Support thread for MN's trying to buy a house

(311 Posts)
financialwizard Mon 17-Sep-12 09:03:39

I can't find another thread like this, and I thought we could do with a sister thread to the trying to sell.

Thought I'd kick off with my rage!

Currently exchanged on the house that I have sold and living in husbands work accomodation so my situation is not dire, but still.

We offered on a property in August. It is a vacant property, and we said that we would like to exchange contracts 18th October with a view to complete no later than 1st November. We got the house at 95.8% of the market price.

So far we have not received the fixtures and fittings list, even though the vendor completed them the week before last. I have been back several times to measure up for lino in the bathrooms/curtains/take pictures of holes in the wall (for my decorator - there are lots). Went back this weekend just gone to check a couple of things (I always forget something) and the vendor has taken all of the bathroom fittings (toilet roll holder, etc), all of the curtain poles, all of the blinds. Now I am beginning to get a bit worried she is going to pull up all the carpets as well (not budgeted for them). I know I am going to have to wait until I get the F&F list but I am feeling slightly nervous at the potential cost of replacing things like carpets now (the whole house - 5 bed is carpetted). Aaaaaarrrrrrrrrrrrggggggggggghhhhhhhh.

My old man is going away for business just as we are due to complete as well, so it is going to have to be me to deal with it all. Really looking forward to this move.......NOT!!!!

Never EVER doing this again.

KatoPotato Sat 06-Oct-12 18:42:34

Hi everyone! Hoping to join!
I'm in Scotland so different rules but were currently renting and miserable (office carpets akexanders!) meeting with mortgage broker this week to hopefully get a mortgage! DH is self employed and I'm self employed so anxious about being approved!

Already started looking and falling for houses and watching them disappear from rightmove!

Hope everyone is okay and good luck!

GreenEggsAndNichts Sat 06-Oct-12 19:37:38

AlexanderS If you want my two cents: this is not the market to play that sort of investment game in. House prices are still going down. If you want to buy a house to sell it for profit in 5 years time (or whatever "some" years is), I don't think that's going to happen. The market is going to fall some more before it stabilises. If you can't afford the house now then perhaps that means this isn't the time for you to buy.

Also, your DP planning all this use of your parents money is a bit hmm to me. If he wants all of these things, perhaps he needs to plan to manage them around his (and your) incomes. He's essentially saying he wants to take their money, invest it, hopefully profit from it, then return it to them way down the line (at no interest for them I suspect) then buy something with that potential profit. And then land you both back in a rental property again? Sorry I'm going a bit off track from the Property/DIY forum, but that doesn't sound very nice to me.

wendybird77 Sat 06-Oct-12 20:31:55

AlexanderS - I would not buy this house. It really sounds like you can't afford it. What happens if the boiler goes? Roof leaks? Owning houses is expensive and if you don't have disposable income then IMO renting is the safer way to go. I do know what you are saying about doing up your house though and I would speak to your landlord. Can you afford to save anything at the moment? If so I would start seriously start saving and watch the housing market over the next couple of years or so. When you go back to work full time or DH gets promoted and you have a bit more cash that is when I would think about buying. Owning a house that you can't afford to maintain would be a huge stress and not worth it IMO.

startlife Sat 06-Oct-12 21:03:38

That extension sounds very dodgy. If it doesn't have planning permission that's one BIG issue as resale would be a problem. What is the plan to sort that out?
To not have building regs can be a very expensive process to put right as it has to be made up to current i.e latest building regs and insulation is a major feature. A non standard roof isn't cheap to replace, I don't know where you are in the country but £10k for a new roof and electrics seems low.

Rewiring a house is a messy business - walls channelled out and all rooms replastered at worst - it's hard to live like that. How's the heating system?

We moved to a new area so rented whilst we worked out what to buy. We had a negative renting experience so bought a house that we overpaid for. We underestimated the work needed and 2 years later we regret the decision. It's been a nightmare and cost us loads more than we ever thought and it's been a factor in our relationship issues.

If this is your first place can you really afford to take this risk? We have lost money but after years of property ownership we don't actually owe money, thankfully. If we had loans I think I would have lost my mind ages ago.

I think your instinct is to walk away, so was mine but I allowed H's optimistic (aka lack of thinking it through) to sway me.

This house needs to be seriously cheap for you to buy it. Don't be rushed into buying or feel pressure to make a decision - it's the biggest financial investment you will make.

AlexanderS Sun 07-Oct-12 11:32:45

Well, we've done it, we've pulled out of the sale. I don't know if I'm smile or sad

financialwizard Sun 07-Oct-12 13:31:28

I think that was a sensible decision AlexanderS. When you own your own home you do get the benefit of being able to do what you like to it, but you also get the negative of having to cover all repairs yourself!

How is everyone else getting on?

AlexanderS Sun 07-Oct-12 14:01:11

P.S. I forgot to say that it turned out the extension did have planning permission - it was just building regs approval it was lacking (I say just but you know what I mean).

Thank you everybody for your advice and comments.

GreenEggsAndNichts Sun 07-Oct-12 20:00:40

AlexanderS I think it felt wrong to you, hence you coming and asking the question. I'm sure you'll find a house that's right for you, but that didn't sound like the One. Good luck!

AlexanderS Mon 08-Oct-12 11:07:12

Oh my gosh, it goes on and on! The seller has come back to us and said that she'll drop the price by £7,500 and pay to have the house rewired! shock She really, really wants to sell. What do we do?

LondonSuperTrooper Brazil Mon 08-Oct-12 12:52:05

Alexander How did you feel when you pulled out of the sale? If you were gutted then maybe you ought to reconsider. If you felt releived then the drop in price shouldn't sway you - although it's a large drop in the asking price.

As for me, we went bathroom and carpet shopping for the house that we put an offer on. It's amazign how expensive everything is! I think that I will have to live with the avocado suite for a while sad

On the plus, we have found a solictor, got a mortage agreement in decison (AIP will be finalised tonight) and have got a recommnded surveyor to carry out the survey for me.

BTW, we only made the offer on 1st October but is it too early to go around again to measure for curtains and appliances?

HiHowAreYou Mon 08-Oct-12 14:10:29

Can I join and have a moan?
Our offer was rejected today and I'm sad. sad

We offered quite close to the asking price, slightly more than what the house sold for in 2009 (no work done since), and I was so sure it'd be accepted, but they want the full asking price apparently.

The thing is, the full asking price would take it into the next stamp duty bracket, so I just can't justify offering more. And, I don't think it's worth more!

But, I really liked it!

>weeps<

The estate agent came back and didn't encourage us to offer any more. She said she expected the vendors to be excited by the offer but she was sorry to report they were being very unrealistic instead.
We're in a good position to buy. Just... grrrrr! Annoying vendors!

HiHowAreYou Mon 08-Oct-12 14:11:13

Can I join and have a moan?
Our offer was rejected today and I'm sad. sad

We offered quite close to the asking price, slightly more than what the house sold for in 2009 (no work done since), and I was so sure it'd be accepted, but they want the full asking price apparently.

The thing is, the full asking price would take it into the next stamp duty bracket, so I just can't justify offering more. And, I don't think it's worth more!

But, I really liked it!

>weeps<

The estate agent came back and didn't encourage us to offer any more. She said she expected the vendors to be excited by the offer but she was sorry to report they were being very unrealistic instead.
We're in a good position to buy. Just... grrrrr! Annoying vendors!

HiHowAreYou Mon 08-Oct-12 14:14:20

Oops. Sorry for two posts.

AlexanderS Mon 08-Oct-12 14:36:08

It's a drop of just over 5%, London. When we pulled out of the sale I felt a certain amount of relief. Relief that we didn't have to move (I find the physical process of moving really stressful), relief that I didn't have to wonder any more if I was doing the right thing taking my parents' money. I just thought we can stay where we are and make the best of things - negotiate with the landlord regarding laying new carpets, remodelling the garden etc. But now...my initial feeling after speaking to the estate agent was somewhat stressed, I was thinking 'When is this all going to be over with?'. But then I thought about it and I realised this fixes all the issues to do with the house that were bugging me. We were going to put down a 13% deposit (random, I know!), but our mortgage company only requires a minimum of 10% - with this drop in price that will give us money in the bank to fix the extension, and we no longer need worry about the electrics. The only issue remaining is that of my parents' money. I just spoke to my dad on the phone and he was adamant they are happy for us to have it.

Hi, those vendors are a.) greedy and b.) mental. They would have made a profit on a house bought after the 2008 crash, something hardly anybody is doing.

From a practical point of view you should wait to get your survey back before going round to measure up for curtains London - you may no longer want the house after it's done! From an etiquette point of view I don't how you stand. I haven't been back to look at 'my' house since my first and only viewing (DP has had two viewings and been round with various tradepeople). If we are going to go ahead I'd love to go round and measuring stuff up but I'd feel a bit cheeky grin

AlexanderS Mon 08-Oct-12 14:38:02

Oops, that should have been tradespeople and start measuring stuff up. Bit excited!

financialwizard Mon 08-Oct-12 15:23:55

I have been a nightmare with the place that we are buying with regards to going back and measuring up lots of times. In my defence the house is empty though.

Still waiting to hear on the undertaking to remove the marital home rights from Land Registry upon the property transferring to us. VERY frustrating when that is all we are waiting for to exchange, and my husband is going away until Christmas imminently. Although his pigging work keep changing the destination which is a whole other moan!

GreenEggsAndNichts Tue 09-Oct-12 12:23:42

Okay, dusting ourselves off from the last attempted home purchase, I have a couple of questions for you all. The next time we have an offer accepted, would it make sense to have the survey done first to figure out potential problems/ different valuation of the property etc, before paying to retain a solicitor? Or do we need to have the solicitor from the start?

I definitely don't want to start filing for searches until we've sorted a survey. Is that possible? I mean, we've spent hundreds of pounds on searches we won't need when they finally come back, because the results of the survey were so bad. (and of course, the seller pulled out, long story)

AlexanderS Tue 09-Oct-12 13:27:57

I think you have to have a solictor from the off, I'm sure our solicitors' details were the first thing the estate agent asked for after we had our offer accepted. But maybe you could engage a solictor and instruct them not to do any searches until the survey's been done?

AlexanderS Tue 09-Oct-12 13:31:39

By the way, in our case we've accepted the seller's offer of a much reduced price and a total rewire smile

AlexanderS Tue 09-Oct-12 13:37:01

Am going to see about working some extra hours to build up a repairs fund for anything unexpected that comes up.

nancerama Tue 09-Oct-12 18:20:04

Bloody hell! Apparently we're exchanging contracts tomorrow and moving next Friday. Mad dash now to hire a moving company. Everywhere is booked out already. Our vendors can't be flexible about moving date at all. I wish someone had bothered to tell me about this at some point in the process so I could have provisionally booked in somewhere.

ouchmyfanjo Tue 09-Oct-12 22:35:29

Hi everyone. Can i share my frustration with you?
We have made four offers and are within 4% of asking price on a house that has been on for over a year.nobody else is in the running at the moment.
All they do is reject, not once have they put forward a counter offer yet ea says they are v keen to move! They are asking us to increase again despite our last offer being final and they dont suggest how much more would be needed to close deal. I feel like walking away but can't see amything else i like. Aaaaaarggghhhh!

AlexanderS Wed 10-Oct-12 13:28:42

If you have said the last offer is final I think you need to keep your word and walk away. Otherwise if you make an offer that they accept it's going to make the rest of the negotiations difficult - they won't take what you say at face value. There will be other houses.

LondonSuperTrooper Brazil Wed 10-Oct-12 13:50:20

I'd say offer what you think the house is worth to you. You must like it if you have increased your offer 4 times.

I was in a similar situation to you last year and decided to walk away. To this day, I STILL regret my decision.... especially as the sale price was only £1.5k more than my final offer and I could have afforded to buy it at the sale price.

financialwizard Wed 10-Oct-12 13:54:33

nancerama I am EXTREMELEY jealous sad . I just want to get moved, but no things are dragging on sllllooooooooooowwwwwwwwwwwwllllllyyyyyy still.

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