The nervous wait to exchange....

  • Thread starter Thread starter noj
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Wow Regy that’s a hell of a lot of Stamp duty. I think ours with fees is only about £6k!


Seems part of my holdup today was because we said our deposit was to come from equity in the property. No one said that’d be an issue but now because we don’t have the 10% cash it’s caused some hiccups. Had we been told I’d have got it together, but by the time I sell shares etc to get the funds we’d have hit the estimated completion date anyway so I don’t really see the point of delay things because of it.
 
Marvt74 said:
Wow Regy that’s a hell of a lot of Stamp duty. I think ours with fees is only about £6k!


Seems part of my holdup today was because we said our deposit was to come from equity in the property. No one said that’d be an issue but now because we don’t have the 10% cash it’s caused some hiccups. Had we been told I’d have got it together, but by the time I sell shares etc to get the funds we’d have hit the estimated completion date anyway so I don’t really see the point of delay things because of it.
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Can't see how that's an issue unless it's because you don't have 10% worth of equity? Even then I can't see how it's a problem, happens all the time! You'd have to have someone being a total **** to get shirty about you not having a 10% deposit.
 
Semple said:
Eugh, just hit a massive roadblock with our purchase. The vendors solicitors have finally replied back to our solicitors enquiries and there's one major red flag.

Back in 2016 the vendors had a single storey extension built, but it turns out it was built without any building regulations approval, and there are no building regulations compliance certificates.

Our solicitor has said that the vendors will provide an indemnity insurance for the lack of building regulations, but this obviously won't cover any costs if it falls down, or results in devaluing the house etc.

Our solicitor has advised us to have a builder survey the extension to ensure it was built correctly. Would we be able to get building regulations compliance certificates from someone assessing it?

Would it be unreasonable to ask the vendors why building regulations approval wasn't sought?
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Indemnity insurance is all well and good (it's the go-to "solution" and is essential from your lender's perspective) but in reality it will do nothing. It only covers your costs if the council take enforcement action, which they can't really do after 12 months anyway.

If it was just minor work it wouldn't be so bad but only 2 years after an extension, I'd definitely ask for retrospective. Be prepared for them to refuse though, it's a right ball ache and obviously has the risk of them needing to do remedial work to make it compliant.
 
Skillmister said:
Can't see how that's an issue unless it's because you don't have 10% worth of equity? Even then I can't see how it's a problem, happens all the time! You'd have to have someone being a total **** to get shirty about you not having a 10% deposit.
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Yeah I think our vendors are just very awkward and seem to want things by the book.

We’ve about 30% in equity and 15k (5%) has come up the chain as cash as well!
 
Skillmister said:
Indemnity insurance is all well and good (it's the go-to "solution" and is essential from your lender's perspective) but in reality it will do nothing. It only covers your costs if the council take enforcement action, which they can't really do after 12 months anyway.

If it was just minor work it wouldn't be so bad but only 2 years after an extension, I'd definitely ask for retrospective. Be prepared for them to refuse though, it's a right ball ache and obviously has the risk of them needing to do remedial work to make it compliant.
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Thanks @Skillmister, we've both decided that if the vendor doesn't agree to any of the works then we're happy to walk away.

Just a right PITA that their solicitors have been so slow and providing information to our solicitor. Is there any possibility of reclaiming costs incurred (searches/surveys) from the vendor if we have to walk away? I would argue that if their solicitor had provided this information in a timely manner (2 months ago) we could have walked away before paying for things like searches etc.
 
Sadly not. It's just part of the risk of buying a house. I think people are only liable for other people in the chains costs once you exchange.


The big question is will i actually exchange today???
 
IT'S DONE!!

giphy.gif
 
Semple said:
Is there any possibility of reclaiming costs incurred (searches/surveys) from the vendor if we have to walk away? I would argue that if their solicitor had provided this information in a timely manner (2 months ago) we could have walked away before paying for things like searches etc.
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Nope, even more so in your instance as that would have been found out because of the searches. The local search probably revealed the planning permission but nothing under building regs entries so brought it to their attention.
 
Cheers guys. Felt like it was never gonna happen. I had said i wasn't drinking this weekend but this may change things slightly!

Ok, so now i need to think about Utilities. Our current tarrif ends tomorrow and i'll be letting it lapse to move onto something else. What's the best plan of attack here?

I'm thinking i find a new supplier now and start the process which should take around 3 weeks to kick in.

Ring current provider on the 6th with final readings

Go onto a temp contact with the current supplier to the property (take starting meter readings + photos)

Once the new supplier is ready, they'll take over automatically from the current supplier.




That sound right?
 
Marvt74 said:
Cheers guys. Felt like it was never gonna happen. I had said i wasn't drinking this weekend but this may change things slightly!

Ok, so now i need to think about Utilities. Our current tarrif ends tomorrow and i'll be letting it lapse to move onto something else. What's the best plan of attack here?

I'm thinking i find a new supplier now and start the process which should take around 3 weeks to kick in.

Ring current provider on the 6th with final readings

Go onto a temp contact with the current supplier to the property (take starting meter readings + photos)

Once the new supplier is ready, they'll take over automatically from the current supplier.




That sound right?
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Congrats, i do envy you right now :)

Is that only a week till complete as well?
 
Completed yesterday the greatest feeling when two massive removal lorrys arrive at 7 am.

We moved 20 miles away and on our drive up money receiced for mine by the time got to new place it had all gone through.

Having never used them before I doff my cap to removal men, they did not stop from 7 - 6 pm in 25 degree heat.
 
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