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 :)

Ooh ooh Santander have ok'd the building work. Our solicitor is just waiting to speak to vendor's solicitor then we can exchange. Come on!

Great news MysticFalls

Think we have pissed off our EA... we are so fed up as he is rubbish returning calls (he never calls with updates we always have to chase him). Our buyers now contact us directly for updates even though they also bought and sold with same agent! We mentioned this to our solicitor today and explained that his wait and see approach to everything is not helping when our chain is so long. Our solicitor then called EA and said we had lost confidence in him.... just had a lady call to say she is picking up our case now as she is more experienced!!

In just 1 hour she has found out that all but search is back from up the chain so they are chasing it up and hoping to exchange early next week.

Well just looked on line Royal Mail and the laweyers have received out deeds

The next thing is setting a compilation date which is already done so hopefully were on track for the 15th

My EA is insisting I engage a sol for them to write to now I've accepted an offer. I haven't found anywhere yet and do not wish to incur any costs so don't want to. Do I have to???

I feel very pressured. Loads of friends telling me I'll have to rent, have to compromise...I put the house on the market hesitantly because although I wish to move there is not a lot on the market that I'd move to. Having viewed the small number of possibles I have ruled them out on good grounds. I'd rather stay put than move to a house I hate. I don't want to rent either.

I never envisaged being 'sold' as a problem!!!

Well yes if you accepted a offer then the buyers will want to move forward they may have their own pressures

Really you should of found somewhere to move before accepting any offers personally because we have children we are on a very very tight time lime and need to get the kid settled before school starts back

I have told my EA to tell the buyer I have nowhere, so their offer is accepted on that basis. I'm really happy if they pull out. Equally if they want to wait that will be their decision.

I did tell agent I had nowhere in mind when I considered going on the market and was worried about finding somewhere. I didn't envisage selling in days and the hope was other properties would come on the market whilst I waited for a buyer.

I don't think I've ever been in a situation like this. Normally I'm hoping something won't sell before I do.

So would the correct thing be to reject the offer? It's asking price. That's effectively taking it off the market until I've found somewhere.

We said we accepted the asking price subject to our finding something; about 3/4 weeks later we did.

Make sure they know you are actively looking. If they love your home they will give you some time.

Thank you LeLivre. That gives me hope. I am actively looking. The agent who has just shown me around another depressing option has agreed that there is very very little on the market in the area I'm looking at. Good ones are selling almost immediately. I guess at least I'm in a position to offer when one comes on.

We just exchanged!!
The little place, asbestos and all, is ours!

frontforward As long as they know the situation. We offered and were accepted - and then told that the house they'd offered on had since been sold to someone else so had to wait while they found somewhere new. Someone has to go first I think. As long as people are kept in the loop it's ok.

Congratulations mystic !!!!

Congratulations mystic!!!!!

Frontforward memorandums of sale were only issued by the EA to the respective solicitors once we found somewhere. Do not be pushed on this.

Do email everyone via rightmove or zoopla a dvising you are proceedable and your requirements.

What position is your purchaser? Are they in a chain? Do they have cash or a formal mortgage offer? Find out to strengthen your own position when offering. Get in very quick when you have an email come through regarding a property you like the look of. You want to be on EA hotlists so you may see a property before it hits rightmove or zoopla. All the best!

Great advice thank you

Congratulations mystic!!! Must be such a relief

There is a small chance we might exchange on Wednesday....

Spoke to our EA and solicitor again yesterday and they are a bit concerned that the investment buyer at the beginning of our chain offer expires on 21 August and our already extended mortgage offer expired on the 22nd.

We have a crazy long chain (8 or 9!) and we are pushing to get exchange for all sorted in time. However there is a search still pending for the new property in the middle of the chain and a few solicitor bits that will take a little while to sort

Looks like we are running out of time

So EA is speaking middle link to see if they found rent/stay with family for the sake of just a couple of weeks.

I'm not sure they will - when they pulled out of the first house they were buying (which was fair enough due to structural problems) their EA told us that they would rent so advised us to hold fire - turned our to be not true though.

We managed to get one last extension on our mortgage but natwest made it clear no more extensions - we would have to apply all over again (plus pay the fees again) and even if we did get a new offer under the new mmr rules it would take another 6 weeks at least to get the new offer.

Would be too late then for school admissions too (which is the whole point of moving!) so if we can't exchange next week we will have to pull out

Gemma have you thought about going to a mortgage broker? They can get things moving a lot quicker than if you do it on your own. I think ours took just over 2 weeks. Also they might advise on a fee-free mortgage. At this stage even worth getting one for now just to get the house bought and then switch later?

Yep - we'd go to a broker if necessary but if we don't complete by our deadline anyway our buyer loses her buyer so we would be back to square one .

Been so stressful for the past 7 months - if we miss the 21st we then would have to wait for our buyer to find another buyer and we would miss the school application deadline.

Just want our lives back again...

Very envious of everyone who has managed to exchange - have a glass of bubbly for me

Thank you. It sounds like such a tricky situation. Can you sell and rent or is that too horrible a suggestion?

Thanks ladies.

The school catchment areas here are very tricky due to such high demand. Our application has to be in end of September.

Really considered selling and going into rented but the school admissions team explained that as our current address is in the same city they would only accept a rented address if we had a 1 year lease - doubt our sellers would wait a year Plus we have a dog which makes it tricky.

Just have to hang on in there and hope something goes our way soon.... and keep drinking lots of wine