The nervous wait to exchange....

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nst68 said:
Put the house back on the market on Saturday, had a viewer yesterday lunchtime and then in the evening got an offer for £5k above the guide price!!

The buyers are currently renting, we're hoping to buy a new build so no chain :cool:
The estate agent described them as cash buyers, but need to check if they have the cash or it's a mortgage
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I learned the other day that people think "cash buyer" covers people who need to get a mortgage...

You're not a cash buyer if you need to get a mortgage!!
 
Completed and moved earlier this week so we're now finally all into the new place! We've got our old place until the end of the month so we weren't overly rushed but having a young kid always makes moves that extra little bit more stressful. Moving twice in less than 12 months with a kid maybe wasn't the plan but we're all super happy with the new place and I have zero plans on moving anytime soon.

It's also really nice to own a house again after renting the last place, just being able to do what you want to the house and start to make it your own.

My daughter is 18 months old and has now lived in 3 houses - whilst my wife lived in one house until she moved out at 18!
 
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fez said:
I learned the other day that people think "cash buyer" covers people who need to get a mortgage...

You're not a cash buyer if you need to get a mortgage!!
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Totally agree and I would have expected the estate agent to be able to tell you the buyers position properly when putting an offer to you. Hopefully if they are not cash buyers they at least have a massive cash deposit and a valid agreement in principle for the necessary mortgage!
 
a1ex2001 said:
Totally agree and I would have expected the estate agent to be able to tell you the buyers position properly when putting an offer to you. Hopefully if they are not cash buyers they at least have a massive cash deposit and a valid agreement in principle for the necessary mortgage!
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You would think that EAs would check because if I know about idiots claiming to be cash buyers then EA certainly do. Just a quick "So you don't need a mortgage?" when they say cash buyer.

Then again, people just lie. The number of people I have heard talk about a chain free buyer who turns out to not be at all chain free. They magically find that they have a property that needs to sell once someone has agreed to sell them their house.
 
fez said:
You would think that EAs would check because if I know about idiots claiming to be cash buyers then EA certainly do. Just a quick "So you don't need a mortgage?" when they say cash buyer.

Then again, people just lie. The number of people I have heard talk about a chain free buyer who turns out to not be at all chain free. They magically find that they have a property that needs to sell once someone has agreed to sell them their house.
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Some of the horror stories you hear are really awful too. We had some friends who were part of a relatively complex 8/9 house chain - then on the day of exchange/completion it turns out that one person in that chain hasn't actually got a mortgage and isn't in a position to be a 'cash buyer' so the whole thing just goes **** up.

I don't understand how it can even be allowed to get that far down the line without anyone validating it.

When our offer was accepted we had to provide both proof of deposit and the mortgage in principle from the mortgage vendor. The proof of deposit had to be directly from the relevant accounts that we had the deposit in (even if across multiple accounts) and the mortgage in principle was requested by the estate agents once we'd given them the relevant details.

They explained that they'd had a few instances where people were doctoring bank / saving statements to show that they had enough to be a cash buyer or showing a larger deposit than they actually had.
 
fez said:
I learned the other day that people think "cash buyer" covers people who need to get a mortgage...

You're not a cash buyer if you need to get a mortgage!!
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I dropped some documents off at the estate agents and they confirmed the guy is a cash buyer and they've seen bank statements.

We've now appointed solicitors, I'm presuming they'll check the buyers funds as well.

He's got a survey booked in for next week, fingers crossed nothing bad shows up.
 
nst68 said:
I dropped some documents off at the estate agents and they confirmed the guy is a cash buyer and they've seen bank statements.

We've now appointed solicitors, I'm presuming they'll check the buyers funds as well.

He's got a survey booked in for next week, fingers crossed nothing bad shows up.
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This.. I bought my house cash... was renting, and it was from an inherritence... the sellers agent asked for proof of funds to show them there was literally cash sat in my bank account... they take you a lot more seriously then!

The conveyencer I took on afterward, also needed proof of origin of funds for standard money laundering reasons etc.
 
Hello fellow forum goers.

We are in the process of buying our first house and have had a home survey carried out, as well as a separate asbestos report, mainly just so I know if we need to be more careful about the artex on some of the ceilings. Turns out yes there is some asbestos there (shocker!).

I am in the process of renegotiating the sale price to account for some of the issues found in the home survey as well as the extra hassle we may face when wanting to remove the artex.

The estate agent has asked me to forward the asbestos report so she can discuss any price movement with the sellers. Should I be hesitant at all about sending an entire copy? On one hand, I've paid for the report and I'm not obliged to send anything. On the other hand, I understand they may want some proof so something's got to give. Alternatively I could send a snip of the summary?

I'm not trying to be overly precious about anything, just wondering if there is anything I should consider before doing this. After all, the agent works for the seller, not us and I am naturally sceptical about most things.

Thanks.
 
Put a reservation down on the house, now just got to keep my wife from adding too many extras :D

The sales staff are really keen to get you to financially commit to the house, pushing to exchange within 42 days and pay 50% of the extras, all while telling you that they won't give you a completion date until 2 weeks before it happens.
If you try to pin them down and ask what happens if we can't exchange within the 42 days, you get lots of statements that start with "potentially, we may, it could......" etc
 
Clarkson said:
Hello fellow forum goers.

We are in the process of buying our first house and have had a home survey carried out, as well as a separate asbestos report, mainly just so I know if we need to be more careful about the artex on some of the ceilings. Turns out yes there is some asbestos there (shocker!).

I am in the process of renegotiating the sale price to account for some of the issues found in the home survey as well as the extra hassle we may face when wanting to remove the artex.

The estate agent has asked me to forward the asbestos report so she can discuss any price movement with the sellers. Should I be hesitant at all about sending an entire copy? On one hand, I've paid for the report and I'm not obliged to send anything. On the other hand, I understand they may want some proof so something's got to give. Alternatively I could send a snip of the summary?

I'm not trying to be overly precious about anything, just wondering if there is anything I should consider before doing this. After all, the agent works for the seller, not us and I am naturally sceptical about most things.

Thanks.
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If you're looking for a price change then I would send them the whole report, otherwise they'll think you're trying to pull a fast one
 
Clarkson said:
Hello fellow forum goers.

We are in the process of buying our first house and have had a home survey carried out, as well as a separate asbestos report, mainly just so I know if we need to be more careful about the artex on some of the ceilings. Turns out yes there is some asbestos there (shocker!).

I am in the process of renegotiating the sale price to account for some of the issues found in the home survey as well as the extra hassle we may face when wanting to remove the artex.

The estate agent has asked me to forward the asbestos report so she can discuss any price movement with the sellers. Should I be hesitant at all about sending an entire copy? On one hand, I've paid for the report and I'm not obliged to send anything. On the other hand, I understand they may want some proof so something's got to give. Alternatively I could send a snip of the summary?

I'm not trying to be overly precious about anything, just wondering if there is anything I should consider before doing this. After all, the agent works for the seller, not us and I am naturally sceptical about most things.

Thanks.
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Depends on whether the house is sensibly priced compared to simmilar properties.

Before i bought my current house, I almost bought one for 180k until I saw the survey... I told them I would offer £150k considering some essential repairs that needed to be done...they said no, so I walked away from the sale.
The house stayed on the market for quite a long time after that and eventually sold for £155k so I was pretty much bang on the money, it's just the sellers were wanting a price as if no immediate work needed to be done!
 
nst68 said:
Put a reservation down on the house, now just got to keep my wife from adding too many extras :D

The sales staff are really keen to get you to financially commit to the house, pushing to exchange within 42 days and pay 50% of the extras, all while telling you that they won't give you a completion date until 2 weeks before it happens.
If you try to pin them down and ask what happens if we can't exchange within the 42 days, you get lots of statements that start with "potentially, we may, it could......" etc
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New house sales have been in decline for a while IIRC, with staff being given unrealistic targets to hit. They will be desperate to tie you in as soon as possible.
 
nst68 said:
If you're looking for a price change then I would send them the whole report, otherwise they'll think you're trying to pull a fast one
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Yes, like I say I understand if they want some sort of proof. Although the agent has made no mention towards the home survey report where most of the problems are. I guess they know the wall is almost falling over! :p
mattyfez said:
Depends on whether the house is sensibly priced compared to simmilar properties.

Before i bought my current house, I almost bought one for 180k until I saw the survey... I told them I would offer £150k considering some essential repairs that needed to be done...they said no, so I walked away from the sale.
The house stayed on the market for quite a long time after that and eventually sold for £155k so I was pretty much bang on the money, it's just the sellers were wanting a price as if no immediate work needed to be done!
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It is probably there or thereabouts for price. The reduction would only be a few k to be honest as a sweetener for the deal. It would actually be the price they initially accepted before someone supposedly gazumped us a bit and forced us to increase the offer.

Now though, I'm wondering if the lender will plainly accept any new purchase price without trying to shove us onto a now higher interest rate for this product we've been offered. Googling opinion seems a mixed bag, so I will of course ask the lender directly. They made a bit of a song and dance about how it was a brand new application etc when we wanted to change to the lower rate a few weeks back, albeit with no other details changed. All fun and games :D
 
Clarkson said:
The estate agent has asked me to forward the asbestos report so she can discuss any price movement with the sellers. Should I be hesitant at all about sending an entire copy? On one hand, I've paid for the report and I'm not obliged to send anything. On the other hand, I understand they may want some proof so something's got to give. Alternatively I could send a snip of the summary?
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Send the whole report. Ultimately, they either come back with an offer that satisfies you or you walk; so there's no cost to you in giving them all the information they need to satisfy themselves that what you're asking for is reasonable. I would advise you decide now what you're going to accept and don't move from it. Don't be afraid to walk away.
 
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ChrisD. said:
New house sales have been in decline for a while IIRC, with staff being given unrealistic targets to hit. They will be desperate to tie you in as soon as possible.
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They certainly are.

The site sales people want us to pay 50% of the extras, even though we've said our buyer is having a survey done on our house and we won't commit to anything until that has come back and the buyer is happy.
 
nst68 said:
They certainly are.

The site sales people want us to pay 50% of the extras, even though we've said our buyer is having a survey done on our house and we won't commit to anything until that has come back and the buyer is happy.
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You're lucky, whenever we've seen a new build we are interested in they've completely snubbed us as we have a house to sell. Then I've laughed a little inside as I see most plots still haven't been taken a few months later and they eventually get in touch to ask about our position again, offering extras for free etc.
 
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