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!

Jumping back in again, things are moving quickly.
We accepted an offer from a new buyer on 11th July.
Draft contracts sent out on 13th.
Found a house to buy, offer accepted on 16th July.
Our buyer had valuation done and Agreement in Principle by 17th.
Our valuation was done on Monday this week and mortgage offer sent out yesterday.
We haven't had contracts yet, but due by tomorrow so we can order searches.
Aiming for an exchange end of August, complete mid September.
After the stress of the last 18 months, since going on the market overpriced by 20% thanks to an over confident EA, it feels like it might actually happen now.
Chain of 5, two cash buyers below our buyer, and our vendor is going into rented.
This is the 5th house we have had an offer accepted on, and its by far the best. Maybe it all happened for a reason...

@Fern204 so good to hear all that! Back in October of last year when our first buyer pulled out and I lost the house I was going to buy I was devastated. So I hear you, it's corny but true - things do happen for a reason. After 14 months I feel like this might actually work out too. Saying that, next week is week 4 of "you might exchange this week". Apparently final papers are being signed off on Friday by our buyer. According to the EA it's his slow solicitor that has been the hold up.

Fingers crossed for you (and after 18 months you sound like a pro, knowing each step that needs to happen!)

Hi, can I join? Offer accepted on our place in June, we put in an offer on a place we liked.

Our house is a Victorian terrace and had the survey yesterday - I'm slightly freaking out about it all now. The buyers are coming over with an electrician to check the electrics tonight.

I just want everything to go well tbh! Desperate for it to go through but I know there will be level 3 issues on our house (roof for one as the surveyor said so).

@Baxdream

It's time for me to join this thread.

Offer accepted on our house - 18/7.
Our offer accepted on new property - 24/7
Solicitor instructed- 24/7
Full mortgage application submitted via broker- 29/7
Valuation appointment- 30/7

Let's see how this journey goes. I remember saying I'd never move again but here I am!

Further update, the owner of the house we're buying has found a house, which is no chain.

So we have 4 houses in our chain. Seems a reasonable amount to me!

So if my buyer is FTB and my seller is going into a vacant house is that 2 or 3 houses in my chain, and is it STILL likely to be 12 weeks? When does the 12 week timeframe start - is it from when I accepted the FTB offer, when my offer was accepted or when my buyers offer was accepted- I'm just tired I think 🤔

@kerrymucklowe2020 Welcome to the game! Twelve weeks is only ever a guide, nothing is set in stone. It depends on how motivated everyone is and how efficient solicitors are. Good luck ..

2 weeks, 3 days and o got my offer through yesterday!! SUCH a relief!

Having gone through survey etc which was fine, my buyers want to view again tomorrow. Really hoping this isn't ominous!

@Maybenexttime08 have they said why? They probably just want to measure up for furniture etc :)

What have people paid for their surveys in London for a 1700ish square foot house? I have no idea if my quote is reasonable or not

@Maybenexttime08 you can say no, some agents advise against it in case they start pointing out other things and try to renegotiate price. Just something to be aware of. Although you don't want to be awkward either, it's a tricky one,

@AmateurHour really pleased for you!

@Baxdream I lurked a lot on the extensions threads, am I right in thinking you did a lot of work to your house? Are you buying another project?

@kerrymucklowe2020 think it’s 4 houses in your chain? FTB (start of chain) - you - seller’s house - empty house (end of chain). I think it’s 12 weeks from once the chain is complete but as Fern said, that’s only ever a rough guide!

@Maybenexttime08 they probably just want to have another look and measure up. I went back for a second visit, my mum was over so I took her to see the house, not for any reason, just because! It’s such a weird long process it all starts to feel a bit surreal, it’s nice to just check in every so often and remember what it’s all for IMO.

@AmateurHour congratulations! Great that things are happening for you!

@Fern204 welcome back - absolutely everything crossed for you that this is it, no more bumps or stresses, just a quick smooth move.

Got a text to say solicitors have received our draft contracts - they were sent back nearly 3 weeks ago so they’ve obviously been sat in an in-tray somewhere for a bloody long time! At least they’ve got them now. Just need to hear from seller’s solicitors now that things are hopefully finally moving on that end, and we’ll be doing great! Might even tempt fate and think about doing a bit of sorting/packing

Spoke to our solicitors this morning.

Vague outline of conversation:

Searches aren't back until the 24th August

But they may be back next week

Yes, the 24th of August

But definitely next week.

You might move by August, or September, possibly October

It all depends on the searches which are back next week.

We've had some queries from the searches, so we've sent them to the vendors solicitor.

The searches that aren't due until 24th August?

Wtf, our solicitor is dumb as fuck.

[quote tentative3]@Baxdream I lurked a lot on the extensions threads, am I right in thinking you did a lot of work to your house? Are you buying another project?[/quote]
Yep that's me!
Back to do another project! It's more internal this time though!

ARGH! Why is this so complicated?!

HSBC asked for additional documents 10 days ago. The underwriters still haven't reviewed them but can only guarantee reviewing them and decision by 14 August!

Solicitor vanished off the face of the earth so we have no idea what else we need to do before exchange.

And house likely not to be ready until early October which our buyer will hate.

We're still waiting on a decision from Santander on our mortgage application (nearly 3 weeks now), on Wednesday they sent our broker a direct debit form to fill in for where the mortgage payment would come out each month, naively I thought this must been we're about to receive our offer but no, the broker has now said that Santander and running quite behind on their processing and it'll likely be another couple of weeks

We decided to go ahead and pay our solicitor to start the searches last week before getting the mortgage offer so we didn't hold things up and they told us they'd ring today with our first update.. no phone call of yet and they close at 4.

The end of August/early September completion that the vendors want is looking very very unlikely now, not really sure what I can do, I can't force Santander to make their mind up quicker, but I will ring the solicitor first thing Monday morning. Due date for baby number two is also closing in very quickly

@daisymill hopefully as you're starting on the searches now it'll mean things will be able to move quickly once the offer is in. I wouldn't lose hope just yet.

Aargh can I join this thread for some sympathy pleasssee?

We didn't even have our house on the market a month ago, we've been co-locating (for work mostly) but obviously C19 has changed all. So when a local agent we knew came to us with a mega keen buyer who had been disappointed in a sale on our street (vendors pulled out) we sort of neutrally (not mega reluctant obviously but not like HERE PLEASE BUY OUR HOUSE) agreed to let the frustrated buyer see ours. She offered immediately, we said no because we were actually supposed to be having work done, she upped the price to full ambitious asking price, we agreed. We really got our heads round it, seemed like too good an opportunity to move on with our lives, thus it all went full steam ahead...

Her solicitor just casually let mine know that she has pulled out this morning. She didn't even tell the agent. She won't answer the phone to him. I have never known a professional swear so much on the phone as the agent.

Aargh!!!! Happy Friday, house movers!

@Endlessmizzle no way what an absolute dick of a woman. And a huge ball ache for you! I just have no idea what goes through some people’s minds

You have actually just made me feel so much better!

Our last house purchase was so, so awful (vendor had many issues but pulled out 4 times to the point of their own almost bankruptcy, our purchase was the only thing standing between them and repossession) and I thought nothing could be as awful as that!

How do other people buy and sell reasonably easily!

@Bells3032 @kerrymucklowe2020 thanks for the replies. No we haven't told the EA or Solicitors yet of the date we need to complete by, we are considering all our options at the moment. I did send an email to the EA today expressing my dismay at the lack of factual details. It probably come across as really narky but I'm beyond giving a shit!

Our solicitors sent us an update today to say the developer definitely won't honour the SD incentive. (W&nkers) and the solicitor still haven't been able to get in touch with the buyers solicitor and gather an update.

We are not sure whether we need to send a cancellation of contract notice to the EA though? If we complete with this buyer then they will get paid, but we are considering contacting other agents to market should everything fall through and we are not sure if we need to cancel the original EA 1st? If we buy another property we will get all the SD holiday but it will of course add a ton of time to the move. Not sure how to move forward.

@Lemonylemony Such poor service and lack of communication by most agencies seems par for the course. The lack of accountability and general acceptance that agencies deliver shoddy service is very frustrating.

@Poppiesandnettles you need to check your EA contract to see how long they are tied in for, and they may need notice serving, they will definitely need paying if the sale goes through.

Also, absolutely tell them about your deadline, you are their customer, you have a deadline, therefore they have a deadline. I have made it explicitly clear if we lose our onward purchase it's very likely we will back out of the sale, therefore it's in the EA's interest to shimmy the buyer along. We all need to work towards the same goal, so do use the deadline as a goal for everyone involved.

Also, I would be careful with viewing a new reservation as getting "all the stamp duty holiday" in reality, right now you are saving £5000 I think it was in not having to pay the £5000 50% off you were expecting. When you go to negotiate a new deal, they may well come at it from "stamp duty is paid" and not necessarily add much more in way of incentives because they can see you're already making a substantial saving. Plus, a house that was reserved on our development last month has just come back on the market but for £10,000 more! So I really would view your SD holiday as £5000 gained rather than £5000 lost if that makes sense??

I totally empathise, it's awful trying to sell and reserve a new build. It's relentless keeping everything moving.

@notheragain4 it's really bad when every friday I end up arguing with my DH about stuff. 20 week contract with EA stays in force til written cancellation giving 14 days notice. DH says not to email the EA to give notice as it could screw up the sale. My Hmmm ok prompted an argument!

I hear you on finding another house, noticed prices have gone up.

They say when you reach bottom the only way it up, honestly that person never sold and bought a house!!! x