Buyers Sellers Roll Call - 13

[lachy]

Staring a new thread!

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Is there an ideal time in the month to complete in regard to mortgage payments? Am I right in thinking your 1st mortgage payment it’s the 1st of the month following the first full month of ownership? So if we complete 28th Jan we would pay 1st of March and if we completed 2nd feb we would pay 1st March but the first payment would be larger than normal as could cover up to 8weeks mortgage? So I am assuming best to complete towards the end of the month? I

I’m awaiting replies from enquires how often do you think is reasonable to chase my solicitor to see if she has these?

I've asked to see proof of finance for buyers-buyers transaction by someone with financial knowledge within 48 hours as suspect after 17 odd weeks there is still no financing. Been trying to get this since 6 Jan but EA hasn't been passing messaging on, now gone directly via our buyers and EA again. Think we may need to pull out and remarket but want to give a final try - EA just saying carry on with no proof but not prepared to do that.

Nearing exchange and our sellers have pulled out so back to the drawing board There is nothing else within our criteria atm, hoping the market picks up soon as it is particularly heartbreaking to not have any other options. Does anyone know when things pick up again after the December/January slump?

Oh no!! What was their reason? How upsetting and frustrating for you.

Oh no @LopsidedWombat how far in were you? Did they give a reason? Beyond frustrating for you.

@Winterwaves & @thewinehasgonetomyhead It truly is after getting this far! We were just a couple of weeks away from exchange.

The reasons are a bit confusing but basically it boils down to the seller not being able to afford to move now. We thought something had gone wrong as the enquiries were taking a while but we didn't expect it to be the end of the road!

On the upside, we rent so don't have a sale of our own to worry about although we are quite unhappy where we are. Just hoping some similar properties come on the market before our mortgage offer expires.

I'm new to all this having only ever rented but can wholeheartedly say that there must be a better way of doing things, the last few months have been quite the rollercoaster and we don't even have a home to show for it !

I’m still here plodding on. Still waiting for the further enquiries to be answered.

We thought our seller had pulled out because it had gone so quiet! But she phoned us yesterday all happy to carry on.

I just want exchange so I can stop worrying!!

@Badgerbadger22 I'm sorry my update won't have helped your anxiety! I hope it won't be long for you now, the wait is unbearable isn't it!

@LopsidedWombat I’m so sorry about your news it’s awful!

We have shit neighbours and the thought of us having to start and wait all over again unbearable!!

Apparently the further enquiries have been answered but not sent to our solicitor yet! Which is annoying. It’s just an email just click “send” for goodness sake!!

rant over xx

@Badgerbadger22 we're in the same position as you and really can't bear starting all over again.
The solicitors have been atrocious at answering queries and are lying about sending answers when they've actually done nothing at all.
We've asked for a completion date and found out we're way further behind than expected. If we miss the stamp duty holiday we'll have to decide whether to pull out or not.

@Badgerbadger22 they have a way of making one day feel like a fortnight don't they

I wouldn't feel so deflated about our purchase falling through if there were other options but those are very thin on the ground at the minute (looking for single storey narrows it down substantially) . Hoping as February and March come along, so will more properties!

We've just heard back that the mortgage for one of the chain is very complicated and linked to multiple purchases. I have no faith at all that this will go through and I can see us being a year down the line and in exactly the same position of having a house to sell yet losing our purchase and losing the stamp duty holiday.
Seems out estate agent never did proper due diligence and if we'd know the true position we wouldn't have accepted the (very low) offer.
It's been a nightmare throughout and just seems to be getting worse by the week.

Our enquires are taking ages too so I’m beginning to think that means a problem. However agent let us view to measure up this week so do you think that’s a good sign?

We are still awaiting any proof of financing for buyers-buyer as asked for as their transaction has been going on 18 weeks, so far no reply but going via solicitors and no idea when was put to them.

Really hard to know when to just give up. Estate agent wants to carry on but suspect they just can't be bothered to remarket and think there's maybe a 30% chance this will go through.

All we know is buyers-buyers finance is a very complex transaction but no-one even knows what it is maybe let-to-buy via limited company.

We've just been told our buyer has heard their mortgage was refused. They are cash buyers but wanted to convert some the loft. We are at the point of exchange. I feel so sick with the anxiety. Estate agent has emailed asking if they will proceed with the sale. We have found our dream house, the thought of starting over with a hard to sell house and possibly losing our dream house is too much.

Sorry to hear that Winter I suspect similar is happening with one below ours, 18 weeks in and no proof of any financing but its really hard to know for certain as its buyers-buyers communicating via Purplebricks and their solicitor but nothing coming back.

We are wondering if they haven't been approved after 18 weeks is this a write off but estate agent saying hang in there but we are racking up costs and running out of stamp duty deadline. Maybe your EA's financial adviser could get all the details and see if there's any chance of finance elsewhere or whether its no-go.

Looks like we will be going back on the market soon. Sold in September, no chain. No progress either.

Because their conveyancer could simply be a figment of their imagination for all they have done.

Condition of sale will be are they procedable, and have they don't have an online conveyancer. It's not that conveyancers are busy when 2 other houses in our street have gone on the market, sold and had people move in during this time.

I want to repaint a bit first as the state of the house is getting on my nerves and it looks like we will be here at least another 6 months.

Just grateful that we ignored advice to start packing before Christmas , we will need summer clothes and a presentable house not a pile of boxes!

Just got to the point where we have to cut any losses and start again.

We've had more positive updates today though still wondering why first sale has taken from mid Sept to now to be at this stage.

We are top of chain and just selling but racking up costs from being empty etc. One update from our buyers solicitors confirming that both sales are at exchange stage and one from buyers-buyers via buyers solicitors saying they have no financing issues but their mortgage offer for our buyers house means they have to do a transfer to limited company on their flat to make it buy-to-let and that is the hold up. So we continue to wait and no deadline been given but they all think it will go through - just hope its before 31 March for stamp duty.

Then EA said see its as I said at outset and I replied it's what we were told in mid January not at outset and he said yes exactly that's what I mean. Hmm no changing from a being told you are ready of exchange on a normal 2 house transaction pre Xmas then told there's a previously undisclosed third transaction mid Jan is not being told at outset. And he helpfully added delays can be really long going through mgmt agents of blocks. Yes I know why do you think I'm stressed about this. But still its better than it looked before.

We are ready to exchange on Monday! And complete on Friday.

I feel like someone watching a horror movie peeking through the fingers - can't look and can't look away.

We've been ready since December and waiting... hearing different stories with everything taking sooo long.

Good luck to everyone - hope it works out!

Long time lurker and posting to give some hope to those thinking all transactions take forever (hope I’ve not spoken too soon 🤕)

Pulled out of a purchase late 2020 as it had a specialist damp survey with several tens of thousands worth of damp work identified, in nearly every room. House was presented as well maintained and decorated and I didn’t have an appetite for damp works and redecoration plus thought it was overpriced so reduced offer significantly. Estate agent was apoplectic and extremely rude and flounced and remarketed. I wasn’t bothered by this which proved it wasn’t the house for me. House has since been reduced further and still not sold. Glad I didn’t buy it.

Another house came back on market at increased price, went to best and final. Best house seen in a year of viewing. Huge rooms, ticks every box. Offer accepted early Dec, no house to sell, ready to move fast. Enquiries back Jan 21 and searches back mid Dec. Mortgage offer (after several drip feeds of document requests) back Jan 21. Buying at the absolute limit of my budget 😦

Now ready for exchange and pushing for simultaneous exchange and completion within days. Fingers crossed!

Hello all, I'm a long-time lurker that's been following on and off for what seems like ages. We're about 4 months into a tedious and stressful house sale & purchase, and was wondering if I could get some words of wisdom to stop me panicking for the rest of the weekend? In nutshell, our solicitor forwarded the local search to us this afternoon. In the section for "building regulations approval" it lists the planning permission for a house extension that the current owners carried out a year ago. The following section for "building regulation completion certificate" says... "none".

I'm obviousy going to phone the solicitor on Monday but I was wondering if anyone can offer any words of comfort in the meantime... is it possible for them to have got the extension signed off but it not appear in the search? Or are we screwed?

It might be easily fixed by them

I hope so, I'm about ready to throw in the towel on this whole move. It's been a nigtmare all the way through, no building regs approval would just be the cherry on top of the cake.