Soldato
I just hope I can get something decent with the equity from the house sale as cost of living is only going to mess up the affordability test !
The nervous wait to exchange....
- Thread starter noj
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Soldato
I'm going to sell this for top £, no real rush so I can hang on for best offer. Then I'm going to downsize get some cash back.
Soldato
and buy a nice ferrari
Soldato
Soldato
My fixed rate mortgage ends in November and haven't sorted out another one out as didn't know what was going to happen. My mortgage adviser has stated I can get a variable rate mortgage without any ERCs etc so hopefully can get on a decent rate and at least bide my time too.
Soldato
I still have another year of my fix, so I'll be porting all or some of it if I down size and port only say half the current mortgage then obviously have some penalty to pay.
Soldato
Would you avoid a property with tenants in if you wanted to turf em out and move in yourself?
Soldato
The Vendor would have to turf them out ahead of the sale (unless it stated in the contract that you're buying as a NTL property and want continuity). My son is moving back home in a month as his rented house is being sold and so he's weighing up his options.
The risk is whether they move out in a timely manner or whether they cause issues.
Soldato
States in the advert the below so I guess it means they will be gone if I bought it.
"Currently occupied by long term tenants, this home is available either vacant or tenanted as an investment opportunity."
"Currently occupied by long term tenants, this home is available either vacant or tenanted as an investment opportunity."
Soldato
Normally I avoid sitting tenant housing, theres enough other options to look at unless the deal was worth it ££ wise.
Soldato
If the right amount of equity comes out the house I can afford a fairly decent budget but....cost of living I don't wan't to take on too much and so i'm considering a lesser valued property, spending some time doing it up then moving again when the value increases (hopefully) and the crisis is lessened. It's also right where I want to be in terms of location for the kids etc. Just a pain it's a flat which means leasehold, ground rent etc.
If you are offering on a tenanted property, a part of that offer can be contingent on the tenants being given notice within a week or two so it’s vacant in good time.
The process takes at least a month to go though if they leave when told to. In theory it shouldn’t be a surprise as they will have seen the for sale boards and probably been there when you visit.
You’ll want to reinspect the condition of the property once it is empty before exchange. That’s really important and check everything from windows, central heating to taps.
The process takes at least a month to go though if they leave when told to. In theory it shouldn’t be a surprise as they will have seen the for sale boards and probably been there when you visit.
You’ll want to reinspect the condition of the property once it is empty before exchange. That’s really important and check everything from windows, central heating to taps.
Soldato
Thanks for the sound advice there
Assuming you're buying with a mortgage you might want to check they'll proceed with tenants in situ. Certainly when we were looking it seemed to make everyone's lives more difficult, but we didn't really look into it much as the one tenanted property we looked at was a total ***show. Not because of the poor tenants mind. Weren't impressed when the agent was just like "oh they're just students, we'll move them to another house". Charming
Don't tenants on a regular tenancy agreement need to be given 2 months notice?
Personally I would avoid. If the landlord wants a sale they should give tenants notice, otherwise it's just another potential issue in a chain.
Man of Honour
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- 21 Nov 2004
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It’s worth keeping in mind that some buyers want to keep the tenants in place, as per one of our previous sales. It’s something to establish early on though since the notice period you mention does indeed need to be followed and you’d need to give notice near the front end of the exchange process. Personally I’d never sell to such an investor again, every time I’ve sold to a first time buyer or such it’s been several times easier.
Soldato
I'm on a variable tracker with Coventry which is 0.75% plus base rate, so currently 2%
I've not seen many Fixed deals less than that.
Soldato
Hiya, is the typical response times for solicitors 2/3 days? Or is mine being slow?
Everytime i email them a query, they have a automatic reply saying it can take up to 3 working days to reply and i tried to call teh solicitopr yesterday and couldnt get through
Everytime i email them a query, they have a automatic reply saying it can take up to 3 working days to reply and i tried to call teh solicitopr yesterday and couldnt get through
Man of Honour
- Joined
- 21 Nov 2004
- Posts
- 46,237
It varies. Ours typically reply same working day. Our sellers solicitor take 10 days to reply.
It is annoying as "early on" is typically when you get over the top Customer service elsewhere, but in the conveyancing world - you are bottom of the list. They will request a whole bunch of searches that will take at least 6 weeks... so the rush is for them to get the searches kicked off. Not to respond to questions that don't affect this.
Mine was fairly aloof throughout, but then she called out of the blue last Wednesday to say "right I'm ready to exchange now"... Her reaction time on queries was pretty quick as we got closer to "last Wednesday". I guess to manage my expectations better I could have been alerted to last Wednesday being the target date
Soldato
ahh ok cool thanks