Buyer's support thread #5

[scribblegirl]

Sorry for breaking the last one

and for all....

Excellent news bumble.

Hey: I think most people are finding the same problem. There's just nothing to buy. It's not even a case of waiting until you find something you adore; it's almost impossible to find anything where you think, 'that'll do'. I suspect prices are going up because there are too few houses on the market so demand for them is higher than it should be.

Reading: I hope you manage to agree a completion date soon. What's the problem for the sellers? When we bought this place we purposefully had some overlap between buying this and the end of our tenancy so that we could get some decorating done (and, it turns out, a new kitchen fitted). It made it a bit less stressful I think. This time we'll be doing the simultaneous sale and purchase thing, so it feels more fraught. Luckily we're totally flexible about dates (as are our buyers) so, hopefully, it shouldn't be too difficult to agree a completion date when the time comes.

We have done the mortgage app (which was torturously dull and convoluted) and things are ticking along. Today DH heard from the EA dealing with the property we offered on weeks ago (and they took nearly 3 weeks to say no). Apparently their sale fell through and they wondered if we were still interested. We're not because we've managed to magic up something to buy.

We had been told that the property was back on the market (after having been under offer for about 6 months) because there were problems with the previously agreed sale. We had been led to believe there were issues with the financing. But from details that emerged after we put in an offer, we think they were being total bastards trying to use us to extort more money out of a buyer (who may have already had contracts ready to exchange). It appears the extortion worked but presumably the buyer either couldn't get a mortgage for the higher amount or they decided to buy something from someone more trustworthy. With that in mind, I'm not sure we would be interested even if we hadn't found something to buy. The vendors are moving abroad and wanted to move quickly but may well have sabotaged their own sale through greed.

Step sounds like you've dodged a bullet there!!

Oh yes. I think we have. It's terrible that the English system not only allows people to act like arseholes but almost encourages it.

We specifically asked about why it was back on the market and were told there was definitely an issue with the other offer/sale. However, they took so long to decide not to accept our (asking price - because we suck at negotiating) offer that we knew something must be up. Surely you'd bite someone's hand off if they appear with an offer when your sale has fallen through.

It was only when the EA told us they'd said no that we started to get more of the actual truth. We're annoyed because had we been told the truth we'd never have put an offer in. We wouldn't want to interfere with an ongoing sale (especially not when it appears that the contracts and the seller just needed to agree to exchange them!) because we're not arseholes and (even if we were) we don't need the stress of all that.

Anyway the sellers bad behaviour has not paid off, so that's something at least. I hope the buyer found something better and didn't lose too much money.

We were supposed to exchange this week, nothing has happened! Sitting in our holiday house is very pleasant, but as there are only three of us in the chain and we are the last, it is worrying. When we had our offer accepted we were told that the other two were ready to go!

A bit worried, just e mailed our solicitor! Fingers crossed. Totally agree with you Step , the Scottish system would appear to be more straight forward.

Sounds annoying JT.

My sister is having trouble exchanging on a house they're buying apparently. She told me weeks ago that there was a provisional competition date (of a week ago now) but the sellers are dragging their heels. She suspects that, contrary to what the sellers said about no chain/going into rented, they're making it a chain and trying to buy something. So a bit like what happened to you JT. Let's hope the chain turns out to be a short one for her.

I have a feeling the vendor's solicitors are a bit rubbish, really. Mine have been very quick to reply to emails or pass messages along, but we are frequently waiting to hear back from the other side. Ah well. We've suggested a completion date for about a month from now, so we'll see what the vendors say to that. Probably won't hear back until Tuesday at this rate.

We all agreed on a completion date at the end of the month. It was at the suggestion of our sellers and the people they are buying from. It didn't really matter to us, as we will keep our stuff in storage until we do the very small amount of decorating. Just changing a couple of wall to our taste!
Everything is in their hands!

Exciting times, JT!

Well hopefully they'll get round to exchanging so you can have a firm completion date!

Sorry the other solicitors are rubbish, reading. We chose ours because we know they're efficient and they're within walking distance of our house so we can easily stage a sit in if necessary. Other people seem to choose the cheapest one they can get instead, which often turns out not great.

When do we pick a completion date?

I'm not sure what happens next. We have got most of the searches back - just waiting on local authority and our solicitor has queried a few things with the vendor's solicitor. Estate agents advise sellers at search stage also.

All searches back now, just waiting on sellers solicitors. Eeek :)

Mortgage offer stil not through. The survey was done 2 weeks ago, the surveyor then went on holiday for a week so we only got the report on Wednesday. Haven't heard a peep from the mortgage co. I am so anxious!!

I'm sure it'll be OK Palomb. Bureaucracy takes time! Was the valuation OK in the report?

Skittless: sounds like there may be a couple of irritating queries (because there always seem to be) and then you should be negotiating completion dates soon.

Yeah the valuation was fine and there were no real problems raised in the survey. It's so so stressful isn't it!

Excellent. It'll all be fine then. They're just not big quick and efficient.

I was fretting over our lender's valuation report, not having been told that it was done weeks previously! durrr.

I've already been shopping for new-to-us furniture (found a gorgeous, huuuge table for our kitchen/diner) but alas, nowhere to put it in this tiny rented house. I shall remain a window shopper for the near future. We'll be completely skint when we move in, so it might be a pipe dream for some time yet! This whole affair is so expensive, but it will be worth it when I get those keys in my hands. aaaahhh

Saw six houses today. Found one that we really love but it's a bit more rural than we were planning. Seeing another six tomorrow (augh) and then having a big think about the rural one. It is beautiful but I've always been a city mouse. Aargh it's so tough to make these decisions when it's not just renting for a year!

Good luck Heyhey. Maybe you'll find something you love that's more urban tomorrow.

Reading: our buyers have been looking at furniture. They're moving from a small new build flat to a 4 bedroom house with two reception rooms and a dining kitchen. They seem really excited about buying a dining table. They're living with family while they wait for everything to go through. I suspect they're looking at any delay as a mortgage payment that can be spent instead on furniture.

Mortgage approved!!!

Congratulations Palomb!!! It's an amazing feeling, isn't it? Can't believe we got ours frankly - not that we're bad bets but you just start to believe it's never going to happen! celebrations for you this evening I bet.

Hah, Thesaurus, we're in the same boat. We're off to stay with the family from next week and part of me is tempted to take a really chilled out view on completion dates as it'll give us an extra month's mortgage payment to spend on furniture!!

Posted the solicitor's every bit of paperwork bumpf back today. In terms of the purchase we've not got much to do now, just sorting two last queries (one relating to freeholder correspondence and the other relating to who is going to pay the extortionate fee for transfer of the covenant) and waiting on the searches. Then it's a question of sending everyone our life savings and crossing fingers and toes...

That's fantastic, Palomb. :) I, too, didn't believe it would actually happen for us. It still feels a bit surreal actually!

We're going to be sending across a large amount of money to the solicitors this week. eeeeeeek

How long do you think toll take from here? I hate this business. Never moving again!

Exchanged on purchase today, 10 days till completion!

Hope everything continues to progress well for everyone.

House prices are crazy at the moment. If I was prepared to live in the next town I could easily afford a house but as it is in struggling to find anywhere. Anywhere decent isn't even making it on rightmove before its sold!

JT, congratulations on exchange! 10 days seems rather quick, is there a reason or did it just fall that way? Our conveyancer charges more for a fast (less than 14 days IIRC) completion following exchange.

Tell me about it Polecat. Admittedly we are in London, but a place we viewed in January that was on for £285k has just popped up again for £320k. Not that we'd view again - for starters we can't afford it and secondly it doesn't suggest to me that the seller is necessarily in this in good faith - but it's madness...