Buyer's support thread #5

[scribblegirl]

Sorry for breaking the last one

and for all....

Hey, haven't posted for a while but I've been lurking.

Sympathies to all those worrying and wobbling. We're in a similar situation in that our very straight forward mortgage turned into a nightmare when we discovered that an ex had defaulted on an account with one of our names still on it!
We've now had to go to a company who specialise in mortgages for people with poor credit which is costing us an arm and a leg and although we've got the AIP we're still waiting for the offer and if it doesn't come through for some reason we're absolutely screwed

Also our vendor has decided that they now don't want to move until mid August... Our baby is due end of August so I'm now worrying that I could go into labour when we should be moving

Trying not to panic but it's getting very difficult not to

Heyhey

I was just thinking that this thread seems to go in phases - right now lots of people are in wibbly phases!

Potatos

Argh! That's rough! and .

Could you make an application just in the name of the partner whose credit rating isn't being pulled down by the ex defaulting? Our mortgage broker briefly suggested making an initial mortgage application in one name and then adding on in a couple of years. It wasn't the most comfortable idea but it was a possibility.

Theremustbeacatch we thought about that but we wouldn't be able to get a big enough mortgage without both of our names.
Hopefully this mortgage will come through and we can remortgage in a couple of years and get a better rate. I just hate waiting, we love the house we're buying and where we're living now is no where near big enough for our needs. We wouldn't want to rent and there's nothing we could buy under just one name that would be an improvement on what we have now so if it doesn't come through we're a bit stuck.

Oh potatos that's really rough. So frustrating that it's not your fault. Also getting close to your due date! But hopefully you'll be able to fully take advantage of the 36-40 week nesting phase to get the packing done! (looking on bright side?)

I reckon I could live without an oven for a while temp but not without a hob. Do you have a gas BBQ? At least it's summer! I reckon a cheap cooker to tide you over too.

cankles - That sounds scary, but having 3 months in the bank is more than most people who have just bought a house, it might be a risk worth taking? Could you get overdrafts or loans if it took a bit longer for the work to come back through?

So we're now in a bit of a scary situation. Still no mortgage offer, but our landlord has let our current house from the 16th July - we were liable for any void period (we're breaking a long contract) so we were keen to get it let so it's sort of our fault but it gives us only 7 weeks to complete and our mortgage offer isn't in yet. Searches are out and we've signed the contract and stuff, so crossing fingers. We can put stuff in storage and squat with family if we need to, but I wish we were further along. Eeep.

We've been asked for funds for the search fees which is progress! Only took two weeks.

Also waiting for DP's SA302 from HMRC too. Even though the survey was meant to be happening, the mortgage company aren't rushing to arrange it and I suspect that's because they want the sa302.

titsdown I guess you're right about three months being more than most people have. The issue we have is that DH works in the financial sector - he has to pass "fit and proper" person checks all the time and debt can show up on those and be a cause for concern (potential bribery risk). We could wing it on credit cards for another few months but then we'd be sunk - and possibly with no way out if DH can't work due to failing the FAPP tests.

DH has just had an email about a contract so maybe the referendum is pausing stuff, rather than it drying up altogether.

Not listening to recession talk. If I can't hear it it ain't happening...

I'm browsing sofas now I've ditched the kitchen idea.

Urgh. Our solicitor is giving me no end of stress. I just think he's totally incompetent. He sent us a copy of the pre- contract enquiries he's made ( only when I asked for a copy) and the document had the wrong property named. And he told me in an email he had received the draft contract but has actually asked for a copy of the draft contract.

I'm trying to overlook the multitude of typos. I feel that a £400k purchase warrants a bit of attention to detail. Am I being unreasonable?

Kirin, YASONBU it's ridiculous. I honestly feel like incompetence is a prerequisite for employment as a comveyancing solicitor.

We got a surprise in the post: a new memorandum of sale. Seems the vendor is now with a different person in a different office although the same firm, it seems like. Does this mean things will finally start moving? Who can say. Waiting for the EA to ring us back and then I think we are going to call the vendor's new solicitor and explain that we really would like to see the draft contract at some point before two months after our offer was accepted

Thanks Heyhey. 2 months and no draft contract? It is SO depressingly slow.

Just had a call from the EA and the vendor has already spoken with the other freeholders who have all agreed to do the lease extension at his cost. His solicitor just wants to know if we have to have the formal extension in place as a pre- requisite for the lender. I don't even know who I ask that question to. Given incompetent solicitor, I'm going to my broker friend first.

i posted at the beginning of the thread. We got the keys to our house on Friday and its all systems go!

I hope everybody elses goes through okay. Its extremely stressful!

It isn't yet Kirin but it will be at this rate. I have just given the EA a gentle earful and DH is starting to make noises about looking for somewhere else

I should think that pre-requisite question is for the lender/broker rather than solicitor?

Yeah Ravioli! Always good to hear from people who have actually made it through

kirin - you sound so frustrated, but seem to be making headway!

heyhey that IS a long time without seeing a draft contract. I think ours took about 2 weeks.

STILL waiting on mortgage offer. Apparently the lender is processing last Thursday's post tomorrow so should be then, there's nothing else outstanding, they just need to get to my reference which is sat in a pile on a desk. Sigh.

Congrats ravioli - your timings are encouragingly short! I'm clinging to the hope that we can be equally speedy once the blinking mortgage lender comes through.

temp - I'm also sticking to a fingers-in-ears approach to economic doom-and-gloom. It's very calming.

Congratulations ravioli!

DH and I have decided that right now is just not the time to buy for us, so we're going to move to our new area renting and then keep our eyes out once we're settled. We realised yesterday that we felt so pressured by the need to move regions before DH's new job starts that we weren't necessarily making the most sensible decisions. We'll be in a MUCH better position to buy in a year or so once we've got to know the area, built up our savings a bit more, etc.

Bit sad because there was the one house we could absolutely see ourselves in - but there will be other houses!

Now the rental search begins...

I think I might be being too impatient. I'm not used to not understanding things and I really don't understand what's going on especially as my solicitor said he wouldn't deal with the lease extension.

I'm not unduly worried just confused I think.

Oh there - that's a shame but it seems quite a sensible decision especially as you were starting to get bad feelings.

DP and I did something similar last year and rented in a totally new area - turns out we hate it there so are moving somewhere else , but everything was uncertain this time last year (newly pregnant with DC2 and I'm sole earner so didn't want to tie savings up in a house), and what we've learned in our year here really made it clear what our next move (this one! fingers crossed) needed to include.

Thanks Tits - hope your mortgage offer comes through soon. To be fair the EA did actually say today 'this has been going on for a really long time' so I feel like it's not just me going mad!

Anyway they have just rung back to speak to Good Cop DH and said the vendor's new solicitor has promised the draft contract will be with our solicitor by Friday. WE'LL SEE.

Kirin I completely understand how you feel. I HATE not understanding things, not knowing what is going on, and I have very high standards for customer service. So this is really not my game

There that's sounds like the right decision, although disappointing! But this way you will be able to take your time and really find the right house.

Wednesday! I complete on Wednesday!

Fantastic temporary.

We're starting to get really annoyed. I made DH phone the solicitor (he usually emails, so he gets bland responses) and they're still waiting for responses to really simple routine queries. It's been 4 weeks of waiting for a response.

The vendors don't appear to know where the deeds to their house are and have contacted the solicitors they used when they bought the house to try to get a copy. It's just nonsense. They need to just order a copy from the bloody land registry.

We are also waiting for the estate management company to respond to the standard questionnaire, and something about needing a copy of the original planning permission for the development. I am very annoyed that no one has been harassing the management company for a response (and I'm slightly skeptical that the vendors' solicitor haven't received the response yet, but aren't passing it on). And they can just get a copy of the planning permission from the council.

The third one is also weird. The development isn't entirely finished yet, so the council haven't adopted the roads yet. Our solicitors asked them to buy an indemnity for this but their solicitors claimed they couldn't find one. Our solicitors have had no problem getting a quote for one and have asked the vendors to pay.

So, we suspect the vendors are stalling (we have no idea why). None of this should take a bloody month to resolve. DH has texted the vendor and told him that are buyers are very unhappy and want to agree a completion date and exchange contracts ASAP.

It's annoying because we have done everything to make the process smooth, including organising a mortgage that would be very quick (because the vendors said they want a quick sale) rather than the cheapest possible deal.

Yay. GO temp - you're bringing hope to the rest of us mired in the admin phase!

That sounds beyond tedious step . Do you really need an indemnity for an unadopted road? What could happen? (am buying on a private road and solicitor hasn't mentioned anything)

Morning. God, I'm sick of buying! We have now submitted our last bit of info to the lender - self assessment tax forms so our bit is done. Lender took money for the survey about 2 weeks ago but still hasn't bloody arranged the survey.

We've decided to get the searches underway. We risk losing £230 if the survey reveals something that worries us or the lender enough to pull out but given the speed all concerned in this sale seem to work I think we should just push on!

What does adopting the roads actually mean for you? I don't know anything about it but what is the long term risk?

Long term, I don't think there is any risk. The council will adopt the roads. It's just when rather than if. The house is on the main road into the estate (the only road into the estate) but the developers still haven't finished off the last bit of road in one corner of the estate. The council won't adopt the roads until they do.

I think our solicitors are bring pedantic but I guess that's what they're paid to be.

The other stuff is just plain weird. The vendor got back to DH and said that it was just waiting for the original planning permission and neither of them could speed that up. DH just replied that he was under the impression that you could get details of planning applications and decisions direct from the council so maybe he could suggest that to his solicitors.

I'm tempted to phone up planning myself, and perhaps also give the estate management company a ring to find out wtf is going on.

I wonder if the vendors are trying to stall until the end of June. We would be happy to exchange and set the completion date for then, and I'm sure our buyers would too.

Would that information be on the planning portal? Or do you need proof works have been signed of by building control?

It should be on the planning portal (and you can also check building control online). It's not so simple to find (for me) because it's planning permission for a particular phase of the development and the houses are referred to by plot numbers not streets and numbers in those applications.

I bet if I phoned planning they'd have no problem though. The estate is part of a huge development with its own master planning documents, so it's definitely got planning permission. They didn't sneak a development of several thousand houses past the council!