The nervous wait to exchange....

  • Thread starter Thread starter noj
  • Start date Start date
After pulling out of a property the other week due to the sellers trying to hide a leak in the bathroom that rotted the floor, I've found another one (in a much better area for me also compared to the other one)

2 Bed semi, 2018 build, was sold at £120,000 a few month ago, came back on the market on Monday at £115,000, offer accepted at £113,000 yesterday.
I probably took advantage of the situation as the previous buyer had to pull out last week due to issues with a pregnancy and the seller was almost ready to move in early December so she was kind of desperate to sell (2 adults 2 toddlers and baby in a small 2 bed...) so I low balled and after some negotation got her down to £113,000. She paid £108,000 for the house when it was built, don't know what was included but the back garden has a big patio that I'm assuming was not included in the price and a mirrored fitted wardrobe to the main bedroom. I kind of feel bad but...:rolleyes:

Nothing wrong with the house apart from probably needing the walls painted at some point and the side bath panel needs replaced as they cracked it while taking it off. Shes leaving a double bed frame (that my parents will be taking!), metal shed, fridge/freezer and the washing machine (along with all the blinds/curtains). Its a nice spot surrounded by other new builds in a quiet area. It's just me and my cat so is big enough and I'm very much a minimal person decore wise so there will be plenty of room. The only thing I have to compromise on is where to put my cats litter tray which will have to be in the downstairs toilet as there just isn't room in the kitchen as its small.

All the searches have been completed already so trying to get those from the estate agent which will hopefully speed things up.
Will be a 15 year mortage with my deposit at around £270 a month on a 2 year tracker at the moment of 3.49%.
Fixed is 5.14% for me at the moment at £301 per month.
Unsure at the moment, the rates are going up next month, then they will again around March. How much further are they going to go up? for the sake of 1.6% ish? which works out to around £30 a month on todays tracker rate, once it goes up in December that becomes £25 ish.
 
Last edited:
Grats R.O.S.S.I

Had a lot of argueing with different lenders over the past few days, ones saying I cant afford things or making me the mortgage over a longer period than I want. Agreed on Mortgage terms of 14 years 5.02% fixed for 5 years at £316 per month with Halifax for the house I recently had an offer accepted on. Wanted 12 year but couldn't get it that low. Plan on overpaying as much as possible every month (works out to £300-350) every month at the start to get the mortage term down and save on the interest. Will do it on a month by month basis as much as I can to stay within the 10% and not dip into savings.
 
Last edited:
R.O.S.S.I said:
Well! Shifted off a handsome sum of cash for deposit and stamp duty to our solicitor this morning with the view to exchanging tomorrow or Friday.
Slight scare when the fraud team blocked the transfer but nothing they couldn't push through after a quick convo on the phone to them in branch.

Hopefully completing next Friday!
Click to expand...
A sad day to see all yer hard earned disappear!

I'm back and finally in the new hoose haha :D

We were in for one night then had to jump on a plane for me mates wedding, got up today to goto work n couldn't find clothes or owt, everything is still in boxes lol

R.O.S.S.I said:
Exchanged yesterday. Completion set for this Friday!
Woop!
Click to expand...

Thats Better! :D Congrats

MatsyLR said:
Grats R.O.S.S.I

Had a lot of argueing with different lenders over the past few days, ones saying I cant afford things or making me the mortgage over a longer period than I want. Agreed on Mortgage terms of 14 years 5.02% fixed for 5 years at £316 per month with Halifax for the house I recently had an offer accepted on. Wanted 12 year but couldn't get it that low. Plan on overpaying as much as possible every month (works out to £300-350) every month at the start to get the mortage term down and save on the interest. Will do it on a month by month basis as much as I can to stay within the 10% and not dip into savings.
Click to expand...

Sounds like a plan!
 
I
~Divine~Wind~ said:
A sad day to see all yer hard earned disappear!

I'm back and finally in the new hoose haha :D

We were in for one night then had to jump on a plane for me mates wedding, got up today to goto work n couldn't find clothes or owt, everything is still in boxes lol



Thats Better! :D Congrats



Sounds like a plan!
Click to expand...
I'm going to be so broke in the coming months. Doing renovations
 
For those in new builds with an extractor fan in the kitchen. Is it a good option to dry cloths in the kitchens on a drying rack and just put the extractor on?
 
What's the usual procedure with regards to a house purchase that has sale agreed and is just pending enquiries with conveyance etc with regards to the change in house.prices over the last 3-4 months.

For example if you had agreed a price but over the last 3 months the valuation had dropped 10k during purchase, is that something you bring up with the estate agent and ask for a re evaluation? And if it is deemed to have dropped on value you would renegotiate?
 
Hi folks. I exchanged on a sale a few weeks ago, and completion is due to take place on Friday.

I got home late on Monday night to discover that the flat above has leaked into my kitchen. It's not terrible (I think it's their sink or washing machine), and as long as it doesn't get worse and upstairs fix the problem it looks like it'll just need some damp seal and a coat of paint. Obviously I messaged the owner of upstairs with pictures immediately on discovering the leak.

I had to move out yesterday as it was the only day I could get off work, and the rest of this week looks pretty horrendous due to various work and other events, so I'm going to struggle to get back to the flat before Friday. I've messaged its owner a few times, and am going to call today to push him to get it fixed quickly.

My understanding is that the risk of issues like this between exchange and completion fall on the buyers, not the sellers. Obviously I want to do the right thing and not be a prat about it, but equally I'm not going to go too far out of my way (eg hiring a plumber myself to go into upstairs's flat) if it's not my liability.

Presumably the buyers could in theory still pull out, but they'd lose their deposit? Is there any other risk to me? There was a previous, similar, leak, which I disclosed in the property information form.
 
manic111 said:
Hi folks. I exchanged on a sale a few weeks ago, and completion is due to take place on Friday.

I got home late on Monday night to discover that the flat above has leaked into my kitchen. It's not terrible (I think it's their sink or washing machine), and as long as it doesn't get worse and upstairs fix the problem it looks like it'll just need some damp seal and a coat of paint. Obviously I messaged the owner of upstairs with pictures immediately on discovering the leak.

I had to move out yesterday as it was the only day I could get off work, and the rest of this week looks pretty horrendous due to various work and other events, so I'm going to struggle to get back to the flat before Friday. I've messaged its owner a few times, and am going to call today to push him to get it fixed quickly.

My understanding is that the risk of issues like this between exchange and completion fall on the buyers, not the sellers. Obviously I want to do the right thing and not be a prat about it, but equally I'm not going to go too far out of my way (eg hiring a plumber myself to go into upstairs's flat) if it's not my liability.

Presumably the buyers could in theory still pull out, but they'd lose their deposit? Is there any other risk to me? There was a previous, similar, leak, which I disclosed in the property information form.
Click to expand...

You are correct in everything you've said. Try your best to do the right thing but I wouldn't do anything that would alarm your buyers or risk them pulling out. They can still pull out and lose their deposit but I'm guessing you'll also be a bit screwed as it would mean pulling out of your purchase as well.

The buyers will have been required to insure the property from exchange date so they will be able to claim on that if after they move in things get very bad.

Obviously, telling solicitors or the buyer will likely cause all kinds of stink and threats which would just make the situation even worse in my opinion.
 
Peerzy said:
You are correct in everything you've said. Try your best to do the right thing but I wouldn't do anything that would alarm your buyers or risk them pulling out. They can still pull out and lose their deposit but I'm guessing you'll also be a bit screwed as it would mean pulling out of your purchase as well.

The buyers will have been required to insure the property from exchange date so they will be able to claim on that if after they move in things get very bad.

Obviously, telling solicitors or the buyer will likely cause all kinds of stink and threats which would just make the situation even worse in my opinion.
Click to expand...
Thanks! I've told the buyers, on the basis that I'd rather keep them updated than giving them a nasty surprise when they move in (which to my mind would make matters worse, but I can see the argument the other way). They've asked whether I can find out what's leaking and try to get the owner upstairs to stop it, which is fair enough (and which I'd done anyway), but it's good to know that I don't need to go over the top with it.
 
Today our purchase was exchanged and completed.

Last Friday we found that our conveyancer had missed the Brine search.
Got it on Tuesday, signed all the contracts.
Wednesday, sat at home waiting to be told how much to send to the solicitor.
Thursday sent monies to solicitor, too late to exchange.
Today we exchanged and completed.
Move in on Wednesday.

Phew. It was brutal. Now to see prices drop maybe.
 
You must log in or register to reply here.
Back
Top Bottom