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Original poster

Would anyone like an 'in a chain' support group? (2)

999 replies

AnnaELC · 01/12/2016 12:40

Seems we reached 1000 messages so I've started a new one!

OP posts:
KilburnOriginal · 01/04/2017 16:40

Congratulations Arsenic!
Camper and Ocelot, really feel for you.
No further here, thought we might have agreed a completion date this week but not to be. The 3 in the middle of the chain are still faffing about with enquiries.
We did our home demo with the site manager on Thursday afternoon. They let us mooch about the house on our own for a bit afterward. I love it, much more space, light and airy. Kitchen is so much bigger than where we are now. It will be ready at the end of next week, but it looks like we'll have to wait another 2 or 3 weeks after that to complete because of the faffers! It's killing me, I just want to move into our beautiful new house Sad

OutToGetYou · 01/04/2017 23:54

Ocelot - what do you mean by 'booked valuation'? The mortgage co do the valuation, I didn't need to 'book' anything, they just did it - and I don't think they even went to the house, they did a desktop one.

I booked my own survey which was done about 2 weeks after I made my offer.

I've been to see two houses today, both nicer and better value than the one I have offered on, same area so same houses really (the houses have an integral garage, I was planning to convert in the house I have offered but these have already done the conversion and yet were on for the same price) - so I am going to offer on one of those and if that is accepted, withdraw the other offer - it's their own fault, if they hadn't left it 7 weeks before even starting the paperwork, I wouldn't have looked on RM again.....

Like a PP, I do contract work and if it gets to the end of my mortgage offer it's going to be impossible to get a new offer as I will be 3m closer to the end of my contract, it was hard enough as it was.

ocelot41 · 02/04/2017 07:27

Thats what I don't understand Outtogetyou. I think some banks do desktop valuations, some do drivebys and some must go in?

ocelot41 · 02/04/2017 07:34

Its lovely to think of you in your new house Kilburn. It sounds fantastic - do you want to post pics so we can ooh and aah together?

Ido see your point Outtogetyou, if someone sits on the paperwork for 7 weeks then their buyers' eyes may go wandering. Out of interest, did they know you were on a contract and this was going to be an issue for you?

I ask because it sounds as if our ftbs' EA has been making out to the ftbs that we were BU in asking people to aim for a 8 week exchange when 12 is the norm. But a. Its perfectly possible if everyone gets going immediately and b. There are various people who need this to happen for very valid reasons (school places, jobs, mortgage offers running out etc). I don't know if this info was ever passed onto those buyers....

OutToGetYou · 02/04/2017 11:08

I think some do fuller surveys, it depends on the bank and the house. But, I think it is rare nowadays. What makes you think it is not done?

Re the mortgage - no, but they knew I wanted to move fairly quickly, I am living with the ex (so, no chain) and need to get gone, it's horrible, they knew that bit. I wouldn't mind so much about them being away except no-one knew what was happening and no-one seemed to know they were away, so all my messages to the EA went unanswered and their conveyancer told my solicitor he had sent them a load of stuff but not heard anything from them, so it felt like they were delaying for some reason.

The EA had put mid-May as the exchange on the paperwork (12 week 'norm') but as soon as I got it I told the EA that was NOT my presumed date and that we could do it more quickly. So, I expect they felt they had 'ages' while I am sitting here not knowing what is going on (well, nothing is going on). The letter from the EA says "things work best if you all agree an exchange date early on", but then they totally disregard that and put a standard one on and ignore all my attempts to move forward more quickly.

In reality I could buy without the mortgage but I don't really want to use up all my savings, especially for that house as it needs £20k of work (not repairs, just the conversion).

thecapitalsunited · 02/04/2017 13:11

I think the type of valuation depends on LTV as well as which bank. Those on a high LTV get more indepth valuations than someone on a low LTV because the risk is higher. On a low LTV the bank doesn't need to be quite so careful that the property is worth what you are paying because they are lending against not very much of the worth and will more than likely get their money back.

Spickle · 02/04/2017 14:21

OutToGetYou - it is not and never has been an EAs decision to decide an exchange date (regardless of what they put on paperwork). Exchange will only happen when all legal work is completed for everyone and everyone agrees on a date. Therefore, only the solicitor can tell you if exchange is likely within a timescale. If one link in the chain (could be buyer/seller and third parties - solicitor, lender, search agent, management company) is slow to respond, it has a knock-on effect for all the chain.

OutToGetYou · 02/04/2017 16:01

I know Spickle, exactly why I was so cross they put an exchange date on the paperwork without even speaking to me about it. I have No Chain at all, nothing above them, nothing below me. We could have easily exchanged by now, very normal house, LTC v low for me etc. All my stuff is sorted. But they decided to go on holiday for three weeks without telling anyone.

ocelot41 · 02/04/2017 16:03

I feel for you Out. It must be especially hard waiting for you

thecapitalsunited · 02/04/2017 16:48

My EA also put an exchange date on my paperwork. I too was furious because we hadn't even found a place to buy at that point so an 8 week exchange was completely unrealistic. I'm certain they did it to placate the buyer who thought that he would be moving in by the end of April after putting in an offer at the start of March even though we were yet to find somewhere.

CampervanLady · 02/04/2017 17:17

arsenic that sounds heavenly!

Back to the grindstone tomorrow. Sad

Is there any way to speed up searches? No? Of course not. cries and cries

OutToGetYou · 02/04/2017 17:48

Re searches, my solicitor says they cost £300, I don't recall it being so much the last couple of times - is this the norm?

ocelot41 · 02/04/2017 17:52

I am with you Camper...

Spickle · 02/04/2017 18:09

I wish EAs would not suggest exchange dates - vast majority are completely unrealistic plus count down doesn't start until the solicitor receives the draft contract pack - not from accepted offer date. A subsequent effect is sellers/buyers with completely unrealistic expectations.

Searches are expensive these days - the compulsory ones for those with a lender will set you back £177 with our firm. Other searches which may be recommended will bump up that figure.

No, searches cannot be expedited.

PlectrumElectrum · 02/04/2017 18:10

Can I dip into this thread?

I'm in a bit of a quandary & looking for some help/advice. With hindsight I realise I've been given bad advice & I've foolishly gone along with it, resulting in an expensive mistake. I'm clutching at straws trying to find a way through this mess hoping there's a chance to rescue things!

I should mention in in Scotland so that might change advice.

I was told by mortgage advisor that it would be possible to buy 2nd property using equity from my flat, a flat which needs a lot of work done. He also said it was possible to obtain a buy to let mortgage to release equity for 2nd home deposit as well as the work needed to be carried out to get flat in let-able condition. Me, the fool, believed him, & went ahead with offer to buy 2nd property with deposit to come from buy to let mortgage, got new home mortgage approved & of course buy to let mortgage has been rejected putting the whole thing in a mess.

Making my own enquiry with mortgage providers it seems that I was never going to get a buy to let mortgage on a flat which needed work to bring it up to let-able standard & what I should have done was release equity, get work done, apply for buy to let mortgage & then look to buy 2nd property.

So, my dilemma is whether it's even feasible to ask for a delay in completing 2nd home purchase to go through correct steps to get in a position to secure the buy to let mortgage. I've worked out it'll likely take a minimum 3 mths - 3/4 weeks for 1st equity release, time for work & then 2nd buy to let application.

My 1st instinct was I'd need to withdraw from offer which was accepted (missives haven't started as they were waiting on BTL mortgage approval) as I couldn't see a way through this mess. But, if anyone here was the seller, would you be willing to wait that long before missives start?

Seller here isn't waiting to move, they own their own home & house I'm buying was parent's home, so they're not in a chain, not needing to move on but obviously not going to get their money for a min 3 mths longer & they've already had previous sale fall through once (so lacking patience no doubt with the whole process). I'm
also not guaranteed to get the BTL after this, as I've no idea if it'll work out if I ask for the extension.

So, what should I do? Try the long way round this problem, see if I can get the work completed within a v tight timescale & hope for the best? Or cut my losses & take the hit on legal fees & start over once I've got the work done? I've got about £3/4000 to start me off, with the rest hopefully coming from the equity in flat, but I'm just not sure which way to go.

Help?

OutToGetYou · 02/04/2017 18:46

Plectrum - you need to explain all that to the seller and see how they feel I think.

ocelot41 · 03/04/2017 06:25

I think you need to talk to your solicitor Plectrum and s/he can negotiate for you. I am also living in Scotland (now, although the house I am selling is over the border). You acted in good faith and were misadvised, but I would be surprised if the seller was willing to wait so long

Spickle · 03/04/2017 07:15

Plectrum - you could try speaking to the seller but to be honest, I would pull out and start looking again once I had the buy-to-let mortgage agreed. Until then you cannot proceed and although the seller may not be in a rush to sell, you don't know if you will be able to get a BTL mortgage and how long the seller would have to wait for you to be ready to proceed.

littlemissM92 · 03/04/2017 08:59

Well we still haven't exchanged and meat to be moving next week worried exchange is going to be on completion but I really don't want that

PlectrumElectrum · 03/04/2017 10:02

Thanks for the replies - I think my initial gut response was right, I'll need to withdraw & let the house go.

beanhunter · 03/04/2017 10:28

So just heard our mortgage is approved and survey happening this week. All quite exciting really!

KilburnOriginal · 03/04/2017 13:35

Ocelot - unfortunately I didn't take pics (do'h) as I was listening to the site manager showing us how to work everything. Will try and get in this coming weekend and hopefully can take a few pics then.

I'm trying to chivvy the chain along but its hopeless, apparently some buyers in the chain are "relaxed"! well we are not, we have timescales that were set at the beginning that have just been ignored. I've said to our estate agent and solicitor that completion must happen no later than the 28th of this month, 3/4 of the chain have verbally agreed fingers crossed we can get this confirmed by the end of this week.

I've never had a chain this slow before, I've never had to chase like this before, its exhausting!.

CatherineHate · 03/04/2017 14:24

Hi guys can I join? Not really in a chain but in the middle of buying a wreck/renovating. We're first time buyers so will need some hand holding during the process!

OutToGetYou · 03/04/2017 18:28

The EA for the house I have offered on says they can't put my offer forward until I have been in to see their financial advisor. Which I can only do on a weekday, which I can't do because I work weekdays. And the EA is nowhere near where I live. And I work in central London.
They won't accept my written mortgage offer from a high street bank, they say they only accept their own affordability assessment and no, I can't do it over the phone.

Anyone else had this? Should I get my solicitor to speak to them? Or write directly to the vendor?

donkey86 · 03/04/2017 19:00

That seems very strict. The EA I'm buying through had the same rule - no offer without going through their advisor - but the difference was they let me do the appointment on they phone. I'm not sure how I'd have done it otherwise, as like you I'm buying a long way from home and work weekdays.

I don't think writing to the vendor will work - best get your solicitor to contact the EA. I hope they make them see sense!

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