Buyers support thread - stressed? Worried? Stuck in a chain? Gazumped? Well come and join us here

[Bakingnovice]

I can't see if there is already a thread like this so here goes..

We finally upped our offer enough for it to be accepted on our dream house. It's been stressful so far and this is just the beginning. We have had so many let downs: vendor changing mind, vendor getting higher offer etc and we hope this sale goes through smoothly. We've been looking for years. Come and join me if you're buying and equally stressed....

Yes we've budgeted for 10 months mortgage payments. But there's a v high demand for 4 bed properties in our area so we are hoping we will get a tenant quickly.

I wouldn't worry so much if we weren't in a never ending recession!

Personally, I wouldn't worry in your situation - but then we've never not had rent or a mortgage so I can see how it's a big change for you having been mortgage free (slightly envious...!)

Sounds like you've budgeted well and know your rental market. I'd also factor in the added complication of selling while its tenanted - and maybe even budget for a few months mortgage payments while its empty at the end? It's a lot of hassle for tenants, and they aren't legally required to allow viewings...

To answer your earlier question, we went for a building survey as the house is 1930s and we saw a large crack in the external bay. I've also bought before and seem to remember thinking the homebuyers report wasn't worth the paper it was written on! Still waiting on the lenders mortgage approval before anything else can really move on.

Baking, I think you'll be fine. :) I do understand your anxiety though. I'm in a very similar situation, except I'm going from no mortgage to two - a let to buy on my current house to release equity because I can't sell, and a normal residential one to make up the balance on the new house.

I earn an average, lowish salary, I work in the public sector and I'm a single parent... I'm also risk-averse, so I'm waking up some nights feeling pretty worried! But I'm telling myself that, if worst comes to the worst, and I can't find a tenant or afford all the payments, I can sell the first house cheaply, and be left with just a small mortgage that I can definitely afford...

If you did the same, you'd be left with no mortgage, so your home isn't at risk at all. :)

Thank you ladies! Brilliant advice. I had a tough childhood with very little money. It was a struggle. I think that's why financial security is so important to me. Flow, how you are dealing with this all as a single parent I do not know! Amazing.

Our search fees and survey fees all paid now, but still daren't get excited.

Any news on exchange dog lover and misty?

Hi BN. I'm in the local village at lunchtime so will be popping into solicitor to check progress. I've provisionally booked a removal firm for next week and a company are coming tomorrow to collect some of our unwanted furniture. It's all starting to happen but still doesn't seem quite real until we've exchanged!

No, we're STILL awaiting mortgage approval! The latest is that we're in the "full and final stage" of the process whatever that bloody means and we will hear in the next 3-4 working days. Argh. I don't know why it's taking so long.

Dog - that sounds really positive!

Mortgage approved!!! just heard. Phew. Now for the legal stuff to run its course... But we're one step closer to owning our first family home :)

Congrats misty. Very exciting!

Dog lover - hope all goes to plan.

Can I join in? Waiting for the "yes" on an offer 4.5k under asking. Mortgage already approved, I'm a First Time Buyer, and there's no bidding war - just me.

Made first offer of £205 on Sat (on a property listed at £219), "No, but I'll take £215" then I offered £210 Monday morning, "No, but I'll take £215", offered £215 around midday yesterday, and now he's "considering". What!? No reply yesterday, or all day today.

I've told him I need to know by tomorrow morning, and I think if the answer is No, I'm probably out (Dragons Den style). Not because I couldn't go higher, and I do love the house, but I question his integrity - especially at these early stages. However, I love the house.

Can't wait till this bit is over, even though I know it's only the beginning.

I'm having a bit of a wobble . We're leaving an 'up-together' house for a total renovation project. Our friend, a builder, has been very honest with us and said he is anxious about the amount of work we are undertaking. We have to live in the house - no money to rent plus pay mortgage - and it will take many months. We've known this was the case but I'm feeling scared.

Hand-holding would be much appreciated!

Here. Consider your hand held! :)

I'm terrified, frankly. (Baking, I don't know how I'm dealing with it all either, tbh!) I have been mortgage-free for 8 years, and since I get no financial support at all from anyone other than myself, it has given me great peace-of-mind to know that even if I lost my job, I'd still be able to keep a roof over my kids' heads... Now I'm changing all that and putting myself into a much riskier financial situation. :( I have good reasons for doing it, but I am still wobbling badly...

Hands here for flow and dog lover. It's all so scary isn't it, and this economic climate makes it feel a hundred times worse. Dog just try and imagine and focus on the final result and think how much value you'll be adding to the house.

Flow, you really are inspirational to have been a single parent and mortgage free. You're obviously financially savvy and I'm sure you've done every possible risk calculation in your head. Fingers crossed that everything works out. It sounds like you are in a fairly good position.

Andwhen - I'm shocked at your seller. Not biting your hand off at £215!! That must be some house. From my experience of both being buyer and vendor, I would say play it v v cool. Ftb are like gold dust. Hang in there!

Thanks for your reassurance . Feeling better today!

Thanks bakingnovice. still waiting. Your comment made me realise that I do have some of the power though (my money, a good position and can move fast) so I have told them that I need to hear tomorrow or the offer is off. The waiting has made me "disattach" myself from the house a bit - so tomorrow what will be will be. Either joy or relief but no more tenterhooks. - At least till I find another to offer on.

I'm also massively aware of my tiny niggles compared to the genuine hassle and stress some of you are under (thinking of you and feeling for you) - this is only the beginning right?

Well it could all be off.
Just found out that DH may be made redundant in 2 weeks time......
Fuck.

Turnip you poor thing!!! What terrible news. Do you have savings, I hope it will all be ok. Get his cv out ASAP and I hope he gets a good payout. Hand to hold here if you need it

Turnip. That's horrible horrible news. How likely is this to happen? Hang on in there.

Oh NOOOO Turnip!! :( :(
When will you know for sure?

Will know in 2 weeks time, he has to reapply for his position, but thinks he will be one of the ones to go.
We would get 6 months pay and I don't earn enough to keep us going.

He said not to pull out of sale until we know for sure and as our buyers have gone off on hols, we wouldn't be able to contact them anyway till the end of the month.
He's registered with agencies already and will look straight away.
It's going to be a stressful couple of weeks!
I can't believe it

It IS going to be a stressful couple of weeks. But at least it's only a couple of weeks... It sounds like he's proactive as well as experienced: that should stand him in good stead. Fingers crossed! :)

Thanks all of you.
The support is much appreciated x

Oh no turnip :( it might not be the end for you re house buying though - if you've got your mortgage in principle already and dh gets another job soon...

Dh is self employed but unexpectedly the contract we've based our mortgage on ended a week ago... Luckily they didn't double check and the mortgage offer came through! And being self employed we've planned for the famine times as well as feast ones, so are still confident about taking the mortgage on.

Hope things work out for you.

I woke from an anxiety dream last night, in which I woke to find a sort of tadpole-like jelly dripping through my bedroom ceiling from my son's room above, and rushed up to find water flooding through his ceiling from a leaking roof... And I knew I had to get it all fixed before I moved, and knew I couldn't afford it... It was too real for comfort, and it's left me even more anxious than before... :( :(

Oh that's such a horrible feeling Flow, but dreams like that are the way our minds cope with areas and anxiety.
This is double stress for you because you aren't sharing the responsibility with a partner.
It WILL be fine. You sound very cautious and sensible so I don't think you'd have got this far if it was a reckless move.
Soldier on

stress and anxiety not areas and anxiety!
Stupid phone!