I have another thread running about how long people’s purchases/sales are taking but am reaching the end of my tether with my own and would appreciate some advice on where to go next.
Been looking since February last year here in Cornwall, where the market has been insane. I’m in rented. I offered in mid June - it was offers over so I went £12.5k over having been outbid on so many other houses. They bumped me up to £15k and I agreed because frankly I was desperate. House is great, the nicest I’ve seen and in a good location. Very few comparables locally because not much had sold since mid 2021 so hard to gauge price.
Anyway, mortgage co downvalued it by £30k. There’s a defective title (missing outbuilding) which is apparently in the process of being sorted. I have a decent deposit so mortgage co still happy to lend original amount at 2.49%.
However, with everything that’s going on I am getting twitchy about paying £15k over value when lots of properties locally aren’t shifting. The good stuff still goes quickly but a lot have also fallen through. Add to this that the estate agents aren’t returning my calls. I’ve rung twice in the past week to ask what’s going on and nobody has got back to me. My solicitors haven’t heard anything from the vendors’ solicitors for weeks despite chasing.
I still want the house, but nothing about this situation is giving me any confidence and I think it’s time I did something. But what? Lower my offer? Threaten to pull out if there hasn’t been an adequate response by the end of tomorrow? Pull out anyway and look for something else? I honestly don’t know what to do. I am buying alone and don’t have anyone who’s recently bought/sold to discuss it with.