The nervous wait to exchange....

  • Thread starter Thread starter noj
  • Start date Start date
Should have exchanged on Friday, but the our vendor's solicitor for the new build they're buying couldn't be bothered to send an email down the chain.

We're now nearly at the end of the day again, and now we're waiting on an email from our vendor's solicitor. This is bonkers.

It's a 3 link chain, the person buying from us is in rented, and the people we're buying off have broken the chain and are buying a new build. How is this so difficult lol.
 
randal said:
Should have exchanged on Friday, but the our vendor's solicitor for the new build they're buying couldn't be bothered to send an email down the chain.

We're now nearly at the end of the day again, and now we're waiting on an email from our vendor's solicitor. This is bonkers.

It's a 3 link chain, the person buying from us is in rented, and the people we're buying off have broken the chain and are buying a new build. How is this so difficult lol.
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yep never realised it was so hard atm :( sucks lol
 
~Divine~Wind~ said:
yep never realised it was so hard atm :( sucks lol
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Agent's just told us our vendor is actually the one holding this up, they haven't instructed the exchange. Yet text us earlier to say we can drop stuff off on the garage this weekend if we wanted to help with the move.



Someone's telling porkies.
 
still in my first house so haven't done the buy + sell at the same time thing, but might want to do that soon.
aware of this thread and the problems people seem to have quite often.
are you guys just unlucky, or is the process consistently a nightmare?
is it better to sell first, rent in between, and buy later to simplify things?
 
Is there an online mortgage calculator which allows you to input a ported mortgage along with new product to top up the extra you'd need to move to a more expensive house?
 
randal said:
Agent's just told us our vendor is actually the one holding this up, they haven't instructed the exchange. Yet text us earlier to say we can drop stuff off on the garage this weekend if we wanted to help with the move.



Someone's telling porkies.
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Our seller just called us and confirmed it's their solicitor holding everything up. Happy days.
 
ChrisD. said:
Is there an online mortgage calculator which allows you to input a ported mortgage along with new product to top up the extra you'd need to move to a more expensive house?
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I couldn't find one - the hack for me was to find the rate for the whole amount, then for the delta mortgage enter that plus the rate you got for the full amount and 0% deposit into the Rightmove calculator. Add the two monthlies together and that's roughly right.
 
Do the mortgage calculator twice, first with the existing mortgage and then again with the additional borrowing then add the two together ;)

Or if your really baller, make your own spreadsheet to do it for you.
 
ChrisD. said:
How is the LTV calculated for the delta? Is it across both mortgages?
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Yeah.

E.g. 700k with 100k down = 3.51% with Chelsea --- if I already have 300k at 2.3% I'll just do a separate calc for £300k @ 3.51%. I got lazy hence use RightMove as at the bottom of every listing it has a mortgage calc box - enter £300k + 3.51% + £0 deposit = your monthly. Add that to your current monthly = total monthly.

Direct link to easy compare site:
 
dLockers said:
Yeah.

E.g. 700k with 100k down = 3.51% with Chelsea --- if I already have 300k at 2.3% I'll just do a separate calc for £300k @ 3.51%. I got lazy hence use RightMove as at the bottom of every listing it has a mortgage calc box - enter £300k + 3.51% + £0 deposit = your monthly. Add that to your current monthly = total monthly.

Direct link to easy compare site:
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Brilliant, thanks. I think I was overcomplicating it but the lender sites don’t really help much either!
 
throwaway4372 said:
still in my first house so haven't done the buy + sell at the same time thing, but might want to do that soon.
aware of this thread and the problems people seem to have quite often.
are you guys just unlucky, or is the process consistently a nightmare?
is it better to sell first, rent in between, and buy later to simplify things?
Click to expand...

Not really, you can break the chain but you may wind up facing ERC charges with your mortgage, and you have to move twice, which isn't a lot of fun.

A lot depends on how large the chain is, and how motivated everyone is to move things along. How good the solicitors is plays a part as well.

Buying houses is well known to be a headache, but I'm sure some of the transactions go smoothly.
 
I'm still being thick with the mortgage porting option. I'm normally good at this sort of stuff but I'm having a proper brain fart, I think it's because I've been off work for a month and doing basic mental tasks has become a challenge. :cry:

Say my current house is worth 400k, and I want to buy a house for £800k, on my chosen lenders' website, can I just put in 400k as the deposit and 800k as the value for an idea? As the deposit is essentially current equity, plus the current mortgage resulting in this new one?
 
ChrisD. said:
I'm still being thick with the mortgage porting option. I'm normally good at this sort of stuff but I'm having a proper brain fart, I think it's because I've been off work for a month and doing basic mental tasks has become a challenge. :cry:

Say my current house is worth 400k, and I want to buy a house for £800k, on my chosen lenders' website, can I just put in 400k as the deposit and 800k as the value for an idea? As the deposit is essentially current equity, plus the current mortgage resulting in this new one?
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You put in the house amount with the equity being your deposit figure - plus anything else you want to add on top to the deposit.
 
randal said:
We have exchanged. After 3 days of trying.

Move Monday.

Sold our house first time a year to the day today. Sold twice, offered twice, one fell through at exchange and here we are. :D
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Great news! We still haven't finished unpacking properly since we started moving on Friday but the bulk of everything is done, so the house is at least liveable if we ignore the two rooms of hastily stacked boxes and assorted other items :D
 
squerble said:
Great news! We still haven't finished unpacking properly since we started moving on Friday but the bulk of everything is done, so the house is at least liveable if we ignore the two rooms of hastily stacked boxes and assorted other items :D
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Bed, clothes, telly, fridge. Oh and internet. The rest can wait lol. Congratulations dude!
 
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