Sellers/Buyers Roll Call 9 and STILL going

[kerrymucklowe2020]

Is it time to start s new thread as the previous one has nearly 900 posts?

Argh (sorry ive name changed)

Supposed to exchange tomorrow but now debating completion date.

As we are buying a new build they won’t give a fixed completion date. So it’s on a 14 day notice to complete.

But our buyer’s solicitor has advised her (quite rightly) that she should have a fixed completion date.

So now trying to work out if we can take a short term rental for a few weeks If our house isn’t ready and just get out of our house at a fixed date argh!

@Maybenexttime08 I’ve got them from storage places before.

Now we get deliveries at work most days so I’m bringing home boxes every day!

@baxdream I am totally dreading the viewings - I am wfh still at the moment and the kids are off and doing my head in, so we’ve said Saturday only for the moment

@Wherewhatwhy we really want something that needs gutting as a bit of a long term project but they are hard to come by and go so fast when they come up, so we need to be sold to even get a look in - the one we missed out on was perfect. I’ve never had great t8ming with houses 😂

@Maybenexttime08 ask on Facebook groups/friends.

@coffeeagogo I was going to say to be strict and set two days a week you'll do viewings. We didn't and it felt like we had viewings most days. We had about 10 I think.

@Baxdream thanks that's really helpful, I'll give our insurance company a call.

@Wherewhatwhy and @Bells3032 we are buying a similar size house, not in London but in the generally expensive South East and are still only paying £600. I would recommend getting a few quotes.

Got three quotes. One was nearly 2k! The other two arojnd 1k each

@Maybenexttime08- I got lots from McDonald's

I'm getting annoyed with my vendor's estate agent. I'd love some advice.

My situation is that our buyer pulled out last week and our vendor's estate agent gave us a week to get a new offer. We offered asking price in early July.

That was on Friday, and he has rung again for 'updates' on Monday and yesterday, and says that the vendor needs to go back on the market because they are getting pressure from the new build they want to build with.

However, one of the things we liked about this house was that it was sold chain free, so I think the vendor's estate agent is trying to push us for basically no reason - the vendor told us that they didn't need to move our until November.

We have had three viewings this evening, and five on Tuesday. Hoping one makes an offer. But it's been busy.

But would I be reasonable to ask the vendor's estate agent to basically just chill out a bit - it's only been back on the market five days.

@ibuiltahomeforyou if it's a new build there will likely be a 28 day or 6 week exchange deadline and therefore even though the completion date could be a way off the exchange needs to happen ASAP. It'll be the developer adding pressure on the vendor/EA. If it's a standard new build anyway! We are in the opposite situation in that we are the ones buying a new build and desperately trying to keep our buyer up to speed with the process.

It's frustrating they sold it as chain free though, it's not really chain free, it's a very stressful situation when a new build is involved.

But would I be reasonable to ask the vendor's estate agent to basically just chill out a bit - it's only been back on the market five days.

And no I don't think it would be reasonable unfortunately (though I completely empathise!), you're not currently proceedable so it's quite understandable they will want to get back on the market ASAP (their developer can demand it), they are doing you a courtesy really. I would just ask very nicely for an additional week, are you getting lots of interest?

That is really helpful @notheragain4 and the estate agents have been naughty to claim they are chain free in that case! I hadn't realised the rules about new builds.

We had eight viewings and two offers first time around, and have had seven viewings since going back on the market on Monday. We're in London so things tend to move quite promptly.

@notheragain4 I don't think I'll ask for another week as it's not in my hands as to whether we can get an offer, so that feels stressful to hold them up.

We're leaving London and the area we are moving to (near Manchester) has several of these types of houses on the market. I loved the vendor and wouldn't want to hold them up.

If they go back on the market and get snapped up, there are other houses in the area. We had offered asking price which doesn't necessarily feel like they would now get that - and tbh we would probably be a little bit more cautious now given the country is in recession.

Feeling utterly miserable tonight. By sale has gone down the toilet and my estate agent is pushing me to move forward for the buyers who are now saying they want the flat vacant as they want to live there. Thats not what we agreed and I'm not evicting my tenants for people who've been so unreliable so far. Agent suggested exchanging, having a long completion and evicting the tenants during that period. He didn't seem to understand what legal risk that would put me in should they not vacate.

Plus I told the tenants these people were buying the flat with them in situ so not to worry, then to leave them hanging for 3 months and then evict them cos the buyer changed their minds just doesn't fit right with me. But the agent keeps pressuring me. And I feel miserable.

I said they either agree to get a buy to let mortgage in place and move forward as tenant in situ as originally agreed or the flat is going back on the market tomorrow.

@ibuiltahomeforyou the EA should have explained the situation to you. I think this is what happened in our situation, we look crazy pestering but I don't think the EA communicated the situation well to the buyer. It's a stupid process buying a new build and it's especially unfair on those in the chain not buying it!

I really hope it works out for you, it sounds much quicker than my area, I hope the developers allow you a bit more time (we are a month behind schedule and they haven't pulled our reservation...yet!)

@Bells3032 I'm so sorry, I think it's admirable how loyal you are being to your tenants, not many would be. Good karma will be coming your way for sure, even if it doesn't pan out, you're certainly trying and that's what's important.

@Bells3032 think you’re making the right decision, and maybe look for a cash investment buyer? Although it may not be an easy time for that. Realistically as soon as you sell the new owners could evict your tenants anyway, that’s probably what these buyers thought they’d do, and now they’ve realised the hassle of a BTL mortgage and the eviction process etc they’ve changed their minds.

@lemonylemony I think they intended to keep the tenants and just have a residential mortgage and just didn't realise what a legal bind that put everyone else in. I do think it was an honest mistake from someone that is a first time buyer and doesn't know what they're doing. There are two other flats in my block being sold with vacant possession if they justed to live there and now they've screwed up and they and the agent are desperately scrambling for a solution. The sad thing is if they'd been open from the start that would have been possible but all the contracts have now been issued and the only way forward is to buy with tenants in situ.

I'm looking for an investor Tbh at this point.

I don't know whether I'm better off holding off now til the tenancy ends but then the stamp duty holiday ends but in some ways that may be a good thing as the market is so flooded with flats atm that it's a race to bottom. But waiting may mean a crash in prices.

Oh this is so hard!

ahhh officially back on the market. Let the games begin

@Bells3032 you sound like an amazing landlord. I hope karma treats you well and you get another good offer very soon. Keeping fingers crossed for you.

@Bells3032 keeping fingers crossed for you!

One of the mums at nursery drop off asked if she could rent our house rather than us sell right now. I don't think we will but it will be nice to have a new option!

@Wherewhatwhy thanks. Think i may have a bit of an over attachment. haha. was never meant to be a rental but after i bought it met my husband and we moved in together when i was ill and didn't want the hassle of dealing with selling it. Should have sold it then - I'd have gotten about £20k more for it then and not had all this hassle!

Can I join the thread? Have been reading through everyone’s trials and tribulations.
We sold STC in December. Our FTBs have had four surveys to date. Their mortgage survey and full structural survey were ignored by their lenders as they didn’t use approved companies. They’ve had further surveys done and at long last have now had their mortgage approved. I think we are good to go!
Fingers crossed.

So I've had confirmation my buyer's contracts were sent in the post Tuesday ( it's 2020!) so this has got to be the last step now surely? He has his mortgage offer, searches, anything else I am missing? I am pushing everyone for dates today getting pissed off no one is mentioning it but we must be at the stage to discuss dates surely?! I REALLY want a lim August completion to save a month's interest but not sure if I am being unrealistic now.

@Finfintytint Welcome!
@notthereagain4 has he had his f&f and queries done?

@kerrymucklowe2020 yes that's been done too, although as searches only came back Monday can that lead to more enquiries? But yes did f&f ages ago and got a bunch of enquiries about the shared driveway, certificates etc.