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Original poster

Thread 3: "Anyone not being picky - and STILL can't find anything?"

408 replies

RidingMyBike · 02/04/2022 10:31

Thread 3 ready to go.
Link to thread 2:
www.mumsnet.com/Talk/property/4450168-Thread-2-Anyone-not-being-picky-and-STILL-cant-find-anything?pg=1

OP posts:
CamoTeaLaLa · 04/05/2022 11:45

@Paddingtonthebear Id ask the solicitor if it’s still valid. They might give you some guff about it being out if date or something but might still be valid.

I chased our sols for an update - they are waiting for answers to queries from the vendors, and fwd same to me. Some stuff I will withdraw, as I don’t want it to hold anything up (removal of white goods so we don’t have to pay for local authority recycling) but others look important (building reg certificate). Ugh. Will probably have to contact the vendor once we’ve untangled what we cba with 🫥

Paddingtonthebear · 04/05/2022 13:26

The solicitor office have said the I.D link is still in date but they need to run another AML address check. Whatever that is.

areyouhavingagiraffe · 04/05/2022 14:47

Is anyone noticing that more and more properties are being reduced? I still have my RM alerts, and by way of an example, there were 14 new properties added yesterday in my search area, and 7 were "reductions". I dunno if the market is easing off, but certainly things are changing.....are we past the crazy frenzied peak? I had an offer aceepted two months ago, although no complete chain so god knows what will happen. I wonder whether lots of Sellers are now putting properties on market as people are sensing a downturn at end of the year, start of next year....Who know, wish we had a crystal ball.

Paddingtonthebear · 04/05/2022 15:09

Not noticed it much here, anything even half decent is selling quickly. We had to go £10k over asking to seal the deal on ours and we only got it because we aren’t in a chain, so I assume someone offered more. I feel like prices have risen again here by about £10k since January.

WonkyWheelbarrow · 04/05/2022 15:15

@Paddingtonthebear AML is anti-money laundering. I think those do run out, so I would expect to pay again for the AML team to check your details. I think it's only valid for a short while as you could have got up to all sorts of mischief in the meantime so they need to check again Grin

Abblebee · 04/05/2022 15:49

areyouhavingagiraffe · 04/05/2022 14:47

Is anyone noticing that more and more properties are being reduced? I still have my RM alerts, and by way of an example, there were 14 new properties added yesterday in my search area, and 7 were "reductions". I dunno if the market is easing off, but certainly things are changing.....are we past the crazy frenzied peak? I had an offer aceepted two months ago, although no complete chain so god knows what will happen. I wonder whether lots of Sellers are now putting properties on market as people are sensing a downturn at end of the year, start of next year....Who know, wish we had a crystal ball.

I'm not seeing that. I'm one of 30 viewing one property on Saturday. I'm seeing 3. The odds are against me.

Abblebee · 04/05/2022 15:51

Hoping some are just tyre kicking or are unproceedable.

Abblebee · 04/05/2022 15:51

Paddingtonthebear · 04/05/2022 15:09

Not noticed it much here, anything even half decent is selling quickly. We had to go £10k over asking to seal the deal on ours and we only got it because we aren’t in a chain, so I assume someone offered more. I feel like prices have risen again here by about £10k since January.

That's good to hear. I'm not in a chain either.

areyouhavingagiraffe · 04/05/2022 15:57

That's a great result @Paddingtonthebear. I had to go in £32k over asking on my accepted offer. And I have nothing to sell.
I think the reduced properties were clearly overpriced

TheLadyDIdGood · 04/05/2022 16:58

Lots of properties are being reduced because the mortgage companies aren't issuing mortgages to match the inflated prices. So chains are breaking down and properties are being remarketed again at more realistic prices. It might be worth holding out for the summer as the marketing is slowly flattening.

Paddingtonthebear · 04/05/2022 17:03

Interesting, just spoke to our mortgage advisor and the rate he has got us now is better than the rate we had a year ago on a previous failed purchase. Even though we are borrowing a lot more for this house.

Original poster
RidingMyBike · 04/05/2022 17:59

@Paddingtonthebear we were told we didn't have to go thru the ID check again with the solicitor as we were buying within six months of selling.

OP posts:
Original poster
RidingMyBike · 04/05/2022 18:03

We still have property alerts coming in just in case our sale falls through. It's very noticeable there are more reductions appearing and definitely some coming back on the market which sold late last year or early this.

The desirable ones still seem to be selling fast but previously almost everything was selling very fast, whereas now it's just the ones that are reasonably sized, sensible layout, close to town and have parking.

OP posts:
Abblebee · 04/05/2022 18:16

Paddingtonthebear · 04/05/2022 17:03

Interesting, just spoke to our mortgage advisor and the rate he has got us now is better than the rate we had a year ago on a previous failed purchase. Even though we are borrowing a lot more for this house.

I've been offered 2.25% on a 10 year fix today.

Paddingtonthebear · 04/05/2022 18:19

Yes we’ve been offered 2.4 on a 5yr fix

blibblibs · 04/05/2022 19:05

We've been offered 2.38 on a 5yr fixed. Got solicitor sorted today and seller is ready to go to so without any hiccups we've been told it's taking about 14 weeks here atm.

Paddingtonthebear · 04/05/2022 19:13

Our seller needs to find their onward purchase so it’ll be a waiting game for us.

Abblebee · 04/05/2022 19:19

TheLadyDIdGood · 04/05/2022 16:58

Lots of properties are being reduced because the mortgage companies aren't issuing mortgages to match the inflated prices. So chains are breaking down and properties are being remarketed again at more realistic prices. It might be worth holding out for the summer as the marketing is slowly flattening.

I just heard something on the BBC. 20% of mortgage applicants are having their potential purchase diwnvalued. Not all of these will fall through but it seems awfully high.

areyouhavingagiraffe · 04/05/2022 19:42

@Paddingtonthebear, same here. Been waiting two months.....

Qqbank01 · 04/05/2022 20:50

Looking for a 2-3 bedrooms house around Stockport to Macclesfield area, prefer to have off road parking, with budget 220-240k, but still find nothing or over bid by other buyers.

TheLadyDIdGood · 04/05/2022 21:14

Had an apt with mortgage advisor today and they've agreed to lend minus £20k of funds needed for the purchase. So essentially they've devalued the property by £20k so not sure what we will do. Plus, my partner's age has gone against him as he's 52 so not eligible for a 20yr mortgage.

Abblebee · 04/05/2022 21:32

TheLadyDIdGood · 04/05/2022 21:14

Had an apt with mortgage advisor today and they've agreed to lend minus £20k of funds needed for the purchase. So essentially they've devalued the property by £20k so not sure what we will do. Plus, my partner's age has gone against him as he's 52 so not eligible for a 20yr mortgage.

Have you seen a mortgage broker? I was told some lenders have a cut off of age 72?

Paddingtonthebear · 04/05/2022 22:18

TheLadyDIdGood · 04/05/2022 21:14

Had an apt with mortgage advisor today and they've agreed to lend minus £20k of funds needed for the purchase. So essentially they've devalued the property by £20k so not sure what we will do. Plus, my partner's age has gone against him as he's 52 so not eligible for a 20yr mortgage.

Try a broker, Nationwide do mortgages to 75

TheLadyDIdGood · 04/05/2022 22:53

@Abblebee and @Paddingtonthebear thanks we will try a broker now. We had a MIP certificate hastily printed out from L&C so we could view properties. We called Halifax today to see what they could offer us as we already have an mortgage with them. The mortgage advisor said they'd only lend for 16 yrs minus the £20k. They prefer not to go past retirement age & if they do then the % rate will be higher.

I'll call London and Country tomorrow to search the whole market for us to find a better deal.

justjuggling · 04/05/2022 23:00

Please can I join?! Have sold my house but cannot find anywhere to buy and panic is starting to set in!

I've gone from 'must have a south facing garden, an en suite, eat in kitchen etc' to 'only requirement is that my children can get themselves to school from it' but still no luck.

Any tips or advice gratefully received.