Anyone else halfway through a sale/buying

[maneandfeathers]

I know nobody knows but we are stressed to death.

Halfway through selling/buying.
No idea what will happen with mortgage/house prices etc etc. We are also wondering about valuations for the mortgage.

Anyone nearing completion and also wondering what on earth to do?
Anyone heard anything from the bank regarding mortgage lending?

[QueenOfCatan]

We're exchanged on our purchase and have been for weeks, but not on our sale, our buyers solicitor has been dragging their heels for weeks and submitting ridiculous fucking questions and 'issues' (wanting indemnity insurance for something relating to the house being built in 1925, the proof of guarantee on the windows that have been there 17 years numerous owners ago and the builders paperwork for the loft conversion that didn't happen with the previous owner FFS) and now the last queries they had were answered this afternoon and we were due to arrange completion for next week and we're in Lockdown. Most of our things are in a storage locker 50 miles away in our new area where we've been doing gradual trips expecting to have completed by last Friday at the latest. so we have a suitcase, a few toys and our computers. Luckily we hadn't moved the fridge or our crockery yet

Not even thinking of the rest of it though.

[Manth0914]

We are at the searches point of our first house purchase. We do not have a lot of spare money and are currently living with our children in the parents house! Worried is an understatement.

[ItsPeanutButterJelly]

Is the expectation if you exchanged and are due to complete in next three weeks then completion will happen?! Presumably removals can't remove, etc. If you haven't exchanged already wonder if it's worth pushing to exchange and complete ASAP or hold fire for (at least) three weeks

[QueenOfCatan]

No idea, it could be months of waiting. If you do manage to move how do you arrange utilities and Internet? Are call centres going to have many people in? Are the Internet service engineers even still working? We'd be fucked without Internet for months as we both need it to work and study.

[Whathewhatnow]

Youd hope the internet service providers had set their staff up working from home. Utilities likewise ...
And not I think these folks will probably still be in work because they are critical workers.

Removals I'm not so sure about. Logistics folk are classified as critical workers though.

[maneandfeathers]

That’s my sale down the toilet

Survey won’t happen. Mortgage can’t complete so that’s the end for us. Gutted as we have struggled so much to sell ours, it’s taken us years

Best get used to it here

[Whathewhatnow]

So sorry @Maneandfeathers but... but... hows about concluding your sale and worrying about purchase later? In the meantime an Airbnb or short term let?

[Whathewhatnow]

That also has the advantage of banking your equity in a time when things are uncertain.

[Whathewhatnow]

For a mortgage they are generally content with a google drive by. Have they told you otherwise?

[maneandfeathers]

@whatthewhatnow thankyou.
We are unable to complete the sale as we wouldn’t have anywhere to go, we have two huge dogs and two cats so rental is too difficult and a hotel wouldn’t take us either. Both sets of parents are self isolating and we have small children.

They won’t do a drive by valuation and will only accept a full one. My mortgage advisor has said this is the same for most companies so sadly we will have to wait it out and see what happens

[Ypsilanti]

@Whathewhatnow Will your buyers not wait for you? I am a bottom of chain buyer (my mortgage provider did an online valuation so some do) held up by my own survey (for my peace of mind, but it’s not essential) but also because my vendors haven’t found somewhere to buy. I am not going to pull out because I like the house, have already spent money, and most of us these are exceptional circumstances. Your buyers are not going to find another property easily, so don’t right it off just yet. Sending you good wishes.

[Ypsilanti]

Ugh, sorry; most of all and write it off..

[Whathewhatnow]

Re the dogs and the cats .. can then not go somewhere for the interim? Even to the self isolating relatives. They are still allowed to walk the dogs. Obviously not if they are severely immunocompromised but .. failing that, animal shelters or breed specific foster care?

If you are only selling and not buying you dont need a survey or a mortgage right now... but in any case I would query the 'we only do physical surveys' thing. All this providing you are in England.

Having small kids sans pets is no obstacle to renting. Honestly if you really have been teting to sell for 2 years I would be doing everything I could to complete.

[Whathewhatnow]

And it is CERTAINLY not the case that most lenders insist in a physical survey. Try another lender? Have no surveyors started doing virtual surveys?? Clearly the smell element cant happen but all.visual elements could be completed via igh quality video link unless I am being thick.

[maneandfeathers]

Thanks for all your advice, lots to look into. Our buyer is not in a huge rush however I can’t see how we can make them hang on for 3-4 months? How many months could it actually end up being...it could be towards the end of the year before we complete!

Our bank will not allow a virtual survey or a drive by (NatWest)
We have also tried two others who have said no also.
I don’t want any more hard searches as we have already had 2 and my credit score has taking a hammering from those

[Iola4]

Hi all, we should have exchanged last Friday but our solicitor was slow but has now seemed to speed up.
Ours is a part exchange for a new build.
Solicitors on both sides are extremely keen to get us in Friday, we have our own van and will be doing our own removal, the sales lady will unlock door and put keys in letter box for us when she gets the call to go.
I'm so stressed out, then reading all this has just made my stress worst :(
We are moving 10mins away, we live rurally.
Concerning the Land Registry...can someone please explain this to me? We signed piles of forms last Friday (although it wasn't an actual exchange...I think our solicitor panicked and covered her arse when she realised what was going down). Do the solicitors in England do this electronically? We did sign something regarding a land registry as our solicitor mumbled something about the fee being a rip off.
But could I just get clarity please. I have information overload at the moment :(