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Original poster

Sellers/Buyers roll call Part 4 Keep strong everyone!

999 replies

alifelessordinary · 13/02/2019 16:46

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!

OP posts:
TiddleTaddleTat · 10/04/2019 09:19

Ok - solicitor emailed with suggestions (absent freeholder indemnity, £500 off purchase price to cover GR increases in 10 years...)
Estate agent emailed stating why the buyer's position is so unreasonable
Movement by the end of the day or remarket tomorrow to try and get viewings for the weekend
Will be very nerve wracking today

Fleabag123 · 10/04/2019 10:35

Good luck @Tiddle

I seem to be endlessly waiting on enquiries... solicitors said they started the letter last week but I’m sure it’s going to be incomplete as still waiting on management pack 🙄

WBWIFE · 10/04/2019 11:19

@TiddleTaddleTat I'm sure buyer will agree! Good luck x

Glitteryfrog · 10/04/2019 11:37

@TiddleTaddleTat you can't be the only who has had this problem?

We have a viewing for Saturday! Our original buyer hasn't resurfaced or officially withdrawn his offer Angry

TiddleTaddleTat · 10/04/2019 11:39

No news yet. Spoke to both EA and solicitor yesterday and neither was hopeful of agreeing a way forward. Buyer is a seasoned BTL investor, trusts their solicitor entirely, solicitor has backed themselves into a corner and would have to concede which my sol thinks they are unlikely to do.
He promised to call them...

TiddleTaddleTat · 10/04/2019 11:39

Spoke to them this morning , I mean

TiddleTaddleTat · 10/04/2019 13:14

Still chasing. My sol has not been keen to cal the buyers sol and hasn't received a reply to the email.
Worrying what we can do if this falls through. To add insult to injury, our landlord of our rental wants the property back and signs are that they are about to serve 2 months notice.
Has anyone had any luck with quick sale/auctions ?
Alternatively raising a BTL mortgage on a property without a mortgage? We could feasibly do this. Flat is valued at £232k, purchase is for £290k.

Smart123 · 10/04/2019 16:20

@tiddletaddletat..yours sounds as stressy as mine
Yes the latest is I've offered a £1000 off the asking price towards the neighbours chimney repairs, that was put to buyers last Thursday, I'm yet to hear back.
My buyers were keen to be in for Easter, but sadly this is dragging on, I'm feeling so low about it and not been sleeping for weeks.

TiddleTaddleTat · 10/04/2019 17:39

Well I'm feeling very gloomy.
Buyers solicitor has not made contact with mine all day despite attempts to call.
Buyer has been aggressive and confrontational on phone to EAs who have called to ask him to get his solicitor moving.
We are about to be evicted from our rental because our landlord wants a family member to move in.
Everything is at the point of collapse and it's terrifying as we have no spare cash having thrown everything into trying to get the property sold.

MrsPatmore · 10/04/2019 18:27

TiddleTaddleTat and Smart123 it's literally gut wrenching when it feels like things are falling apart - you both have my sympathies.

Tiddle can you afford to engage another solicitor with specialist knowledge in the lease area? They might be able to negotiate a compromise with the buyers solicitor. Also you don't have to move when given notice - you could force your landlord to evict you which would give you an extra couple of months but would obviously cause your landlord stress and expense (some of which could be passed on to you and it will affect your reference too). A last resort maybe?

Smart, I would perhaps go back and say you'll pay the lot if you want to move things forward (galling as it is). Is it a lot as a % of the sale? If not then I'd do it to stop the sale collapsing.

TiddleTaddleTat · 10/04/2019 19:46

Thanks @MrsPatmore

Our solicitor works for a firm specialising in shared ownership leasehold, we staircases to 100% but actually he is the best person for the job. The issue is that the buyers solicitor does not appear to have this specialist knowledge, and as a partner of his firm is really arrogant but is not taking advice from my solicitor!

Yes, I understand we would not have to move from the rented property unless evicted by a court. I suppose the question is, should we need to find a new buyer, whether it would be worth the stress of having an early stage sale + purchase + eviction going on at the same time.

Jem01 · 11/04/2019 06:45

We have finally exchanged and complete in 2 weeks! Honestly can’t believe it has actually happened. Now to sort out everything else!

WBWIFE · 11/04/2019 07:23

@Jem01 amazing news!! When did this process all start for you?

nevermovinghouseagain56 · 11/04/2019 08:28

Hi, I joined this thread a couple of weeks ago and everything initially was going along fine. But of course that can't last can it?

The house I'm buying showed several cases of damp on the survey. Most of it is treatable and I've got quotes for that and the next step should be to start negotiating with the vendor over my initial offer.

But it turns out that some of the damp is being caused by shoddy workmanship on next door's extension and until they get it fixed it will continue to affect the house I was hoping to buy. The vendor says that the neighbour has told him that he is going to fix the problem but I don't see how I can rely on the word of a complete stranger.

The vendor is fully aware of the problem and, whilst I accept it's not his fault and he can't get it fixed himself, I really don't think he should be trying to sell the house until it does get fixed. I could end up inheriting a problem with potentially no solution. I would have no control over it at all.

So feeling a bit blah today. I'm tempted to walk away but there is very little coming up in my budget although the market generally is quite buoyant locally.

MrsPatmore · 11/04/2019 09:04

Jem01 Congratulations! You must be so relieved to be on the home strait!

nevermovinghouseagain56 that's a tricky situation. Perhaps the damp proof company can come up with a solution?

Smart123 · 11/04/2019 09:09

@nevermovinghouseagain
Very similar to my issues, my neighbours chimney is in bad state of repair, he's aware and said he will repair in the summer, but won't put in writing.
My buyer and I both got quotes for the repair and they were both around 2,500.
Worst case scenario my neighbours won't repair it, so my buyer and I have agreed to go half's I've knocked 1,250 off the asking price, I'm not overly impressed, but I'm so tired of it now, so we've both put this to our solicitors today and we hope we can exchange by next week.
Even though the paperwork will need to be amended now.
We are almost at 6 months now with no chain, the experience has been horrendous, I'm lucky I live with my partner, but by selling my place I can clear my mortgage and buy something small and let it.
So I'm yet to go through buying, which I'm hoping won't be as horrendous, as for doing it the same time as most of you are, I know I would of never coped.
Hoping the ones that have been going through it for a while on here will get your happy endings soon

nevermovinghouseagain56 · 11/04/2019 09:26

@Smart123 I'm not even sure that anything in writing from the neighbours is legally binding. I've spoken to my solicitor about it who tells me the neighbour has no obligation towards me whatsoever. My contract would be between myself and the vendor which does make sense.

The house has other damp problems as well and I've got quotes for these. The selling agent says the vendor would be willing to take a small reduction but I don't think he'll take the full £6k.

Jem01 · 11/04/2019 09:45

Thanks everyone!
Not as long as some but it feels like a lifetime! Our home went on sale back in October, offer excepted in December. First house we offered on vendors refused to move into rented and wanted us to wait until they had found their “dream home” So we swiftly withdrew our offer as worried we didn’t want to lose our buyers. Second house (which I actually preferred took OH slightly longer to come round!) vendor promised they would move in with family/or go into rented not to slow process and of course guess who changed their mind at the last minute?! We finally came to an agreement but my goodness I have never been so stressed in my life. Thankfully we have a fantastic solicitor that has really helped

WBWIFE · 11/04/2019 10:14

@Jem01 long enough though!

We sold start of Feb and I'm frustrated with all already, were nearing the end though!

Jem01 · 11/04/2019 10:20

Hang in there!

BeauticianNotMagician81 · 11/04/2019 12:23

How long should the average house sale/buying take. Our buyers are keen to be in as quick as possible. They want it all done in 8 weeks. Is that even possible?

TiddleTaddleTat · 11/04/2019 12:56

Congratulations! @Jem01

@Smart123 sounds like you've been more than reasonable with the reduction already.

We've had a minor breakthrough this morning after much drama and panic. Solicitors have spoken on the phone and buyers solicitor has admitted they failed to note my solicitors statements about the deed of variation never being agreed by the freeholder. The buyer has been under the impression that the lease is defective because they thought the freeholder had agreed to do a DOV. In reality all they did was agree to take our money then not respond for a month.
The buyer needs to be convinced by his own solicitor that the matter is resolved and we can exchange.
Fingers crossed.

Smart123 · 11/04/2019 13:09

I think I have @Tiddletaddletatt.
I just want it done with now.
Buyer and I are pushing for exchange now, but it will be down to solicitors as they'll be breaking up for long easter weekend on Thursday.
Hope you get to exchange asap

WBWIFE · 11/04/2019 13:14

@BeauticianNotMagician81 yes it can be done, many new build developers want it done in 6 weeks. As long as you're both on the same page and the chain is complete then I dont see why not.

Just make sure you both have efficient solicitors.

The average I believe is 12 weeks give or take but I know people who have had it a lot before and a lot after.

Ours took 15 weeks with an empty no chain property as a first time buyer (shit solicitors)

17 weeks as a 3 chain. (Few hold ups with indemnity insurances )

And this time we are hoping for 12 weeks maximum..

We are on week 9 today and have been told we should be completed by time we g on holiday which is 3rd may

Farontothemaddingcrowd · 11/04/2019 14:02

@beauticiannotmagician81 I did it in less than 7 weeks. We were buying a new build and they wanted us to exchange in 6 weeks and my buyer was a FTB, so no chain. It can be done, but I was really on the case and had an excellent solicitor. The estate agent was good as well. We told all involved that we needed to move asap because school places were at stake and that really motivated everyone.