The nervous wait to exchange....

  • Thread starter Thread starter noj
  • Start date Start date
Well it's been 6 weeks since I last posted in here and what a horrible journey I have been on.

Buyer pulled out end of November due to family health issue and they weren't ready to continue moving. Absolutely rocked me to my core because if they hadn't ****** about with the 'cash buyer' malarky I would have exchanged and completed before any of that happened. I made a formal complaint to the estate agents who fobbed it off after only apologising for forgetting to do checks that they were a real cash buyer. On top of that they tried to blame the buyers solicitors who also carried out the conveyancing without doing the necessary checks. I haven't the patience or the energy to take this on but once I have finally moved I will be seeking professional advice as it totally screwed me sideways with mortgage payments and loss of sale value on the house. The house is now up for sale and under offer at £17k less than I had originally had it up for due to the market dying on its **** since last October. So not only have I lost £17k to use towards the purchase of another, my existing mortgage deal ended and I ended up on a £1100 a month variable rate mortgage for the time being, with £999 fees on top and I am barely able to purchase the flat I offered on now. Also my mortgage offer ends 24th Feb so trying to get a whole new buyer conveyanced I just can't see it happening and then I will be on some savage interest rate.

Basically kissing my life goodbye. All because the EA and Solicitor in the original sale proper messed up.
 
Liquid_Entity said:
Well it's been 6 weeks since I last posted in here and what a horrible journey I have been on.

Buyer pulled out end of November due to family health issue and they weren't ready to continue moving. Absolutely rocked me to my core because if they hadn't ****** about with the 'cash buyer' malarky I would have exchanged and completed before any of that happened. I made a formal complaint to the estate agents who fobbed it off after only apologising for forgetting to do checks that they were a real cash buyer. On top of that they tried to blame the buyers solicitors who also carried out the conveyancing without doing the necessary checks. I haven't the patience or the energy to take this on but once I have finally moved I will be seeking professional advice as it totally screwed me sideways with mortgage payments and loss of sale value on the house. The house is now up for sale and under offer at £17k less than I had originally had it up for due to the market dying on its **** since last October. So not only have I lost £17k to use towards the purchase of another, my existing mortgage deal ended and I ended up on a £1100 a month variable rate mortgage for the time being, with £999 fees on top and I am barely able to purchase the flat I offered on now. Also my mortgage offer ends 24th Feb so trying to get a whole new buyer conveyanced I just can't see it happening and then I will be on some savage interest rate.

Basically kissing my life goodbye. All because the EA and Solicitor in the original sale proper messed up.
Click to expand...
Really sorry to hear that! Have been following your story for some time. Can you throw the towel in and time it out for a bit, worst case? Rates are expected to drop in a year or so.
 
dLockers said:
Really sorry to hear that! Have been following your story for some time. Can you throw the towel in and time it out for a bit, worst case? Rates are expected to drop in a year or so.
Click to expand...
Nope, the wife needs her share of the equity to pay her rent on her place and I can't stay in this cursed house any longer. Plus there is nothing else nice in the whole town apart from the one I am purchasing. I need it to happen for the sake of my health.
 
Liquid_Entity said:
Nope, the wife needs her share of the equity to pay her rent on her place and I can't stay in this cursed house any longer. Plus there is nothing else nice in the whole town apart from the one I am purchasing. I need it to happen for the sake of my health.
Click to expand...
Best of luck man. Maybe rent for a bit if it all becomes too much of a nause.
 
Already knew house buying was stressful but reading this thread only makes it sound even worse.

Just started the journey as a first time buyer.
 
doodah said:
Already knew house buying was stressful but reading this thread only makes it sound even worse.

Just started the journey as a first time buyer.
Click to expand...
Seriously, it's a proper nightmare :( The system is well and truly broken. Best of luck though, hope it goes as smoothly as possible for you.
 
You can't beat a viewing withing seeing distance of your current place, too small for us though. I know London is a joke when it comes to prices but saw an old, heavily carpeted, small 3 bed house - they wanted £650k. The actual ****.

Churning through viewings now but at least we have a better feel for what we want/don't want. I don't miss dealing with estate agents though from my renting days.
 
Last edited:
dLockers said:
Best of luck man. Maybe rent for a bit if it all becomes too much of a nause.
Click to expand...
I'm hoping it won't come to that. The stress of moving to a rental with all my stuff and then moving again potentially in 6-12 months is even more stress. I just hope everyone in this mess of mine gets their act together and sorts it before deals run out etc.
 
doodah said:
I know London is a joke when it comes to prices but saw an old, heavily carpeted, small 3 bed house - they wanted £650k.
Click to expand...

Those asking prices will start to drop as the year develops. Likely to be a very different market a year from now!
 
toshj said:
Those asking prices will start to drop as the year develops. Likely to be a very different market a year from now!
Click to expand...
It's changed even in the short space for us being nearer ready to ready. I made a sheet second half of 2022 and were looking at interest rates of 3-3.5% for mortgages. Though to get what we want in the area, maybe 1-2 listings every now and then.

Now, we're looking at 4.6-5.2% for the interest rates but there are a handful of properties at any given time in the area that tick the boxes (on paper), their prices must have dropped.

If the place is cheap enough, we've even considered doing a 15% deposit but way too early in the game to be clued up/understand implications.
 
koolpc said:
The buying / selling process needs to be updated, modernised. Its archaic to say the least. It causes so much heartache and stress!
Click to expand...

I totally agree but the only people that can change it (EA's and solicitors) won't because the current system allows them to hide their mistakes, incompetence and excuse their extortionate fees. Even the sweatshop model for online solicitors made the market worse, not better.
 
doodah said:
Already knew house buying was stressful but reading this thread only makes it sound even worse.

Just started the journey as a first time buyer.
Click to expand...

Mine went very smooth, only gripe I had was how long the solicitors took for the purchase as me, then a FTB was purchasing a vacant property. The rest was plain sailing, both me and the seller provided requested info for everything within a couple of hours of request.
 
First set of proper viewings at the weekend. Pretty much found a dream home but too expensive and it's right next to the loud A3. Found another lovely property that we really liked, spotted a box for a GTX 1070 - took that as a sign :p
 
Finally we have the contracts now, 5 months into the process.

However my name is listed incorrectly as Richard on the contract. The solicitor has just told me to amend it by hand, but I don't really feel comfortable doing that. Not sure if that's overly cautious or not
 
Rickyw88 said:
Finally we have the contracts now, 5 months into the process.

However my name is listed incorrectly as Richard on the contract. The solicitor has just told me to amend it by hand, but I don't really feel comfortable doing that. Not sure if that's overly cautious or not
Click to expand...

Thats quite normal.
 
Liquid_Entity said:
Well it's been 6 weeks since I last posted in here and what a horrible journey I have been on.

Buyer pulled out end of November due to family health issue and they weren't ready to continue moving. Absolutely rocked me to my core because if they hadn't ****** about with the 'cash buyer' malarky I would have exchanged and completed before any of that happened. I made a formal complaint to the estate agents who fobbed it off after only apologising for forgetting to do checks that they were a real cash buyer. On top of that they tried to blame the buyers solicitors who also carried out the conveyancing without doing the necessary checks. I haven't the patience or the energy to take this on but once I have finally moved I will be seeking professional advice as it totally screwed me sideways with mortgage payments and loss of sale value on the house. The house is now up for sale and under offer at £17k less than I had originally had it up for due to the market dying on its **** since last October. So not only have I lost £17k to use towards the purchase of another, my existing mortgage deal ended and I ended up on a £1100 a month variable rate mortgage for the time being, with £999 fees on top and I am barely able to purchase the flat I offered on now. Also my mortgage offer ends 24th Feb so trying to get a whole new buyer conveyanced I just can't see it happening and then I will be on some savage interest rate.

Basically kissing my life goodbye. All because the EA and Solicitor in the original sale proper messed up.
Click to expand...

Ah ***** mate :(

Similar scenario to us, first accepted offer was 18k above our actual sale price.
First buyer decided they weren't gonna sell their house, 2nd buyer was a completely clueless foreign chap that didn't have a clue.
Fixed mortgage ended, had to drop 20K on the mortgage to keep monthlies about the same :(

But the £1100 a month variable rate mortgage for the time being, with £999 fees on top .... was the SVR that bad?
 
You must log in or register to reply here.
Back
Top Bottom