The nervous wait to exchange....
- Thread starter noj
- Start date
I went in at asking for mine which usually makes people cringe, BUT this particular property was finished exactly how i'd like it to be with very very little needing to be done (aside from decorating how i'd like, so not a necessity). The other properties i'd viewed needed bathrooms replaced, or kitchens updated, so would have cost me the same or more in the end.
Additionally 8 of my viewings had been cancelled in a week due to sales in the first 48 hours so i really didnt want to leave what is basically my perfect house up to chance for the sake of 10k. That 10k over 25 years isnt that big of a deal.
On the others, though, i was planning to go in at 10-15k under (260-280 asking) depending on the finish. I guess there isnt a hard and fast rule, it's just about what is in the property you can negotiate with. My sister bought a place last summer for 35k under cause the kitchen was a right state. The vendor had already had a sale fall through and a stale market for 6 months so they took it right away.
Anyway, i have a question. Ive been told that building and contents insurance is a legal requirement now for mortgages, is that true? How can you insure something you dont own yet?
Additionally 8 of my viewings had been cancelled in a week due to sales in the first 48 hours so i really didnt want to leave what is basically my perfect house up to chance for the sake of 10k. That 10k over 25 years isnt that big of a deal.
On the others, though, i was planning to go in at 10-15k under (260-280 asking) depending on the finish. I guess there isnt a hard and fast rule, it's just about what is in the property you can negotiate with. My sister bought a place last summer for 35k under cause the kitchen was a right state. The vendor had already had a sale fall through and a stale market for 6 months so they took it right away.
Anyway, i have a question. Ive been told that building and contents insurance is a legal requirement now for mortgages, is that true? How can you insure something you dont own yet?
Finally I can post in this thread!!
Just had an offer accepted on a 3 bed terraced house in Woodford green London. Only thing is that we will have to wait for the sellers to get their offer accepted on a bungalow so I guess our purchase isn't 100% but it's a step in the right direction for us to get on the property ladder. We've been looking for a year now.
Our's wasn't the largest offer but we are apparently the right buyers being that we aren't selling and not in a rush to move in. We still have 5 months left of our rental contract. Fingers crossed!!
Just had an offer accepted on a 3 bed terraced house in Woodford green London. Only thing is that we will have to wait for the sellers to get their offer accepted on a bungalow so I guess our purchase isn't 100% but it's a step in the right direction for us to get on the property ladder. We've been looking for a year now.
Our's wasn't the largest offer but we are apparently the right buyers being that we aren't selling and not in a rush to move in. We still have 5 months left of our rental contract. Fingers crossed!!
I don't think it's a legal requirement but most if not all mortgages will have a condition on their offer that buildings insurance is in place for completion (otherwise if the house burns down you could walk away and leave them with a worthless asset). You arrange your home insurance cover to start the day of completion, your solicitor should check you have it before they allow the deal to complete.
Firstly congratulations
It's quite normal that your sellers won't have put an offer in on anywhere until they have an offer on their property, so don't worry about that. Secondly, do worry that these things are never 100% until you've exchanged contracts, but there's nothing you can do about that apart from keep your fingers crossed.Think you mean after exchange rather than completion? Once you've Exchanged you're legally bound to purchase the property so you should arrange for cover to start from that date.
Firstly congratulations
Thank you scorza to be honest with you we didn't expect that our offer would be taken as it's £10,000 under the asking price which is unheard of in London but we thought the asking price was a bit too much and I guess other people agreed. The house isn't amazing but it's in the exact area we want to live in and if it doesn't go through then we move on, so there's no emotional attachment just yet
Buying/selling your house has to be one of the most frustrating and stressful things. Ours took about a year with the whole process. Experienced everything from being guzzumped, people pulling out last second, last minute changes to contract details. This was whilst we were both between jobs.
Totally feel for anyone going through this process. Good luck!
Totally feel for anyone going through this process. Good luck!
Soldato
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Some insurers are able to deal with this easily and will happily insure you on a place that you don't own. Others won't insure you unless you own the place.
So the end result is that you may not be able to get the most competitive policy first time around. We found some good deals on the usual comparison sites but the cheaper insurers wouldn't cover us unless we owned the place.
After a few phone calls we signed up with Aviva. They were fairly expensive I seem to remember but the plan is that we'll change once the first year is up.
Soldato
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To echo daz's post above, buildings insurance should be in place from exchange not completion.
Chances are the sellers will have their insurance up until completion anyway so the property itself would be covered but best not leave these things up to chance ey?
Chances are the sellers will have their insurance up until completion anyway so the property itself would be covered but best not leave these things up to chance ey?
Congrats! I had been looking in Woodford Green too but in the end have had an offer accepted on a house a bit further up the road in Chigwell!
As said before, anything can happen until contracts are exchanged. Having already been screwed over on another house purchase, i strongly advise you keep looking anyway as something better may come up in the meantime!
That's exactly what we are doing, a couple of places had popped up at Buckhurst Hill that we are looking at. I love Chigwell good luck with your offer!
Made an offer on the house we are buying in August, got the contracts for the house we are selling last week, just waiting for the solicitors of the house we are buying to get their arse into gear. Weirdly it's not been stressful unlike the last time I moved, I guess I'm in a small chain with no ongoing chain either side but it's been very so slow. Moving into a house we need to do a bit of work on so will start taking some pics in a few weeks hopefully.
Accepted an offer on my flat for full asking price. Been on the market for 5 days with an online agent and sold on the 6th viewing (with a few under value offers)
Selling to a first time buyer which is nice.
No chain, lets hope there are no problems
Glad I told the guy who offered 12k under asking to do one, he was oh so smug about his offer being the "right" value for the house.
Selling to a first time buyer which is nice.
No chain, lets hope there are no problems
Glad I told the guy who offered 12k under asking to do one, he was oh so smug about his offer being the "right" value for the house.
And after our offer was accepted yesterday, today some doctor put in an offer 10 grand over our offer and they went with that grrrr. He is buying as an investment with cash so we can't compete with that. The search continues London is tough!!
Soldato
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Exchanged today 
Now it just needs.... central heating, rewiring, redecorating, insulation, new doors and windows.....
Probably already owns about 10 propertys as well. ********.
Now it just needs.... central heating, rewiring, redecorating, insulation, new doors and windows.....
Probably already owns about 10 propertys as well. ********.
I decided to have a look at planning permissions as I want a large outbuilding (I'd say man cave but it would have a bar like area and be used for gaming (PC and board and RPG).
Looking at the properties we are interested in yielded some interesting results. The one we really like (offer now increased to 227k) have tried to get permission to build another house on the back (refused) that is bigger. Yet on the particulars they want to downsize.
Found a 4bed that I'm seeing tomorrow, they were given permission to separate the house into 2 to create 2 x 2bed houses. They never did. Then they wanted a 1 bed bungalow which was refused. House is on the market for a bit less than they paid in a market thats improving. Wonder what the catch is....
Looking at the properties we are interested in yielded some interesting results. The one we really like (offer now increased to 227k) have tried to get permission to build another house on the back (refused) that is bigger. Yet on the particulars they want to downsize.
Found a 4bed that I'm seeing tomorrow, they were given permission to separate the house into 2 to create 2 x 2bed houses. They never did. Then they wanted a 1 bed bungalow which was refused. House is on the market for a bit less than they paid in a market thats improving. Wonder what the catch is....
Exchanged today
Now it just needs.... central heating, rewiring, redecorating, insulation, new doors and windows.....
You will be in within the week then?