PS for frustrated London buyers, it probably will turn out OK.

[lessonsintightropes]

I just wanted, having had a lot of support here, to let people know (having read a lot of very unhappy threads about house hunting in London, that sometimes it does all work out ok.

We originally accepted an offer on our place in SE27 in October last year for full asking price. That buyer pulled out within two weeks, but luckily, another buyer came in at 2k under asking from the same open day. We dropped a further 18k on survey (prices in our area have gone bananas, and we still did ok). They had terrible trouble with their mortgage company which in a way is just as well...

This doesn't include the 30+ offers which were not accepted.

Offer #1 - a large 2 bed place in SE19 - had an offer accepted and survey done (costs of £900 lost on this place), couldn't proceed as the elderly disabled vendor couldn't find a place to move to - wasted 2 months on this before EA fessed up;

Offer #2 - a nice 3 bed in SE10 - turned out the sellers were a divorcing couple and she had no intention of moving out, despite having met us on the open day - three months wasted on this along with £2,500;

Offer #3 - a three bed in SE23 - beautiful, and finally with vendors who seemed to want to move out. On exchange day, today, we found out they had lied about £7.5k of outstanding leasehold works which had been done (new windows) and tried to stiff us with the bill. We told them no way and they buckled at 4.55 so finally, finally have proceeded to exchange (another £3k in surveys and legal fees on this place).

So while it's been a hugely frustrating and stressful 10 months (we move next Tuesday) it has finally turned out for the best, and property 3 is far, far nicer than the other two. OK, we've lost a bit of money, but with the way the market is going in London, we'll make that back in a lot less than a year. We're ending up in the right place, our buyers were hugely patient and willing to put up with a mortgage offer extension to enable us to do it (having also lost out on 3 places themselves) and both DH and I now have far better commutes than where we are moving from, and finally have the room to start TTC properly knowing we won't have to move again.

Just thought people might like to hear a happy ending!

You've lost about 3.4k and that's just 'a bit of' money? Plus another 3k in fees?

You hope to 'make it' back - by seeing house prices continue to rise, I presume?, further pricing others out of the market.

People have lied to you, messed you about and you've had to fight of dozens of others just to get a normal three bed home

And somewhere along the line we've started to think this is all good. Bonkers

Fingers crossed for a hike in interest rates soon.

It does sound horrendous...unless you're trying to buy in London, then it sounds like good luck you were able to get something!

Enjoy your new home OP

Mission: Impossible

thecuntureshow I think the point that the OP is making is that even if it is a stressful and horribly expensive business, it CAN work out in the end. I don't imagine they are pleased about all the money, time and energy wasted. But there is little point in being bitter about it.

Enjoy your new home OP

Thanks DeadDingos and Hooliesmoolies, that was all I was trying to say. Trying to find a place in London is a bloody nightmare and expensive, and yes people dick you about - I just wanted to say thanks for the great support I've had on here and also to those still in the process, that hopefully despite a lot of obstacles others in the same position will get there in the end.

thecuntureshow did you mean to be so mean? I've had a shit time, as have many other people here, and I'm not solely responsible for the housing problem in London. Nice to sneer I guess if you're not in this pile of mire and this thread is not aimed at you in particular, I just wanted to say thanks to the people who have been really kind (and there are many of them) during a period of extreme stress and distress when we thought on multiple occasions we'd be homeless. Maybe you could consider before firing off vitriol?

No, I didn't OP. I merely meant to point out how ridiculous it is to describe your (and other London buyers') experience as a 'happy ending'. It isn't happy to lose money, to be messed around, to want prices to get higher to make up your lost money. If you are in a position to buy in London, the reality is you're probably very privileged but oh boy, I pity our children!

How many affordable homes are there where you live OP? There are zero homes affordable for families where I live. Zero, and I live in outer London m.england.shelter.org.uk/campaigns/building_more_affordable_homes/how_many_affordable_homes?

Why were you nearly homeless? You say you had a home you owned in SE27?

I've been homeless and I empathise with anyone who has been in a similar position. I don't wish living out of a bag, having no one to turn to, nowhere to sleep and not a penny to your name on anyone. It really is stressful and distressful.

OP thanks for coming back and sharing your story I didn't buy in London but went through a similar nightmare with our house move - very stressful but worth it in the end hey :)

You've got to be positive. Glad its worked out for the best op.9

Sorry, don't know why theres a stray '9' in there

I just don't understand why contracts are not made binding as they are in Scotland.

Things have come to a terrible pass when a happy ending to a search for a simple family home involves this much time and money (and multiplied by so many more times for all the other families involved along each of these three chains).

It's great you got the perfect place in the end, and your attitude is awesome, so I promise I'm not being mean! But I do think that the answer to this crisis is not individual patience and positivity. At a minimum, it surely makes sense to make landlording/having multiple homes/keeping a home empty less rather than MORE tax privileged than owning,improve planning and developing around London and also make long term renting more stable as a fair option for those who are stuck looking up at the property ladder in despair.

Thanks for sharing your experience lessons. It describes exactly why I'm averse to moving in London and am looking at educating dd privately as a consequence (which incidentally will cost less than moving. Yes that's right, 15 yrs of private education will cost significantly less then moving to a 3 bed terrace in one of the cheaper areas of London).

Agree with others, there should be binding contracts when offers are accepted, restrictions on 'investment' buyers and greater protection for tenants. I doubt Cameron & co have ever had to worry about mortgages or deposits though so it's hardly surprising they're disinterested.