Associate
None of the above. Solicitor said she has done properties on the same street before and they are "easy" so we shall see what happens this week!
The nervous wait to exchange....
- Thread starter noj
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None of the above. Solicitor said she has done properties on the same street before and they are "easy" so we shall see what happens this week!
Soldato
Me and my fiancée are selling our houses to buy one together. My house sale was agreed in less than a week, hers is taking a little longer, but she finally has an offer. We have found a house we want to buy and also made an offer, we should know more tomorrow.
Has anyone had a complicated chain before where you sold 2 houses to buy one?
Has anyone had a complicated chain before where you sold 2 houses to buy one?
You’ve got 2 choices:
You try and complete on all 3 properties on the same day which is more complex and can create tensions with the buyers of whichever house is progressing faster.
You complete on the first property and vacate it while the second property goes through and you complete on your onward purchase.
The money is protected under FSCS even if it’s over £85k for 6 months as it’s a house purchase in progress. Thats my understanding anyway.
You try and complete on all 3 properties on the same day which is more complex and can create tensions with the buyers of whichever house is progressing faster.
You complete on the first property and vacate it while the second property goes through and you complete on your onward purchase.
The money is protected under FSCS even if it’s over £85k for 6 months as it’s a house purchase in progress. Thats my understanding anyway.
Soldato
My parents are going to Australia for 6 months, so their house will be empty in a months time, they live close so I could move there.
I'd rather do 1 move, but if it's dragging on and my buyer is getting fed up then I'll do it.
Associate
- Joined
- 30 Apr 2018
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- 52
I'm doing exactly the same thing, my fiancée has had her house on the market for 2 weeks so far and only 2 viewings, its a niche cottage so to be expected, I put my house on the market Tuesday and had 2 offers from 2 viewings and have another 18 viewings between now and the 27th...so mine will sell well before hers (3 bed, inner city semi with annex).
We have had an offer accepted for our new house as I have savings to cover the deposit in lieu of selling either house but looks like I won't need to use that but the stamp duty of her additional house will be a hit, least we can claim the additional house bit back once it finally sells if it doesn't sell prior to exchange on the other 2...Explaining all this to the mortgage advisor has been fun as its a lot of moving parts but all affordable and possible...I'm surprisingly chill, my fiancée is more "are we doing the right thing?!" due to all the money coming from me...I wouldn't have asked her to marry me if I didn't trust her - and for everything else, get a Declaration of Trust
Soldato
Things are moving on for us, we now both have offers accepted, we also have an offer accepted on the house we are buying and instructed the solicitors.
I have been talking to a mortgage advisor, but I'm not sure I need them. I had already got the DIP and then I found the best rate, I told him what I had found and he went away and came back with the same. Do I really need to go with them and pay their fee when I basically did the work myself?
I have been talking to a mortgage advisor, but I'm not sure I need them. I had already got the DIP and then I found the best rate, I told him what I had found and he went away and came back with the same. Do I really need to go with them and pay their fee when I basically did the work myself?
Every time we used our mortgage broker we paid nothing, they get paid by banks.
Soldato
Yeah and you also get "cash buyer" that actually needs a mortgage :x
I responded to their email unsubtly stating the definition of first time buyers. I got a response at 10pm on a Sunday night from the estate agent owner, stating that I was a liar and that he'd personally handled the sale / process (spoiler, he didn't).
Soldato
We had an offer accepted on our next home almost 5-weeks back and are still sorting mortgage. Our home is already sold and chain down complete.
We're porting our current mortgage which is still on a low fixed rate, plus a small amount of additional borrowing on a new mortgage at current rates.
Lender are very process driven which is expected but there has been 1 week+ wait between each call/Zoom meeting. Lots of staff holiday etc. this time of year.
They wanted our most recent set of accounts, which we needed to prepare and sign off on as only just had our year-end, so that added a week delay on our part.
The root of the stress is the vendors estate agents have been militantly chasing us, which is their job so whatever. We're worrying they'll get fed up of waiting on us and resist the house?
Have considered dropping a note through the vendors door, do you think this is worthwhile?
Am I just overthinking and this is all very typical of purchasing?
We're porting our current mortgage which is still on a low fixed rate, plus a small amount of additional borrowing on a new mortgage at current rates.
Lender are very process driven which is expected but there has been 1 week+ wait between each call/Zoom meeting. Lots of staff holiday etc. this time of year.
They wanted our most recent set of accounts, which we needed to prepare and sign off on as only just had our year-end, so that added a week delay on our part.
The root of the stress is the vendors estate agents have been militantly chasing us, which is their job so whatever. We're worrying they'll get fed up of waiting on us and resist the house?
Have considered dropping a note through the vendors door, do you think this is worthwhile?
Am I just overthinking and this is all very typical of purchasing?
Soldato
Relisting is a costly option for everyone. We were recently on the vendor side of this equation as our buyers were being very slow. As much as it hurts dragging the sale on, you're already quite heavily invested in the process from a legal and other fees perspective (potentially, at least) plus you've invested time, possibly months, and corresponding mortgage payments etc only to have to potentially wait for another buyer who might be equally as slow to move. They'll never recoup the 'lost' time and mortgage payments unless you've lowballed them/screwed them down on price. Their EA won't want them pulling out either as it means continued effort on their part remarketing the place and so on.
Until/unless there's an explicit threat of relisting coupled with a deadline, I wouldn't personally worry about it. House sales take time, everyone knows this, it'll very likely be OK. Don't worry!
Thought I'd chime in on this thread since I've joined the club.
We've accepted an offer on our house and had an offer accepted on one we like. The house we've offered on is vacant, and our buyer is selling to FTB's, so a fairly short chain.
We've got our mortgage offer in place (just porting, so relatively straightforward). Our survey was done a couple of weeks ago - nothing too concerning. Searches are due back next week. Our buyer had a survey yesterday and their buyer's survey is booked in for next week.
Seems to be progressing ok, but I've got no idea how long we've still got to wait.
It's a horrible feeling that anyone could pull out at any time and scupper things.
We've accepted an offer on our house and had an offer accepted on one we like. The house we've offered on is vacant, and our buyer is selling to FTB's, so a fairly short chain.
We've got our mortgage offer in place (just porting, so relatively straightforward). Our survey was done a couple of weeks ago - nothing too concerning. Searches are due back next week. Our buyer had a survey yesterday and their buyer's survey is booked in for next week.
Seems to be progressing ok, but I've got no idea how long we've still got to wait.
It's a horrible feeling that anyone could pull out at any time and scupper things.
I completed the sale of my Nans vacant house on friday - exact same scenario as you, my buyer was selling thier house to a first time buyer. I accepted thier offer on 06/06 so just under 3 months all in.
A lot depends on how good/proactive each parties solicitors are though...
Edit, also depends how good the buyers/sellers are at completing the nessesary forms and answering queries too... My solicitor has an office in my town, so I was able to get any signed paperwork back to them and answer any questions within a day or two.
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Soldato
Thanks, that’s really reassuring to get the opinion of someone from the other side.
The vendor are buying a new build, which isn’t yet ready but once is toward the end of this year then they have to be ready to go!
(Hope you’re well mate, I’ve not been online here for a long time!)
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Speaking from recent experience, if your buyer is selling a flat/leasehold establish whether it suffers from any cladding related issues and if everything is already in place to enable a sale. We had quite a bumpy experience recently over both a cladding issue (EWS1) and then an unnecessary deed of variation enquiry which really caused a great deal of stress and frustration.
100% find out which solicitors and estate agents the chain are using and chase the living daylights out your own agent and solicitor, even more so if any party in the chain is deemed to be notoriously slow or inefficient.
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Associate
Received our solicitors report and draft contract on Saturday for our house purchase.
This has revealed a restrictive covenant dating back to 1964 meaning we would need permission for any future development and also a public sewer running down the edge of the boundary meaning we would also need a build over notice.
To make matters worse there was a 70's extension built with no permission granted for the covenant meaning it's being sold with indemnity insurance.
In the report she advises that the house is still marketable but it's not looking good for the small single story extension we had planned as it seems like I'm not able to ask for any permission without voiding the terms of the indemnity insurance.
Anyone else faced issues like this before? Annoyingly solicitor is now away for a week but at least this gives us time to sort this out before we sign.
This has revealed a restrictive covenant dating back to 1964 meaning we would need permission for any future development and also a public sewer running down the edge of the boundary meaning we would also need a build over notice.
To make matters worse there was a 70's extension built with no permission granted for the covenant meaning it's being sold with indemnity insurance.
In the report she advises that the house is still marketable but it's not looking good for the small single story extension we had planned as it seems like I'm not able to ask for any permission without voiding the terms of the indemnity insurance.
Anyone else faced issues like this before? Annoyingly solicitor is now away for a week but at least this gives us time to sort this out before we sign.
Soldato
Its a personal choice, but I’d be walking well away from that. Don’t forget a house you buy is ultimately going to be a house that you sell at some point.
Associate
I think i'll try and speak to someone else from the solicitor firm this week to seek some clarification. The wording in the covenant is ambiguous to say the least so i'm not writing it off just yet
Aren't a lot of restrictive covenants a load of old nonsense these days?
I'm sure ours had something about not keeping pigs, sheep, or rabbits on the property. And another one about not parking a car out the front of the house (which literally everyone does).
And the bit about needing permission for future development... Is that not par for the course? Unless you're doing something trivial, I'd expect you to need permission.
The public sewer will make the build more complicated though for sure.
I am clearly not a lawyer though, so give it 10 mins for someone to come along and correct me
