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 :)

Fantastic. It's such a relief when it finally happens.

Congats cheapandcheerful. Enjoy your new home!!

Morning all. Hope you don't mind me joining. Currently in the process of buying/selling

I have a shared ownership flat in london which we are selling and got an offer accepted on a property In Essex. Housing association a pain in the ass and things have only got moving as I have been literally on at them every day.

Situation as it is

1. Offer accepted on new property, solicitors lined up, mortgage in principle in place.

1. Offer in on our flat, the buyers have passed the financial assessment thing and just have to be offered the property formally from the housing association (will chase HA up on Monday) the buyers were told they could expect 4 weeks ish for completion.

What do I do now!? Shall I get a mortgage in place now, start talking dates??

What is completion and exchange?

Thank you.. Very stressful

Huge congrats to you cheapandcheerful. Hope the next bit goess mootly too...
mapleleaves, octopod and mommathatwearspink - your situations sound so stressful :( I really hope things improve and you find places/chains stay strong etc.
The person we thought had accepted our offer apparently hadn't and has gone with someone else - lower offer but no chain. So the search continues. We found a place we liked on Friday, made an offer which they said was too low but we really can't afford more so it's a battle of nerve now - unless someone else comes along and offers more I guess.
Fingers crossed. This is the third house we've offered on in 3 weeks - desperate?!

Horrah to all that have exchanged!

Laracroft

exchange = exchange of contracts that have both been signed by the seller and purchaser and at this point it means that the sale will go through! No pulling out from either party etc. Sometimes a deposit of 10% of the properties value is paid and held by the solicitors until completion.

completion = funds transfered from mortgage company or banks to other mortgage company or banks to officially buy the house keys handed over and then you officially move in!

A solicitor will sort everything out that is involved in the process of exchanging and completing you just instruct them and sign documents and they orchestrate everything else.

Thanks gold velvet.
So after a lot of pushing from my end,our flat has sold and our buyers are aiming for 4 weeks completion. This is all dates we worked to based on what our seller was pushing for.

Only to be told today that our sellers house that they were buying has been sold to someone else so don't know when they can complete/exchange etc.

Seriously!! This house was advertised as 'chain free' and the vendor told me during viewing they were ready to go whenever.

Can I force them to move out and rent (I know I can't really do that). Their house has been on the market since July fgs

Rant over

You can put a condition on your purchase, for example you will only buy if you complete by xx date (maybe 6 weeks) But they don't have to go for it. But may feel pressured to by their estate agent, as to not lose their buyer (you).

If they went for this you would need to get something in writing from your solicitor and signed by them. With penalties put into place for every week the sale goes over the agreed date.

(make sure you have your mortgage offer in place as it can take up to 4-6 weeks in some cases!!)

But as you are not a cash buyer I think it's hard to impose a set date on them as your purchase relies on you selling your flat, which may fall through in 3 weeks because your buyers may pull out. Or other glitches and hitches that hold things up.

Unfortunately estate agents lie. A lot. So we just talked directly to our buyers through our solicitor as it avoids all the angst of trying to guess what the other person is up to.

can I join in.....we completed and moved out last week and don't complete on purchase until next week, so I'm holed up at a mates house with my youngest DC; DP and eldest DC are in different places, cats in two different locations and furniture in storage.

The upside is no cooking and cleaning and a massive bank balance from my sale.

Having said all this, 9 months have passed since I put house on market and its been pretty fraught.

Thanks gold velvet -very informative.

I shall wait a week or so more and see where the land lies!

Can I join in as well. We are at valuation survey and inital stage at solicitors. There is no chain so hoping to complete in 6-7 weeks. Is it realistic?

I am on rented property and thinking of giving notice to landlord by end of this month with moving date as last day of April. I hope all gets done by then else will have nowhere to go!

I'd like to join in, although we've not actually got very far but am feeling stressed already!

Our property has been on the market for 2 weeks but only had 2 viewings so am feeling quite disappointed. All 3 EAs who did the valuations said it would sell really quickly, obviously took that with a pinch of salt but maybe I'm being too impatient

The properties we're looking at all seem to go to open house on a Saturday then offers in on the Monday and sell way over the guide so it's a bit of a nightmare as it's so competitive and we're not ideal buyers until we get an offer on ours.

Can I join in too? I have purchasers in place and found somewhere to buy with (so they say) no chain. My buyers are renting so it should be quite quick??

This is the first time I have done all this on my own so I am feeling a little daunted.

mum2015 I would not give notice until you have exchanged with a set moving date in place or you could find yourself homeless if things stall and your landlord wants you out. Unfortunately you will have a cross over of rent and mortgage payments. But if anything needs doing in the new house at least you can get it done whilst its's still empty . Silver linings and all.

devilinme sounds manic but all the upheaval will be worth it when you get the keys next week. Enjoy your week off cooking with the finish line in sight!

bananamonkey The market where I live seems really slow things seem to be hanging around for months. We were lucky as ours sold in a week but it's an unusual period property in a sort after village so I think we were lucky. And our current property is middle of the market 3 bed semi so lots of buyers. I think 1 beds and 4+ beds seem to hang around for ages here as less buyers looking for these properties. Don't be despondent as things seem to pick up around Easter.

socy sounds like you have the ideal situation, fx for a quick sale.

Decided to ditch my original solictors, recommended by the Estate Agents I'm buying through and found a new one - here I actually get to talk to the solicitor, not the secretary and he understands what a mesher order* is, instead of saying that's nothing to do with me it's family law!

So not all solicitors are the same - I have even received the paperwork through today, which is perfect as I can peruse over the weekend and return on Monday.

Lepaskilf - my mortgage in principal expired after a couple of months, but if you've had it once provided work etc is the same it shouldn't be hard to get the real thing this time

*allows one party to continue living in house after divorce and divides proceeds on sale (in our case it's not 50/50).

Hi can I join in? Only just spotted this!
We have sold to FTBs in rented and are buying an empty (since the autumn) house. Draft contracts arrived at my solicitor on Friday, surveys are both fine, searches fine, mortgages in place.
Id like to complete in 2 weeks due to work commitments but no idea if this is practical!

Heyoo may I join in too? We're first tine buyers, deposit saved, and first baby due in august! The bank has given us a mortgage pre application approval letter. We dont earn alot so can only get a mortgage of upto 101,00, all we need now is a offer accepted. Thankfully we live in the NE is this is more than doable. We've seen five houses and another two on monday, four of the five needed alot of work doing to them and currently the moneys not in the pot. However we both fell (whoops) for house 3, the owners were lovely and they'd lived there since the 1950s! The house has a new kitchen with a new lovely double cooker, belfast sink (ive wanted one of these since being small) , pantry and wetroom, conservatory, garage, two good sized bedrooms and one single bedroom. The lofts boarded too so if we wanted to extented upwards we can do. The house is in a quiet cul-de-sac, surrounding which is newbuilds. The two nearest schools have outstanding offstead reports so were quite excited! The only downside? It is in a less than desirable area, but its in walking distance to shops, doctors, playparks, softplay, gym and my work! We're putting a lower offer in on monday (95 the owners are asking 100 had a look at what the previous houses on that street in the same condition sold and its between 90-95) but were both willing to give the full asking price tips on what happens next? :)

Good luck to all those waiting for mortgages/exchange etc.

The end is nearly in sight for us. We will be completing on Thursday and I am lying here awake at 3am going over in my head all the things that need to be done before then!

And reminiscing about our past five years in this flat. When we moved in I was pg with dd1 and we have doubled in number since then. So many memories...

Hurray, I can finally join this thread again as a purchaser! We agreed a price on a great house at the weekend, everyone is very very excited by it. Didn't think we'd find something to match up to the house we lost in December, but this one's even better.
Now just have to wait for the vendor to find something to move into, although she's agreed to move in with family if she can't find anything quickly. Want to get on with it and get in!

goldvelvet,

thanks. Yes we thinking whether to wait till exchange or give notice. The new place doesnt need any work immediately except replacing hob and extractor hood in kitchen. we will see how things proceed for another 2-3 weeks.

Yay, congratulations Lizzie . Still watching this thread occasionally, can't believe its 8 weeks on Friday since we finally moved! Still unpacking .

Oh the drama....

Put offer in place,accepted, vendor told us ready to move ASAP, all ready, everything in place etc
Sell flat quickly, mortgage in place, solicitors sorted etc, ready to go quickly as requested by vendor

Vendor turns round and says the house they are buying had fallen through... Really??!

Not sure what to do now. Don't want to lose on our flat sale ...

We are getting fed up- our buyer appears to be struggling with her mortgage a bit. Still haven't had her valuation done and we accepted her offer 5 weeks ago!!!!! Grrrrr

Hello everyone. I've spent the last few hours reading through the thread - lots of drama going on! Kind of makes you realise you can't bet on anything until you get your keys in your hand. to all those going through it atm. lara I hope your vendors find somewhere fast and you don't lose your buyers.
We are in a pretty small chain. Just our buyers (First timer), us, and our vendors. The bloke there is just moving in with his girlfriend so it should be simple. Let's hope so anyway. All mortgage surveys are done, mortgages in place, our solicitor has sent draft paperwork to our buyers, but we haven't had anything from our vendors yet. It feels like the selling is moving so much quicker than the buying, although my solicitor assures me it's both going along fine. Fingers crossed it goes smoothly and I'm worrying over nothing.