Don
Not interested in another new house (this one is TW) but they've been about here for years, Shifnal as well I think they had a big development.
The nervous wait to exchange....
- Thread starter noj
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The one we wanted wasn't new (well, granted it's a 'new build', it was a few years old in a finished and quiet private development in the perfect area.
I don't care for new build or older house, as long as the house, garden, plot and local area ticks the boxes we want it.
some. of the nb companies do seem. to be very regional based.
the further afield I look more and more names ive never heard of
the further afield I look more and more names ive never heard of
Soldato
Where I'm from you originally (South Linc's) who built the house definitely impacts its value, there's and estate near my mum's place built by Bovis, and there's a similar estate nearby built by a local company (Broadgate Builders) - the homes built by the local firm are definitely of higher quality, on slightly larger plots, and have less defects, and they command around a 10% premium over the cheaper new builds. I'd assume a similar story is played out all over the UK
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The next worry is now whether the money arrives in time. Sent via CHAPS today to the solicitor (immediately after receiving the statement from them), despite being before the cut off for same day transfer hasn’t arrived or left and is ‘processing’. I’m sure it’ll be fine, but we’ll be well and truly screwed if it doesn’t arrive tomorrow ready for Monday’s completion. Bricking it if I’m honest.
Edit: Crisis averted. The money arrived the following morning. We're all good.
Edit: Crisis averted. The money arrived the following morning. We're all good.
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Don
I've got nothing against them; both of the houses I have bought (in 2010, then this one in 2016 I think) have been new builds. I think when I move next it'll be to a more characterful property
Does anyone have any experience on exchange deposits. I'm pretty far down the chain and have since been informed I need to pay 10% 'exchange' deposit. Not an issue per-se, but my LTV was 90.48% and the lending rate as such from my mortgage company.
Meaning if I did a LTV 90% with my mortgage company would have achieve a better lending rate.
Anyone had much luck negotiating a smaller exchange deposit in the past (it will be £1k less on the exchange deposit) in my case!
Or maybe I am not understanding it right, but assuming from day 1 my equity will be 90% but on a worse rate based on LTV 90.48%!?! or will £1k be surplus used as conveyancing costs, paid back etc
Sorry a little thick when it comes to all this!
Meaning if I did a LTV 90% with my mortgage company would have achieve a better lending rate.
Anyone had much luck negotiating a smaller exchange deposit in the past (it will be £1k less on the exchange deposit) in my case!
Or maybe I am not understanding it right, but assuming from day 1 my equity will be 90% but on a worse rate based on LTV 90.48%!?! or will £1k be surplus used as conveyancing costs, paid back etc
Sorry a little thick when it comes to all this!
Soldato
In brief - it depends.
Example for our current purchase:
We were middle of chain
Bottom of chain had to pay 45k to their sellers on exchange, but their sellers (our buyers) only had to pay 7.5k to top up to 10% of our sale price as the money gets passed up the chain in effect.
We negotiated with the people we were buying from to pass up only the 52.5k and not top it up to 10% (70k) and they were ok with it.
The money effectively goes towards the purchase - so if you were to top it up I guess you wouldn't need to draw down the full amount from your lender - but this might not be an option depending on your mortgage deal.
If you are a long way from exchange/completion it could be worth a call with your lender, but if it's soon - best to just do what's asked and take the hit (if your AIP was agreed before the base rate went up your probably best sticking with it anyway).
Short answer; 10% exchange deposits are negotiable.
Thank you - I guess in any instance the mortgage company shared the offer directly with my solicitor would need to be informed to adjust the amount of the mortgage in any instance as it would not be x, but now y if I pay 10% that's being asked.
The chain is me as buyer, and seller only (moving to rented).
As before it's a £1k difference that I think is inconsequential as the seller will get the difference (£1k) from my mortgage company right?
Usually they just accept a lower deposit.
The solicitors will negotiate it, it’s completely normal and happens all the time.
It’s very normal for the deposit that comes from the buyers at the bottom of the chain to be insufficient for those at the top.
Most people are not putting in any cash and relying on equity and more borrowing to ‘move up the ladder’, as such the buyers deposit at the bottom of the chain effectively moves up through the chain as you all exchange.
The solicitors will negotiate it, it’s completely normal and happens all the time.
It’s very normal for the deposit that comes from the buyers at the bottom of the chain to be insufficient for those at the top.
Most people are not putting in any cash and relying on equity and more borrowing to ‘move up the ladder’, as such the buyers deposit at the bottom of the chain effectively moves up through the chain as you all exchange.
Thank you, sorted today, accepted by the seller.
Soldato
Got a level 3 survey done and apparently there's a bit of damp on the hallway in the right side of property where it's detached.
There is also a bit of damp near the kitchen in the rear.
Is this bad? Is it fixable? How common do you guys get damp being found on properties that you had a survey done?
There is also a bit of damp near the kitchen in the rear.
Is this bad? Is it fixable? How common do you guys get damp being found on properties that you had a survey done?
Have you just read the survey? If you haven't already, then arrange a phone meeting with the surveyor... They should be happy to talk to you and are often more frank /open than what they will write in the survey.
It might be something of nothing or it might be cause to negotiate the house price depending on how competitively priced the house is.
Soldato
No I chatted with the the surveyor and tbh most of what he said was alien talk to me lmao but I recorded the conversation.
Basically overall the condition is good but just isolated dampness on the ground floor. Rising damp maybe.
I've googled how much it cost do inject something and it said this :
Source
https://www.myjobquote.co.uk/costs/treating-rising-damp
Not sure how legit the info is from there but seems fixable and not a huge cost compared to other stuff I got plans to do on the property lol
This really and it depends on the score tbh think anything below 0.9 is seen as acceptable
Was it down as a C2 or C3?
Any outside pics? Check bottom rows of bricks for spalling
If there is any and it stops below the Damp Proofing level then that's indicative that the DP is doing its job really (might eventually need the bricks replaced tho.
Surveys annoy me, we'll take your money to tell you "might need looking into" haha
From the link above..
AVERAGE COST OF TREATING RISING DAMP:
Depending on the complexity of the job, it usually takes: 2-5 days
£2750
Then
The cost of repairing rising damp can vary wildly.
Then
For the easiest possible situation with minimal damage, it could cost as little as £400 to fix all the problems and the damage. If the issue has been left unchecked and causes extensive damage, you could be looking at as much as £16,000.
you know where the house is, go speak to the vendor and let them see the survey and your concern?
Soldato
I'll need to wait for the report. My mate is going to pop round and check the exterior for me
Ahh OK.. So you've not got the survey yet but just talked to the surveyor?
I'd read the report first, digest it a bit and then go back to the surveyor with more targeted questions.
If the surveyor is any good they'll be happy to explain the damp readings in layman's terms.
Equally if you have a mate who knows a bit more that can cast an eye, that would be equally useful.
Soldato
About rising damp?