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Original poster

About to give up

32 replies

jeepjeep4 · 16/04/2023 10:57

Hi is anyone in the same situation as we are currently?
Our house sold within two days of being on the market to a keen first time buyer.
They have until September before their mortgage offer expires and understandably they are keen to move in.

The trouble is we can't find anything to move to. Not for lack of trying, we are doing around two viewings per week even if we know there's compromise to be had with size or location or whatever.

We've offered on two houses so far but they've got to higher offers and we just can't stretch past what we've offered both times.

I feel so deflated and fed up and like we will lose our buyer.

Our current house is too small for us now he have a DC and we need the space but I refuse to move into an unsuitable home.

OP posts:
caringcarer · 16/04/2023 11:07

Could you find a house structurally sound and suitable size but just has not nice decor. You could just do one room at a time. A tip I use when viewing a house, go into each room and look up at the ceiling. This will give you a good idea of the space available with no clutter to distract you.

CellophaneFlower · 16/04/2023 11:08

I do feel for you. I sometimes wonder how anybody ever moves. A lot of people seem to assume people are too picky, but I 100% get buyers that don't want to spend hundreds of thousands on a house that's not at least got all their "needs" and some of their "would likes".

It works the other way too, when the perfect house comes up but you can't sell.

You'll get told to sell and rent, but that's a risky business that I wouldn't be keen on.

Original poster
jeepjeep4 · 16/04/2023 11:14

@CellophaneFlower thank you yes that's totally right I just can't spend hundreds of thousands on a home I don't even particularly want to live in! I know some may think we're being picky but we're being very open minded.

Renting not an option as we can only afford to move by posting current mortgage so has to move out and in on same day to do this.

OP posts:
Fedupofdiets · 16/04/2023 12:00

Yep me too. SSTC after 10 days in the market and there is literally nothing that I want to buy. I went up for sale to buy a place I had fallen in love with and it sstc the day before I had an offer on mine, typical as it had been for sale for 2 months. I only want a detached though but am also looking at bungalows but there is nothing. My buyer has sold her house and is now in rented and is prepared to wait so as ling as she is happy I will carry on looking.

Fedupofdiets · 16/04/2023 12:03

Also the same with my mortgage, I fixed last year for 5 years at 2.35% so need to port. I will see how long my buyer holds out and if she starts putting pressure on me I will have to withdraw it.

NicLondon1 · 16/04/2023 12:05

2 viewings per week…?! I viewed 10 houses yesterday!
I suggest you expand your search area and also your criteria, be a little willing to compromise.
For example, yesterday we viewed a 3-bed house despite currently living in a 5-bed. It had a nice garden and we could extend into the loft…
Don’t be too fussy about what you view as you might be surprised - one place looked awful in the dark photos but much bigger and brighter in person.

Fedupofdiets · 16/04/2023 12:22

@NicLondon1 You do realise that most people can't / don't want to expand the area in which they are looking?

Original poster
jeepjeep4 · 16/04/2023 12:42

@NicLondon1 I wish there were 10 houses per day to view! There simply aren't that many coming on to market near me.

OP posts:
Original poster
jeepjeep4 · 16/04/2023 12:44

@Fedupofdiets reassuring to know it's not just us, though wish you lots of luck in finding something. Hopefully we're both just a viewing away from our next homes !

OP posts:
CellophaneFlower · 16/04/2023 12:56

NicLondon1 · 16/04/2023 12:05

2 viewings per week…?! I viewed 10 houses yesterday!
I suggest you expand your search area and also your criteria, be a little willing to compromise.
For example, yesterday we viewed a 3-bed house despite currently living in a 5-bed. It had a nice garden and we could extend into the loft…
Don’t be too fussy about what you view as you might be surprised - one place looked awful in the dark photos but much bigger and brighter in person.

I assume OP doesn't want to waste people's time viewing houses she's not interested in. It's a lot of stress prepping for a viewing.

10 houses per day is a lot. Perhaps you need to be a bit more selective in what you view?

NicLondon1 · 16/04/2023 13:42

Yes 10 was a bit mental! We have to travel far so trying to see everything.
perhaps we are at both extremes… maybe 4-5 is a happy medium.
good luck!

ThankmelaterOkay · 16/04/2023 14:11

jeepjeep4 · 16/04/2023 10:57

Hi is anyone in the same situation as we are currently?
Our house sold within two days of being on the market to a keen first time buyer.
They have until September before their mortgage offer expires and understandably they are keen to move in.

The trouble is we can't find anything to move to. Not for lack of trying, we are doing around two viewings per week even if we know there's compromise to be had with size or location or whatever.

We've offered on two houses so far but they've got to higher offers and we just can't stretch past what we've offered both times.

I feel so deflated and fed up and like we will lose our buyer.

Our current house is too small for us now he have a DC and we need the space but I refuse to move into an unsuitable home.

Well, I don’t think they are smart if they’ve said they need to move in by Sept because of their mortgage offer. They’ll be able to get the same, if not better, unless their circumstances have changed or something.

It’s more they are paying out on rent whilst they wait for you. But they’ve agreed to buy from someone who hasn’t sold, so that’s their problem really.

So you’ve got to June to find your place? If 3 months to complete from then?

Original poster
jeepjeep4 · 16/04/2023 14:18

@ThankmelaterOkay yeah I think June would be ideal at least for our buyer. Im hoping it's true what people keep saying about more people putting homes on the market in spring summer but I'm getting so worried we won't find anything in time

OP posts:
ThankmelaterOkay · 16/04/2023 14:22

Well good luck. From my obsessive Rightmove refreshing, the predicted Spring awakening of the market has been a damp squib. Just the usual crap coming on: landlords selling up, and old people dying/moving into care. Both requiring big investment that no one wants to make. Neither in a rush to sell. Stalemate.

jimmymcg · 16/04/2023 14:25

Politely it seems that you cannot afford what you would like. The two you have offered on have gone for more than you can afford, so I guess you'll have to lower your wants or spread your area.

mamaduckbone · 16/04/2023 14:31

I totally get what you're saying OP. It took us almost 2 years from putting our house on the market to finally moving.
Our house sold within a week of putting it on the market and the buyers put huge pressure on us to go into rented (she was pregnant and wanted to get their mortgage based on her full time salary and move before her due date). They ended up pulling out because we just couldn't find anything we liked that was within budget.

Then Covid happened, we lost another buyer along the way, had a couple of near misses with purchases, but did eventually find the house that we are now living in, and sold our old house for £60k more than the original offer that we accepted.

So my advice would be to hang tight (even if you lose your buyer) and wait for the right house to come along. It's so hard!

ThankmelaterOkay · 16/04/2023 14:34

Feels like a win right? How much roughly did the house you bought increase in that timeframe?

ThankmelaterOkay · 16/04/2023 14:35

^* reply fail to @mamaduckbone

mamaduckbone · 16/04/2023 18:15

ThankmelaterOkay · 16/04/2023 14:35

^* reply fail to @mamaduckbone

Maybe £25k? I'm not really sure. But we had a crazy buyer put in an offer £20k over the asking price, which we'd already increased. It was in that bonkers post-covid period where everything was selling in a day. We got ours for the asking price and didn't end up going to sealed bids so I was happy with that.

ThankmelaterOkay · 16/04/2023 19:16

Oh right you did win then. I was assuming the house you ended up buying would’ve increased as a larger % in 2 years than your house did. Were you downsizing?

SoggyGround · 16/04/2023 19:39

@jeepjeep4 re the porting your mortgage - is it worth talking to your lender as a few years ago we relocated but couldn't find a house to buy so had to rent. Our mortgage company agreed that as long as we bought within 12 months they would hold our mortgage and port across without incurring the early redemption fee. Maybe worth an ask although appreciate you're not keen to rent.

KievLoverTwo · 17/04/2023 04:26

jeepjeep4 · 16/04/2023 10:57

Hi is anyone in the same situation as we are currently?
Our house sold within two days of being on the market to a keen first time buyer.
They have until September before their mortgage offer expires and understandably they are keen to move in.

The trouble is we can't find anything to move to. Not for lack of trying, we are doing around two viewings per week even if we know there's compromise to be had with size or location or whatever.

We've offered on two houses so far but they've got to higher offers and we just can't stretch past what we've offered both times.

I feel so deflated and fed up and like we will lose our buyer.

Our current house is too small for us now he have a DC and we need the space but I refuse to move into an unsuitable home.

Not in your situation but have some thoughts from a buyers' perspective.

Your buyers should have waited for the chain to complete before applying for a mortgage. That puts pressure on the upward chain. Lenders are generally only extending for a month right now, so that gives them 7.

They probably did it because the bank of England interest rate is currently predicted to rise until summer.

This prospect has been scary for me, if it goes up .25% in May and then again in July, it could add £120 to our already very expensive mortgage prospect. We are also buying from folks who have not found a home. However, a broker told me the other day that for each .25 it rises, lenders will generally raise rates .10, which is far more affordable and less terrifying.

I have been on mortgage forums up til my eyeballs and nobody ever told me this until I spoke to a broker.

This could be what your buyers are fearing and why they prematurely applied for their mortgage without a completed chain.

Heronwatcher · 17/04/2023 12:57

@jeepjeep4 and @Fedupofdiets most mortgage companies will allow you to port your mortgage as long as you move within a certain time, usually between 6 months or a year.

The reality is that people aren’t selling at the moment unless they have to. If you really need/ want to move then it’s likely you’ll need to rent for a short period. Everyone I know who has moved successfully over the last year has either rented for a period or stayed with family/ friends.

Fedupofdiets · 17/04/2023 15:03

@Heronwatcher Thanks I know as I did it with the house I am in now. The problem is that despite giving you 6 months you have to be sure you a house lined up and know with 100% certainty it will go through otherwise you lose your rate and the early redemption charge. The cost of moving twice, renting and risking my mortgage rate is absolutely not worth the risk. I want to move but I don't need to, I am currently in a lovely refurbished Victorian terrace that but I am not keen on terraced house living and will only move if I see the right place. Gutted to have lost the one I wanted by one day 😫Plenty coming on the market by me but I am very picky and having moved 10 times over the years this has to be my last move for a long time.

zombiecupcakes · 17/04/2023 15:12

@KievLoverTwo FTB here and surprised by this advice - I get waiting to instruct searches before the chain is complete but surely you don’t know if you’ve properly sold unless the buyer has their mortgage offer and any associated valuation?