Sellers/Buyers roll call part 3. Who is still on this treadmill?

[MovingNextYearHopefully]

A slight name change for me, as I'm clearly not moving this year. Well, I am, but not into the house I'm buying.

Went to the development today, had a chat with the girls in the office & updated them. Hopefully we will be exchanging contracts next week should all go to plan. We found a nice house to rent, but its so bloody expensive I'm petrified! As long as we complete within our 6 month rental contract then all will be well, but if we don't then things will get ridiculously expensive!

@moving - yes, bubble burst - it’s not just the tax implications, it’s the capital gains tax after 18 months if we don’t move back, which we wouldn’t!

Why do they make everything so difficult!?!

Sorry to here your woes - a large glass of wine needed!

Fingers crossed that it works out for you moving; sounds super stressful! Cannot fathom why buying/selling always is even so close to the end as you are!

dinky I’m also in N London and our solicitor was concerned about crossrail2 in the house we’re buying...it’s well over a mile away! It defo didn’t put us off.

maybe I think capital gains is worked out as a percentage of the time you’ve rent the property out; eg. If you lived in the house for 9 years and rented for 1, you’d pay 10% of what the capital gain would be... if that makes any sense?! Just mean that you should check it out before dismissing it out of hand as it might be less than you think.

We gave our ultimatum to the buyers to complete in December (they’re currently thinking about it) and in the meantime asked the EA to hunt out any other leads. They’ve come back with a much better offer from someone else! EA looking into how viable this other buyer is but either way it’s leverage. Also if we can’t get into the school we want then I’d rather sell for more even if we have to wait a bit longer. Lots to think about!

Sorry Maybe. We have previously considered doing the same, but the figures didn't add up, particularly as we are selling & buying in Surrey lol. Both lots of neighbours in our road who moved up north were able to price quite low because they didn't need so much money for where they were going. Did us no favours whatsoever when they showed upon land registry sold house prices. Particularly the one that was next door but one & needed a lot of work doing, (but it isn't clear on the details still available to see online.) We ended up accepting 7.5k less than the fixer-upper, because in a falling market buyers don't see the need to pay more. Unfortunately it really seems like the only way to get moved at the moment is to reduce & reduce some more, then be prepared to reduce again. It bloody hurts, but its the only way. Nothing else is selling!

OMG. Decisions decisions ThoughtAboutThisTooMuch

@thoughtaboutthistoomuch - that is SO interesting about capital gains - will need to investigate further as it might not be a deal breaker after all!!

We are still here.

Just posted a new post myself regards our situation. We are nearing the end ready for exchange of contracts but someone has just put in a higher bid of £15k more. Don't want to loose our house so think we are onto the estate agent for an update.

I'm desperately hoping to be in before Christmas!!!

Hi Dismum. Took a quick look at your other thread. By the sounds of it the new potential buyer who has offered you 15k still has a property to sell, so they could offer you 100k more but they are not in a position to do anything about it. Complete fantasists, unless you live in one of the rare areas where people are selling fast, or they are putting their own place on very low in order to secure yours. This can work, but is it worth risking losing what seems to be a proceedable buyer to take the chance?

How long since your buyers made their offer? Have they had a survey done, mortgage agreed or finances in place? Why do you think you are at point of exchange? Who has told you this? 3-4 months is average length of a transaction. How long is your chain? Sorry to ask so many questions. Just seems to me like you've been dazzled by pound signs, & who wouldn't? Can do a lot with 15k. But the reality is these new people are not in a position to buy, so not in a position to make an offer. Also, as this is someone you know, surely they know you already accepted an offer? If so then they have shown they don't mind stepping over people to get what they want. Can you trust someone like that not to drop you in it when their head is turned elsewhere, or whats to stop them suddenly reducing the price at the last minute. Be very wary!

We own our drive!! Hurrah! The previous owners have signed it over!

Just need to own our own garage now (on our drive that we now own, that we have the key to, with our stuff inside) and we'll be there!

Small victories!

Yay for the drive issue being resolved Tokyo - has to be a relief. Hope the garagae is sorted out v soon.

Moving - that sounds so stressful. Am sorry you're going through this and hope you hear back re rental today.

Hope the numbers stack up Maybe. Dismum - if the higher offer isnt cash/immediately proceedable I'd simply use it as leverage to get your existing buyers over the line asap.

@TokyoSushi - yay! That's good news - you'll hopefully have it all sorted now by the end of the week ! X

wooo Tokyo so glad to hear that!!!!

@Tokyo that's such good news!! any time frame on getting the garage sorted? I still can't believe the previous solicitor allowed you to purchase previously without this coming up!

That’s great Tokyo, hopefully it’ll be plain sailing from now on.

We’re still waiting on feedback from one of the viewers from Monday. I’m losing hope. The estate agent said they were really positive about the house but clearly not enough to have a second viewing or an offer. I hate all the uncertainty!!

No news on the garage timeframe, just that it's 'with the leaseholders solicitor' but this is literally the last thing now, hopefully not too long!

So no viewing requests yet 😢 it's only been a day but I'm getting nervous!
How long before you get a viewing request?

@happychange - I found the first week or two were the worse as every time the phone rang I jumped!

Now I'm in wk 6, I don't think about it much anymore :-)

Hope you have better luck!

definitely too anxious
Doesn't help that my neighbours sold their flat in 2 weeks and had loads of viewings on the 2nd weekend!

Oh well I must wait! Maybe we will have lots of people who will be searching this weekend and we will get a flurry of requests this week

It has been nearly three weeks since we have agreed an offer on our house. Finally I received a phone call from our buyer’s leader today to book a valuation on our house. Finger crossed, I am getting anxious already.

Any word from the rental yet moving?

I’m in the same boat happychange; flat went back on with another EA at a reduced price 2 days ago and haven’t heard anything yet. Hoping we get a better response than with last agent where we only got 2 viewings over the whole month!

Heard back from our house buyers on our ultimatum and they’ve agreed to complete by second week in December! Kinda worried we’re being silly not to take the higher offer (which would be at least 5k more!) but this has been going on so long, I just want out now. What would you do, accept the current buyers or take a chance with new ones which would delay moving? Sounds a lot like your dilemma dismum, what have you decided?

Def stick with where you are @thoughts. A new buyer has to start completely from scratch, you have no idea how good their solicitor is so it could be months away from any thing happening. By the sounds of it they are in a chain too aren't they so you will be affected by how quickly others in the chain move too.

You're other buyers sounds like they are moving things along now, I would be scared to go back to the start with someone else!

Ours seems to all be ticking away nicely, just waiting on some enquiries from our buyers regarding their survey but they have assured us it's nothing that will change their position on purchasing. Our searches aren't due back till next week on our purchase but other than that I think our solicitor has pretty much done everything at our end!

I’d stick with the buyer @ThoughtAboutThisTooMuch Starting again from scratch would be so risky as it could take ages.

Feel I can join you all now! I've just accepted a good offer on my house and immediately rang the EA of the house I'm interested in to make an offer. Sadly was told an offer had been made and potentially accepted that day. I've made my best and final offer anyway but expect it not to be accepted. I can't go any higher and have a couple of friends who are ready to shout at me if I go any higher! To say I'm disappointed is an understatement. I must stop thinking of the 'if only's'

@itsnowthewaitinggame - dont despair. IME lots can happen between an offer and completion so it may well be the house you like comes back on the market.

Congratulations Toyko. Such a relief. Hopefully the garage isn't far behind!

The rental turned out to be a no go. They are insisting on 1500pcm, (1700 including council tax, before bills etc ) which after DH spoke with the developers & they are now saying the end of February completion we decided it may be cheaper to look into short-term lets again. We're going round in circles..

I actually think we're at the point of it all collapsing at the point of exchange again. Our buyers buyers, who have done nothing but delay things (solicitors refusing to communicate & buyers sending deposit money by cheque ) are now refusing to agree to our necessary 4 weeks between exchange & complete & demanding we complete on 22nd November. They don't give a shit that we have 2 special needs children, one of which has been in hospital with a life-threatening condition & simply have nowhere to go. I have written a very long email, which I have sent to our EA & solicitor, saying to feel free to share with anyone in the chain, explaining our position & why it is unreasonable to expect us to vacate to become homeless & suggesting we exchange on Friday! Really pissed off with the lot of them now!

Oh @moving that sounds horrendous. You poor thing