Buyers Sellers Roll Call - 13

[lachy]

Staring a new thread!

Come and say hi 👋

Hi! Hope it is ok if I join, I've been lurking in these threads for quite a while as we have been home hunting for almost 12 months. We had 2 properties fall through last summer due to sellers pulling out but we have found another property we fell in love with 2 weeks ago and had an offer accepted.

Solicitors have been instructed and initial paperwork completed, our solicitor has received a draft contract from theirs and our solicitor was arranging the searches on Thursday. We're FTB so pretty clueless and I have been reading these threads with interest.

Good luck to everyone!

Good luck with your survey heidihigh, I hope it's good. I'm keeping my fingers crossed they will extend the SD holiday on Monday.

I'm clueless too @heidihigh! We are first time sellers and it's all a bit confusing and stressful already! We accepted an offer last weekend and the memorandum of sale was sent to both solicitors on Thursday so hopefully the ball has started rolling!

I live on a small road and on the same day my For Sale sign went up, 3 others did... All with the same estate agent!! We all sold within the first week and noe 2 if them have moved and today I saw the 3rd house packing a removals van. I'm happy for them but also insanely envious. Our journey has been quite the roller-coaster and I am praying we exchange this coming week. In a chain of 3 - FTB - cash buyer - us. We are moving in with family until our house is ready in March. I'm not sure my nerves can take much more of it!!

I’m so nervous about whether we will exchange tomorrow! Fingers crossed for everyone tomorrow and over the coming week. Another completing this week, how’s the packing going, any tips?

@january29 I can’t wait until tomorrow and to be told we have exchanged and all ont rack to complete on Friday! We had to give notice on our rental on the 25th to avoid having to pay another month of rent so am super nervous it will all fall through and we will be left homeless!!

@BrieAndChilli so excited for you! So many nerves. Wonder what time the exchange will happen what do you reckon it’s a first job of the day?

I have no idea!
We drove past the house today! Must have looked like we were casing the joint!

Ha ha! We go past ours on our daily walks proper stalkers! Have you got building insurance in place, I’m just doing the quote and googling furniture much more fun.

Yes it was in place from friday as that was the original exchange date.

I’ve ordered some stuff but because delivery was so long I’ve had to put it to the new house!! Lots of our furniture is 15 years old, cheap IKEA stuff and likely to fall apart if we try and dismantle it so are getting quite a bit of new stuff.
Went out today to buy all the paint. Will he lovely to be able to paint empty rooms rather than having to empty a room to work around big bits of furniture.
It’s going to be a very long week. I feel in complete limb as just want to crack on but need to hang around until Friday when we get the keys. No point in packing everything up yet as won’t be moving in properly for a couple of weeks and will be taking it over in bits eg once painted a kids room will get thier stuff set up etc

Fingers crossed for a happy exchange day for those nearing the final hurdle!

I just had a 'wonderful' phone call from the EA as our buyer wants a price reduction due to issues highlighted by the survey. Given these issues are all things that could be seen on viewing (and she's viewed enough times, including with her builder) or that we have been very clear on (eg age of boiler) and we accepted her already reduced offer on the basis that we wouldn't be open to any further negotiation I am fuming! EA sounded pissed off too. Wouldn't mind but the buyer has a very specific area she wants to buy in and we are the only house under £350k and we accepted under £300k!

Oh that is incredibly frustrating!! How many weeks in are you? Are you going to refuse?

@Winterwaves I've lost track of the weeks..! The chain has been set since about the first week of November (though we had Christmas in there), so 12ish weeks?

I've said no, we won't (can't!) accept lower, she negotiated us £5k lower than the OIEO price as it is. We've already agreed to install extra fencing and undertake the EIRC (the electrics report? I can't remember which way the initials go!) at our expense so we're not saying a flat no to everything. I'm hoping she's just trying it on, she previously offered on a couple of neighbour's houses and they both said she turned out to be very awkward to deal with...

@MotherofHeathens I hope you're telling the buyer where to go!
I assume she's paid for a separate valuation which proves she's 'overpaying' for your house? And all the reductions are because the survey placed them at level 3 (immediately requiring work)?
I'd refuse to negotiate if the points above aren't proven and give her until the end of the week to confirm she's continuing at the agreed price.

We renegotiated after our survey as the entire thing came back as a 3. We'd already guessed most of them would be but there were a few shocks. Plus we found out it's flooded before. We reduced by £10k but it will cost us a lot more than that to put everything right.

Still waiting on exchange though (months and months of waiting) as our buyers are ridiculously slow. So could all be a waste of time.

@MotherofHeathens just seen your update, we agreed in the same week as you and accepted the same reduction on our OIEO price too!

Seems she's had enough out of you already and hopefully is just trying it on. Fingers crossed for you.

Does anyone know how long indemnities take to to purchase / organise??

Why does exchanging have to be so stressful, meant to be today but no news so I’m assuming it now won’t be today. Gutted.

Yay we exchanged!

@BonjourMiss no but I’d be interested in knowing the answer to this also! Once an indemnity policy is received by solicitors for review how long does it take for it all to be sorted. It’s the one thing holding up our chain exchange/completion.
I do think it depends whether it’s an off the shelf or bespoke , ( ours is bespoke and we were told it takes longer!)

@BrieAndChilli how you doing?

@InescapableDeath

The other strange thing is that our buyer hasn’t had a survey done (it’s a rough around the edges 1950s house), and I worry they will try to do one last minute but they offered in November so hopefully won’t now.

We aren’t getting one done either but our purchase is only 20 years old and I know the owner before last who has given me the survey from when she sold it (also we want it even if there are minor issues).

Our house hasn’t had an actual survey either. The mortgage co just did a “desktop survey” to make sure there was enough equity in the property, so obviously we didn’t even know about that until long afterwards

No exchange here!!!
So the solicitor needs written confirmation from the mortgage lender that they are happy to lend on non-standard construction so can’t actually exchange until they receive that.
Mortgage company have confirmed over the phone that this is fine, it was on the application etc and they did thier own survey in person, they have also started the process to release the funds so we can complete on Friday.
So we will still complete on Friday but can’t exchange until fax of written approval has been received. It’s just a red tape thing so I’m pretty sure nothing will actually be held up and we will still complete on Friday as planned!!!

We are waiting for one final thing before exchange. I really sympathise with you all on this thread, we are basically living in Cardboard City too, PLUS moving about 40 miles away so difficult to manage telling people goodbye (thank heavens the pandemic means no grisly farewell drinks party 🙄) and our new grandchild is also due this week and we will be looking after their toddler DGD during delivery. Fingers crossed!

Can I ask a question Re exchange of contract?
If we are 'cash on completion' buyers what happens regarding a deposit on exchange of contracts? I've not considered it!
It might not be a problem in that we may end up having to move out so our buyers can complete by 31st March so then we'd be cash buyers but I certainly don't have thousands in the bank. Do we use the deposit our buyers hand over?
Does any of that make sense!

We've been told today buyers-buyer expecting one last document tomorrow then exchange tomorrow or Wednesday and completion on Friday - will believe it when I see it and seems very optimistic given they are awaiting a document but we will see.

Will need to go down for the final clearance of house, probably on Wednesday as parents evening on Thursday just in case this does actually happen. But been at this stage before so