Would anyone like an 'in a chain' support group?

[thenewaveragebear1983]

Would anyone like an 'in a chain' support thread? We're selling and buying and it's so stressful!! We've found our 'dream house' and had an offer accepted, had an offer on ours within a week which was subsequently retracted. Wondered if anyone else was finding this whole process ridiculously stressful?

That's very annoying always she ssounds like a "chancer".

We have finally recieved our estimate for the freeholders building works, it's actually less than we inticipated, but we've still had to convince both solicitors that we only owe 1/4 of the bill as the estimate they have sent is for the whole block. Our solicitor was on a course today, so I'm hoping to speak to him tomorrow and find out where we are all at.

Personally always I'd find the 1200 and get the house you want. If you're 6.5 months preg then realistically if you have to start again you're unlikely to be in your new place before your baby arrives. Can you not get an overdraft or similar for 1200 rather than go through the mortgage? Or can she meet you in the middle? Personally, if I really loved a house I wouldn't risk losing it for £1200. People really are cut throat at selling houses these days and pulling out now would cost you more than that in what you'd lose in solicitor fees and other costs.

Hi all, we're selling our house to a ftb and buying an empty property from a landlord. We put in a cheeky offer on our purchase which was accepted on the grounds that we could move quickly. We suggested the end of October. Everything has chugged along nicely, mortgage sorted, surveys back, environmental report done. Gave the Solicitors a nudge about potential date setting and was told the local council searches won't be back until the 1st Nov! Meaning they'd have taken 7 weeks! This presents an issue as dh is away with work a lot, goes away the 4-11 Nov. Which will push us back even further. GRR!

Always - I would tell her no, or at least get a no obligation quote from someone else as a comparison.

Thanks bear and small maybe I'll get another quote in as comparison.

I don't see any work, there are no leaks either from our roof.

I don't know, feeling disheartened. Hate to give her money..... Literally for nothing. Not even something her surveyor picked up on, so there are no issues.

I'm also leaving her fridge freezer, sofa and all curtain and light fittings for free :-(

Feel like she's taking advantage knowing I'm pregnant and want to move.

Yes, she probably is holding you to ransom a bit, but if you love the house you're buying, you need to think about what it's worth to risk losing it. Yes, she is winning by dirty tactics.
Really, I have heard some horror stories about seemingly nice, normal people when house buying. I wonder if people ever admit/boast about these swindles they pull, or whether they remain dirty secrets?
Have you decided what to do yet always?

Another day in chainsville.....
Had letter from the solicitor today requesting some information.
Talk to me about building regs- we have a 'garden room' / garage which we use as a playroom. Built by previous owners 14 years ago. No paperwork, we didn't need any indemnity or anything when we bought it. New buyers want to make it into a habitable room. Will they just make us buy an indemnity do you think, or retrospective permission or what??? It's so bloody stressful!! Any ideas, or experience on this area anyone?

Hi bear

Well yesterday our estate agent advised us to sit tight and not budge on negotiating, although we will willing to. At midday she contacted the estate agent to say that she was will to proceed again, but had to tie up some paperwork about the house she's living in, she has to transfer the title deed to her brother or something?

Anyway we're hoping to exchange next week.... but I'm not holding my breath that this roof issue is done and dusted.

Very frustrating.

Oh bear what a nightmare for you. We've been asked for building regs for work that was done before we moved in. We don't have this so have to buy an indemnity rather than retrospective building regs. It's just one more thing to stress about isn't it.

I'm never moving again after this!! Haha

That's what I'm hoping for but had this horrible blood running cold moment thinking that they might see this as a deal breaker. I think it's because now we're really getting things moving, I'm scared it will all fall through! Paranoia!!!! I'm emotionally invested now I guess, and that's when it gets a bit scary. But indemnity policy doesn't sound too bad....
It's really is the most frustrating thing isn't it- I am also never doing this again! I think it's partly because our solicitor when we bought this house clearly didn't investigate this, and so we naively thought it wasn't an issue. Must keep telling myself that they want the house, and are planning to do work so it's not like they think they're buying a perfect house.
Deep breaths bear, deep breaths....

Oh Bear, I really feel for you. Everything here was going swimmingly until last week, when we have hit a legal issue too. The local searches on our house have shown up that our detached garage and driveway aren't on the transfer deeds! We bought the house new and have lived here for 11 years with no issues. Apparently our buyers have known for 3 weeks and are getting a bit twitchy, our solicitor only bloody told us on Friday!!!!
Fingers crossed it gets sorted out asap or we may lose the sale

No! What will they do?
Is it written anywhere in the legal stuff from when you purchased?

Also, should add - we've had the quotes for various policies, something to do with restrictive covenants which we didn't really understand which will cost £189 for the indemnity insurance, plus £50 for the policy to cover for the building regs. This would suggest as it's such a small amount that it's not a massive concern so I feel a bit better about it.

Well our contracts arrived in the post Friday!!!! The solicitor had said he hoped to send them out by then but we really didn't think that it would happen!

Our seller wants to complete next week she's got no chance of that hsppening!

We were very nieve however and didn't realise that we needed an actual cash deposit we thought it would come out of the equity. So a very stressful day raiding savings and isas! Dh is so Good with money udually so we are amazed that we were so clueless!!!

Bear - what does the indemnity cover? Our new property had building work done about 15/20 years ago but the solicitor has said it was too long ago now to do anything about, although there extension has been built over a manhole so the sellers needed to pay for an indemnity for that

I honestly don't know what the indemnity will cover. This makes me sound stupid but I'm prepared to pay the £50 now just to get it done. The building wouldn't have passed regs when it was built and certainly wouldn't now I can't imagine. It's 16 years old, so we'll before we bought it. If it was thousands I'd be querying it but for £50 it's not worth it.
Yay for you getting contracts. Why don't you think you'll exchange this week? Would you be better to exchange and then have longer between ex and completion? That's a common thing btw with the deposit- my gram had a sale fall through because her buyers didn't realise they needed the cash.

Have also just had a blood running cold moment because I've just realised we are paying 110k deposit, mostly from equity. Call to the solicitor methinks.....dh doesn't think we need it upfront? Who is right?? We are porting our mortgage if that makes any difference?

I think we need the transfer deeds reissued from the developer. God alone knows how long it will take, they will have no interest in a house they sold over 11 years ago! Hopefully our solicitor will be a right PITA .
Excuse my ignorance but I thought the equity release was considered cash? Happy to be proved wrong. Great news on the exchange watermelon hopefully won't be long now

Ok my very preliminary Google suggests that our buyers deposit can be transferred up the chain to us. Except they are paying 10%, so about 24k which is nowhere near enough for our deposit! Arrrrgggghhhh!
We have said in our paperwork that it's coming from our sale- will this make a difference?
How does anyone buy a house in this situation?

thenewaveragebear1983 hope you get it sorted! Hopefully solicitor can advise?

I think it is, but the equity isn't released until completion (ie when all the money is transferred). At the exchange, only deposit is paid. We have agreed to pay a large deposit (26%) towards are mortgage but I'm not sure if we have to pay that all up front at exchange. We basically can't. We'll have to arrange to pay less, eg. 10% at exchange, and the rest on completion. So stressful, but I'm so glad we realised this this morning- thanks waterlemon!! I'm annoyed with myself because I actually knew this, I just didn't realise the impact of it.

It's often the case that the first in the chain (FTB) pays the 10% deposit, which goes up the chain. Sellers further up the chain can insist on the full 10% but often funds from second/third in chain are tied up in the equity so it's not a problem because the solicitors knows the money is there on completion. The only time this becomes a problem is if the chain collapses after exchange and the defaulting party would be liable for the 10% deposit.

Spickle you are a legend!
It's made worse because we are buying the 'big house' in our chain - ftb buying ours, and then our vendor is downsizing. So not only is our 10% bigger, but we have actually agreed to pay 25% towards our mortgage. Are the mortgage deposit and the exchange deposit not the same then?

Ok, I have spoken to the solicitor. They use our buyer's deposit and it carries up the chain, if it's less than 10% it doesn't matter, and somewhere in the contract it states that we agree to be liable for 10% if the chain breaks after exchange. Phew! It is soooooo stressful. I cannot wait for this whole hellish process to be over.

Hi, I have no idea about deposits, we have said in our paperwork that we can pay up to 10% of the purchase price, which actually we can if we had to, but I have no idea if we are supposed to or not, our purchase is nearly three times the value of our sale, so I don't think our buyers deposit will get us very far!

Had a phonecall this morning from our Estate Agent to tell us that our buyer has been told that redundancies will be made at his work. He doesn't find out till the 18th if he gets to keep his job.... I was hoping to be moving on the 31st! AGGHH! I'm taking deep breaths and thinking positive. Telling myself that there is no point in worrying about something that hasn't happened yet.

Are the mortgage deposit and the exchange deposit not the same then

They are different.

10% deposit to be paid to solicitors before exchange (because if you don't then complete that is what you are liable for).

Deposit for mortgage is whatever amount you have agreed ot put down and needs to be there for completion e.g. on sale of your house it is released and passed up chain.

So a £500k house, 80% mortgage. Pay £50k as the 10% deposit before exchange. Pay another £50k to solicitor before completion. Mortgage co advances £400k. House paid for.

Not sure how that would have worked in the days of 100% mortgages?

i meant in my earlier thread that although the solicitor had said he had hoped that the contracts would be ready by Friday, we didn't actually think they would be. So we were very surprised when they arrived.

Yes we are buying up the chain, so we had to make up the difference in the deposit. However, all our other costs will be coming out of the sale proceeds so we won't be going bust ! We spoke to our mortgage broker today and we had actually put this amount aside but hadn't understood what was going where!