Sellers/Buyers Roll Call 8 and still going

[Fern204]

Hope it's ok to start a new thread.
Bottom of our chain should exchange on Monday and then the top will hopefully exchange a week later. I dont quite understand, something to do with a charge on our buyers house which needs to be released first.
Aiming to complete on 15th July, so hopefully not much longer.
I will never move again, and definitely not in a chain of 10!

@Poppiesandnettles oh my gosh I am smiling to myself as to how similar our situation is! Firstly, buyers exactly the same, just had offer through this week and searches not yet started (7 weeks to this point), livid.

Secondly, we had a 100% stamp duty incentive, best bet is to speak to your broker first. Bizarrely you first need to check that your lender would be happy for it to be transferred as a different type of incentive, they have very strict rules. Our broker called us to say lenders are looking at this and they may be more lenient to those who negotiated prior to the announcement, but then the developer has to agree too. As we've missed our exchange deadline I'm not too hopeful, but I'm wondering if we can try to negotiate at least some of it, so we all win. They make some savings and we make some profit!

I was worried about looking greedy but the fact my broker called me out the blue shows people are asking the same questions!

(Mortgage offer that is)

We had a skip before having the photos taken by the EA and god it was therapeutic. It seemed huge when it was delivered, but we filled it!!

@notheragain4 Our exchange deadline was today

Our buyers FTB in rental, wanted to move asap but think have chosen the slowest solicitor ever! It took them 5 weeks to respond and say they received the pack from our solicitor. As the buyer was in rental and we are buying a finished new build all parties expected exchange/completion in 6/8 weeks. At first I was anxious over the short timeline but got used to it, made plans, everyone on board with getting the job done etc. Since then, with each passing day I get more and more pissed off with the complete lack of action by the buyers and our solicitors and being able to get just simple things done. Chases for updates take a week to respond, simple requests for title plans for our new purchase took 4 weeks, I mean come on - brewery would go out of business waiting on these guys to organise a piss up. (Apologies for the language, it's fecking soul destroying)

Our new build had been on sale for nearly 6 months and when we offered, we asked for a discount on the sale price and SD contribution of 100%, they come back and countered with SD contribution of £4375 plus £10950 discount so we accepted. They are not a national developer, just a local one.

I've just looked at our mortgage offer. The price of the new build has the discount applied but not the SD discount - DH said on Wednesday after the announcement well we have 50% SD savings, but I said hang on that increases the house price. If SD went up 100% the developer wouldn't add to the incentive eh? Buy all accounts it's us that has the SD liability, the fact there is no liability for us to pay is neither here nor there, the house price minus discounts amount is what our solicitor sends the developer.

I hear you, I do worry about being greedy, I get what my DH says that we would still have £4375 in our pockets but Rishi Sunak didn't implement the SD discount to give developers extra cash for houses, it's for joe public to use and the instigate a multiplier effect, generating further income throughout different sectors. Do I just accept if the developer comes back and says no, that they get another £4375 for the house, and we get £4375 in our pocket or ask that the SD discount is honoured or walk away? Just don't know!

On a positive note I have a hair appointment today LOL - worzel gummidge is not a great lock down look!!!!

complete lack of action by the buyers and our solicitors

**by the buyers solicitors, our buyers have been pushing like crazy

@TravellingSpoon in a similar situation here.
I’ve just heard that our buyers have had their second mortgage application rejected.
Gutted, as the vendors of the place we offered on will be putting it back on the market if we can’t find another buyer by Wednesday. 😭

@Poppiesandnettles with us our buyer just didn't action the solicitor, the paperwork needed the name of the lender so he just held off submitting rather than leaving it blank so they could start searches in the meantime! Our house isn't ready until November, we were going to go into rented, but if completion is pushing into September I think we will discuss whether he'd be willing to wait, we don't want to lose him as a buyer but this delay has been down to him, why should I move my children twice in 2 months because of his actions? Your sounds a very frustrating situation too.

In terms of sale price, the way the solicitor deals with it is the incentives are essentially taken off the sale price when transferring funds to the developer, but it means the house sold for the agreed price if you know what I mean so for us although we negotiated £11,000 in incentives and it'll be partly used to pay stamp duty and cash back to us, but the house is being sold for the full price, developers normally prefer to give incentives than officially change the house prices to not influence the rest of the development (so it's great you have negotiated price!) however, they can't just give the stamp duty as cash back due to restrictions from a lender, so I'd have a word with your broker first. Maybe your developer will take it off the actual sale price seeing as they were happy to that originally, although they might be hesitant if there are other houses to sell. I would ask your broker what incentives your lender allows and ask that it's transferred to that instead, e.g. removals costs, legal costs, mortgage cash back. Hope this makes sense.

Our exchange deadline was yesterday although no one has chased me. I only wonder if the deadline will cause an issue with the incentives offered as our reservation agreement states "subject to meeting exchange date" seems a get out clause for them! I don't think they'd have actually removed them (as they know we needed them) but doesn't seem to be much incentive for them to let us benefit from the stamp duty holiday? I am going to push for it though.

Didn't receive any feedback from yesterday's viewer but have another viewer coming tomorrow so fingers crossed 🤞

Sympathies to all not enjoying this whole process. Am with you - it all feels so uncertain still, I can’t let myself believe that it will actually happen. Mortgage lender came back and asked for some additional paperwork so sent it all off and now just keeping fingers crossed to hear back quickly!
Draft contracts and TR1 arrived too from conveyancer to be signed and sent back, going to try and get TR1 witnessed and in the post tomorrow. Baby steps. Feel like I’ve been drowning in paperwork lately.

Went back to the house we’ve offered on today. Loved it even more this time than when we first viewed...trying so hard to stay pragmatic and not lose my heart!! There’s no reason for it to be anything but straightforward...really want to start talking exchange/completion dates and then I think I’ll let myself start getting excited!

Sorry to hear that @tigerbear, its so upsetting isn't it. I have spent ages searching today and can't find anything I like in a reasonable walking distance to DDs secondary school.

O am in a position where I was going to buy with the equity from our house sale (divorcing) and was happy to downsize to something around the £130000 Mark, but am starting to think I might have to take out a small mortgage to bump up what I can afford which brings loads of added complications and stress.

Our viewing went well this morning. They are coming back this afternoon to view it again with their mum. That's a good sign isn't it?

@baldatbirth that sounds really really positive. We have heard nothing from the people who viewed in Thursday so guessing they aren't interested

@Baldatbirth that does sound very positive. Fingers crossed for you.

@LoisLittsLover same I never heard any feedback from Thursdays viewer. Had someone today at 12. 30 but won't hear til Monday as that's the estate agents closed now.

Well, first offer was rejected and a figure that they would accept was suggested. it was still below asking price and we love the house so we discussed and then upped out offer. Just had phone call from the EA to say the that some first time buyers are interested and the sellers want to see what they offer (if they do) so we now have to wait until Monday.

DP is sanguine about it. I feel a bit miffed. I know that they want to get the best price but we made an offer that they said they would accept and we are proceedable. Feeling a bit dicked around but I may be being unreasonable.

@DareDevil223 are you first time buyers? It may not just be about money but seeking a simpler sale if you're in a chain. I agree frustrating though!

@notheragain4 no we have exchanged on ours and will be cash buyers. No mortgage required and no chain so we're pretty easy.

@DareDevil223 oh well more fool them messing around a cash buyer, I'd have bitten your arm off!

Ugh sounds annoying for you! A cash buyer ready to proceed? That's the dream isn't it?

We've had another day of clearing out rooms. Four bin liners of crap from the kids room 🙈

@daredevil223, we would bite your arm off!

Hi may I join? In the middle of selling/buying. Whole chain became proceedable three weeks or so ago. We've applied for mortgage, got told offer is ready to be sent out on Friday, paid product fee etc. Does that just go to the solicitor or should we get something in writing?
Survey booked for next week, and need to let solicitor know when to order searches, have been waiting to make sure mortgage went through okay.
On the buyer side, they had their mortgage valuation two weeks ago and not heard anything so I'm guessing no news is good news. Haven't heard anything for a couple of weeks their side, should we chase?
We have 3 houses in chain, the house we are buying is empty and our buyer has sold to FTB.

@daredevil223 that's so annoying, you are in such a good position. Fingers crossed the FTB isn't as interested as they say.

Hi all, I've been lurking for a while and wishing you all the best in your moves. I'm hoping I can garner some advice from you all. I've only bought as a FTB before and never been part of a chain.

We sold our property in October 2019 to first time buyers who have been beyond patient. We found a property January 2020 but it all fell through at the beginning of lockdown so the search continued. We then found a new (dream) property in May as lockdown lifted. No chain there either as vendor is moving in with family.

We've had our mortgage offer accepted, searches complete and our conveyancing solicitors are sorting contracts as we speak. They have indicated we'll these early next week.

I am concious that our buyers have been waiting since October and this whole process has been going on far too long for all of us.

Am I able to now say I want to be in by 'this date' and start getting a bit forceful? I've never done this before so not sure if this is what I should be doing?

I'm hoping to be in by mid August at the latest-is this doable??

Thanks all. I'll update you if there's any news tomorrow. In the meantime another EA has sent me details of a really nice house that we like the look of which has reminded me not to get hung up on one house.If it's not this one, then there will be another one.

Sending good wishes to all of you and hoping for good outcomes

@GrumpySausage I think you can try and push for it. Good luck!

We are getting an offer tomorrow, they were kind enough to tell us. We just don't know how much. I'm really hoping it's a good one!