The nervous wait to exchange....

[fez]

We fall almost exactly into that category, with some caveats.

262k house price. Aged 34 and 32 and so not really keen to move into a 1 bed flat together, a bit past that stage of life. Not intending to ever buy anything bigger!

I saved 50k over a lot of years. Partner is currently not working due to health issues but runs her own small craft/art business when she can. Her 50k came from an inheritance and an "advance" on the second grandparent's contribution. So technically money she was entitled to and had half of - but ultimately her parents fronted the cash logistically.

I feel incredibly lucky we were able to manage even that. We moved 50 miles out of London (away from both our families). Anything under about 180k in London at the time was shared ownership or something similar setup that would cost extra cash and lead to less independence.

Yeah, its nuts. Over 50% of FTBers getting help and average of over £50k and the average FTB age? 34. The sums just don't add up. I assume the only way the sums add up is if a large number of properties that were large family homes are being chopped into flats. Otherwise I don't know where all the expensive family homes are going. The sort that people on half decent salaries used to own. Perhaps we haven't got to the stage where they are all vacating them one way or another.

I live in Tunbridge Wells and there are so many roads where the average house price must be 700k+ for what are nothing special, 3-4 bed homes from 120-170sqm. I simply don't believe there are that many people here that have salaries that can afford that sort of property.

 

[Gaygle]

Yeh I often wonder where it's all going to end up. Eventually there has to come a point where buying your first house for the average person becomes unachievable - then what?

 

[EvilRob]

Yeah, its nuts. Over 50% of FTBers getting help and average of over £50k and the average FTB age? 34. The sums just don't add up. I assume the only way the sums add up is if a large number of properties that were large family homes are being chopped into flats. Otherwise I don't know where all the expensive family homes are going. The sort that people on half decent salaries used to own. Perhaps we haven't got to the stage where they are all vacating them one way or another.

I live in Tunbridge Wells and there are so many roads where the average house price must be 700k+ for what are nothing special, 3-4 bed homes from 120-170sqm. I simply don't believe there are that many people here that have salaries that can afford that sort of property.

All owned by old people. By the time they get passed on to kids/kids use their inheritance to upgrade, kids are already 50-60.

 

[fez]

All owned by old people. By the time they get passed on to kids/kids use their inheritance to upgrade, kids are already 50-60.

Yeah, its stupid. By the time you can afford/inherit a large family home you don't have any need for one any more. My partner might be about to inherit some money but shes not sure as she could get a lot or very little depending on how many people its shared between. Her parents are very well off but again, by the time she sees that money in earnest shes likely to be 60+.

That being said, we have both been very lucky and like so many people now, we wouldn't be anywhere near our current position without family help. I got £20k from a grandma about 10 years ago and my partner has had "help" to the tune of about £200k overall.

From that £220k we have, between us ~£1m in housing equity. Without it we would have about £2-300k. Its insane what a huge life changing difference the right parents and being alive at the right time makes to your fortunes in life. Without it, the house we are in how would likely be our forever home and we would probably have been paying that off until near to retirement age.

We haven't done anything particularly special to be in our position. We both work quite hard in reasonably well paid jobs and we're quite frugal but thats nowhere near enough any more.

 

[Throrik]

Estate agents make me laugh, was looking at what was available in my home town, not necessarily looking to live there - but there are some nicer areas.

"This beautiful three bedroom, semi detached home offers an abundance features you do not want to miss out on, from excellent transport links, including Denton Train Station"

The train station mentioned.... https://www.bbc.co.uk/news/articles/cdxv792z87no

 

[mattyfez]

Estate agents make me laugh, was looking at what was available in my home town, not necessarily looking to live there - but there are some nicer areas.

"This beautiful three bedroom, semi detached home offers an abundance features you do not want to miss out on, from excellent transport links, including Denton Train Station"

The train station mentioned.... https://www.bbc.co.uk/news/articles/cdxv792z87no

Hah, that's a brilliant one...!

Always makes me smile when they use a wide angle lense or whatever to make the rooms look bigger, then you look at the TV and its all long and stretched.. I didn't realise how many TV manufactureres had models in 'ultra-wide' resolutions!!

 

[arty]

We exchanged yesterday, and my completion date is set for 29th May

Now I just have a frantic fortnight packing and organising stuff. Fun!

 

[Gaygle]

We exchanged yesterday, and my completion date is set for 29th May

Now I just have a frantic fortnight packing and organising stuff. Fun!

Congrats! We're hopefully getting to that point now with a few bits to do on the house we're buying. And the house we're selling now the buyers have decided they want an EICR Our house is only 17 years old and they've had weeks/months to do this sort of stuff. I just hope we don't get an electrician come around trying to drum up business by making up stuff

 

[b0rn2sk8]

Even if they did, you are under no obligation to accept and price reductions.

They are not going to find anything material if the house was built correctly and no one has fiddled with it. It doesn’t need to meet modern regs, it needs to meet the regs at installation.

 

[arty]

Congrats! We're hopefully getting to that point now with a few bits to do on the house we're buying. And the house we're selling now the buyers have decided they want an EICR Our house is only 17 years old and they've had weeks/months to do this sort of stuff. I just hope we don't get an electrician come around trying to drum up business by making up stuff

Thanks!

Could it be their solicitors that have suddenly come up with this? I've certainly heard of the more unreasonable requests being down to solicitors deciding to ask things supposedly in their clients' interest, without their knowing.

Sometimes I have wondered whether the process of conveyancing wouldn't be improved by using a standard set of contracts and both parties dealing with one another directly...

 

[fez]

Thanks!

Could it be their solicitors that have suddenly come up with this? I've certainly heard of the more unreasonable requests being down to solicitors deciding to ask things supposedly in their clients' interest, without their knowing.

Sometimes I have wondered whether the process of conveyancing wouldn't be improved by using a standard set of contracts and both parties dealing with one another directly...

The whole buying system in England is a ******* mess and the only people who benefit from it are the people surrounding purchases. Surveyors, solicitors etc.

I think plenty of people know its a buyers market at the moment and have spoken to a mate who has told them to chance their hands to see if they can get a discount after their offer has been accepted. Its tricky because there are a lot of people who massively overvalue their houses but there are also plenty of people who know that their house isn't in mint condition and have priced it accordingly.

The buyer coming back and saying "the brickwork probably needs repointing" when its already priced quite keenly is likely to be met with "so?".

 

[jpaul]

Sometimes I have wondered whether the process of conveyancing wouldn't be improved by using a standard set of contracts and both parties dealing with one another directly...

if you have a decent conveyancer the buyers one would have demanded status of EICR on their clients behalf (if out of warranty) in the buyers question pack, and then
asked their client for a go/no-go decision if it came back Ni!

 

[mattyfez]

The whole buying system in England is a ******* mess and the only people who benefit from it are the people surrounding purchases. Surveyors, solicitors etc.

I think plenty of people know its a buyers market at the moment and have spoken to a mate who has told them to chance their hands to see if they can get a discount after their offer has been accepted. Its tricky because there are a lot of people who massively overvalue their houses but there are also plenty of people who know that their house isn't in mint condition and have priced it accordingly.

The buyer coming back and saying "the brickwork probably needs repointing" when its already priced quite keenly is likely to be met with "so?".

It becomes a game of brinkmanship after a point... If you know the house is priced competitively for what it is.. Then if buyers come back nagging about 'bits and bats' you have a choice... Give them a discount or tell them to jog on.
It's that simple really.

When I sold my nans place, it was one thing after another... I gave them a discount for a quick sale, then they just kept comming back... gutters a bit dirty (discount pls) back garden could do with some TLC (discount pls) , etc...

I just told them to sod off.... Well I told the estate agent, to tell them to sod off, as it was already priced to sell fast and they were just trying it on.... let me find what I wrote...

Dear x,

My Conveyancer contacted me today saying the buyers want me to pay circa £80 for an indemnity policy for the conservatory...

To be frank, if they want to try any further, funny business, I will simply cancel the sale and put the house back onto the open market, I'm in no immediate rush to sell, and I believe I've given them a very good and fair deal, especially the way the economy is going at the moment, I'm not minded to entertain this kind of 11th hour nonsense.

I trust I have made myself clear.

*I've copied my conveyance solicitors in for transparency.

Kind regards,

They shut up after that and the sale went fine. Sometimes you just have to call peoples bluff or they will take you for a ride... never enter into a negociation that your not prepared to walk away from, etc.

 

[arty]

They shut up after that and the sale went fine. Sometimes you just have to call peoples bluff or they will take you for a ride... never enter into a negociation that your not prepared to walk away from, etc.

Although I agree that the best position to be in is one where you are relaxed and able to walk away at any time, unfortunately sometimes life can get in the way and mean that you really need to proceed with a purchase / sale within a particular timeframe, or to a certain budget. I'm thinking of people starting new jobs, children attending a new school, or even family situations such as separations, caring for relatives, that sort of thing.

I'm pretty sure that some people in the market try to take advantage of those unfortunate enough to have external pressures. Then again, some people are just chancers

 

[mattpj]

Had our snagger friend over today and he took these photos on his drone of our house and the development.

That’s ideal.

Are you going to get it framed?

 

[arty]

I'm in the process of frantically packing ready for moving a week tomorrow. Went to view the new house yesterday and it's looking pretty good. The only problem I'm having is that quite a few companies (insurance, utility companies etc.) don't recognise the new address, presumably because it's a new build. Is this something anyone else has experienced, and, if so, did it just resolve itself before you moved in?

 

[Junglist]

I'm in the process of frantically packing ready for moving a week tomorrow. Went to view the new house yesterday and it's looking pretty good. The only problem I'm having is that quite a few companies (insurance, utility companies etc.) don't recognise the new address, presumably because it's a new build. Is this something anyone else has experienced, and, if so, did it just resolve itself before you moved in?

We moved into a new build on the 23rd of last month. Quite a few things took a few days to get ready. I wasn't able to update my V5 for my car online until maybe last week. Getting house and contents insurance as a bit of a nuisance as a fair few insurers couldn't find enough about the property. Went with Uinsure in the end.

I expect if you're moving in next week Royal Mail will have registered the address. It just takes a while to filter through to other companies.

The real annoying thing is not knowing your council tax band and having to guess how much you'll pay each month

 

[arty]

We moved into a new build on the 23rd of last month. Quite a few things took a few days to get ready. I wasn't able to update my V5 for my car online until maybe last week. Getting house and contents insurance as a bit of a nuisance as a fair few insurers couldn't find enough about the property. Went with Uinsure in the end.

I expect if you're moving in next week Royal Mail will have registered the address. It just takes a while to filter through to other companies.

The real annoying thing is not knowing your council tax band and having to guess how much you'll pay each month

Thanks for that - you've also just reminded me to complete the council tax application for the new house!

 

[mattyfez]

Some friends of mine were renting a new build quite a few years ago.. I think it was new when they moved in... They could never get any utility company to take responsibility for the electricity supply so they basically had free electricity for several years until they moved out.

Not thier problem I guess! But if you own the house or have a mortgage on it, it might be sensible to save up a bunch of money that you would have paid anyway, and if they never come asking.

Everyone's a winner!

 

[Molep]

Just waiting on an exchange date currently with potential completion date in 3 weeks' time.
Our buyers are first time buyers but not a young couple. They have not had a survey done apart from a mortgage valuation and only viewed the property once.

As per thread title, a bit nervous atm.