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AIBU?

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Original poster

What do you think our chances are of buying this house?

83 replies

Palmtreeheaven · 22/09/2015 19:57

The house is our dream house. I have no idea how I'll get through the next few weeks while we try to pull this off.

It was on the market for 6 weeks before we had our offer accepted. As far as I know, there was only ever one other interested party, and they made a fairly low offer.

The vendor has agreed to proceed if we eliminate our chain (we have our current home up for sale), and we can exchange in 4 weeks and complete 2 weeks after that!

He has put this in writing to our solicitor though we haven't agreed to this in a legally binding way.

Vendor must be under some sort of financial pressure though I am not sure why because they bought a new house without selling the one we're buying. In fact it has been empty for over a year!

We are bridging our deposit as our house hasn't sold yet. This removes the chain. Once we have evidence of this (and therefore our deposit), we can go ahead with mortgage applications.

I'm just unable to sleep or think about anything else at the moment. I can't see us exchanging in 4 weeks. 6 maybe, but not 4. Surveys and underwriting take time - 2 or 3 weeks, sometimes longer.

Does anyone have any advice on how to speed up the process? We have already asked for our searches to be carried out for example.

Do you think we'll get the house, or (my worst fear), could someone swoop in and buy it from under our feet?

Lots of local estate agents have asked where we're buying too - I haven't told anyone. Why would they want to know? If people know we're trying to buy this house does that increase chances of being gazumped?

OP posts:
Original poster
Palmtreeheaven · 22/09/2015 20:20

Anyone? Would really appreciate some views/experiences. Going ever so slightly mad with worrying.

OP posts:
PolishRemoverOfNail · 22/09/2015 20:26

Your main issue is going to be selling your house. Everything else will follow but it would be unwise to proceed with searches and instructing solicitors for the purchase, unless you've booked lots of viewers for your current house.

How long has yours been on the market? Do you have any concrete offers in place or is there already a sale agreed?

If so, then it is more likely to speed the process up but you can never be sure your not going to get gazumped unfortunately.

However, if your house isn't even in the process of being sold then there is a greater chance of losing it to someone who may be in a position to move
immediately, especially if the vendors are keen to get rid of the house.

Just keep your fingers crossed!

Original poster
Palmtreeheaven · 22/09/2015 20:30

We have one low offer on our house, but are in the process of arranging bridging finance for the deposit. So we're not reliant on selling our house. Problem is I cannot see the bridging finance being arranged overnight. It will take about 3 weeks minimum. All the while we are left having to convince the vendor we will complete on a quick timescale.

Even if we take a bit longer though, surely it's not worth the vendor starting the process all over again with a new buyer? Unless a cash buyer comes along I suppose, then they could exchange in a matter of days.

I don't know how anyone buys a new house without losing their mind. It doesn't help we have really set our hearts on this house. There is nothing else like it where we live, in the area we want at a price we can afford.

OP posts:
cheeseandcrackers · 22/09/2015 20:32

It could be feasible but you'll have to make sure you have good solicitors who are prepared to work fast and are aware of the time pressure. You'll have to make sure the mortgage company don't drag their feet either. Assuming the house you're buying is in good condition with no likely issues resulting from searches/surveys it should be possible to exchange in 4 weeks if you do a lot of nagging. Good luck!

DisappointedOne · 22/09/2015 20:32

Their house sale has nothing to do with it. They're buying without selling in order to break the chain.

DisappointedOne · 22/09/2015 20:33

OP, until you exchange contracts this can fall apart at any point. That's the only point you have any legal protection.

DisappointedOne · 22/09/2015 20:34

(My parents bought a place in 2013 for cash. It took 14 weeks!)

RandomMess · 22/09/2015 20:35

I would be concerned that they are pressurising you to forgo thorough searches...

Could there be major defects that would bring down the value of the property that they don't want you to find out about?

Original poster
Palmtreeheaven · 22/09/2015 20:36

That's reassuring Disappointed One, in our position! Why did it take 13 weeks?

We will have to nag our brokers, mortgage companies and solicitors on a regular basis then. I am willing to do whatever it takes!

My main concern is that the vendor will get annoyed at the length of time things are taking. Our estate agent agreed a quick exchange in order for him to accept our offer and position.

OP posts:
Original poster
Palmtreeheaven · 22/09/2015 20:38

The property is in poor condition. It looks sound in terms of structure and roof, but there is some damp, possible problems with joists in ceilings, not sure what else will come up. We have already sent off for searches though. And will have a proper homebuyers survey done that looks into condition of house etc.

OP posts:
Whoknewitcouldbeso · 22/09/2015 20:41

I would be very cautious too. They are bamboozling you into making decisions quickly which might not be the best decisions for you. I would be telling their solicitor that you won't be agreeing to the terms and stand your ground.

FunnysInLaJardin · 22/09/2015 20:45

I am a property solicitor and the sure fire way of getting things done to schedule is either knowing your solicitor personally i.e. I just bought for my BF in 2 weeks, or making a total pest of yourself and chase every few days. Otherwise there is a real chance that your file will languish at the bottom of the pile.

Solicitors are generally very busy and so those who shout loudest get their work done first!

There are of course the variables like when the searches come back, when your loan gets sanctioned and how fast the other side are, but you best chance is to chase everybody, agent included!

Original poster
Palmtreeheaven · 22/09/2015 20:45

Well I think to give some background the vendor is very old and conservative in his views, and was incredibly dubious about us bridging our finance. I think he is concerned we will go back on our decision to bridge, and instead wait for the sale of our home to go through. And he is not prepared to wait for our chain to complete.

OP posts:
DisappointedOne · 22/09/2015 20:46

That's reassuring Disappointed One, in our position! Why did it take 13 weeks?

Just getting all of the information needed for the solicitors, searches, it was leasehold and that hadn't been done properly etc

Original poster
Palmtreeheaven · 22/09/2015 20:47

The vendor has his son as his conveyancer so they are going to be incredibly fast with everything! We will just have to keep chasing ours to keep up.

OP posts:
Original poster
Palmtreeheaven · 22/09/2015 20:48

I can see how it would stretch out Disappointed. The first place we bought was chain free with no onward chain and it still took 6 months to complete.

OP posts:
SushiAndTheBanshees · 22/09/2015 20:53

Sorry to be blunt, but I think this is crazy. I would not be bullied into such a ridiculous timetable, dream house or not.

Firstly, I simply can't see how exchange can happen within 4 weeks. In reality, seller can pull out until exchange at any time, so you will have four weeks of stress and chasing people and worry only for, what, seller to pull out anyway if it's not all done? How can that change anything? All they're doing with this ridiculous timetable is setting out their (wholly unrealistic) expectations on timing.

Incidentally, if they've already bought somewhere else the most likely reason (aside from last paragraph below) for them imposing this condition is because they don't want the stress and hassle of someone in a chain stringing them along.

Secondly, I don't see how bridge financing for your deposit eliminates the chain? What about the actual mortgage? If you haven't sold your house, how will you pay the balance of the purchase price of the dream house on completion?

Finally, you'd be mad to rush through searches etc when you already know there are problems with damp etc!! This is the other most likely reason for them to pressure you on timing. Unless the purchase price reflects the fact that work will need to be done, they're having you on. There's no such thing as a free lunch. They know that this is the only house in the area thats affordable to a "typical" purchaser etc....why do you think that is? Could it be because it's in a bad state and needs work? Could it be that rushing you on timing with the house prices as it is means that you won't figure out how costly the works will be until it's too late? Do NOT rush through your surveyors report or inspection, you seriously risk what could be a dream house becoming a financial millstone around your neck.

Sorry to pour cold water. If it sounds too good to be true, it most likely is. If you're being bullied, there will be a reason why. There will be other houses. And that is what this is, just a house. Your home is where you will finally end up, happy.

Parietal · 22/09/2015 20:58

we have twice bought with offer - exchange times of around 6 weeks. it can be done.

but don't be pressured into rushing the searches. If there aren't any other offers in, then the vendor won't be able to sell to someone else before you. And even if someone else makes a higher offer, it will still take them 6 weeks or more to complete. So the vendor won't save time by going with someone else.

Original poster
Palmtreeheaven · 22/09/2015 21:02

Do you think if a cash buyer comes along they will be able to pull out of the sale with us and complete with cash buyer in 6 weeks? Less?

I'm just thinking through the process, and if we were cash buyers we would be waiting for searches (2 weeks), concurrently instructing a survey (1 week), so could potentially be ready to exchange within 2 weeks.

A cash buyer could pip us to the post.

If there are structural/damp issues they will show up on the survey. We are still carrying out the usual searches, though we are rushing them we will still study them thoroughly.

OP posts:
Mintyy · 22/09/2015 21:03

Yes. It all sounds utterly ridiculous and unreasonable from the vendors. I would be DEEPLY DEEPLY ENORMOUSLY SUSPICIOUS about the sudden hurry if the house has been empty for so long.

I wouldn't have a problem walking away but then I just don't believe in "dream houses".

Original poster
Palmtreeheaven · 22/09/2015 21:07

I didn't think we would find a house that ticked every box but this one really does. It has land that can't be matched in the local area and it seems to be priced really competitively. Now I am beginning to think it all sounds suspicious. I am not concerned (yet) because I know we will carry out our searches and a full survey. I think we would go ahead even if we found problems though, it would still be worth it to us.

OP posts:
FunnysInLaJardin · 22/09/2015 21:12

I think that it can be done and provided you do your research etc properly there shouldn't be any surprises. Its not unusual for a seller to get fed up of being messed around by previous buyers and impose a strict timetable on any new offers.

Do it OP, but make sure you have your info and facts straight first

SushiAndTheBanshees · 22/09/2015 21:19

I didn't think we would find a house that ticked every box but this one really does. It has land that can't be matched in the local area and it seems to be priced really competitively. Now I am beginning to think it all sounds suspicious.

Listen to this and trust it. Land that can't be matched in the local area, plus competitively priced? It's blindingly obvious to me.

Thefuckinggrinch · 22/09/2015 21:22

My fear would be not being able to sell my old one. Unless you are in the process of selling when you buy the new one you could loose both houses.

I would also be suspicious of someone pushing for such a fast completion when house has been empty for a year. If its been enpty so long someone is unlikely to come now and "beat you too it"

Orangeanddemons · 22/09/2015 21:23

I've bought 4 times. We never ever completed in less than 4 months. Each time took absolutely ages.

First one took 5 months:no chain
2nd one took 4 1/2 months: no chain
3rd one 5 months: no chain
4th one 2years, and we were moving into property we already owned. Our buyers kept pulling out. Even then it took 6 months from final offer to moving date.

I live in an area where property sells like hot cakes. This seems to make the buying process slow downHmm