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Anyone else halfway through a sale/buying

(67 Posts)
maneandfeathers Thu 19-Mar-20 18:05:55

I know nobody knows but we are stressed to death.

Halfway through selling/buying.
No idea what will happen with mortgage/house prices etc etc. We are also wondering about valuations for the mortgage.

Anyone nearing completion and also wondering what on earth to do?
Anyone heard anything from the bank regarding mortgage lending?

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Wilmslow Fri 20-Mar-20 15:13:01

But if you are buying something more expensive the actual £££ fall in value will be more than the one you are selling?

makingmyway10 Fri 20-Mar-20 15:15:13

We are due to move on Monday! We have been advised that it will all go ahead as it is a legal transaction. Removal company all ready to go, if short of workers on the day they will call in manpower from other depots.

All other parties involved are good to go and ready for Monday! Fingers crossed!

MozziesLoveMe Fri 20-Mar-20 15:17:36

@anniefrangipani, our buyers are investors too, but actually I wasn't too worried by this. They have to stick to strict rules now in terms of renovating- I.e, boilers, radiators and will of course want to get in and cover it in magnolia, so it wouldn't usually be ready to be moved into straight away anyway. I would think those jobs could still be done in a lockdown because the house would be vacant. Obviously I don't know this for sure.

If the PM is right and this could potentially be turned around in 3 months, this might mean our buyers aren't overly panicking.

maneandfeathers Fri 20-Mar-20 17:43:47

Closure for most businesses now, not sure if that’s solicitors/surveyors sad

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bank100 Fri 20-Mar-20 17:53:38

Well. After a few months engaged with a couple who were buying our house... they have pulled out today.
This is apparently due to them no longer being able to afford the deposit, they are small business owners.

I am absolutely gutted. We've had the house on hold for them since October!!!
We have been very stupid. Thankfully we won't lose the property we are buying, though we'll now have to rent out the house we were selling which will make our lives more complicated. I have to say I feel very down today.

Anitai Fri 20-Mar-20 19:07:53

I’m half way through buying a house too. We’ve had the survey done, mortgage approved and are just going through paperwork ie fixtures and fittings. I feel we offered too much for the property but was willing to overlook this as DH loved the house and could see us there long term, although I can’t see us staying more than 5-8 years (the second bedroom is absolutely tiny). I really think we should pull out as I think property prices are going to crash but DH doesn’t want to. Our second option is to reduce our offer, although I’m not sure how the sellers would take it..

ComtesseDeSpair Fri 20-Mar-20 20:11:18

I’ve just pulled out of my purchase today, we were about to exchange. I feel bad for the seller’s position but the property was already pretty close to the top of my budget and needed a lot of work doing - so as well as the worry of house prices falling and ending up in negative equity (it was only ever going to be a five-year house, not my forever home where value wouldn’t have mattered so much) I’d be unlikely to be able to get trades in to do the work needed to actually live there. It’s a strange time for everyone right now.

Vinniepolis Fri 20-Mar-20 20:54:31

We’re in the middle of buying a new build through part exchange. After weeks of the developer dragging their feet, they have come on all hot and blustery this week trying to hurry things along... we are putting a significant amount of savings into the purchase (trading up) so I think that money might come in useful if our employers go bust and we have no income. Or if we go Zimbabwe-style printing money and hyper-inflation, then our £xx,000 won’t be worth shit. No idea what to do really!

Anitai Fri 20-Mar-20 20:58:14

@ComtesseDeSpair did you consider revising your offer, rather than pulling out?

ComtesseDeSpair Fri 20-Mar-20 21:50:46

@Anitai - I asked the agent to put it to the sellers but they weren’t willing or able. I also asked if they’d consider postponing exchange for a few weeks but they didn’t want that either, and fair enough. Like I said, I feel bad, but whilst I currently have a secure job and am being paid, who knows whether that’s going to be the case in a couple of months. And it was also about the practicalities of the situation - the house essentially has no bathroom and I’d be unlikely to get one fitted anytime soon so moving in would be tricky.

randomsabreuse Fri 20-Mar-20 22:37:38

Just occurred to me that local authority searches will be an issue if not already done. Hopefully they are more automated than they used to be!

jelly79 Fri 20-Mar-20 22:43:09

I have just accepted an offer and have had an offer accepted. So at the very beginning of the process. Not in a rush to get things done but wanted to confirm offers before things slow down

Not sure if I am being naive...?

Unlikely that my job will be impacted and I will work continuously. Mortgage application should be fine and hopefully boxed off this week

thecatwiththesilveryfur Sat 21-Mar-20 08:01:47

We have just had a (very detailed and expensive) survey done on the project house we were planning to buy. The aim was to keep our current house while we did some extensive building work to the new one, but I've now got really cold feet about the prospect of two mortgages in the current months and not being able to sell our current house. I'm inclined to pull out - can anyone offer me hope as to why we shouldn't?

jimmyjammy001 Sat 21-Mar-20 09:13:53

If your stepping up the ladder then the impending housing crash won't affect you as you would have likely entered the market when prices were cheaper, for a first time buyer I would be running a mile, your be in negative equity and impossi to remortgage and stuck in the same house for years unable to sell again, the recession figures for unemployment will be huge and people will simply not have the money

Wilmslow Sat 21-Mar-20 09:44:16

I think these transactions just need to be put on hold until we know when the day to economy is going to get back to normal - buyers and sellers will mostly be realistic and kind and a 3 month deferment isn’t going to cause anyone to much stress. It would be wrong for people to put pressure on each other at the moment surely?

randomsabreuse Sat 21-Mar-20 10:12:56

3 months extra paying rent and mortgage, because new job is starting (medical field, long way away) isn't ideal. For buyers mortgage payment is probably cheaper than rent. If they have the mortgage in place affordability is probably better now than in 3 months.

Trying to get into a forever home before a child is born, out of parents' house because they're older and more at risk, out of small flat rented to maximise savings. All good reasons to finish buying if you've started!

Ginjanotaninja Sat 21-Mar-20 11:02:48

I'm in the process of buying a forever home, but because I'm self isolating, it is going to have to be suspended for 12 weeks. The purchase is almost there as well; survey done, mortgage offer, searches done and most enquiries answered. I just hope the vendor understands.

BeijingBikini Sun 22-Mar-20 11:15:54

I think we're going to pull out of our purchase. It seems mad right now, and also I'm on 50% salary cut, with company possibly going bust in near future. It seems mad to pay £300k for a 2-bed flat, even more so now that this is going on.

The mortgage payment would have been ~20% of our combined salaries, which was a little more than I'd like but acceptable. If I lost my job, it would be 40% of my husband's salary, 50% with service charge and council tax and bills. That's way too much debt for comfort - I don't know how quickly I'd find another job in my specialism in a recession. I'd be back to spreadsheeting every purchase.

Also, 2 flats we were interested in that Sold STC in the past couple of weeks/months have suddenly gone back on the market 2 days apart. Looks like people are pulling out everywhere. I'm convinced prices will drop with all the people losing jobs and businesses. Equally, the amount of money the government have just printed out could possibly cause inflation.....

BeijingBikini Sun 22-Mar-20 11:17:46

This is also a sign

Whathewhatnow Sun 22-Mar-20 22:31:55

I am shitting myself. I've split partner, selling our current place, and we are buying 2 new houses as a result.
So much potential for the chain to go wrong.
I've spent loads already. At least £1.5k getting the current house market-ready, and £2k on fees, surveys and searches for the new house.
It took so much work to prepare my poor kids for the impending move, I cant bear the thought of it not happening... sad

Good luck to all who are in this position.

tangledhair Sun 22-Mar-20 23:46:25

Nearly at exchange on purchase but am self isolating so keep asking myself how can I move. Much as I love the house I think I may need to hold off or pull out if that isn't acceptable as I could end up in a tricky mess especially if I don't stay well.
There are solicitor and bank visits to factor in as well, may just have to pay the legal fees and anchor down to protect myself best I can. So torn with the decision and also concerned about the housing market. I don't know.

Ypsilanti Mon 23-Mar-20 19:58:22

Well my survey is now postponed indefinitely. Not surprised, and people’s lives are more important than my house purchase, but it’s frustrating all the same. It could easily be months before it happens, and in the meantime I’m stuck in an expensive rental. But it’s trivial in the scale of things.

romatheroamer Mon 23-Mar-20 21:28:23

Presumably the latest restrictions just announced mean that you can't do /have viewings.

Rhapsodyinpurple Mon 23-Mar-20 22:16:26

We're nearing exchange and I'm high risk and have to stay at home for 12 weeks.
I'm hoping everything still goes ahead. We're moving into rental and need to purchase ASAP too.

maneandfeathers Mon 23-Mar-20 22:17:18

My surveys are meant to be going ahead Wednesday.
I presume this won’t be happening now sad

I also very much doubt viewings are allowed or encouraged!

It’s a shame I can’t go ahead with the mortgage without the survey/valuation as I don’t require it but the mortgage company won’t proceed without it.

OP’s posts: |

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