Buyers Sellers Roll Call 14

[PowerslidePanda]

New thread for anyone buying or selling houses at the moment - come join us!

The previous thread ran for about 10 weeks and in ordinary (non-stamp duty holiday) times, that's long enough to get a transaction through, so let's hope this thread sees lots of people finish!

[MedusasBadHairDay]

Room for another? We had an offer accepted over the weekend, the sellers are hoping to move to their new home ASAP but I don't know how realistic that is at the moment, even with us being FTB. It's terrifying and exciting in equal measure.

[MotherofHeathens]

@mummabubs I think it's because they are/already have returned to their home country so it might be to do with quarantines or something. But we were all told that they had done everything and the property was vacant... apparently our vendors (their buyers) are also upset at the delay.

Eurgh, it's strangely awful seeing other people move isn't it? Our friends are moving tomorrow, to next door to where we are trying to buy, and I am more than slightly jealous! Can't imagine dealing with it all while pregnant, hats off to you!

[BakeOffRewatch]

[quote Didicat]@Clettercletterthatsbetter @BakeOffRewatch what is the difference between a utility room and kitchen? Or does that reduce the value of the house?[/quote]
@Didicat @Clettercletterthatsbetter I guess it’s down to each lender’s opinion and take on it. I can tell you what my broker told me last January, which was ask the vendor to remove the microwave, cooker and fridge and cap off gas supply. They said it just has to not obviously be a kitchen that would be in a house.

I don’t think it reduces the value of the house, just limits your buyer pool to people who don’t need a mortgage (e.g. cash buyers).

[BakeOffRewatch]

I’m getting sick of seeing houses in budget that need a ton of work. I’ve started looking at new builds. Yes, overpriced, but at least i can look at ones I can afford without having to guess how much more I’d need to make it homely.

How do you approach making offers on new builds? Is there leeway on asking? I know nothing about new builds, so not sure if I’d be laughed out for making an offer!

[mummabubs]

Our solicitor just called, it took her all morning to reach our buyer's solicitor and they say they still haven't received the paperwork from our buyers... So exchange not looking likely today either 😬🤦🏻‍♀️

[mummabubs]

@MotherofHeathens bless you, I think the jealousy is understandable. And what are the odds with them moving right to where you are! Our next door neighbour's move is also a quirky one as they're literally moving two doors down the road (so will still have one of their original next door neighbours). We're on a new build development and the house two doors down is significantly bigger. I just don't think I could go through all this for such a small relocation (even though our new house is less than 3 miles away!) 🤣

I agree, it's the lack of communication that stings especially in the last stages when you likely and rightly thought the end was in sight! Fingers crossed it works out for you and they find a way to legally not have to delay it all by 4 weeks x

[Clettercletterthatsbetter]

@BakeOffRewatch it does, yes.

@Didicat I am definitely not an expert but i think the thing that makes it a kitchen is an oven. So we’ve said to our mortgage broker we could arrange for the vendors to remove the oven if that would help. We don’t need an oven in there anyway - it’s only going to be used for occasional homeworking (and probably a play space for the kids) - it’s not like anyone’s going to be cooking in there!

[Spiderplantwidow]

I just dont think I can cope emotionally with this. Buyers haven't even appointed solicitors yet.

[mummabubs]

Well it's all gone a bit predictably tits up at our end. Our removals firm now don't have availability for this Friday when we're meant to be completing. I've called 6 other firms, 5 of which were a flat out no, 1 of which said they may be able to facilitate the move but also won't book us before exchange has gone through (understandably!), they are also £400 more expensive and unable to do any packing for us even if we do exchange... Which at 38 weeks pregnant I really don't fancy taking on. Our original company have availability next Tuesday, which would give me precisely one day in the house without our child before my c sec and still leaves us in the same position that they won't book us in until we've exchanged, but there's nothing else we can do. I've messaged our buyers being firm but fair in that we have done everything we can to facilitate their requested moving date but it's just not physically feasible now that they've delayed exchanged and we've lost our removal company. No reply so far so I suspect they're pissed off and cursing us!!

[Newhousehope]

@mummabubs

Well it's all gone a bit predictably tits up at our end. Our removals firm now don't have availability for this Friday when we're meant to be completing. I've called 6 other firms, 5 of which were a flat out no, 1 of which said they may be able to facilitate the move but also won't book us before exchange has gone through (understandably!), they are also £400 more expensive and unable to do any packing for us even if we do exchange... Which at 38 weeks pregnant I really don't fancy taking on. Our original company have availability next Tuesday, which would give me precisely one day in the house without our child before my c sec and still leaves us in the same position that they won't book us in until we've exchanged, but there's nothing else we can do. I've messaged our buyers being firm but fair in that we have done everything we can to facilitate their requested moving date but it's just not physically feasible now that they've delayed exchanged and we've lost our removal company. No reply so far so I suspect they're pissed off and cursing us!!

What a nightmare mumma 🙈 the last thing you need right now!

I’m close to pulling ours from the market and giving up 😫 I just want it sold so we can start the next bit. It took me long enough to realise I wanted to/could move and now things aren’t progressing how I want them to and I’m stressing!!!

[MotherofHeathens]

Oh no @mummabubs! I think they can flipping well cope with being pissed off and cursing, you’ve done everything you can to fit with the timescale that they dictated (and messed up!) so they’ll just have to suck it up!

Waiting on an update re. 4 weeks gap for exchange/completion. We’re not keen and our buyer wouldn’t be able to make the delay work either. EA is taking this back to the top of the chain to see if 3 weeks would work. Our solicitor wasn’t aware of this request for 4 weeks, and it looks like our vendor’s wasn’t either...

[tryingtocatchthewind]

@mummabubs that’s rubbish.

How often should I expect to hear from my solicitor? I’ve heard nothing since an email on the 9th asking for a small payment for the Land Registry search. I’ve emailed them twice since, once with an update on our freehold purchase and I emailed last week asking what happens next and when they need money for searches. I’ve no idea if this level of communication is normal? We have had a bank holiday and the solicitor was off for a week.

[ballsdeep]

[quote tryingtocatchthewind]@mummabubs that’s rubbish.

How often should I expect to hear from my solicitor? I’ve heard nothing since an email on the 9th asking for a small payment for the Land Registry search. I’ve emailed them twice since, once with an update on our freehold purchase and I emailed last week asking what happens next and when they need money for searches. I’ve no idea if this level of communication is normal? We have had a bank holiday and the solicitor was off for a week.[/quote]
If they are anything like my solicitor, once in a blue moon!!!

[tryingtocatchthewind]

Yes I reckon they are waiting for that blue moon up north too

[IsItAugustYet]

Hello all, may I ask how long you would expect sellers to take, to instruct a solicitor after they have accepted an offer?

[ballsdeep]

@IsItAugustYet

Hello all, may I ask how long you would expect sellers to take, to instruct a solicitor after they have accepted an offer?

Straight away!

[midgedude]

Days after the chain is complete

No much point before then

[tryingtocatchthewind]

@IsItAugustYet I’d give them a week before I got annoyed at them

[IsItAugustYet]

Ah ok. So it’s been two weeks and apparently they’re still comparing quotes as they are surprised by how expensive they are?!

They also don’t appear to be in any rush to find a place of their own to buy.

This ain’t gonna work, is it?!

[mklanch]

if anyone is selling a house with land and the sale falls through let me know :)
ive been looking for over a year and even when i find a house on budget someone swoops in an offers loads more than my budget!!
im desperate to move!

[BakeOffRewatch]

So I started to look at new builds cos not much available... had a call today that it’s already reserved now.

How does deposit going up the chain work on exchange day? If I’m putting down a bigger deposit than my buyer is putting down, but it comes from equity when we complete what happens?

The new builds wanted cash deposit on exchange day.

[LBee2020]

@Bakeoffrewatch We asked this question to our solicitors and they said that your buyers deposit passes up the chain for you to use. This usually won't be your full 10% so you can either top it up yourself or (more easily and commonly apparently), get your seller to agree to accept a less than 10% deposit on exchange. Usually this shouldn't be an issue as long as there isn't a huge gap between exchange and completion. If you pulled out between exchange and completion, you would still be responsible to the seller for the full 10% amount.

[BakeOffRewatch]

Thanks @LBee2020! Perfect answer. Sounds like the developers are quite strict about it and will remarket straight away and you lose the reservation fee. I think they’re more interested in FTB with 5% deposit and leveraging the government’s HTB scheme. The reservation fee for FTB is a lot less.

Not that it matters, as it’s no longer on market.

[Onandoff]

Received the contract forms and mortgage deed today, will sign and return tomorrow. Then just waiting for the local searches due end of the week. Really hope we can exchange the week after as the place we’re buying is empty (seller rich and moved out).

[mummabubs]

@IsItAugustYet eeks, that would worry me to be honest. We found quotes, compared and instructed within 24 hours, as did our buyers. If the orotof solicitors has shocked them I'd be wondering do they habr a realistic idea of how much removals companies cost, or if you don't complete before July do they have funds to cover stamp duty? They're not painting themselves as very serious or committed buyers. Depending on how quickly you sold/ how many offers you had I'd be getting tempted to tell them they need to instruct a solicitor or you'll be putting the house back on the market and hosting viewings until they do?