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

[RidingMyBike]

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

Also meant to ask how price compares to similar properties @Paddingtonthebear?

Yes, you can’t buy anything here at asking price. We’ve had a down valuation before so fully prepared to have to walk away if this one doesn’t get through, we have 10% deposit so we can’t put any more in if the bank says it’s not worth more.

Well it’s over priced in the way that everything is at the moment. But I think it’s on par with similar properties for the immediate area.

I'm financing with 50/50 deposit / mortgage. Are the banks down valuing if you put a big deposit down too?

I think a big deposit will help

I'm hoping it will get down valued. Either by the bank surveyor or by my surveyor.

Don’t want ours to be down valued as expect they will just move to the next buyer if we can’t make up the difference.

My deposit is 15% and my mortgage will be massive. My bank don't have an issue with the size of the mortgage, as they approved me for a similar one last year on my purchase which fell through.

One of the challenges they have us that Land Registry have got a backlog on public ally showing properties on the register, so comparative properties which sold for more or similar aren't on there yet.

I don't have any more money to throw at this purchase if I get another downvaluation, however it is a small 2 property chain, and vendors have a similar timescale to complete (school summer holidays), so I'm hoping they will agree to drop to the difference, whatever that turns out to be.

The bank have done our valuation now, got confirmation yesterday so it's taken just over a week.
They didn't actually say how much they thought it was worth, just that they were happy to lend what we asked for (20% deposit)
Having a survey done aswell so that should have a valuation on it.

This is great news. Our purchase was meant to be no onward chain and chain complete, we thought we would be moving shortly as everything in place.......Then we heard yesterday chain is now 6 and incomplete as our sellers our buying and not going into rental as they initially told us 😓

I don't know how long our chain is, I'm selling to ftb but my sellers are downsizing. I hope they find a chain free property but it's hard to know the situation. Their EA is being very cagey, just saying they're down sizing and that's it. They may have found a house but then again they might not have, the EA isn't providing me with much information.

If we had known this was going to be the case we would have held off moving forward, but now we have done everything, mortgage offer, searches etc. Big concern is that our mortgage offer will expire.

Exactly, the vendor's EA pushed us to have everything in place but is now being cagey. They even chased our solicitors who were still doing their due diligence on us before taking on our case. The EA's call themselves 'proactive' but they're actually like sharks smelling the blood ie their commission. There's no point in rushing us if their clients aren't ready because we'll be liable for extra legal charges if we don't complete in 12 weeks. I don't understand why they were so keen on starting the clock so early.

We are sitting tight for now and see what happens although part of me is ready to pull the plug and just stay here for the time being.

So our solicitor said in an email he had the info ready to send us for our purchase. This was on 29 April. Nothing appeared. I waited a week then emailed to chase up. No response. DH rang yesterday to chase up. It was obvious solicitor was in the building and he was told he'd call back but then never did!

Wonder what state the paperwork is actually in?!

So begins the 18th week since our offer was accepted. Latest from our solicitor was that all queries have been responded to and they’d review the file early this week with a view to having documents prepared for us to sign during this week. I refuse to get agitated until Thursday, at the earliest 🫤

Nothing happening here. Am away for the week watching houses in my preferred area come on at ridiculous prices but I don't want to view any of them.

I'm a civil servant and the massive job cut news has made me rather twitchy - I hope I won't be affected but I do wonder if I should continue renting until I have a better idea of whether I might need to move elsewhere in the country, because good jobs are in short supply down here.

Well the vendor is going away for the first 3 weeks of June and don't want the surveyor in or me doing a 2 nd viewing during that time. Delays work in my favour I think.

We have the exchange paperwork! It turned out it's been sitting in my spam folder since Friday!

Much speed reading and then rushing around to get signatures witnessed. I'm dropping it back to the solicitor tonight to save time in the post.

Apparently we are still on track for completion by the end of the month...

Good jobs are in short supply in London?

I think as a civil servant, your salary would go further elsewhere. Public sector aren't getting the pay rises to match inflation and with levelling up, good jobs could be based outside London.

I'm in Cornwall, not London. Jobs over minimum wage are like hen's teeth round here!

Sorry. I thought you were London!

You're absolutely right though!

Right. Heard nothing. Time to get agitated 🤪 Will call solicitor mid-morning.

@dubyalass Im also a civil servant. Have a vague plan to wait until the dept reports come out, start looking to go up a grade then ride it out. We must keep our nerve 👊🏼

Ugh, having thought we were on track for completion at end of May, we can apparently exchange next week but vendor does not have time to move out before the end of the month (surely he might have grasped that completion at end of May meant preparing to move by then?!) and then has a THREE WEEK holiday booked?! First time that's been mentioned! Who books a three week holiday when they're about to move house?!

Apparently completion may not be until end June. Trying to get a date set now for it otherwise I can imagine even more faffing around.