Sellers/Buyers Roll Call 7

[MrBobLobLaw]

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

Feel free to join at any point

In our area the market seems to be moving our estate agent has sold 28 properties in 28 days they claim.

Phoned EA and they have taken the property we've offered on offline. Vendor has been very unwell so not making a decision until better, and it will be either us or the other offer!

Properties seem to be selling like hot cakes in my area, even previously undesirable ones that normally sit on the market for months. It makes you wonder what's going on?

The £100k overpriced one though still not sold after being on the market since October last year!

I think it a mixture of like us who have stayed put the last 18 months because of brexit and have given up waiting for a good time, and those who have a deposit saved and want to get on the market and bought quickly before any potential job losses make it hard to get a mortgage as generally mortgage is cheaper than renting.

Offers are being accepted like hot cakes around here I would say, but only on sensibly priced properties. The initial one we offered on, we felt was overpriced, our 10% below offer was rejected and it’s been taken off the market (not marked STC) - I suspect the vendors have decided not to move if they weren’t achieving the price they wanted, there are a fair few directly competing properties with lower asking prices. Another one we had our eye on but went STC before we started viewing, is back being marketed again, with a 6% drop in asking price. That’s happened on quite a few tbh.

I’m trying not to look too much though, now we are starting the buying process, it feels like still being on Tinder when you’ve just agreed to be exclusive with someone

We have someone interested in ours but they’re first time buyers struggling to find a mortgage with only a 10% deposit (according to the agent).

@freshcutflowers

We have someone interested in ours but they’re first time buyers struggling to find a mortgage with only a 10% deposit (according to the agent).

Yes it's a struggle at the moment. We have 17% but our preferred lender won't go below 20 at the moment. Our EA says his mate who works in mortgages says this should all be lifted in a couple of weeks, apparently the only reason they have upped the required LTV % is to stem the flow because demand for mortgages is at a 17 year high. Take with a heavy pinch of 'EA speak' salt, but there we are

We found 15% no problem, tonnes of options. A few who were offering 10% a few weeks ago aren’t now, but Coventry BS did yesterday at least, so they are there if you look hard enough.

The agent hasn’t said but I’m wondering if they only had 5%

One thing to be aware if is that agreement in principle and a mortgage offer are not the same thing. AIP is basically an indication of what they might be prepared to lend you. I've had 2 occasions when credit was harder to come.by when an AIP translated into a decline.

Any idea on how long the process might take for 2 chain selling process? It would be really nice to be in before the start of the next academic year.

It has been more than one week of radio silence from our lender :( last time it took 48h from application to offer!

We’re on 1 week today from submitting info to broker and not heard anything back. Tried to phone them on Friday but either didn’t connect or just rang out. Frustrating isn’t it!
Have sent an update email to the agent - basically with no real update but just so they know we’re not ignoring them!

Final search report has been done, mortgage deed ready for signing and the report has gone to our lender. Aiming to exchange next week, complete 1st July, everything crossed, it's been a long journey...

That sounds promising fern

We’ve had our mortgage offer through subject to valuation.

Trying to arrange a survey but might have to wait a month for surveyor availability.

Someone SAVE ME for sellers and solicitors and other such crap!

we are supposed to exchange tomorrow - our solicitor asked their solicitor for planning permission building regs info on extension - 4 weeks ago. yesterday they say - we don't have building regs as it would have meant removing the wood burning stove as it was the only issue stoping full building regs approval! So we've taken out indemnity. The extension was done 15 years ago and they've only just realised it was never finalised. They had all the inspections during the build but not the final certificate! so no exchange tomorrow or potentially this week which means no completion next Wednesday as plannedN. I am so fed up with this whole situation - grrr.

So we reserved our plot just over 2 weeks ago and in that time have our mortgage offer and now all the contract/transfer paperwork for our purchase.

And our buyer still hasn't even got his paperwork in for the mortgage, he offered over 4 weeks ago.

ARRRRRGGHHH

Also, is not too much to ask solicitors to print off and send me the documentation they want signing rather than expecting me to do so, considering I'm paying over £2000 for this paper pushing?!

Anyone any idea how long searches are taking?
I suspect this will be the things that holds things up for us.

Also, anyone else having to have their house Covid cleaned?

Cant remember if I said but the Septic tank is fine.
We are now changing our mortgage rather than just moving it, as time has gone on so long our lender is allowing us to do this.
Having a full survey (80s build), we are paying and we instructed with a completely different company to the mortgage valuation one.
Contracts all with the solicitor - ours wouldn't request searches until he had the contract - not sure why?

think thats it.

Oh and i got back our fixtures and fittings list because i was panicking i said id leave my washing machine and tumble - as we were buying a new build with them included - but luckily i said we were taking them!

have you seen this www.theadvisory.co.uk/propcast/

Anyone any idea how long searches are taking?

Each local authorithy will be different.

Joining as just gone on market. Nervously waiting to see if there’s any interest. Property market seems quite healthy in our area so fingers crossed

Good luck @Bigoldwimp. We went back on the market 3 weeks ago. We had 5 viewings in the first week and nothing since 😬

@mama12345678 that’s so frustrating for you. Did you get any feedback or just lots of competition near by? I hope it picks up again for you

Spoke to financial advisor this morning, big backlog with mortgage valuations apparently...