Home Buyers Support Thread Part 3

[juneybean]

Part 2 here -> www.mumsnet.com/Talk/property/a1905904-Buyers-support-thread-part-2?msgid=48420379#48420379

Hope it's okay that I made the next thread :)

That sounds horrible, Gemma. Fingers crossed it will still work out...

Finally all systems go with my purchase and now looking at moving on the 30th of this month. Can't stop browsing furniture websites and thinking about painting floorboards. And so, so ready to be rid of the horrible neighbours. I started viewing houses in December so can't actually believe it's nearly happening!

MsFreud- I know the feeling! We started looking at houses last march! We've had one purchase fall through and we've pulled out of the sale on this house as we couldn't find anything. I am just itching to exchange so we have some real commitment.

Gemma that stinks. Hopefully something amazing will happen to make it all ok, otherwise I hope karma bites them on the bum.
Well we have now relocated and are in the only rental property which was available. Everyone hates it, which isn't the best start! I need a shower but it's all grimy and yuck - I cannot believe the state this house was left in...on the surface it looks ok but it's actually pretty grimy. Bleurgh. My beautiful washing machine is in storage and the one here is so mouldy.. Feeling pissed off and desperate to find a house to buy so we can leave sooner rather than later!

Thanks everyone for being so lovely!

Apparently the only way to save the chain is if we go into a holiday letting for two weeks.... with us being the only ones with young kids to get to school etc! The retired couple we are buying from and our buyer who has one grown up child couldn't possibly stay with family or rent for a few weeks

However, we are not prepared to lose the perfect house and to have gone through the last 7-8 months of shit for nothing just for the sake of 2 weeks...

So we have very reluctantly agreed to complete on our sale on 29th so our buyer doesn't lose her buyer at the start of the chain and to then stay in a holiday let until we can complete on the new house on 12 September. HOWEVER, we have only agreed to do this IF we all exchange contracts next Tuesay. Otherwise we have no time to sort out holiday let and storage. Plus we will need to put our dog in kennels for two weeks.

Going to costs us about £2500 in total with shortage, kennels, holiday rent etc but I suppose we would have to pay this in mortgage fees and solicitor fees if we have to find another property anyway....

This means our seller seller can still have Monday to read all the paperwork and still have three weeks to get funds drawn down.

Our solicitor is chasing up and down the chain to make sure everything is ready to exchange on Tuesday. Apparently there is one thing outstanding at the very top of our chain but she has stressed the urgency and they are trying to sort it today.

Clinging on by fingernails!!!! Will only come together if our sellers seller agrees to exchange as soon as he gets back from holiday!

Keep everything crossed for me

Gemma so glad you have a way to rescue the situation, albeit expensive and inconvenient. It sounds as if you know in the end it will be worth it and all forgotten no doubt once you have your dream home.

Didn't like to say before with things the wrong way for yourself but we exchanged late yesterday. The relief is huge! It's just starting to sink in. It was lots of agony and then suddenly all over, I hope the same for you soon :)

Lelivre, really pleased on your exchange! Great news and must be such a relief . Now you can relax and flick through furniture brochures

It helps to hear that exchange can happen - wouldn't wish my situation on anyone!

Oh god, Good luck Gemma, sounds a bloody nightmare!

Not much going on at my end, returned draft contract but still awaiting searches!

Good luck Gemma. Crossing fingers for you, you deserve some good karma!

Any news Gemma? Congratulations lelivre
We complete in 3 days time. Can't quite believe we're so close. We're FTB and been sleeping in our lounge for nearly two years - can't believe we'll actually have a bedroom of our own soon. And a compost bin. And a garage and somewhere to park the car. And a bathroom that an average sized person can turn around in!

Does anybody know how long the Land Registry take to process paperwork? Apparently the top of our chain bought their leasehold 30+ years ago, but it was never completed the change properly with them. The chain has ground to a halt while they process it, and it seems they work at their own speed. Anybody got any recent experience of dealing with them? How long does this take?

Oh and the dans top of the chasing use a solicitor whose gone on holiday for two weeks with no cover provided, so even if the Land Registry process the paperwork, we still can't exchange.

Arghh!

Hello all. Just seen this thread. House buying - argh! We are moving from Oxfordshire to Cumbria, have taken ages to find a buyer for our house, but now that we've got one, everyone in our (fairly short) chain is still waiting for their mortgage companies to actually issue their offers. Is anyone else having this trouble? Apparently some new mortgage regulations are slowing the whole process down atm or something? Anyway, am sending good house-buying vibes to you all...

Welcome Holmes. Yep - the MMR came into effect in April and some lenders are being more finerkety than others. We went via a broker (a good persistent one) and that sped things up to 2.5 weeks but others are looking at 6 weeks. Agents are starting to ask buyers to show them proof of funds before vendors take the property off the market - can see why as it's all a bit uncertain at the moment. Luckily we had an agreement in principle rushed through by our broker.

But take heart that everybody's in the same boat with this. Good luck!

Thank you! It's annoying because according to my solicitor everything else is coming along fine. You're right though - at least we are all in the same boat!

I have lurked on this thread for a while and was wondering how Gemma was getting on. Sounds awful for you - have you exchanged?

Yes holmes the new rules are slowing everything down. We got stuck because we lost our 1st house (after survey found major structural problems) and had to reapply from scratch when we found a second house. The mortgage was for exactly same amount (£130k) and we had the agreement till October, and it was £45k less than the upper limit they would lend us in March. They then dropped the upper limit to just £100k! So we had to scrabble around for some extra income/deposit or lose our 2nd house.

The problem seemed to be with underwriters, too. The first underwriter approved £130k for our agreement in pronciple but the second would only allow £100k at the final agreement stage. Seems a very unfair way of operating.

Anyway, we finally move on Thursday! It has been a long journey since March.

Lepaskilf and Holmes- where in Cumbria are you both relocating to? We have family up that way (admittedly ats a ma-hoo-sive county!

Also for those of you with nightmare stories of mortgages- we applied to Nationwide, without a broker, and got our mortgage approved 9 days later, including the survey/ valuation. This was in June, so after the new regs came in. Our buyers took far longer- over ten weeks. It's really frustrating though, as there are now delays in our chain and I'm nervous our offer will expire!

Oh what a pain, Lepaskilf! We are applying for much less mortgage than we should be able to get really, which is why it's so annoying that they are being so pernickety. We are lucky in that our vendor has had the house on the market for a long time, has had nobody else really interested and is moving locally, so doesn't have a deadline. I worry a bit about our buyer though - first timer with small deposit.

Hi ladies - good luck to everyone waiting on mortgages!

We are going to try and exchange tomorrow but even our solicitor isn't confident! Individual in middle of chain is now back from holiday and his solicitor is happy with responses to the enquiries but not clear if the vendors are (they asked for the additional enquiries on top of their solicitors as they were not happy with answers). It sounds to me that they don't have much confidence in their solicitor....

Our solicitor has assured us that they have been made aware that we must exchange early this week if we are to agree to go into a holiday let as otherwise we will have no time to find somewhere, pack and put our stuff into storage before people at bottom of chain lose their mortgage offer

I don't hold out hope for tomorrow - this is at least the third time we have tried to exchange - but am keeping everything crossed.

Hope everyone has a good week!

Gemma- I have fingers and toes crossed for you. It must must must work out.

Fingers crossed Gemma!

Ooh Lepaskilf - we're going pretty near there - just round the bay a bit, near Milnthorpe! Can't wait (except I have to - grrrr).

Hi all!
Crossing everything Gemma and hi there Holmes! We had to reapply for mortgage under new regs but woolwich were really quick so would recommend. We are completing a week tomorrow - seems really real now although headache with bank today as they are refusing to draw down funds in the bank hol Monday so having to do it on the Friday and pay interest until completion in the Tuesday - grr! I should have thought of that but hadn't realised that completition has to be by 1pm and banks won't do same day. As a FTB I have learnt a LOT! However I do wish the solicitor had mentioned something when we set the completion date. Oh well! Good luck to all exchanging this week