In a Chain Support Thread Nov2017

[YogaDrone]

Congrats to those who have exchanged and are moving soon.

Fingers crossed to those hoping to exchange soon.

Come vent your property chain based frustrations and joys here.

Previous thread is HERE

Also, since now we are continue looking for property again. Based on my only experience of one I would look for:

1. genuienly and willing to sell vendor (I didn't have good vibe with this seller from the start, he always says he can resell it in the new years, not in the rush to sell (I checked his profile, he has portfolio of 5-6 properties, so I can understand why he's in no rush to sell) and negotiated up to £250, we weren't happy but we didn't think it would be an issue).
2. preferably freehold now.
3. I will demand a good solicitor from other side - if it's shown the seller just chose a non-licensed and has bad reputation solicitor, I would walk away too. Do you think any other signs that I should look at?

Sounds like you're in a similar position to us muss. We have another week to wait until our house can even be remarketed yet because we had to give notice to our current negligent agents & wait 14 days before attempting to find a new buyer. Our seller does know, but hasn't yet put their house back on the market. I'm checking every day & surely it is only a matter of time... Given the time of year it's unlikely anyone will be moving too quickly. FX you get a new buyer before your seller does.

Congratulations on your move Ann. Glad to hear you're settling in nicely Serial. This is what we all aspire to!

I'm lost Zoe. What is going on with your seller & their freeholder? I must of missed a post. These leasehold properties are a total minefield. Our ex buyers lost their buyer basically because of their place being leasehold & above a commercial premises, so nobody would lend to them. It seems to throw up all sorts of problems you wouldn't expect. Madness! Hope it's sorted soon anyway.

Some good news at last. Our buyers buyers have accepted an offer from first time buyers in rental accommodation. Our chain is back up. Only drawback is our buyers are away for six weeks from early January and cannot complete before mid Feb,

Now need to find out if the developers will wait for us on our purchase.

Wishing for good news for everyone else who is waiting. I know it is still not a done deal for us. It's like football - it's the hope that kills you.

Congratulations Ann

Lovely to hear that you are settling in well Serial

Mollieben surely if the oven and microwave are fitted they can't charge extra for them? Were they listed on the EA details for the property? I don't blame you, I'd tell them to take a hike too.

timeforheroes your buyer sounds lovely. Fingers crossed your chain progresses smoothly.

That's good news Frescoed. Your buyer sounds sensible and pragmatic. Love the idea that at the end of your garden marks the end of the know charted world

That all sounds way too complicated Zoe. I don't blame you for ditching it entirely. I hope the rental comes through.

Three weeks to wait Pixie - I think I'd be thinking of delaying until new year. Would your vendor be okay with that do you think?

Fab news that your buyer has found a new buyer so quickly Artus! Fingers crossed it goes smoothly from here.

Great news there Artus. Hopefully all goes smoothly now. If everyone pushes it is entirely possible to complete before your buyers go away. I'd be pushing hard for that. Otherwise they can appoint someone to act in their absence.

We're already halfway through our notice period Yoga, plan is to go live at midnight next Tuesday, so not long now. While I don't relish the idea of being on the market over Christmas I don't want to risk losing the house we're hoping to buy.

We managed to negotiate a good price on the house & as the offer on our house was so low we don't in all honesty have anything else to look at without adding another 40k+ to the mortgage. There are a few compromises involved with the houses location & I can't see buyers ripping their arms off to offer more money, but you never know. They've proved they can't be trusted by lying to us about important things so we haven't contacted them directly since the chain broke.

We are looking at Rightmove religiously just incase we lose the house. I'd rather just plough on & hope for the best tbh. I've had it before where we found a new buyer at the 11th hour when all the legal work, mortgage etc was ready to go & everything went very quickly & we completed within weeks, so I hold out hope it will happen again!

@YogaDrone- you handled everything so well when your buyers pulled out. I wish I had your optimism but I’m really struggling to conjure some up atm! So glad you’re back on-track now- can I ask if you’re buying with a mortgage? If so, have you had to go back and rejig the figures (eg. accepting a lower offer) with the bank again and was it straight forward? Or did you have to apply for a new mortgage? I started and then left a new job (long story!) soon after our mortgage was approved and am not working atm so don’t want to have to reapply for a new mortgage if we accept a lower offer and our vendor reduces hers for us too.

Pixie- Really, really understand what your going through. Big hug and Fx for our chains being complete again.

Next Tuesday is certainly better than another 3 weeks Pixie. Hopefully you'll find a buyer quickly and you won't need to worry about Xmas viewings at all. Fingers crossed.

We're hoping your 11th hour situation is what we are in now. Our vendor is good to go, we are good to go and our new purchasers are very aware of the need to move quickly and want this too. So they just have to catch up.

@mussinboots you sound so down It's such a crap situation isn't it? I was at the end of my patience with it - I'd even given our EA notice and had started online shopping for a new sofa for our living room (as some sort of weird balm to ease the loss) ! But then we got three offers in a weekend and things just changed. If you are getting regular viewings and you are well priced there is no reason you won't sell - I'm living proof of that.

We did have to re-do our mortgage as our LTV changed. We went to see the broker who did the original agreement and, luckily, the same mortgage company were doing a similar deal (slightly higher APR) for our new LTV % and they were happy to take our existing application details and the mortgage valuation survey onto the new product. That helped speed the process a lot I think. We did give the broker updated pay slips and bank statements though.

It all happened quickly - saw broker Friday evening and I posted the signed offer back to the mortgage company this morning.

I suspect if you end up getting a new mortgage offer from a different company it would be back to making the full application from scratch which would take longer and they'd examine your finances again.

Providing you don't blow your LTV you just need to advise the mortgage company of the new sale and purchase price. I guess if you want to borrow more they may want new pay slips in which case you'd have to 'fess up.

If you used a broker, I would just ask them. Ours has been lovely and hasn't charged us anymore to do this additional work.

Fingers crossed that offer comes soon

Thanks Yoga- helpful as ever :) hoping we all get some good news soon :)

Apologies for being such a moaning Muss- I’ll go underground again now until I have something positive to report!

We might have movement. Need an update from DH but the rocket up the vendors solicitors arse might have done the job.

Today has been a good day in terms of progress...I received my mortgage offer so they were obviously happy with the valuation survey they carried out yesterday AND my building survey was done this morning and the surveyor has e-mailed me to let me know informally that the house is basically sound and that other than it's 'obvious shortcomings' there are no hidden nasties. I'll have to wait for the report before I know whether his idea of obvious shortcomings is the same as mine! If I wasn't so relieved that there was nothing huge I would actually feel insulted at his choice of phrase! 🤣

My solicitor has updated my online tracking system today. Apparently we’re going to exchange AND complete on 30th Nov. Searches won’t be ready until at least 24th Nov according to him so that only leaves 4 days to do all the paperwork for exchange, let alone completion

Have you heard from your DG Raa? Is it good news?

Still a bit unclear but it seems the pressure applied has encouraged everyone to be more pragmatic. Still some confusion with the state of the various purchases and sales but it does seem possible that exchange is on the horizon. More waiting to be done

Are you happy to exchange & complete on the same day Puss? I've done it & its very stressful. Plus if it all goes wrong you lose your removal costs. Unless you have to move by that date then I'd be wanting at least a week between exchange & complete!

Hopefully today we will have some good news. We found the rental place, and they are happy with our 1 year lease, with 6 mths break clause, allowing our pet too. My DH just need to check with them 1 more thing and we will start the application today. Booked in for some viewing this weekend as well.
In the meantime, the vendor came back - now he started chasing and provided the information. Couple weeks back, it was incredible hard to tell him he needed to provide these information, and claimed he wasn't aware of the required information or it should be the freeholder needs to fill out, or just filled out with missing information and the poor guy was blamed for everything (including doesn't have phone number, refused to do everything if we didn't pay him £100 etc etc). If the seller came out clean earlier about the dispute, we could have been ok to help with the costs. Instead of now we committed to 6 mths rent, if he wants to continue with the sell, completion date will be our mortgage offer expiry date - end of Feb. Both sides are loosing out, and our solicitor incredibly unsatisfied with everything, she is now even asking for more information (which we are happy for her to ask all the ways now to protect us in the future)
Anyway, we still want the place I think (if all of the legal aspects will be satisfied), shitty seller but the leaseholder and other neighbours seem nice (based on the minute of last meeting conducted by the neighbours, we plan to go and talk to them in the next couple weeks). The vendor also provided the sinking fund (the surplus fund saved by all the tenants for future repair works for the buildings) so we are more satisfied.
My DH & I agree since we already committed this far, there isn't point for us to pull out, just wait and see. If he wants to sell to someone else, and want to pull out then we will win anyway since we can claim some of the costs back (2/3 of solicitor and valuation, and 1/4 of the mortgage application fees).

No worries muss – fingers crossed for you

That’s good news Raaraa, glad your DH’s rocket has resulted in some progress

Echoing [Pixie] here [MrsPuss] – I’ve exchanged and completed on the same day and it is very stressful. If you can avoid it I would do so. I can’t see how four days is enough to cover off any enquiries coming from the searches either. I think I’d check the date with the solc as it sounds incorrect!

How would that work Zoe? Surely you’d be committing to 6 months rent on the new place but moving out after just 2/3 months so that would leave you seriously out of pocket. Or are you saying that you’ll take the new rental and progress the purchase expecting your seller to back out at some point allowing you to recoup costs from your insurance policy?

Our purchaser has their mortgage valuation survey happening on Monday, which is great. Hopefully once their mortgage is in place we can get a move on (no pun intended!)

After a lot of discussion we were almost ready to exchange. Buyer just came back wanting indemnity insurance against the loft conversion which was done in the 80s. We said ok and now he has decided he wants retrospective planning consent. Our vendor is refusing to wait for that to be done so we officially replied today and said take it or leave it, we don't have the time to do retrospective consent. Of course he can do it if he buys the house. None of this is from his mortgage company and non of it is necessary but he wants it anyway. So we are waiting to hear back if he wants to proceed. If he doesn't we have lost the house we want and will no longer sell ours. I'm so sad. Why didn't he ask for this earlier. Feel sick abiut telling the kids. We will be losing more than a house, a place from mw to work from and also for one of children to move back home. I'm trying to stay positive but I can't.

Time that sounds good! Mollie charging for a fitted oven and microwave? That sounds crazy. Good news on the chain Artus. Fingers crossed Raa. Knitted that is so frustrating and super stressful. Why are people so sh*tty?

Congratulations Ann!

Some progress here. EA said our purchaser just wanted to see the flat in the sunshine? Anyway, they seem to be happy to proceed. We now have submitted the mortgage application and I need to get going on filling in loads of details for our solicitor. And fingers crossed our annoying freeholder doesn't cause any hold ups...

Knitted - I hope your purchaser sees sense and doesn't lose his/her purchase for the sake of unnecessary retrospective PP

Good luck MrsJW

After a flurry yesterday we've heard nothing tidayvfrom the vendor or their solicitor. So I guess exchange tomorrow is off? God knows.

🍸 tonight

So sorry to hear that Knitted, hopefully the buyer sees sense & doesn't allow the purchase to fall through for the sake of some retrospective planning permission which would probably take months to obtain. The indemnity insurance policy should be more than ample! I will keep everything crossed for you.

Hopefully everything will go smoothly Yoga, did you need to redo the mortgage application for the same property or different property? Did they re-run the credit check again (we already had 2 credit checks for this mortgage offer, so don't want another check done, can affect our credit profile). The broker said if it's the same price, then he maybe able to just amend the mortgage offer, but need to re-do the valuation (if we find a new one).
Currently, committed to 6 months rent (otherwise risk of either loosing our puppy, or being homeless), if the dispute going through then completion no later than 3 months from now (we will still out of pocket for 3 months rent), if the dispute doesn't go through, hopefully the seller think we are not being reasonable then he pulls out (if he even wants to sell his house at all) hone we can claim back from the insurance.
Either way, because of this ffs seller, we loose a fair bit already.
In the meantime, continue looking, if we find something else better (I think that we will, seeing 3 this weekend), then will have to pull out and loose the solicitor fees, valuation and mortgage fees (hopefully this we can talk to the broker to waive the mortgage fees).

Thank you all :) going to call today and say we want to know by the end of the day. I don't want this hanging over us for the weekend.

Buyer has just come back and said he wants 27k off the asking price plus indemnity insurance or retrospective planning consent. I want to tell him to go fuck himself. Help.

So sorry to hear that knitted- your buyer sounds like an arse. Question is; how desperate are you to sell/move?