Buyer's support thread #5

[scribblegirl]

Sorry for breaking the last one

and for all....

Pleased for you Kiri, must be a huge relief!

It has been 12 weeks but we are buying leasehold with a share of freehold and needed a lease extension prepared too so not a straightforward purchase.

I'm so relieved! I want the whole horrible process done and dusted.

Congrats Kirinm!

Thanks Spickle and thanks for all the advice over the months. Much appreciated.

Can someone advise please? OH and I want to talk to someone who knows all the schemes in our area like help to buy, shared ownership etc. We went to see a mortgage advisor at our bank who was less than useless and seemed to answer every question with "I don't know about that"

Who do we need to see for advice? A better mortgage advisor? Citizens advice? A 'housing advisor' if there is such a thing?

A broker would probably know about all of the options.

You need a broker. Ours is a gem, doesn't cost anything as they get a fee from the mortgage company when you get one through them. They'll be able to do everything for you, and guide you through it all. Ours was able to recommend solicitors and he did lots of chasing for us as he knew lots of people, whereas i would just get passed pillar to post. We are buying s/o.

So after a long time saving the pennies we're finally in a position to buy our first family home! We've seen a few houses over the last few weeks since Brexit and today saw one that we're seriously considering. We're in the south east and it's on the market for offers in the region of £465k. My question is what would your opening offer be? To give more context the house next door was recently on the market for £415k and is sold STC. The house we're interested in is a little bigger (has an extended kitchen) but both look finished to a similar standard.

How long has it been on the market goodbye?

Joining this thread but from the other side. I've just accepted an offer on a property I've owned for 13 years. I'm currently an accidental landlord as the property market slumped and would have been in negative equity. Had 2 sales fall through in 2009. Desperate to get rid of it as it has felt like a rock around my neck and limited our buying potential in our current town. We rent at the moment.

The market is starting to pick up there and amazingly I had 2 offers on the first day. Like with Kirin the sale involves a lease extension and so will be more complicated. I priced it realistically to sell as there is some work needed.

Would appreciate some support over the next few weeks.

Congrats Kirinm

It's only been on the market for a week and a half.

I seem to have a solicitor who doesn't like returning calls
Simplest house purchase ..Im a cash buyer, full building survey done with no issues, everyone wanting to exchange asap...but I have had no response to two messages left at solicitors.

Could everyone please just cross their fingers for me.

Our bullshit hellfire nightmare of a house purchase has been on the knife edge of collapsing for weeks now but it seems like a Herculean effort by the senior solicitor to whom our case has been transferred just might have saved it.

The indemnities are in place, the title transfer has been agreed, the ovarage has been satisfied. We are just waiting for the final 'yes' from our lender which we should have by the end of today.

I have hated this entire process from start to finish. If we don't get a yes and have an end to this nonsense finally I am seriously concerned that I might lose my mind.

Fingers and toes crossed for you Heyhey

And from here too.

Goodbye - offer would depend on how crazy the market is in your town. You mention the South East so I expect still quite buoyant. 430??

Crossing fingers Heyhey!

Our mortgage survey was done last week. We revisited the house on the weekend and the vendors were not happy when I mentioned we might be stuck moving 4 weeks later than I had wanted due to the rental commitments, we've had to ask inlaws to loan us a months rent so that we can move as soon as possible. Which probably means the house will stand vacant for a month. Infuriating.

Joining you all here - how's everyone getting on?

I'm in a quandary. Put in an offer last Friday (£235k with asking price of £250k).
That was turned down and I was told that at this stage (only on the market for a couple of weeks) they're looking for sometihng in the £240s.

Raised my offer to £240k yesterday morning.

They finally got back to me today to say that they will meet me halfway (£245k) and take it off the market today. Otherwise they are going to carry on with planned viewings for the next couple of days and then reconsider my offer if no further interest.

I don't know what to do. I'm buying on my own (separating from husband). The house is in a very good location, which will relieve me from school runs finally after 6 years. There's nothing else currently available in this area. I want to complete as fast as possible and there is no onward chain. However, being on my own I am very nervous about spending so much - I can get the money, but until I'm actually living on my own (with kids) I don't know how I'm going to cope day to day.

Argghh!!! Hold my nerve and hopefully get it at £240k? or cave in and offer them £245k?

Hi Faff, welcome.
It depends how much you want this house. Is it your forever house or at least for a while?
Do you know how much other houses in the area have actually sold for? You can search for sold prices on Rightmove, if you didn't know.

In the end, if you can manage the repayments, whether you buy for £245000 or £242500 will make little difference.

If you are in a good position in terms of proceeding you could go back with another half way suggestion £242500 and possibly end up at £243750?

Or hold your nerve, keep looking and see if they get back to you. Sorry that's obvious really!
You do sound in a good position. A buyer with no chain is always a good thing.

sorry, I meant the house I'm looking at has no chain.

We have a buyer who has a FTB below them and they want to complete very quickly - so feeling pressurised.

I've looked at sold prices, but there's nothing in that road in the last 18 months and the houses aren't totally comparable. Other houses I've looked at (same town, different areas) are either selling in a couple of days or hanging around for months - I'm sure it is all down to pricing. I've seen a few at £250k sell instantly once they've reduced to £240k.

Heyhey -how are things going? What's the current issue holding things up?

For checking local sale prices I found 'street check' much more up to date than rightmove.

As for me, I've no idea what we do now. Wait for the tenants to move out and transfer a huge amount of money over to the solicitor as and when asked to? This is the least stressed I've felt in months but am quite impatient about wanting to move and never speak to an EA again

Heyhey- did you hear from your broker?

Faffa I think if they take it off and cancel all viewings is agree at that price, if you really want it. School runs are a shitter and I think I'd throw in my left kidney as good will to get out of them

Lender not buyer!

Hi guys. Thanks for thinking of me

Well, the lender came through for us and said yes. But now suddenly the vendor's solicitor has gone completely silent.

He's going to pull out. I just know it. I don't know what I will do.