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Sellers/Buyers Roll Call 7

994 replies

MrBobLobLaw · 06/11/2019 16:32

Stressed vendors and buyers alike: assemble here to moan about bloody solicitors!

Feel free to join at any point Smile

OP posts:
Rhapsodyinpurple · 27/05/2020 22:17

So pleased for you @MissLemon18.
We are going backwards- looking at at least another fortnight's delay. We are now a month over what was meant to be our completion day.

rillette · 27/05/2020 23:15

No response to our initial offer yet... Confused

legfaced · 28/05/2020 04:53

Can I join please? We put our house on the market after seeing a house we really liked. That one has now gone under offer which I’m desperately sad about.

Lemonylemony · 28/05/2020 05:36

When did you send/place the offer rillette? Hope you hear back today. What kind of initial offer did you go in with?

Congrats MissLemon! That sounds like a very efficient exchange/completion day. Hope your first night has gone ok!

We have 3 viewings booked for the weekend now. Have decided to get the title register for the one that I can predict might have access issues (terrace row) and depending on how useful I find that might get the others too or wait to see if they’re still contenders after the viewings.
Very annoyingly, a house I have had my eye on for months (and grown slightly fond of already, rather ill-advisedly) currently can’t be viewed as “tenants will not permit viewings during pandemic”. I understand it’s (currently) their home etc etc but I do feel grumbly about it, not directly at the tenants, they’re just exercising their rights (or landlord is indulging them due to exceptional circumstances), but at the situation whereby their landlord is marketing the property they’re in, yet it can’t be viewed despite viewing being specifically permitted by the govt now. What’s the point then? I don’t know quite how cheeky this is but I’ve asked about the possibility of an external viewing, the property has side access and the garden is a major deal maker/breaker for me so doing that would at least allow me to assess whether it is worth waiting for this one or not. Also would be looking to knock down a conservatory and build extension/open up the back, so would be good to eye that up from the garden. They can only say no, and hopefully it shows I am keen for when they will permit viewings?

Feelinghistoric · 28/05/2020 12:38

Have had house on Rightmove since Monday and a viewing booked tomorrow and another on Monday. The last time I sold a place, the market was like a forest fire, so trying to work out if two viewings booked in so far is reasonable. Please tell me it is! Dying to make offer on a different house but will only make it if ours goes under offer, but want it so much!!

rillette · 28/05/2020 21:11

@Lemonylemony On at 315k, we offered 295 initially. Rejected. Went in with a second offer for a bit more, but after today on the phone to mortgage brokers, we may have to pull out altogether. Most places aren't going lower than 80% LTV. We have a deposit of around 16% but it doesn't seem like it's going to cut it.

Lemonylemony · 29/05/2020 00:06

Oh no, that’s really frustrating. I was reassured 85% LTV by a few different sources, but maybe it’s different depending upon salary, job, area etc? Sucks to expect one thing and then when it comes down to it, it’s all changed. Did you have an AIP? Fingers crossed for you. Rejecting an offer 6% under from a FTB when it’s been on the market 6 months though....vendor sounds like a tough cookie, or with not too much pressure to move.

I found out today that I know the immediate neighbours of one of the properties we’re viewing. Don’t know them well, but they’re good people and I’d be happy for them to be next door! I’m wondering if I know them well enough to ask for any inside info on the vendors 🤭 could be risky if they’re actually best mates.

What would you think of a listing that baldly states “vendor has found their new home so is keen to move” - that there could be some flexibility in the price if a buyer can move quickly? I can see from online info that they’ve owned the property for decades, the asking price is nearly 500% what they paid for it so they must have a ton of equity too.

Candlesky · 29/05/2020 15:56

It's been a while since I've posted. We originally accepted an offer for our flat back on November but the buyer pulled out 😑 accepted another offer at the beginning of March and both solicitors have been working throughout lockdown doing what they can.

We have been waiting for surveys to start up again as the buyer hadn't managed to get that squeezed in before lockdown started. The estate agent and her solicitor have been trying to get in touch with her since we heard the news that surveys could start again but no one has heard from her. Her solicitor hasn't spoken to her for at least 3 weeks so getting worried now.

We are moving in with family for a couple of months as haven't found anywhere suitable to buy yet but am really worried this sale won't go through now. Also concerned whether the buyer is ok as surely if she was pulling out of the sale then she would at least be in touch with her solicitor.

Can't wait until this is all over now!

Lemonylemony · 29/05/2020 16:19

No reply for 3 weeks, how rude! I’d say it was fair to put the house back on the market tbh. It doesn’t sound like getting offers is a stumbling block, so anyone offering now would surely be expecting to see the process through despite potential re-lockdown etc.

Lemonylemony · 30/05/2020 21:12

Well we saw 2 houses today and have 2 more to see tomorrow. Both today are contenders but £50k price difference (justified, we think) and both have different strengths and weaknesses. Number crunching and debating things like size of garden vs less work needs done, homely feel vs more space etc tonight.

Both sellers are desperate to move, they were fairly upfront about that, so I would expect there to be wiggle room in the price.

Mama12345678 · 30/05/2020 21:20

Sounds promising Lemony. I’m still waiting for new houses to come onto the market - nothing as yet that looks right. A few have come on at the right budget this week but are small and very well finished. I’m hoping something larger that needs a bit of tidying up will come on soon.

notheragain4 · 30/05/2020 21:34

Hi new here. We're in for an intense few weeks so I thought it would be nice to join!

Been on the market several months, came off, estate agent seemed to forget we'd come off and booked a viewing the day the first lockdown restrictions were lifted. He offered the next day, 8% under what we wanted, we said no, he came back a couple hours later 4% lower than what we wanted. We decided to accept, first time buyer, needs a mortgage but more than 5% deposit according to EA.

Couple weeks later we've reserved the most beautiful forever home I never thought in my wildest dreams we could afford. Managed to get upgraded kitchen, flooring throughout, stamp duty paid and a mortgage cash back which completely makes up for 4% "loss" in offer.

So we have to exchange within 6 weeks to keep these terms. Solicitors seem to be shite atm, struggling to get quotes and responses, loads of staff still furloughed. Mortgage appointment Monday.

Here we go.

Lemonylemony · 30/05/2020 21:47

Goodness notheragain, 6 weeks! Is your buyer up for that?

notheragain4 · 30/05/2020 21:57

@Lemonylemony if we weren't using help to buy it would be 4 weeks! It's standard with new builds. I think our buyer will be quite happy with that as he's living with parents, but tbh I think we all know it's not feasible atm with everything as it is, but we all have to nod and say we're going to try to meet it...I just need to make sure the delay isn't from me, I have to action solicitors Monday, have mortgage meeting Monday, then things outside of my control (like delayed valuations) will be understood apparently....

Whathewhatnow · 31/05/2020 09:57

6 weeks is doable with excellent solicitors both sides and straightforward mortgage applications. Has your buyer got an agreement in principle? Just asking as 5% deposit does not sound much but maybe that is a typo.

New house sounds great.

notheragain4 · 31/05/2020 10:10

@Whathewhatnow sorry I meant he hasn't got a 5% deposit, he's got more than that, so I'm hoping it won't be too difficult to get a mortgage as I understand there aren't many 95% LTV mortgages around atm.

notheragain4 · 31/05/2020 10:10

Not sure about AIP, I assume so, as he met with the broker about 2 weeks ago and we only reserved Thursday so thankfully there's a head start!

rillette · 31/05/2020 11:16

@notheragain4 we've been struggling to find lenders who will accept less than a 20% deposit. Hopefully it will ease up soon...

notheragain4 · 31/05/2020 11:25

@rillette really? I've found a few 90LTV, Yorkshire Building Society have a 1.79% rate. Granted I know it depends on credit history etc, I'm not sure how strict lenders are being atm. We're porting our mortgage to a HTB one. Not sure of our buyers situation.

Karcheer · 31/05/2020 16:23

im looking at title registers and they are £20 - is that correct?

Whathewhatnow · 31/05/2020 17:34

No! They are about £3 iirc. There is a dodgy website that comes up on google which appears to be land registry but is not.

Whathewhatnow · 31/05/2020 17:37

The official site is the one with a gov.uk bit in the address.

Lemonylemony · 31/05/2020 20:12

Title registers and plans are £3 each to download direct from the land registry, it’s v easy.

I also found higher LTV mortgages available from Chelsea building society and Virgin on the MSE Best Buys tool, and the Chelsea online AIP was straightforward (it says they would lend us a very worryingly unaffordable amount of money to be honest!). We’re planning on sticking to 85% though tbh, way more affordable in an uncertain climate. Loads of mortgages available at that level, at least in our salary range etc.

So we’ve seen 4 properties this weekend. Only ruled 1 out! It’s so difficult. We’re leaning towards the biggest/highest asking price one and putting in a slightly cheeky 10% below asking, emphasising our very proceedable position, the work it needs and crossing fingers. They have a new build ready and waiting for them, already had a buyer fall through and very keen to go, so I guess it would just come down to numbers. I think 10% below is pretty fair given all the uncertainty at the moment, and that place needs 2 new bathrooms, windows in the loft need replacing, garden needs fencing in, and that’s just for starters. Everywhere else we’ve seen has needed much less work and is on for less, but this one’s location for our lifestyle and size of garden is winning. If they reject, we’re not keen to up the offer, I think we’d look at one of the other places we’ve seen (or keep looking, more coming on all the time!), increasing means a massive stamp duty jump and would eat our contingency fund before we moved in, and it needs work.

So scary to spend 20 minutes somewhere, all slightly pressured with gloves/masks on, vendor giving all the sales pitch, and then decide whether that’s where you want to live for the next few decades/possibly forever!!!

Karcheer · 31/05/2020 21:49

The property I’m interested in says “no information available”... why would that be?

We also viewed 4 and completely ruled 2 out but the other two we were split on, we did a pros and cons list and both came out the same lol!

Anyway we’ve decided on a 1980s house that’s empty that needs everything doing to it apart from it having a nice tiles hall floor and a two year old kitchen which isn’t my style but I’ll live with it.
It’s so far from the new build we’ve got a deposit on, it’s untrue!

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