Sellers/Buyers roll call Part 4 Keep strong everyone!

[alifelessordinary]

Thought I'd start a new thread as previous one had hit 1000 posts and wouldn't let me reply!

@LookingOptimistic why do solicitors have to be so difficult at times? Hope it gets resolved for you soon.

The indemnity policy came through this afternoon, so we're hoping we might be exchanging sometime next week...unless something else crops up!

That should be your not you're. Sigh!

That's brilliant @milly90. That sounds extremely frustrating @Tokyosushi. I hope unicorns somehow materialise for you.

My buyer has their mortgage and the valuation stacked up. They want a home buyer survey. I'm a bit nervous in case it shows loads of stuff up...

A little progress for us. Buyers have offer after valuation. Not sure if they are planning further reports but not heard anything.
We got our offer without any physical survey which is new to me but apparently common now.
Our buyers need to be out their house by end of March but have somewhere to go. We go on hols April so hoping they are happy to stay where they are till we get back.
This is after 18 months on market so don’t give up.

We have our survey back on the property we are buying. It's an older property so full of the usual caveats. No movement or rot detected luckily but there is some damp in a corner of the kitchen extension which was meant to have had the damp proof course. Also concrete flashings and a few roof bits but nothing major. Only concern is the bathroom above the kitchen had a chimney breast which there isn't below. No sign of structural stress and I'm assuming the buildings regs completion certificate for the extension would have ensured it was properly supported? I'll have to run this by our solicitor. Grrr, it's all so nerve wracking.

Haven't had time to catch up with everyone's news... it's a stressful time. Update on our:
Sale
Im being chased by selling agents because they can never get through to my solicitor. He is not particularly responsive but when I do speak to him he says it's due to third parties (leasehold).
Have just discovered there is an error in the lease relating to the amount of ground rent payable, the buyers solicitors want a deed of valuation but the freeholder's managing agent quoted us £1700 for this which is ridiculous and extortionate. Our solicitor is trying to get them to accept the word of the freeholder over a deed of valuation but we are bracing ourselves that we may need to pay it if the buyers solicitor pushes for it, and we don't want to lose the sale and purchase for a couple of K at this stage.

Purchase
Mortgage offer issued (very quick!)
Homebuyers survey booked
Will order searches following satisfactory survey.

Mega stressed ! Hope toe exchange on the sale soon but this leasehold issue is making me worried it could all fall apart so easily.

Deed of variation, not valuation. Doh!

Oh no @TiddleTaddleTat not another leasehold issue on here! Let's hope you get sorted quickly.

Friday again...I am not sure if I can face another weekend without knowing what is going to happen.

TiddleTaddleTat OMG. £1,700! I am in the same position, but as the buyer. Our seller refuses to do a DoV. I think we will have to pull out,even though we have already spent over £1,000. This is so annoying.

@tenapenny2018 nightmare! Yes the price for ours is completely nuts, unfortunately the buyer is insisting on it. Our solicitor is trying to find a way round paying the whole whack while still providing the DoV - I'm fearful of losing the sale and have told him as much. Our negotiating position is weak as we are in a chain while our buyer is an investor with no ties really.

Tiddletaddletat, how much of the sale price does the payment represent? I think if it's not a big % and you can afford it, then I'd be gutted but inclined to swallow the cost if it means you don't lose the sale.

TiddleTaddleTat As the buyer, I am actually prepared to split the cost or pay up to £500, but the seller wants me to pay the full cost of DoV!

another rant, sorry! Been having a to and fro with our buyers father (he's apparently acting on his DC's part as they're currently abroad) who seems surprised that a house described as needing modernising, might actually need work doing to it [duh]. So he's sent through extracts from the survey, bolstered up by feedback from the electrician, plumber and builder he had round in the week, "informing" the estate agent that the house needs rewiring, that the roof tiles are mossy and need cleaning (they actually need replacing) and that the garage needs knocking down and rebuilding, amongst a long list of other things. So because of that, he's tried to reduce the offer by £5k, plus given a list of things we need to do before the sale (take down a shed, dispose of a piece of asbestos sheet - gave very exact measurements of it, but managed to hide it away so that I can't find it in the garden ) which we're happy to do (they'll find the washing line doesn't attach to anything if the shed's gone though), but we've settled on half way on the discount.

But, what's pissed me off more than anything (even the workmen leaving muddy footprints throughout the whole house, and not flushing the toilet [grim]) is that it's only today they're getting a mortgage survey done! Seven weeks after us accepting their offer, when we were assured finance was in place at the time, which is why we went with them, despite it being a low offer, they're only just sorting out the bloody mortgage.

DH suspects they're trying to drag it out, in an attempt to scare us into accepting an even lower price post-Brexit, so he's sent an ultimatum to the estate agents, saying that we need to get this sorted by mid March, otherwise we're considering pulling out.

It doesn't seem normal practice to get a full survey done, get in several workmen to look at/quote for work needed, do some back and forth negotiations about price, and then start sorting out a mortgage survey. Or am I out of touch with how things are done these days (bought this house 20 years ago)? Or do I have weird buyers, in which case I'll have to apologise to the lovely neighbours we've left behind?

The mortgage survey is just the mortgage company checking the house is worth the price. They don’t do a proper survey and sometimes just drive past.

We had our mortgage in principle when we offered but we still needed a mortgage valuation doing. It was done 2.5 weeks after we offered though.

@MrsPatmore yes, that's how I feel and have told my solicitor as such. Our buyer is currently threatening to pull out because the sale has taken 5 months now, and the selling agents have told us it's all down to our solicitor being so slow.
I will be so gutted if we lose this sale because we'll probably lose the purchase too and be back to square one! Can't even contemplate that right now.

Happy keys day to you @Milly90!!

Just catching up with all the other news this week as tbh I've been so sick of anything property related I didn't want to think about it.

Our buyers second mortgage application was declined surprise, surprise. But got told today by our agent that they have scraped together the money needed from friends or family.....but they are 25k short!

So we have to decide do we go with that and make up the shortfall ourselves or tell them to piss off

It's going to 3rd cliff hanger weekend...

Lease defect needs to be assessed by the underwriter. I am told that's another 3 working days.

I feel like a mug, I have said we will pay the ridiculously overpriced DoV fee to avoid this sale dragging much longer and risk losing our buyer.
Will try and comfort myself with the knowledge that it's costing 0.07% of our sale profits but my solicitor advised us not to pay it... but we are sick to the back teeth of this and want it done

alifelessordinary Does this mean your buyer was not straight with the source of their deposit and the bank found out and the mortgage was cancelled?

I would say avoid.

@tenapenny2018 no apparently was pulled because they had a default with HMRC. Their solicitor has confirmed their deposit has been checked re money laundering etc and is fine.

Let's hope the underwriter works quickly and you get the answer soon!

TiddleTaddleTat

0.07% x £2.4 Million !!!??? = £1700

@tenapenny2018 ha! Wish it was 2.4 million! Yeah I may have misplaced a decimal there. 0.7% ...

alifelessordinary

So do you mean that because you buyer could not get a mortgage, they now have borrowed from relatives, but is £25K short?

And that effectively make them cash buyer?

I see we are all stubbling into road blocks this week; everyone stick in there, we will all get there eventually

Update for mine is the ex-wife received her mortgage offer today to transfer house inti her sole name (removing my buyer from tgis and paying his share of equity to him from savings - which is the deposit for my house), fingers crossed its all sorted next week and we can exchange Friday.

Am pushing solicitors from every direction i can to conplete title review and post out transfer deeds to them early next week, so they can get the monies moved for exchange Friday!

So close yet so far i feel...

Yes @tenapenny2018 they would be cash buyers...I'd like to have friends/family that could suddenly come up with 100k!

Good luck for next Fri @LookingOptimistic

I’m out! Completed this morning, moved out shortly after. Completely exhausted but pretty happy. Lined up some viewings for tomorrow so hopefully I’ll be back on the thread as a buyer before long! Good luck to everyone still waiting - I have been very lucky with my sale so I expect my purchase to be a nightmare!