its not the nicest thing to go through, which is a shame because the end result is great - when it all works out.
Keep the chin up though, its worth it in the end
The nervous wait to exchange....
- Thread starter noj
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its not the nicest thing to go through, which is a shame because the end result is great - when it all works out.
Keep the chin up though, its worth it in the end
you'll have to have building insurance from the point of exchange, your mortgage company are likely to want you to have life insurance (some do, some don't) everything else is your choice.
Contents insurance isn't a bad idea - it covers all your possessions inside the house. So if there was a water leak and it ruined all the carpets you'd be covered or if the house was burgled you'd be able to claim for anything taken.
Accidental damage on buildings and contents basically covers you for anything you do - so if you managed to reverse your car into the house and had to have the wall repaired or on contents you knocked the iron onto the floor and it burnt a hole in the carpet.
Go shop around for insurance quotes, there is quite a difference in prices
I've finally exchangedCan't believe I'll actually be moving, been trying since last January! 4th time lucky!
What's normally the deal with keys, I know normally you'd leave them with the estate agent but the people we are buying from have used an estate agent with offices 30 miles away.
Well done!
Normally the estate agent would meet you at the property with the key, or you'd pick the key up from their office.
In your situation I guess you'll get the keys from the old owners.
Simple answer is to ask
Building insurance is pretty cheap, its a risk thing after all, the insurance company is looking at the risk of your house being demolished in a fire etc and the costs to rebuild it.
For buildings insurance we pay £80.07 per year with full accidental damage based on a rebuild cost of £300k (don't forget you're insuring the cost to rebuild the property and not what you paid for it)
The other insurances are choices for you to make...it will depend on circumstances. My wife and I both have individual life policies, I have critical illness.
Personally I think life is a no-brainer. If the worst happened to one of you then the mortgage is taken care of. The rest.....go get some independent advice and don't just listen to the mortgage broker.
maybe.
the draft contract is a good step, your solicitor will review and send you a copy to sign (but not date) and that's held on file until exchange. Between now and then you've got all the searches to get out the way and questions that those may generate.
right now that's about it.
£680 is about right for a purchase, assuming that includes the searches etc. Make sure you tell the solicitor that you've got a deadline in January - be clear about it now so that everyone knows the timescales you're working towards.
they probably want to see the original lease to make sure any covenants in it have been properly sorted.
completion of 30th doesn't sound unreasonable if its only a minor point....but talk to your solicitor, they'll know for sure
Phone up and talk to the person looking after your file, it could be that they have reviewed the comments and gone back for more information.
If you can't talk to the person looking after your case ask to speak to one of their colleagues in the same team and get them to look at it.
glad its sorted for you, sounds like quite a stressful day
now you get to properly look forward to the move
we had a similar problem when we completed, the day before completion (and after we'd sent all the funds through) I got a call on my mobile saying they'd got the completion figure wrong and need £65 sent to them.
Luckily they saw sense and covered it themselves because it was the day before completion, we were packing up everything and had no phone or internet access and it was after 3.30 in the afternoon so no way a bank could get it to them same day anyway!
in terms of money sitting in accounts a reputable solicitor, which most actually are, will balance the client account and see if there is an overpayment and return it.
At our firm we regularly review the client account balances, as most firms will, and will pick up with solicitors any amounts that are sat around.
Its also a requirement of the SRA accounts rules that a solicitor can account for money held in client account and return it back to the client if there is no longer a reason to hold it.
It would definitely get picked up, especially now.
Even pence get returned! I've been trying to return £4 to someone for a year to close a file but they keep not banking the cheque so it goes out of date
Will be sending stamps if the next one doesn't get cashed!
its maddening when they don't bank the cheques and it comes back on the uncleared items list again isn't it
10p in stamps we had to send once.
You're pretty much looking at two options then and it comes down to how much you really like the place. You can either increase the offer again and hope that she accepts at £160k or you stick with the £158k and tell the agent that you don't have any other offers to make on it.
If you value the house at a max of £158k and there is a load of work to do then (if you've not already) explain all that to the agent and then keep on searching for another property.
It all very much depends on your view of the house and how much you want it....how disappointed would you be to not get this one and keep searching for a while?
good stuff, congrats on the completion. Bet you cant wait now and just want to be there already
7 completions tomorrow
Number of people likely to call at 10am asking if they can pick up keys despite being told not to expect anything earlier than midday-1pm: 5
lol a busy one for you tomorrow then, 10am is optimistic that's for sure by the time the funds are released and instructions back to banks to pay it across etc etc
happy Friday huh
sit down with the other half and decide what your best and final offer really is. Then stick with it.
Make sure you sell yourselves as good buyers as well - is your current house on the market already? Do you have an agreement in principle on the mortgage that kind of thing.
Unfortunately you cant guarantee that you'll get a second chance so decide how much you want the place and put in your offer. Be realistic though and don't go overboard, there will be other places out there that will be just as good but might take time to find.