Buyers Sellers Roll Call - 13

[lachy]

Staring a new thread!

Come and say hi 👋

@Badgerbadger22 normally a few days for ours (2-3 days I would expect?) depends on their individual workload I guess but that would be my experience! Hope it's all going OK for you

@jujuball that’s great to know, thank you they said we were the priority because of our circumstances. Which is lovely!

Housing market is dead here now! Which speeds things up for us

Almost time to shut down for Christmas (thank God!!) @Badgerbadger22 so it's probably a good time for getting searches back etc. whilst the search providers don't have tonnes of new instructions when are you hoping to complete?

I finish for annual leave this Friday and have never been so ready for it. Haven't had more than 1 day of annual leave in a row since June, haven't had a week off since March and I am truly shattered trying to keep up with the insane housing market at the moment. Working evenings and weekends has caught up with me and I can't wait to just switch off and enjoy our new home for a couple of weeks!

To everyone still on the journey - stay with it, you will get there!!

Hoping for January or early February

Enjoy your rest @jujuball x

Euch what a stressful day. We exchanged on our house in October to complete in January (thanks to the buyers buyer being a pain) and I am also selling my flat which is in a different chain as we aren't living there and have the funds to complete on the sale without it. The sale of the flat which is chain free and being sold to first time buyers has been under offer since the 22nd of June so next week will be six months and the lawyer STILL has not sent enquiries despite being begged to by the buyer, agent and my lawyer. She is the laziest lawyer I've ever come across.

So yesterday my lawyer informs me that there is a clause in my mortgage offer that my mortgage on my flat needs to be redeemed before or at the same time as these funds are released. Cue a lot of stress as there's no way we are going to complete on the flat before the first week of January and we have exchanged on the house already so we could lose the house and £90k deposit as well.

Thankfully family have helped us pull together the money to pay off my flat's mortgage but so pissed off and now so anxious about this all going through...so aggravated that the buyers have caused me soooo much stress due to them dragging their feet and appointing useless people.

Sigh

@Bells3032 omg that sounds stressful!!

We have had an update! 4 out of 5 searches are back already. Mortgage offer is in the post to us and our solicitor.

She also said she’s received good answers to all enquiries!

@Bells3032 oh my gosh you are doing well holding it together.

@Badgerbadger22 great news!

We are due to exchange tomorrow I can hardly bare it!!

Vendor has offered to sell us dishwasher and range cooker for a pretty decent price judging on what the makes and models go for new. But how do we have reassurance that they are in good working order?

Need some advice! Our buyer is a cash buyer but has now decided he wants a mortgage to do an extension. The estate agent said that the mortgage people may just do a desktop valuation as its not for a huge amount.
We've now just had a message to say that the surveyor is booked in for the new year. Does this mean we are now having a survey done on our house or will it be a valuation? As I understand they are two different things. The survey could uncover potential problems (we are a victorian terrace) whereas a valuation is straight forward. I asked our agent and he said the surveyor does the valuation. So does that mean we're having a proper survey??

It would be unwise of your buyer not to at least have a homebuyers' survey done on a house of that age. The surveyor could be doing both a mortgage valuation and survey, or it might be done in separate visits.

So what are the rest of the steps as I am clueless!!
We have mortgage offer.
Our surveyor is going to do a surgery as soon as he’s out of covid isolation!
We’ve spoken to a chimney sweep about inspecting the chimney and checking it’s lined properly etc
Solicitor has sent off searches which should take 10-14 days.

So once all those things are done then is it straight to exchange? How long after searches etc is exchange typically and as the only transaction in the chain is our house purpose I suppose there’s no reason we can’t exchange and complete on the same day?

@BrieAndChilli during or after searches your solicitor will send enquiries to the sellers solicitor to clarify any issues (usually things like accounts of services charges, has it ever been flooded etc)

They'll then send out contracts to both the buyer and seller to sign and then once all back you'll discuss completion dates and then exchange day will come

We are on a knifes edge as to whether or not we exchange and complete first thing tomorrow.
We tried to exchange today but that didn't happen we've already packed up half the house just badly want to move now 😬

@Seaswims a surveyor is instructed to do mortgage valuations ( as well as full structural surveys. )

So in your case I’d imagine the surveyor has been instructed to do a valuation.

Full structural surveys usually occur after the initial valuation during another appointment.

HTH

Our buyers said they want to exchange pre Christmas and complete mid Jan which is great and suspect their related sale will be ready to exchange now as started 5 weeks before us but can't see its feasible.

We got 5 enquiries from the survey from their solicitors yesterday and said searches expected back next week now - different to what they told EA that all were back apart from one which was due back on 14th. Our EICR is also running late - was supposed be finished on Friday then got postponed to Monday then Tues / Wed now trying to find out where it is but work has been done well. I've replied back to all queries but they are asking for building regs for things done pre building regs by several owners back. Also it just said things like for the rear window and for the wall without stating which one. And they asked for 2 things they already have though my solicitor says that's normal.

Hello. Can I ask for some advice and thoughts?

We had an offer accepted on a house on the 1st of October, (and an offer on our house).

Our buyers are FTB’s.

We waited 7 weeks to get confirmation of the chain above us. In November we were told that the house above our purchase would be going into rental.

We tried for a pre Christmas exchange but wasn’t possible and so we were hopeful for exchange in early to mid Jan.

Today we have been told that the last house in the chain has found a house they want to buy. Given how slow everything is, I cannot see that this will complete before March (the stamp duty holiday is crucial for our buyers)

We are absolutely gutted to hear this. We feel that the onus is on our purchase here - essentially it’s their purchase that is delaying everything. This last minute change of plans gives us no confidence.

Previously our purchase said they would not rent. (They are a older couple downsizing) should we be revisiting this with them? I suspect they will say no.

@checkedcloth

Hello. Can I ask for some advice and thoughts?

We had an offer accepted on a house on the 1st of October, (and an offer on our house).

Our buyers are FTB’s.

We waited 7 weeks to get confirmation of the chain above us. In November we were told that the house above our purchase would be going into rental.

We tried for a pre Christmas exchange but wasn’t possible and so we were hopeful for exchange in early to mid Jan.

Today we have been told that the last house in the chain has found a house they want to buy. Given how slow everything is, I cannot see that this will complete before March (the stamp duty holiday is crucial for our buyers)

We are absolutely gutted to hear this. We feel that the onus is on our purchase here - essentially it’s their purchase that is delaying everything. This last minute change of plans gives us no confidence.

Previously our purchase said they would not rent. (They are a older couple downsizing) should we be revisiting this with them? I suspect they will say no.

Nothing stopping you asking them to break the chain, unfortunately, most people who say they will be willing to go into rental don't actually go through with it in my experience. Have you told your buyers? Maybe you might have to go into rental if you want to save your sale.

We only found out this evening so not sure if our buyers know.

The thought of us going into rented is a nightmare. I’m front line NHS nurse, absolutely snowed under in covid and we have 2 small DCs. Us moving into rental is far my complex than the couple how we are trying to buy off!

I feel utterly disheartened

We have just found out that our vendor is only just about to offer on a place. We, and our buyer, have mortgage offers in hand now. I’d hoped they were further along. However they have promised to live with family if they can’t complete by March, but not sure how far they will push that or even how committed they are. We have just forged ahead without the chain being fully complete as we couldn’t afford to lose any time. But no way we can raise 15k by April either.

Our chain is investor cash buyer, buyer, our buyer, us, our sellers, rented. We were aiming for pre-Christmas completion but searches took SO long that this hasn’t been possible. Then we tried for pre-Christmas exchange and January completion. The investor at the bottom is insisting on simultaneous exchange and completion but our seller is insisting on a delay between them so they can sign a lease. This is driving me mad!!!

@checkedcloth hello, Don't forget that FTB’s don’t pay any stamp duty on homes up to £300,000 anyway

@Tomatoandbasil I'm pulling my hair out too. 3 chain, me in the middle. All ready to exchange bar my buyer still waiting for a mortgage offer. Really wanted to exchange pre Xmas but not looking likely at all. Every day is so stressful waiting for any news!

Anyone know how long solicitors close for over Christmas? Will it just be say 24th to 4th Jan or longer?

We complete tomorrow! I cant believe this is almost over (well we still have to find somewhere to buy, but that can wait).

I had to start my new job in our new town this week, so had to drive back to our old house tonight to finish up. I am shattered! The removals people might be here at 7.30.

I have so many thoughts going through my mind. Mainly whether all of our stuff will fit into the container! We got the keys yesterday- it's 20 ft, which seems to be standard for a 3 bed house. I'm also a bit worried the house isn't as clean as it ought to be, although I've hoovered, cleaned the bathroom and cleaned the cupboards. It's so hard to get around the boxes and it's been such a chaotic week. My husband said it wouldn't have been such a rush of our buyers hadn't messed us around so much, so I shouldn't worry, but I do!

Looking forward to a hopefully relaxing Christmas and our dream house coming on the market early next year! It's nice living with my mum and dad so far and we have plenty of space.

Hope everyone is is going well.

@MrsHarryKane our buyers have been clear that they absolutely must have the stamp duty holiday.

I just feel utterly exhausted by work and this news really does make me concerned that our chain will collapse. I now wonder if there was never any plan for renting further up the chain.

How hard do we push our vendors for them to rent?