Finally sold our flat and nothing to buy

[Scattymum101]

After a year on the market we have finally sold our flat but the house we wanted to buy just hasn't happened. The vendors were happy with the price but wouldn't accept it formally until they had an offer accepted on something they wanted to buy. We had over a week of back and forth before it became apparent that they were expecting us to wait however long until they found a property whether that was weeks or
months. Tbh I really didn't trust them after all that not to then pull out even if they did find somewhere.

Our buyer is putting pressure on for us to commit to a date of exchange.

We've been to see everything else on the market and of the two potential houses we liked, one had such small bedrooms that we couldn't even fit a bed and bedside cabinets in the master let alone a wardrobe. The other one backs onto a main road and the garden is north facing although the house is actually great (hubby really doesn't want to buy it due to the main road).
We can't extend our search any further due to childcare so I think we're stuck with going for a middle house and moving again ??

Renting isn't really an option as we are planning to port our existing mortgage as its on a ridiculous interest rate and will save us hundreds of pounds a month but we can only do that for three months after we sell ours.

I feel completely trapped. Nothing is likely to come on the market at this time of year and we've been looking for 8 months for a property while trying to sell our flat. Looking for a detached house is so hard here as they so rarely come up.

I think I'm going to try canvassing. Has anyone done this before and how would you word things on the leaflet to let people know you're serious?

[Scattymum101]

We have three months to port after our sale completes. Hubby's a qualified IFA and works in mortgages so he's pretty good with all the technical bits. Shouldn't have any penalties as not on a fixed or tracker rate term any more.

[Scattymum101]

Letters are out. Everything crossed

[Scattymum101]

Have made a list of potential canvassing houses to attack from looking at rightmove. Wine has helped. Thanks so much everyone. Really hoping this is all worth it when we're in somewhere we love. X

[LittleBearPad]

Rent. We were in a similar position and got royally messed about by one buyer when we were in a chain. It all fell over when I was 8 months pregnant.

Post-birth we sold and rented. Much less stressful and we've now found and bought the right house for us. And our mortgage rate is two-thirds of the rate we would have ported.

[Dobbylugs]

If there is a house you like the look of put a note through the door. We found our new house this way and exchanged contracts this week.

I wrote the note by hand and it just said that I was looking for a family home in the area so if they are thinking of selling please contact me on XXX as I would be very interested and I am ready to move immediately.

You will get a variety of responses. Some people just want to know what you think the house is worth, others will sell 'for the right price' and some just want to wish you luck. Then you get a few people who were thinking of selling soon anyway and you end up buying one of those.

For what it is worth we were the top of a chain of 4 houses in February. We found 2 houses to buy and complete the chain but both times the sellers pulled out just prior to exchange. In desperation we put notes through doors and we found ourselves a lovely house before it came to market and for the right price. The same chain stayed with us all year so if the buyers like your house they will wait for it.

Good luck

[Madbengalmum]

I know what you mean but you can get a general idea fromthe state of the property outside and rightmove sold prices will give you the approx size number of beds etc if you put in the road name etc.

However, whatever comes of it you have had a go, and given it your best shot.

[Scattymum101]

Thanks mad. Think I'm going to make up a letter tomorrow and get a few out tomorrow night and over weekend.
It's hard to know exactly what state houses are in on inside and layout so I'm not sure exactly which houses to leaflet drop but I've got a fair idea. X

[Madbengalmum]

Scatty, definately leaflet drop the areas you like.
I did today for my mum, we put out only 12 leaflets and have had two calls.
Its definately worth a try, there are people thinknig now to move in the spring so you might just catch someone!
Put a note apologising for any inconvenience, explaining how you love x road etc and if they are thinking of moving to contact you etc. Thank them again for their time and sign off with your name and phone number.

Good luck!

[Scattymum101]

That's a thought. There aren't really any close enough to us though to manage the commute. Good idea though x

[united4ever]

Could you stay at a cheap caravan park for a few weeks in addition to a few weeks with the parents?

[Scattymum101]

They won't even accept the offer officially until they have found a property bear so there would be nothing official and we could be sitting about for weeks waiting on them and they may not even find something.
Also you can pull out of a sale right up until the conclusion of missives here which is fairly far down the process.
X

[Bearbehind]

Are you in Scotland OP? I noticed you using the word 'missives'.

If so I'm a bit confused about the house you originally wanted to buy- you can't back out of a sale in Scotland at the last minute in the same way as you can in England and Wales so you don't need to get the sale as far down the line before its assured.

Is there no chance of this happening?

[Bearbehind]

Are you in Scotland OP? I noticed you using the word 'missives'.

If so I'm a bit confused about the house you originally wanted to buy- you can't back out of a sale in Scotland at the last minute in the same way as you can in England and Wales so you don't need to get the sale as far down the line before its assured.

Is there no chance of this happening?

[HeadDreamer]

scattymum many of us have been through this. I just completed and moved last month. It was hell. Tbh, there are still a lot of waiting after the mortgage valuation from my buyer's bank. It really depends on who it was how fast they can go. (Mine was HSBC and it was ready in just over a week).

We had a lot of problems with properties further up the chain. However since there are so few properties to buy (what mrlock says), us and our buyer were willing to wait it out. It all depends on how desirable your area is. We are in a very popular area. Our estate agent said they've not had a property on for more than 3 weeks! Therefore we were very certain we won't lose our buyer. It's the same thing for us when we finally got our offer accepted on the house we are in now.

Good luck and all the best. It's very very stressful this buying and selling thing.

[Scattymum101]

Thank you.
It is so hard to find somewhere. We're trying to look with an open mind at properties where it fits our needs and our wants could be incorporated if that makes sense. Like I'd consider a three bed if we had scope to convert a garage or put a conservatory on. I'd consider an unusual layout if we could knock a wall in somewhere to give it better flow.

We're registered with all the estate agents who I think now hate us lol. Check rightmove once an hour plus all the local estate agent websites at least three times a day as sometimes they don't phone!!! Hubby also phones each one weekly to see if they have anything in the pipeline.

I heard a rumour someone in my mums street was thinking of selling so going to leaflet their house tonight lol. Can't hurt.

[mrlock69]

Hi
I am an estate agent and have been for 25 years, your plight is quite common right now due to the real lack of property for sale.
It is your estate agents job to protect you from being pressured, they should be telling your buyer that they can buy your flat; on the proviso they are prepared to wait for however long it takes for you to find the right property for you and your family.
You are sale agreed, so as soon as the right property comes to the market you are ready to proceed, so it puts you in a strong position. If your buyer pulls out due to finding elsewhere as they aren't prepared to wait...then your agent must find you another buyer.
Don't buy a property that does not suit your NEEDS, but also remember that the 'perfect property' is a very rare thing. Make a list of your needs (not your wants), place yourself with all estate agents in the area and check Rightmove / Zoopla EVERY evening. Keep in touch with local agents, make sure you are the 1st person they call when they list a property that would suit your needs. Good luck

[Scattymum101]

That sounds hellish!!

Our buyer is just waiting for the transcript of our valuation so they can get their mortgage offer out and then we'll be in a position to conclude missives so we're fairly far down the line but I know it's not ironclad til we conclude missives.

[hereandtherex]

I'm trying not to be rude but I would help everyone if people where a bit more clear + exact about there position.

I've been through the whole house buying process where, after being assured a buyer had 'sold' their house, I found out that they were still in a chain and their 'sold' was nothing more than a vague, verbal agreement to buy there house from someone in a pub.

I could have swung for them and their stupid solicitor.

[Scattymum101]

Erm thanks for that!

[hereandtherex]

And the transaction costs of moving house are very high.

These days, banks seem to earn their money form money by rolling up all their profit into a chunky fee, paid at the start of mortgage.

[hereandtherex]

You've not sold. Sold is when you have the money in your account.

You are stuck in a chain.

Getting chains to complete is harder and harder these days.

[Bearbehind]

If pulling out of this sale isn't a option you are going to have to rent (potentially somewhere you don't like) or move in with your parents for a while.

It's a really, really bad idea to buy a house you don't like just for the sake of finding somewhere to port your mortgage.

Stamp duty and moving costs alone will very likely more than wipe out any savings in your monthly mortgage costs if you don't stay in a new place for long.

If you have a plan B for when your sale completes it eill take the pressure off finding a house as you'll know you have somewhere to live in the short term.

It sounds to me like you're heaping all this pressure on yourself just to be able to port your mortgage which is madness.

[HeadDreamer]

I think you have to rent. There's no way your buyer will wait given it took your a year to sell. It seems madness you go and buy something you don't want. What's your rate? I just got 0.99% so unless it's something even less than that.

[Scattymum101]

Thank you. Going back to do second viewings of a few houses we had discounted but going back with reviewed expectations and an open mind about renovations and knocking down walls lol.