Those that have completed their Sale, but not bought

[areyouhavingagiraffe]

Hi guys, thought I would start a little thread for this. Anyone else in the same boat? I was due to exchange on both Sale and Purchase, however a few week prior to this, there were some red flags around my purchase (loft, lack of building regs, I know the subject has been done to death). I made the decision, after getting advice from various people to withdraw from the purchase. I decided to proceed with my Sale. I was selling a leasehold flat, I got a really good amount for it (far more than anticipated), and there are so many issues around selling leasehold, it was an absolute ball ache and so stressful, hence I made the decision to break the chain.
I am also in the fortunate position of being able to live with my folks; they have a large house, and as well as my room, I have an office, and the entire contents of my flat in their outbuilding.
The market was mental when I was looking back in April, and I felt so deflated every time I viewed place...... until the house (which I walked away from) came along. I hated the look from the outside, but inside it was lovely and I would have been able to move it without doing anything. Was huge downstairs, so much space and I had planned my christmas there already :-(. I did make compromises (not liking the kerbside appeal), and I offered well over asking, however with the issues raised I just didn't want to take the risk.
I have been at my folks for five weeks, and have started house hunting again; but I am just back to that deflated feeling again. I don't like any of the houses I have seen, and I can't understand the market. I feel like prices are higher, but then also lots being reduced, and coming back on the market. It seems a little calmer, but certainly less stock coming to the market over last few weeks. I am now wondering whether I should have just gone ahead. I was nervous about resale of the house, and it was not my "forever" house, if there is such a thing, and it was causing me sleepless nights. There was also a chance that future Lenders may not lend on property, it all sort of depends on how diligent any future buyers solicitor is.
I just hope this horrible feeling will go away.....
I am in a fortunate position now, chain free, lots of cash and am proceedable. My folks don't take a penny off me (I help out with shopping, chores etc) and I have a good relationship with them, and it's not like I have had to uproot my life (they are in the same area) and I don't have kids.
I just wondered if there was anyone else in my position, where you have completed and still looking, and whether any positive stories about not regretting the "one that I walked away from".

After waiting out Brexit AND a pandemic, it's just even more expensive. Who could have predicted that...

I know, normal economic principles don't seem to apply at the moment. My fear is 1970s style stagflation (as the gov need to inflate themselves out of debt) which would mean house prices going higher still...

However I do think the next few months may indicate which way prices will go and it's worth waiting 2-3 months before I make a decision.

I have seen many houses going for sale again at a reduced price. So there is hope

Houses here seem to be about 10% higher than this time last year but I am also seeing a lot of reduced after a few weeks.

My vendor has now allegedly found an onward purchase. This has coincided with me telling the EA a couple of days ago that we have resumed viewings as we can’t wait any longer for the vendor who has been silent for months.

The EA presumably passed this onto the vendor who has magically found somewhere in 48 hours. We’ve been here before though when he has reportedly had an offer accepted, failed to provide any additional info to the EA and then the purchase ‘falls through’ for an unspecified reason. The cynic in me thinks he is just trying to keep me reeled in.

I’m also still mourning the lovely house I was outbid on by a cash buyer over the weekend. I’ve had my head completely turned and no longer really want the house I’m surprised to be buying

Guys, so much for feeling positive. I had a viewing booked for today on a property which was reduced. I called earlier in the week and the earliest the vendor could do was today. I had a call from the EA yesterday telling me they accepted an offer on it, I suspect from someone who had viewed before. Anyway, the EA told me this, and I responded politely with "okay", and then he repeated himself three times, and I kept saying "okay". WTF. Inside I was fuming, I think maybe they were looking for me to kick off. There are now houses which are £75K MORE than 6 months ago, which are smaller than places I had seen 6 months ago. Not sure whether t hese vendors are just chancing it, but as one poster says I have noticed that stuff is being "reduced". I am feeling so shit, I had a dream last night that I was sleeping on someone's floor, and had to ask permission for a shower. Guys, trying not to lose hope. I don't even like the properties "on paper" which are coming onto the market now. Sorry, just needed somewhere to vent. Really starting to think I should have just proceeded with my purchase but whenever there is a whiff off "we may need to refer lack of BR to Lender, and Lender may withdraw", this is really worrying and I would be in the same boat when I come to sell. And it wasn't just some small piece of work, was a bloody loft conversion. Oh guys, tell me I did the right thing and all will be okay!

Oh @areyouhavingagiraffe that’s just awful. Bloomin Estate Agents!! I’m so sorry to read your update.
You absolutely did the right thing, this place was just not the right one. What’s meant to be will be I always find. It’s because something better is waiting for you.
It’s much harder than I thought it would be, but we have to stay positive and sit tight. I think the market is definitely plateauing. I’m seeing houses hanging around now where a few months ago things were only taking a few days to sell.
Take care

Hold your nerve :)

It’s a period of upheaval because of the stamp duty holiday. You’re safe at present, and houses will start to appear again before too long (and the overpriced ones will reduce).

Yes some prices are still silly, but we’ve just had a reasonable offer accepted on a very different house than we had originally planned.

You’re in a strong position as you have no chain. Just hang in there. Maybe take a couple of weeks break?

@areyouhavingagiraffe if you had gone ahead with the problematic house you’d be on a different thread now, regretting it and wondering how to deal with the loft issue. You made the right decision.

We all just have to sit tight. I’ve had a disappointing morning viewing two over-priced houses that didn’t tick any boxes. I went in desperation more than anything else.

Surprisingly enough, my vendor has once again failed to provide any evidence that he’s had an offer accepted and I’m just waiting for the inevitable “vendor says his offer fell through” message from the EA

Thanks guys, yes I feel like taking a break is a good idea. I am not doing as many viewings now because not much coming on the market.... Had a little breakdown in front my my Dad the other day; he is always right, pragmatic and level headed and reminded me what a dark place I was in back in May when I thought my flat was unsellable (and how this could have happened with the house if I bought it years down the line). He also told me I should not panic over prices and things will calm down, I hope he is right. It surely cannot be sustainable if prices rise another £50K by the end of the year. I think I may just be able to afford a tent, ha ha ha
@Eastie77Returns, keep us posted. Life would be so much easier if vendors told the truth. Wishing you luck!

Sorry to hear of your stressful situation.
Great you have support from your parents.
I have been reading up a lot on house prices and current situation recently. One article (a few months ago) said if you are wanting to buy now, sit tight! Until all this madness with SD is over. Another said house prices have risen 20% in the last 12 months.

www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/july2021

Prices have gone up a lot over the last 12 months but growth slowed substantially in July. If growth continues to slow then those of us who haven't bought should be ok. Worth keeping an eye on this over the next month or two.

Just joining today. Our sale completed last week and we've found out our purchase has collapsed. Sat on our cash with little coming to market. 😔

So sorry @Agadorsparticus, this whole process is truly awful. Hopefully your local market picks up soon. It was dead where I am for most of the Summer but more properties have come on since the beginning of the month.

I viewed a property this morning and put in an offer straightaway. Can’t say I’m overly optimistic. It’s a lovely house with 8 more views today plus more tomorrow so I’m sure I’ll be outbid. It’s at the top of our budget so not much room for manoeuvre. Saw a really nice place last week but ummed and arrghed because the bathroom was downstairs and the narrow street had parking issues. By the time I decided to put in an offer the next day it had already been snapped up, above asking price.

Hold your nerve. We pulled out of 2 purchases in the last year due to serious issues that came to light during conveyancing. The second falling through was a blessing as really it was all wrong and we were in a panic. We went through with our sale and took a 6 month rental.

We then saw lots that were unsuitable for one reason or another and two we ‘lost ‘ due to a higher bidder. It was really dispiriting. We kept in regular contact with estate agents, a couple were great and would show us stuff before it hit the market. Well, it paid off. We found our dream house, no chain, honest seller and completed in 6 weeks. A good price too because they wanted a no fuss sale. This house and location is perfect for us, so much better than all the others. A year on from the start of the process we’re nicely settled in. I’m never moving again though, If you can hold out for a long term prospect.

Your message gives me hope @Onandoff, I’m praying for a similar outcome. We are 3 months into a 6 month rental and I am searching night and day. We’ve been outbid on a ‘dream’ house, halted one purchase after huge red flags in the survey and currently have an offer accepted on a house but the vendor can’t move for the foreseeable so that’s another another dead end.

I’ve now also registered with local EA’s who are sending me properties before they hit Rightmove etc so I’m hoping something comes through.

My first offer on the house I saw yesterday was rejected. Feedback was the sellers wanted £x so I offered that amount yesterday afternoon. The EA said she would try her best for me as I’m in the best position of all interested parties (chain free, large deposit, mortgage approved) but haven’t heard back since so guess that’s a no.

Another day and another viewing tomorrow morning. Onwards and upwards

There are houses that are being sold now that would otherwise be near-impossible to shift at similar price (building regs, planning permission, too small, no parking, access issues, horrible layout, neighbour issues, flooding, subsidence, etc). Some of these properties are horrifically overvalued, being sold to people desperate to move.

You’re in a fortunate position to not HAVE to buy any old shit.

We did the unforgivable of buying before ours was on the market (because we financially could do so). Ours sold frighteningly quickly because we went with the buyers who seemed to live the house, had sold a flat elsewhere, and were living with parents. A bridging loan would’ve cost us about £10k, so we’re happy to accept about £5k less than we “might have got” in order for dates to tie up.

Well my increased offer on the house I saw on Friday was accepted today. But I viewed another house on Sunday and absolutely loved it so put an offer in and am waiting to hear back. To be honest, at this stage I will take either but I really love the property we saw on Sunday. It is dated and needs more work but the location is better and I really feel it is more my type of house (whatever that means!)

Guys! So, on Saturday I saw a 1910 house (cottage) 3 miles from the Station. To date I have always been looking for something within walking distance of a station. I decided to see this because it is in a "Village" in East London. I have out in an offer which has been accepted. I am just unsure about the accessibility, but service is not that regular, so it would need some planning and logistics. I will only be heading into the City 2 days per week. But there are no shops around at all, 2 pubs, 2 country parks, really historic, in a conservation area, outside of house is beautiful, inside all modern. Unlikely to be able to extend (due to property overlooking onto green belt). I have always wanted to live in the Country; it isn't remote but perhaps feel like it is. The last bus from the Station is at 6.50pm, so not sure how I would do nights out in London. There are other bus services which need a 25 minute walk. Guys, I am not sure now, however when I compare it to a "run of the mill" semi detached / terrace then I prefer this. But feel like maybe I am getting cold feet!?

*bus service, not but service

It sounds lovely But I prefer rural to nights out in the city so I may be biased!

How often is it likely to be an issue? Can you get public transport to somewhere nearer then taxi the last leg? If shops aren't so handy you do tend to be a bit more organised so you don't need so many last minute bits and bobs.

If it’s East London as you say, surely you’ll have taxis and Ubers for nights out?? We are semi rural (not London at all!) and have Uber here. I think it depends on the lifestyle you want. Yes you get the bus to the station twice a week, but when you are at home you enjoy peace and beauty (not something you get plentifully in more connected bits of East London).

Can you get a runaround car to pop to shops etc.? We had this in London when we lived further out.

@areyouhavingagiraffe I’m from East London and racking my brains trying to think where this village area is. I can think of a few likely suspects but I don’t know of any area where the last bus from the station would be so early! Is it ‘East of London’ as in one of the Essex villages?

A 1910 cottage sounds lovely btw. I really like older properties. I have another thread running at the moment regarding the 1930s property I’ve fallen in love with (but true to form, it’s not straight forward..)

@Eastie77Returns, it is in Havering -atte-Bower. A little update from me..... I walked away from the property (the house in the middle of nowhere). I withdrew offer 24hrs after offer was accepted. I honestly couldn't make the logistics work (travelling to work etc), the bus service was dire. I also noticed from a look at the Council's website that the Seller had put in three planning applications to extend the rear, all rejected due to the "setting of Green Belt" to the rear. I knew the house was in a conservation area, and the seller told me "you can't touch the front, but you can do whatever you like to the rear". Not true and it is clear from the Planning Officers reports as to why this isn't possible. I didn't have any immediate plans to extend, but equally I don't want a place where it is impossible to do works to the rear due to "setting".

@Agadorsparticus

Just joining today. Our sale completed last week and we've found out our purchase has collapsed. Sat on our cash with little coming to market. 😔

Update; we've had an offer accepted on a spacious home in the heart of the village. We saw it a while back but it was overpriced, they dropped it by 30k and we viewed it, liked it and offered the asking price. They sat on it as they wanted more but I guess didn't get it and accepted our offer. We've switched solicitors in an attempt to get it wrapped up asap.

@Agadorsparticus, amazing news! That is fab and great to hear. Gives me some hope