The nervous wait to exchange....

  • Thread starter Thread starter noj
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No mortgage on flat :)

But thanks for the heads up - the dream has always been to own/rent properties, but it sounds like it might be less lucrative then it once was!
 
Just did a quick google and its the tax relief you can get on mortgage interest charges, and other costs with buy to let properties. The tax relief is being lowered gradually over four years and totally abolished by 2020 by the government.

This may cause BTL landlords who are just breaking even actually losing money annual once the changes are started.
 
Ace Modder said:
Just did a quick google and its the tax relief you can get on mortgage interest charges, and other costs with buy to let properties. The tax relief is being lowered gradually over four years and totally abolished by 2020 by the government.

This may cause BTL landlords who are just breaking even actually losing money annual once the changes are started.
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The changes are described here:

http://www.barclays.co.uk/new-buy-to-let-rules
 
So we're due to complete on the 29th on our new build. Home demo is booked for tomorrow.

Anyway, got a completition bill from my solicitor yesterday for the remaining money to pay for the deposit, stamp duty, etc, etc. Seemed higher than i was expecting, so looked into it further and turns out they'd got the mortgage figure wrong by almost £2k.

Wasn't too impressed with them yesterday. Hopefully everything runs smoothly from here on it.
 
Darryl_1983 said:
So we're due to complete on the 29th on our new build. Home demo is booked for tomorrow.

Anyway, got a completition bill from my solicitor yesterday for the remaining money to pay for the deposit, stamp duty, etc, etc. Seemed higher than i was expecting, so looked into it further and turns out they'd got the mortgage figure wrong by almost £2k.

Wasn't too impressed with them yesterday. Hopefully everything runs smoothly from here on it.
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LOL similar thing happened to me before Christmas - got the bill from the sols and it was £5k more than expected. I quickly figured out that the mortgage company had incorrectly added the redemption penalty to my existing mortgage that I was porting across. In my case my solicitors managed to sort it out with the bank PDQ.

Good luck with completion. Have you exchanged contracts yet? Has the builder got their CML cert for your home?
 
scorza said:
LOL similar thing happened to me before Christmas - got the bill from the sols and it was £5k more than expected. I quickly figured out that the mortgage company had incorrectly added the redemption penalty to my existing mortgage that I was porting across. In my case my solicitors managed to sort it out with the bank PDQ.

Good luck with completion. Have you exchanged contracts yet? Has the builder got their CML cert for your home?
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Same happened to us (though not quite for 5k), this time it was down to our solicitor incorrectly adding on a redemption figure despite us telling her numerous times that wasn't the case and having both verbal and written confirmation from our lender that there was no fee as we are porting the mortgage.

I wonder how many people don't check the figure sent to them and just take it on blind faith things are correct and end up overpaying? Do they ever get that back? How good are solicitor firms financial audits, do they pick up the odd few thousand extra in an account? Makes you wonder!
 
manic_man said:
Same happened to us (though not quite for 5k), this time it was down to our solicitor incorrectly adding on a redemption figure despite us telling her numerous times that wasn't the case and having both verbal and written confirmation from our lender that there was no fee as we are porting the mortgage.

I wonder how many people don't check the figure sent to them and just take it on blind faith things are correct and end up overpaying? Do they ever get that back? How good are solicitor firms financial audits, do they pick up the odd few thousand extra in an account? Makes you wonder!
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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.
 
manic_man said:
I wonder how many people don't check the figure sent to them and just take it on blind faith things are correct and end up overpaying? Do they ever get that back? How good are solicitor firms financial audits, do they pick up the odd few thousand extra in an account? Makes you wonder!
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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 :rolleyes: :p Will be sending stamps if the next one doesn't get cashed!
 
Skillmister said:
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 :rolleyes: :p Will be sending stamps if the next one doesn't get cashed!
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its maddening when they don't bank the cheques and it comes back on the uncleared items list again isn't it :D

10p in stamps we had to send once.
 
Quite pleased at the moment. My Nan was moved into a nursing home about 3 months ago (that's not why I am pleased :). We wanted to ensure she was settled and get Christmas out of the way before dealing with getting it listed.

Had the estate agents round on Tuesday who valued the property at £250k-£265k (2 bed terraced house in Plumstead SE London that is very much an old persons home with stair lift and no updated decor in many many years).

Received an offer of £250k at 11am this morning, said no thanks and received a new offer of £260k at about 4pm. So looks like we should have no issue selling it which is nice.

Supposedly this offer is from a landlord who has bought two other houses through this estate agent in the past few months and should be able to complete and exchange in less than a month!
 
Offer accepted on the place we want, no chain involved so hoping to exchange in the next 4-6 weeks. :D
 
Mortgage offer came through yesterday! :D Only taken since 23rd December! Up to the solicitors now.

We were hoping to be moved in by now, but Nationwide screwed that for us.
 
Been negotiating with a cash buyer for the past 3 weeks. She finally came back with an improved 3rd offer but still below our asking price. Turns out she needs to check if she can afford it. After 3 weeks you would have thought she would have done that already. As we are renting down here, she's costing us money the more she delays.
A couple came in with an offer this morning just a couple of thousand below asking. Have accepted that instead as they are selling to a first time buyer.
It's a small chain but if gets the ball rolling.
 
We have the ball rolling :)

I went a head with the mortgage advisor as I couldn't be bothered dealing with the stress. I went a head with the solicitors and I'm very impressed. They seem to be on the ball.

Managed to get our apartment valued due to the rubbish help to buy scheme. When selling a property that you got through help to buy scheme you need to get it valued by an approved RICS surveyor then work out the market value price of the property. It's sale price vs market value which I think is a con as they are getting more money out of you.

We had trouble with our mortgage as its up on the 31st March and our buyer what's it completed before 1st April due to 2nd homes stamp duty. Tried to port out mortgage through Halifax but apparently we ain't aloud and can't go with anyone else due to a £1600 early charge. We have had to get a whole new mortgage with Halifax, pay the fee then get refunded as we have gone back with them. After the 2 years, we shall re mortgage to someone cheaper, as Halifax ain't the cheapest.

So far, everything is going well and should be moving end of Feb, early March :)
 
We finally exchanged, and complete this Friday. Looks like there are a few of us moving on that day!

It's been a long and stressful process but the end is in sight. We have been ready to go since december.

We were supposed to exchnage before xmas nd complete afterwards., but the vendors solicitors were useless, and their vendor went off on a cruise without telling anyone. We then were supposed to complete the w/c 18th, and that didnt happen either. The vendors estate agents then told us that we "might" exchange the week of the 18th, but then the vendor wanted at least 3 weeks between exchange and completion to "get used to the idea of moving"... our offer was accepted in October! They have had a quarter of a year to get used to moving!


Were now in packing hell! Hope everything is going well for everyone else completing this week!
 
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