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Home Buyers' Support Thread, Part 4

999 replies

BeaufortBelle · 21/04/2015 20:45

Here we go.

Good luck everybody x

www.mumsnet.com/Talk/property/2139089-Home-Buyers-Support-Thread-Part-3?pg=40

OP posts:
alabasterangel · 28/04/2015 12:30

I'm interested as to what actually happens on a survey. I know there are different types; as our purchase is relatively new, the lender advised the most basic (which was indoors and out, not just a driveby) but our buyer is having a more thorough one. What sort of things will they be looking for (I assume damp, and obvious things like windows in good repair and pointing good) but what other things are they looking for? How much do I have to prepare? Should I move anything out of the way for example?

alabasterangel · 28/04/2015 12:32

iuse thats no fun. Haven't you got family nearby? Aren't there any lettings agents who could do a very short term let? How long will it be for?

Spickle · 28/04/2015 14:03

Regarding conveyancing solicitors, the main thing I see in these threads is the completely unrealistic expectations of buyers and sellers as to when they want to exchange and complete. There are lots of groups involved in the transaction and all need to be in agreement regarding dates. The conveyancing solicitor is working for their client in the legal aspects of buying and selling and is not going to agree dates when there are still outstanding matters, regardless of how much the client shouts, screams and demands that this and that are done today and, if not done, threatens to pull out or refuses to pay our fees.

I am a conveyancing assistant and I'm sitting in the office today where the fee earner is going crazy because a transaction is due to be completed on Thursday and there is a problem because the client has paid the deposit with a bankers draft. This has caused a problem because although generally speaking a bankers draft won't bounce, the fact is that the client can stop the payment while it is clearing means that we can't complete until funds are cleared which takes around 6 working days. The client was informed that they needed to TT the deposit money but apparently thought they knew better and the client has been on the phone all morning shouting and screaming. This was not our fault but yet we are expected to put it right. Client has now cancelled the bankers draft and will be transferring funds but will no doubt make a complaint once the transaction is completed, which will mean yet more time wasted in reviewing the case.

Ever since I have worked in this field, I have been aghast at the way clients think they can ring hourly, daily and demand that this and that are done as though they call the shots. I constantly see on these threads statements like "after all we are paying for their service" and yet actually when you compare the fees to how much Estate Agents charge, it is a bargain. A house is expensive and to try and cut corners on conveyancing or rushing things through just is madness. I do understand how frustrating it is when you are waiting on a document to be forwarded and while a lot can be emailed, some cannot, and your solicitor has no priority over how long it takes other parties to provide various documents, and/or the method by which it is sent.

The above is just one example of things going wrong. There are so many other areas where it is not clear cut, but yet clients seem to think by hassling the solicitor every day will result in things being done quicker, but all it does is raise the risk of a serious mistake being made.

Sorry for getting on my high horse but if you saw it from this side, you would understand how important it is to get it right.

TremoloGreen · 28/04/2015 14:04

Alabster - the three types I think are a) a simple valuation, b) a homebuyers report, which is a proper survey but done to a standard ~7 page format and c) a full structural survey. For either b or c, the surveyor will be looking at the integrity of the roof (missing tiles, rotted fascias etc), the windows (any double glazing failed, or window frames rotted), plumbing, electrics (mostly looking at the age of sockets, fuse box etc), any issues like damp, mould and the structural integrity of the building - any beams sagging, cracks in walls, any evidence of underpinning etc. He will also comment on the general state of the fixed furnishings, any repairs needed and offer advice to the buyer if they need to ask for any further documentation (like if you had an extension or cavity wall insulation and they need to see building regs/guarantees).

I don't think you need to move anything, they will be there about an hour or two. If there are any bits they can't access, they will just write that in the report. It is up to the buyer to arrange access to the roof etc in advance if they have any concerns.

Surveys can be nerve wracking because they do cover every little thing. however, this is mostly just to cover the surveyors back and it is usually only if major work is needed, like treating damp or replacing roof joists that people get worried about it.

alabasterangel · 28/04/2015 15:33

Thank you tremolo - I think it's the middle option they have gone for! I don't think it's a full structural survey. Should be done by this time next week I hope!

BeaufortBelle · 28/04/2015 19:12

I get you spickle. We met with our sols, have provided everything they have asked for. We are going this week to receive reports on title, etc and to sign on the dotted line. I hope we will exchange very quickly thereafter. Fingers and toes crossed.

To be fair our solicitor is getting less than half our selling agent's fee but I think our agent's job has been more intensive. Hour for valuation, hour to show to colleagues, marketing, seven acompanied viewings, three accompanied surveys, three times as many calls/inquiries as from the solicitor, chain to keep warm, my ire when purchasers tried it on.

I thi k our solicitor is brilliant but they haven't had to put in as mu h effort as the agent. The agents fall in my opinion on their lack of due diligence into the who, how why of the purchaser and the bit of licence they have over the truth.

For us this particular deal has been the most hair raising. Only because we are buying our intended house with our hearts. If it were with our heads our purchasers would been told to do something beginning and ending in f

OP posts:
BigPawsBrown · 28/04/2015 20:18

I just meant the sort of comments like, ever noticed how solicitors lose documents. Like we are one breed Sad. I'm still at work and work too hard tbh. Sorry, I am just feeling prickly because it's such a hard job at times.

BeaufortBelle · 28/04/2015 20:28

How's your purchase going bigbrownpaes? Flat? House? Have you had your mortgage valuation done yet?

OP posts:
Spickle · 28/04/2015 20:30

To be fair BeaufortBelle, most buyers/sellers would have more contact with the EA than with the solicitor. When I bought and sold two years ago, my selling agent was useless, in contrast the agent I was buying from was pro-active and kept everyone informed up and down the chain. However, in terms of hours spent on each client, it can't be compared with the work and hours involved in gathering all the paperwork and reading through complex legal documents (e.g. leases/conveyances/title deeds/restrictive covenants/management packs/searches/mortgage offers etc) in order to raise enquiries with interested parties. The solicitor has to liaise with the other side's solicitor, mortgage company, councils, managing agents, freeholders, resident's associations, Land Registry, as well as their client to obtain correct documentation. Every day, completions take priority then exchanges and then everything else relating to an ongoing sale/purchase. In between that post-completion duties such as registering the new owner at the Land Registry or sending out deeds, or putting the file in storage or looking at retentions has to be fitted around it. Coupled with clients and EAs constantly phoning/emailing for updates, wanting to moan about how long everything is taking or querying everything, it's a wonder anything actually reaches completion at all. My team (fee earner/assistant/typist) have in excess of 200 ongoing cases (not including post-completion clients) and it is a thankless task to answer every call/email (interrupting the work), which involves retrieving the file only to find nothing further to report. Get more staff maybe, but that would mean putting up the prices and naturally, they are trying to remain competitive in order to get the work in the first place.

BigPawsBrown · 28/04/2015 20:30

It's ok! Bank have booked their valuer for next Wednesday. I will then instruct my own surveyor. I can't do my own legals as I'm not bank panel appointed but I have made friends with another lawyer on the other side of a transaction who does residential work and he will do it super cheap Smile

BigPawsBrown · 28/04/2015 20:31

Oh and it's a house, I already live in it and am buying from my landlord Smile

IUseAnyName · 28/04/2015 20:49

albas our survey was a homebuyers, they had three points... 1 good, 2 needs looking at, 3 needs immediate work. We had three 3s which were that the fire alarm wasn't connected to the mains, and that the boiler hadn't been serviced and a crack nr a window.
2 was outdated kitchen cupboards!

I have decided to drive to my family, who live 3 hours away! Will stay here until completion, which will hopefully happen this thurs, but judging by how the whole process has gone so far I'm not holding my breath! Atleast the solicitor now has all the paperwork to proceed (the mortgage offer finally arrived!)

IUseAnyName · 28/04/2015 20:57

Sounds ideal bigpaws :).... I bet you're dying to get your hands on decorating seeing as you're already in it! I don't know if I'd be able to stop myself until completion!

BigPawsBrown · 28/04/2015 21:18

I could decorate now - LL wouldn't mind, but I'm a lawyer and want to check nothing untoward comes up on the searches that would stop me buying it! Also all finances are directed towards deposit at the moment - but after that it will be painting and cat flaps SmileGrin

redmapleleaves · 28/04/2015 21:25

I've exchanged! And complete on Friday. So relieved, in fact so shattered I am going to bed. There have been incredibly dark days in this process, not least when the surveyor told me that the house I had set my heart on had no planning permission for the extension built over the garage, and so I decided to start again with new purchase. So relieved to be this far.

BeaufortBelle · 28/04/2015 22:16

Sp ickle - I was trying to stick up for you ! I think it depends though. Our sale is pretty straightforward - nothing too complex to come to grips with and our solicitor dealt with the purchase of it for us. Our purchase will be a tiny bit more complicated.

Redmapleleaves Congratulations. Gosh you've a lot to get organised now.

I quite fancy a little google of our purchase but fear I might jinx it.

OP posts:
MagersfonteinLugg · 28/04/2015 22:31

We decided to go with the most expensive EA out of four we had for valuations. We chose them because we thought by paying more we would get a better service for £3,500Hmm

Spickle · 28/04/2015 23:08

Apologies BeaufortBelle Flowers. I appreciate you were actually sticking up for the likes of me! I get fed up reading well-meaning advice on here that encourages people to constantly badger their solicitor by calling/emailing so often that the solicitor has "got" to prioritise them in front of more important completions. So many firms (mine included) offer a fixed fee deal that clients think nothing of wasting their time by constantly demanding attention. I'm pretty sure if the client were to be charged every time the solicitor spoke or wrote to them, the quantity of contact would reduce dramatically and the solicitor could spend more time actually getting on with the job in hand.

Anyway, good luck with your sale and purchase - hope it all goes through smoothly.

BeaufortBelle · 29/04/2015 08:21

That's a very good point that completions take priority over exchanges - I hadn't factored that it. We were hoping we might exchange this Friday but when we see our solicitor I'll raise whether she has anything more pressing for Friday and if so it can wait until Tuesday. We have agreed to bring completion forward by one day already so it itsn't on a Friday and there is time to iron out any problems with money coming up the chain before the weekend.

OP posts:
IUseAnyName · 29/04/2015 08:52

Sensible bigpaws hope all goes well with survey!

Congrats redmaple I can't wait to know what it feels like to exchange :)

bananamonkey · 29/04/2015 10:54

Can I have a rant about the lack of serious buyers? Argh!

We previously had an offer that was £20K below asking price, we turned it down hoping to meet somewhere in the middle, he said he wasn't willing to pay anymore but wanted to know what happened with another person viewing the same day. Fair enough but then an hour later called the EA again to say he was angry and now withdrawing his offer altogether because we hadn't accepted Hmm

Had a second viewing last week, guy really keen and had 100s of questions we've been answering this week before he would make an offer. Now today he's decided he wants to spend his deposit money on something else rather than buying property.

Another viewing Friday, feedback was that they really like it but the lack of outside space puts them off - it's a city centre flat with no garden - they know this before they come round! And they're the 3rd person to say this! The only other negative feedback we've had is that it's on the ground floor, not much we can do about that.

The estate agent contract runs out in 3 weeks and I don't know what to do, they seem OK but I don't know if someone else would be better? We're constantly getting notes through the door from other EAs wanting to market the flat.

TremoloGreen · 29/04/2015 14:22

banana monkey, that soubds v frustrating! Are you sure you're on at the right price though? If you are, maybe another EA would be good... sounds that your current one is just bringing around a lot of people who aren't really interested in that type of property. You know what EAs are like when you're buying, ringing and asking you to look at things in completely the wrong area or wrong spec!

I'm afraid our problem has been a lack of serious sellers, but that's a whole other story Angry

mrstiggy · 29/04/2015 15:37

Well I have no idea what is going on with my sale/purchase atm. We had been told it was the ground rent that was holding us up (on both sale and purchase side) but we rang our ground rent company today and the lovely lady said she had sent all paperwork needed at the beginning of the month! Everyone is keen to complete so I can't see it being purposely held up on either side of us, so I don't have a clue as to why we arnt nearer exchange now. More sitting around waiting and hoping to do now. I'm getting antsy as I really want to pack but darent even begin until exchange. Does anyone make a start before? I can't think of anything more disheartening than unpacking again if it falls through, but only having a week to pack up a house sounds impossible!

CrystalSkull · 29/04/2015 15:39

Congratulations to those who have exchanged. We are still waiting (had hoped to exchange early this week) and it's incredibly frustrating. I feel drained. We're cash buyers but have chosen to put a private loan in place (long and boring story). I've just had to explain to the EA why this is not the same as a commercial mortgage and we are not lying about having the cash. Hmm

CrystalSkull · 29/04/2015 15:40

Posted too soon! I hope all of us waiting for exchange get some progress soon.

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