The nervous wait to exchange....

  • Thread starter Thread starter noj
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Siliconslave said:
the indemnity insurance only covers you for putting right planning and or building regs issues - however if the council makes you pull the extension down, or it falls down on its own it'll do nothing.

The whole 'don't tell the council and they may not check' thing is crazy, the vendor should have know there wasn't any planning / building regs and offered it up front OR made it good - its not too difficult a process IF its been done properly but the fact that they cut corners sticks to high hell so in all honesty your probably better off out of it!

Aren't the SD rizes only with regards to second properties?
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That's how I understood it but also how I see it. :)
 
Siliconslave said:
the indemnity insurance only covers you for putting right planning and or building regs issues - however if the council makes you pull the extension down, or it falls down on its own it'll do nothing.
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Cover
In the event of the local authority issuing a Section 36 notice under the Building Act 1984 or legal proceedings
in a court (‘Enforcement Action’) directly attributable to the Insured Risk, the Underwriters will indemnify the
Insured against: -
a. the cost of defending Enforcement Action including costs and expenses awarded against the Insured
b. the expense of complying with Enforcement Action or undertaking given by the Underwriters in the name of the Insured including the cost of demolishing, altering or reinstating any part of the Property
*snip*
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Not something you want to have hanging over you on purchasing a property though. Especially when you know there are issues. Furthermore our solicitor and lender wouldn't touch it. Our solicitor had to declare it to the lenders.

The problem is the vendors were being immoral and deceitful. Just proves you have to be so careful when buying. It did feel good pulling out of the purchase but frustrating as we wasted a lot of time and some money too.
 
I think you did the right thing. I would have done the same.
I'm checking everything I can think of and will follow it up as it doesn't hurt to double check. Well, it might hurt the vendor but that's their problem.

Everything is proceeding with our sale, just some bits to translate from Legalese to English and send back. Should all be done before Easter.
 
Bickaxe said:
I think you did the right thing. I would have done the same.
I'm checking everything I can think of and will follow it up as it doesn't hurt to double check. Well, it might hurt the vendor but that's their problem.

Everything is proceeding with our sale, just some bits to translate from Legalese to English and send back. Should all be done before Easter.
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Fingers crossed it all works out smoothly for you :)
 
I agree you've done the right thing withdrawing. It may be advice that indemnity policies 'will cut it' but that doesn't mean I'd be happy relying on one if it was my money on the table :)

At the end of the day my job is to tick the right boxes that mean our professional indemnity insurance won't ever have to pay out :p Conveyancing matters are just piles of risk waiting to bite back, for little monetary return compared to other areas!
 
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So basically FFs vendors were trying it on, hoping that with a quick sale it may get missed I suppose.

Personally I would be tempted to revalue the property without the extension and make them a new offer based on this if you really like it. They will certainly say no but it may open the door to them becoming more reasonable.

Although I certainly think your better off away from deceitful people, no saying what they may have done in the end.

I bought a house of a couple previously that was immaculate on first inspection. Even a fortnight before we took possession it was fine (went round to measure windows), roll on completion day and it looked like pigs had been living in it by the state of the carpets and walls. There was even dirty shoeprints on the ceilings FFS.
 
We did try that we even suggested a conditional exchange on the basis they get the planning permission signed off and the works finished - no go. They didn't want to do it. Yet they wanted a quick sale.

Anyway, we're working on a new opportunity at the moment so fingers crossed.
 
Well it's crunch day for me. My family home is packed up in boxes/vans and today we should both exchange and complete. I'm a nervous wreck to be honest, if something goes wrong we are totally screwed.
 
After reading multiple stories about morons selling their house, and assuming they can move out when they like; days after completion, I'd be wary about rocking up expecting to be able to move straight in, lol.
 
My dad's girlfriend's sellers were about 8 hours late moving out. God knowns what took them so long to empty a 2 bed flat but they still ended up leaving half the furniture for a couple of hundred quid which worked out as an absolute steal. Still not something I'd want to endure as a buyer though!
 
Back in this situation again, after a year and a half - much more difficult purchase this time!
We have a chain, but we had to offer on the place we want before ours is even on the market!

squeaky bum time as you get penalised in scotland if you pull out - but we've given ourselves 3 months to sell our place (it took a total of 7 weeks from going on the market to handing over the keys when we bought it so hopefully get someone just as enthusiastic!)
 
Stuff translated from Legalese to English, witness signature provided, all other stuff sent and buyer wants what we left in the house and would like to complete as soon as possible (might have a 2nd property) which we are happy to do.
 
Skillmister said:
There's not a chance in hell I would ever agree to a simultaneous exchange and completion! Hope it all goes to plan for you
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I really thought it would go badly wrong but actually we exchanged about 10am, completed a couple of hours later and got the keys at 2pm! Spent most of yesterday afternoon unpacking essentials, today we ripped out a load of fitted furniture and installed a new oven, dishwasher, washing machine and dryer. New carpet throughout coming Wednesday then we will unpack properly.

It was an unusual chain in that it was short, but the seller of our house being on the brink of passing away made it necessary to do in this way.

Good luck to those waiting to exchange, I'll probably do a work log now we've started fixing everything.
 
Been following this thread for a while and feel it's time to post in it! Looking at purchasing with my girlfriend soon. We went to a Help to Buy event yesterday where we got to spoke to chaps from the scheme, as well as solicitors and mortgage brokers. We don't need to go through the scheme but the equity loan option seems too good of an offer to pass up on to get us up there - it does limit us to new builds only though. The broker said we have a lot of options open given our situation and deposit which was encouraging.

We went to have a look at a local Taylor Wimpey development to get a feel for what we can get and what we want size wise - looking at a 3 or 4 bed. Their show houses were quite nice but their lack of transparency for options list without committing to a plot is off putting but I assume this is the norm for new builds so they can rinse more money out of you.

With that in mind, does anyone have experience with Taylor Wimpey or know of any other builders we could check out in the Midlands area? Barratt Homes are another we've come across but been told to avoid them.
 
Em3bbs said:
I really thought it would go badly wrong but actually we exchanged about 10am, completed a couple of hours later and got the keys at 2pm! Spent most of yesterday afternoon unpacking essentials, today we ripped out a load of fitted furniture and installed a new oven, dishwasher, washing machine and dryer. New carpet throughout coming Wednesday then we will unpack properly.

It was an unusual chain in that it was short, but the seller of our house being on the brink of passing away made it necessary to do in this way.

Good luck to those waiting to exchange, I'll probably do a work log now we've started fixing everything.
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Im glad ive finally read a success story. This thread is giving me nightmares.
 
Well when I exchange asap with 0 problems and complete within my allotted timeframe with no surprises from either the survey or the move in general* i'll be back on here to settle the nervous minds.












*Please. Oh God please.
 
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