Buyer's support thread #5

[scribblegirl]

Sorry for breaking the last one

and for all....

Hmm I'd be cross with your solicitor and their solicitor about this. The first thing we got was the title plan.

This is likely to affect everything. I'm really sorry but I would be going ape shit to my solicitor now. What was the point of a valuation etc if nobody really knew what was being valued?!

I'm cross on your behalf.

Yeah I mean evidently we should have been more on top of it but we've never bought a house before so we didn't know. We trusted these solicitors.

Consider referring it to the complaints department? This is such a basic error that your solicitor should've been on it.

How did you find out?

Seriously, I'm so cross for you!

UUGHHH!!
We just learned that our buyers have withdrawn - two weeks before exchange. They have told our agent "Brexit" but failed to follow on with a rationale of why.

The blood has drained from me. We have an onward purchase. We have spent thousands on our solicitor's fee and mortgage admin fee.

What do I do now? This is zone 3 London btw 😥

Oh no Sellotape! Someone I know at work has had the same thing happen. Can you get back on the market straightaway?

You'll have to trust me that they were on it and kept getting fobbed off. Without uploading the title plan here it's difficult to explain how it's possible that it wasn't clear, but because of the shape of the parcels of land, it is.

I'm sure I will complain but at the moment our energy is focused on getting the land signed over and the lender's go-ahead. I've had some great advice from lovely Spickle too.

OH NO Sello that's terrible! I'm so sorry! Could you get back on the market and cross fingers? Will your vendor wait?

Sorry hey, I didn't mean to sound like I'm slagging off your solicitor too much, I just find it outrageous that this sort of thing is allowed to happen. Our lying vendor seems like a bloody saint compared to the arse you're having to deal with.

I guess Kirin. But our agent has warned us there aren't as many buyers right now as stupid things like gossip are causing buyer uncertainty.

She's said we may have to drop the price 1% which I'm okay with, but the buyer wants 15% off. LAUGHING AND CRYING. He can go to hell.

Sorry, my mind is swimming.... I don't want to lose our onward house 😰

Oh gosh no kirin, I'm really cross too but I'm actually more cross with the system that puts absolutely no burden on the vendor to prove they own anything!! And with the vendor's solicitor for dragging this out for weeks - AGAIN - when they could have jus copped to it the first time and it could have been signed over and sorted already. Aaaargh!

Sounds like your vendor has been misinterpreting the articles online that suggest a 20% price drop in London. My understanding is that it's central London taking that kind of hit not zone 2/3/4 etc.

You must be absolutely gutted

Exactly right. Oh boy did I do my research after the result, and the hit is on prime, Belgravia new builds that usually go to foreign investors. Not little family flats and houses.

I guess I have to hope we get another buyer, and soonish?

Have hope. Not a great deal is coming on so I expect the demand is still there. Is yours suitable for a first time buyer?

Totally. It's a 2 bed Victorian in great condition; garden; near parks; low service charge etc.
Hoping and hoping someone with better sense comes along..

We are first time buyers and demand was very very high whilst we were looking. I'm sure some will be wary post brexit (we are / were) but rents are crippling so owning still seems preferable which is why we agreed to carry on.

Get it back on the market asap!

Sooooo the developer is willing to transfer the land over to us and our solicitor is in contact with our lender. Our case has been transferred from a sweet but incompetent junior conveyancer to a scary but precise senior one. Crossing absolutely everything that she can make it happen.

We will incur extra costs for this so I will be complaining to the senior partner when we are done.

Good news! Fingers crossed your lender is happy. Just as info for you, our vendors estate agent is paying the cost of the lease extension because the vendor wouldn't and we said we'd pull out if the vendor didn't.

The costs you're incurring should be coming from the vendor but the estate agent might be worth hassling too.

We got our contract and stamp duty for to sign through the post and are transferring our deposit on Monday to the solicitors. I'm hoping we are actually going to exchange next week.

That should be 'stamp duty form'.

Hello!

Can I join? We are in early stages of attempting to buy (again!) after our first house fell through a week before exchange. We have had to to reapply for a mortgage which has been most annoying, sorting paperwork and meetings with broker all over again. But hoping to send that all off tomorrow etc. We both (vendor and us) need to complete ASAP but ofc there's so much to do really. We've always rented so it feels so long winded! The last purchase nearly finished my nerves off! I just want to get in there now :(

Hi Nervy! Sounds like you've had a nightmare. Why did the last purchase fall through?

Hi everyone, can I ask a couple of questions please?
We are selling and buying. The environmental searches on the place we are buying have said that it is a radon area and an area affected by subsidence. Having googled radon I'm now concerned but the area it covers covers the village and nearby big town - should the radon put me off? Should I insist on this testing thing? Also the subsidence - not the house but the area - I,m not sure if that should put me off too.

I don't know anything about radon but we are buying in an area known for subsidence but most of London is at risk because of the type of soil so it doesn't worry me much. We have insurance to cover it.

Thanks kirinm, I thought that as long as I can insure it it should be ok but I read these reports and have no idea how concerned I should be about these issues! I read them and feel like I should run screaming from the death trap of a house!

Oh god, so so many reason Kiri! I'd list them but if I list them it could be quite recognisable so you'll have to take my word that we had a lucky escape. The whole thing was just a nightmare. So I'm nervous this time. The house is as perfect as we can get for our FTB money, and we are excited for it to be ours but now we aren't going in quite as blind as before to the process of it all. Even more stress now as we are in need of moving before the start on term.