Buyer's support thread #5

[scribblegirl]

Sorry for breaking the last one

and for all....

Friend has just had a £20k offer below asking price on a 3 bed accepted so there are big savings to be made if looking to buy. I think the reductions will continue into the winter. We dont know the full effect of Brexit yet, even banks are predicting 5-15 % falls in next two years.

Where was that Jenny?

I don't think anyone but those who have to move will be accepting such significant reductions so I can see the market grinding to a halt soon if that's what starts to happen.

It was a professional landlord selling up in North Somerset. The house is a terraced house that needs a bit of work but the reduced offer will pay for the work and then some. I agree the market might just grind to a halt and good properties will be snapped up at asking or above, but there will always be those who need to sell and estate agents need that commission so may start to pressure vendors to accept lower offers. Better to earn a bit of commision on a sale then nothing!

I guess a professional landlord could withstand that sort of hit.

I think the 20% drops being predicted are confusing people as the majority of economists are talking about central London. People are dreaming if they think they'll get those sorts of reductions now when the market is slowing down but not crashing. That sort of drop won't happen overnight.

We had thought about pulling out of our purchase but ultimately we risk facing tougher lending requirements in the future if we do go into a recession. Stricter lending criteria + lack of supply would just make our life much more difficult so we stuck with our sale (even though we hate our vendor)!

So we have now transferred our deposit to the solicitor and signed our contract. Now we wait!

Heyhey - how are things going?

Hi ALL!

Just sold my house 2 weeks ago, within 5 days of being on market! Don't be disheartened it can happen.

Just had offer accepted so waiting for it all to happen now,

We have FTB purchasing our house, and we are buying a house from an old couple who are purchasing a brand new house so hoping won';t take too long.

We got Asking price for ours and we purchased the other house at full asking price too!

Its just a waiting game now i expect 6-8 weeks moving in date

Just sent all of our paperwork/payment to solicitors and met with broker to finalise paperwork to get mortgage ball rolling. We need to complete by 2nd sept and I'm just not convinced it's possible, though there's no chain, we are renting and owners are off abroad to a family property.

I'm so stressed! Had a removals guy for a quote this morning, just hope we can afford it!

Eep Kiri that's soooo exciting!

Nervy - it was terrifying transferring the deposit. We double and triple checked the bank details but were still worried we'd just given £40k to some random person rather than the solicitor.

we've had to borrow a substantial amount from inlaws so if I send our deposit to some random stranger I'll be in even bigger trouble!! I really wanted them to transfer it to the solicitor but they're going away and we don't want to run the risk of them being away when we need it, but I don't want the responsibility of it at all!

Be warned that they will have to write a letter saying the money is a gift (if you didn't already know that).

Oh yes, we are on top of the paperwork! running around like headless chicken

My solicitor didn't draft outs, he told me to do it!

• draft ours

Ah shit. You've just reminded me they sent me one for them to sign. Eurghhhh!

I just sent them a copy of the one the mortgage company wanted, totally forgot they'd emailed me another.

I am so fed up of paperwork! And chasing around (in laws live a way from us so it's a two hour round trip every time I have to drive up for signatures and whatnot!)

Well, our solicitor has fucked up. He told us he'd sent some enquiries about the lease extension to the vendor on the 21st. In fact I saw the letter on the online case tracker. Today I can see the same letter dated 27th and the 21st letter has disappeared.

The vendors solicitor is now on fucking holiday! He clearly didn't send the enquiries, obviously a mistake but is now trying to claim otherwise.

No idea what's going to happen now but exchanging this week is looking unlikely which means us handing in our notice on Friday is a very risky move. If we miss Friday we can't give our notice until the end of August.

I spoke too soon our sells changed mind on new build so in a chain now waiting for them to find something!

Kiri - sooo frustrating! Even more so that they're covering tracks instead of owning up

We are having very similar issue RE giving notice. I really don't know what to do. We HAVE to complete as early in September as possible, but we need to give a months notice and we aren't going to be exchanging contracts in the next week or two. It's going to end up so expensive- I can see us having both houses and two lots of fees. Because of the way the house came to us (we lost out on it months ago, put house hunting on hold for a few months when it suddenly came back to us) we've allocated some money to other commitments it's too late to go back on now, nothing huge but enough that with moving costs, paying rent and mortgage in the same month is going to screw us a bit in the short term. Eurgh.

This is what we have to avoid nervy. We can't afford rent and a mortgage. We'd be looking at £3k! It's really stressful.

We've received an email saying apparently we might be okay to exchange tomorrow. I desperately want this over now. It's no longer fun just a horrible process where people are allowed to be 'flexible' with the truth (our vendor) and there's nothing you can do about it.

Our vendor is moving abroad. I think we need to give notice before we exchange contracts if we are to avoid the rent issue- but this is so so risky and our landlords unlikely to be sympathetic if it's goes tits up.

I'm wondering if there's anyway the vendor can leave and rent us the property for however long it takes to complete if we don't complete when currently expected and our rental notice is up? Is this even possible? They are desperate to go and we are desperate to move before school starts.
L

We are in the same position. Our vendor is emigrating. I don't think I'd recommend 'renting' from the vendor. It'll bring in all sorts of rights and obligations for you as a tenant and him as a landlord.

As I was typing that I realised that it's not a great idea.

I just do not know what the answer is. Getting quite stressed about it. Meeting with vendor Sunday at the house so going to sound him out on his thoughts of a completion date.

We've exchanged! Completing on 19th.

Well done Kiri! Nice to be reminded it can happen

We are waiting for blummin land registry to remove bloody notice on title deed about water board access to drains from when site was being bloody developed.

The 21 days notice expired on 26th and it should be removed by noon next day.
Still bloody waiting. Aargh.

Excellent news Kiri. How long between offer> exchange for you?