. A similar house sold two years ago for £880k with 2 more bedrooms and "fully" renovated. Annoying.

Survey has said the roof hasn't been touched since it was built in 1930, and has a few cracked tiles. Everything else we are broadly aware of.

What's folks opinions on going back for a discount, considering the cracked tiles (and ultimately the roof being at end of life?).

Personally? You're buying house nearly 100 years old, a cracked tile here and there isn't really gonna be a huge problem in the near future if there aint leaks coming in already.
I wouldn't see a few cracked tiles as end of life either tbh, tile replacements aint exactly expensive.

2 years ago would've been pre "covidboost" to pretty much all properties, that one that sold for 880k would probably sell for considerably more now.
Are you having second thoughts about your offer? If so just walk away

If you wanna buy a property where nothing at all needs to be done buy a new build, and even then yer pushing it lol
 
Soldato
Joined
21 Jan 2010
Posts
12,824
Personally? You're buying house nearly 100 years old, a cracked tile here and there isn't really gonna be a huge problem in the near future if there aint leaks coming in already.
I wouldn't see a few cracked tiles as end of life either tbh, tile replacements aint exactly expensive.

2 years ago would've been pre "covidboost" to pretty much all properties, that one that sold for 880k would probably sell for considerably more now.
Are you having second thoughts about your offer? If so just walk away

If you wanna buy a property where nothing at all needs to be done buy a new build, and even then yer pushing it lol
No seconds thoughts - just sometimes we have "more money than sense". I'm definitely not turned off by work at all - I'll do all the work myself, just like this house. Just needed a bit of sense spoken to me. Thanks!
 
Joined
14 Jun 2004
Posts
16,812
Location
Newcastle U/T
yeah the 10k is only a small % of your offer dude, not really worth adding hassle (moving hoose will bring enough of that haha!)

Unless yer having second thoughts then end up in a house you don't really think was the best choice

I'm gonna miss all the fixing up we did to the current house, but at the same time I think moving into a new build where the minimal needs done is gonna be awesome.
What I wont miss the is 3 years of moving into a house and everything constantly being covered in dust, plaster, paint haha cba with that again
 
Soldato
Joined
21 Jan 2010
Posts
12,824
yeah the 10k is only a small % of your offer dude, not really worth adding hassle (moving hoose will bring enough of that haha!)

Unless yer having second thoughts then end up in a house you don't really think was the best choice

I'm gonna miss all the fixing up we did to the current house, but at the same time I think moving into a new build where the minimal needs done is gonna be awesome.
What I wont miss the is 3 years of moving into a house and everything constantly being covered in dust, plaster, paint haha cba with that again
I had zero second thoughts till your final paragraph lol! But yeah it will be a dusty mess. Lathe and plaster ceiling, floor mounted boiler, all sorts.
 
Soldato
Joined
4 May 2007
Posts
8,540
Location
West Midlands
We had our survey back on the new place. We offered £10k over asking - the property was valued at £860k. A similar house sold two years ago for £880k with 2 more bedrooms and "fully" renovated. Annoying.

Survey has said the roof hasn't been touched since it was built in 1930, and has a few cracked tiles. Everything else we are broadly aware of.

What's folks opinions on going back for a discount, considering the cracked tiles (and ultimately the roof being at end of life?).
To some degree, I'd feel more confident with a 100 year old roof than a 5 year old roof. I.e. If it was going to go it would have done so by now.

Doesn't seem a reasonable thing you can ask a significant amount of money off for, other than a roofer to fix the tiles. The roof being "end of life" is probably subjective and old roof presumably visible on viewing (if it was 50years vs 100would you care?)
 
Joined
14 Jun 2004
Posts
16,812
Location
Newcastle U/T
Aye gets a little frustrating at times, get one room done, all nice...

Start the next only to realise it just fills with dust no matter how many plastic sheets and tarps you use haha!
Ah it was good fun and nice to see the outcome once we were all done.

But your putting your stamp on it and making it what you want :D

With kids now I simply CBA, had enough bother chasing cats from under floors n stuff, dunt wanna think what chaos kids woudl throw into the mix haha
 
Soldato
Joined
21 Jan 2010
Posts
12,824
To some degree, I'd feel more confident with a 100 year old roof than a 5 year old roof. I.e. If it was going to go it would have done so by now.

Doesn't seem a reasonable thing you can ask a significant amount of money off for, other than a roofer to fix the tiles. The roof being "end of life" is probably subjective and old roof presumably visible on viewing (if it was 50years vs 100would you care?)
Fair - I guess the point is that, in 100 years - no-one has maintained the roof at all. And now muggins here, paying top dollar, is on the hook to re-tile. I mean, it doesn't even have felt beneath the tiles (from what I can tell).

I think I'll suck it up - I reckon this will be my "final house" for a long while at least, so a loft conversion may not be unrealistic.
 
Soldato
Joined
4 May 2007
Posts
8,540
Location
West Midlands
Fair - I guess the point is that, in 100 years - no-one has maintained the roof at all. And now muggins here, paying top dollar, is on the hook to re-tile. I mean, it doesn't even have felt beneath the tiles (from what I can tell).

I think I'll suck it up - I reckon this will be my "final house" for a long while at least, so a loft conversion may not be unrealistic.
I believe felt and now membranes these days under the tiles is only for temporary waterproofing while the roof is built.

Im of the tendency to think if its lasted 100 years it was probably fitted better than the **** they throw up in Taylor wimpey these days!
 
Soldato
Joined
20 Oct 2002
Posts
15,669
Location
London
I think I'll suck it up - I reckon this will be my "final house" for a long while at least, so a loft conversion may not be unrealistic.
If it helps at all our roof was red flagged by the surveyor on this house we bought last year (almost to the week). In the end although we got the house for just under asking price, it was during 2021 with the end of the stamp duty holiday looming so we really felt that we couldn't push them. There were certainly buyers queuing up behind us. We knew we were doing the loft asap so redoing the roof wasn't a big deal, just an extra expense. I think we are paying £4,500 on top of the loft quote. It was the same on a few of our other quotes for the loft - as a separate line item, and that has included complete re-battening, re-leading, insulation, new tiles etc.

The previous owners were happily renting out the house for 15 years or so without a care for the roof so yeah... just goes to show :o It was flippin' freezing in winter though but that was a combination of other terrible original/single glazed back windows, no insulation and terrible roof on the rear kitchen side return, and front bay window area. So I guess I'd check out those parts as well if you have them. And anywhere else that might be poorly insulated. We only have single brick walls in the kitchen at the back and the cupboards there rarely got above 10c in winter even when we'd had the heating on :p
 
Associate
Joined
21 Oct 2002
Posts
2,006
We have just had a minor miracle.. Buying a big georgian place (7 bed, 5000 square foot). In short i got a good deal on a 10 year mortgage in principle (1.92%, half interest only). The mortgage surveyor said 'no way' - too much damge to the annex. It took structurual engineers surveying to convince them. during that time their 10 year product went up to 3.8%.

Today... got full mortgage offer at 1.92%....10 years. Pigs flying and all that!
 
Soldato
Joined
7 Apr 2008
Posts
20,509
Location
Lorville - Hurston
Its been only 2 weeks since i our offer was accepted and our solictors are taking the P a bit.

They sent us a welcome pack just over a week ago with stuff for us to fill out such as our ID, bank details, info on the property, proof of funds etc etc and we had completed all that mid last week and uploaded it to a link they provided to securely upload our files to.

Just a couple of hours ago they emailed us saying "hey, when you ready, please send all out the forms to us in an email......"" like wut??!

My missus then called them up and went HAM on them and they said how they diddnt know that the portal upload system works and that many other clients just send there stuff in a email or dropbox transfer links and that the portal was only used for us to recieve stuff for them? I mean really?!?!?

When you log into there portal it clearly has a menu button saying (Upload files)

It is a bit fiddly as when you upload something there, it doesnt give you a progress bar or a indicator that it has been uploaded and so you have to refresh the page in order to see the update on there portal website...



From now on we are going to have to micro manage these lot and keep badgering them and this is a solictor that my mate recommended! We may have been hired a lemon of a case officer...
 
Top Bottom