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Original poster

Buying - Waiting (anyone want to wait with me)?

103 replies

NewAnon · 27/06/2023 11:15

Hi there,

We're first time buyers, trapped in London rents well into our 40's.

We found a house, we made an offer, it was accepted. Our mortgage was granted. We appointed a solicitor. The property was valued. They surveyors went in on Friday last week. We expect the surveyor's report this week.

And now we wait...

We (obviously) have no chain, and the seller has no chain - I know the wheels are in motion, but this state of semi-anxious waiting is getting increasingly stressful.

I don't expect the survey to throw-out anything terminal, though I know it'll be written in such a way as it all sounds terrible (to, rightly, mitigate risk to the surveyor).

My main worry is that the buyer will pull out (or worse, die), or I'll suddenly and randomly lose my job (no reason to think I will)... it's just the waiting.

OP posts:
Wednesdayonline · 27/06/2023 21:56

@Evergreen101 I am worried about it too. But I hate renting now, our landlord is awful and there's such a shortage we cant get anywhere else. We are buying a good sized house for our first buy, about 96sqm which we can stay in for 10+ years if we do get stuck. And we are planning to overpay as much as we can the next 2 years. I think we've got a good price for the location and size so I'm just trying (and failing) not to think about it really!

Wednesdayonline · 27/06/2023 22:00

@NewAnon the house we are buying is artex ceiling in pretty much every room. But so was the house I grew up in and it was never disturbed that I can remember, so you should be fine :)
Also, there is asbestos in talc and make up products which is much more of a concern in terms of exposure to asbestos.

Original poster
NewAnon · 27/06/2023 22:08

Wednesdayonline · 27/06/2023 22:00

@NewAnon the house we are buying is artex ceiling in pretty much every room. But so was the house I grew up in and it was never disturbed that I can remember, so you should be fine :)
Also, there is asbestos in talc and make up products which is much more of a concern in terms of exposure to asbestos.

That's reassuring.
I've requested a quote from an asbestos specialist, just to get a 'read' of whether it's there, and will need any remedy either now or in the future.

OP posts:
Evergreen101 · 27/06/2023 22:09

NewAnon · 27/06/2023 19:43

I'm reassured that so many of us are in this weird limbo.

We got the survey back - all okay - except the dreaded (chance of) ASBESTOS... only in two rooms (old family bathroom and downstairs cloakroom) - but that will push us back while we have it tested, and if required, removed and replaced.

Other than that, the survey was relatively good - and they did say that they only worried about asbestos due to the age of the property (50s) and the artex ceiling in those rooms, so I imagine many people have asbestos mentioned on their survey.

@Evergreen101 I am cautious about the current economic climate, but right now we're paying nearly £3K a month into someone else's property - so it feels like a risk we should take. We negotiated the property down a fair bit, and we both have decent jobs (though obv I'm now terrified of one of us losing theirs).

We're at 75% LTV as well but only a 2 year fix at 4.54%. We got the rate back in April before all this madness and it's too late to switch to a 5 year fix because the rates now are at least 1 pp higher and that's just not feasible for us financially. Kicking myself for not going for the 5 year option.. but at the time, the BoE and experts were all predicting rate falls. We made the best decision for the information at that point.

One question is: what's the risk of the lender downvaluing our house when it comes time to remortgage? Do you know of cases where that has happened?

kidcrazy · 27/06/2023 22:23

Evergreen101 · 27/06/2023 22:09

We're at 75% LTV as well but only a 2 year fix at 4.54%. We got the rate back in April before all this madness and it's too late to switch to a 5 year fix because the rates now are at least 1 pp higher and that's just not feasible for us financially. Kicking myself for not going for the 5 year option.. but at the time, the BoE and experts were all predicting rate falls. We made the best decision for the information at that point.

One question is: what's the risk of the lender downvaluing our house when it comes time to remortgage? Do you know of cases where that has happened?

Show quote history

So what will you do if rates are at 6% in 2 years time? Will that be financially feasible?

Evergreen101 · 27/06/2023 23:16

kidcrazy · 27/06/2023 22:23

So what will you do if rates are at 6% in 2 years time? Will that be financially feasible?

Show quote history

In the next 2 years, there's a very good chance that DH and I will be promoted to the next level at work. Our earnings would go up by at least 50% vs. today (potentially doubling as I'll be a partner in the company I currently work for), so the interest payment should be manageable at that point.

What I'm struggling with is the thought of losing part of the deposit we've saved up for so long if we get downvalued come remortgage time in 2 years.

The interest payments from our mortgage offer is about the same as what we would spend if we were to rent a similar property, so the argument that 'at least it's your own mortgage you're paying and not somebody else's' doesn't really apply in our case

Nortam · 28/06/2023 09:53

@Katscan25 for my savings account, they only do a yearly statement every April so the online one isn't up to date enough if that makes sense.

Nortam · 28/06/2023 16:58

Does anyone know if I have to let my solicitor know that I've had my mortgage offer? And what about the estate agents?

Wednesdayonline · 28/06/2023 20:30

@Nortam can't hurt to let both know to keep everyone in the loop :)

Original poster
NewAnon · 28/06/2023 21:58

@Nortam like @Wednesdayonline I just tell everyone, everything, at all times - so then any hold ups are absolutely not me!

OP posts:
Loobydoobies · 28/06/2023 22:44

@Nortam the solicitors get a copy of it, so no need to tell them :)

Freyya · 29/06/2023 06:47

My solicitor had to chase his copy of my mortgage offer. I’d let them know you’ve had it through.

Freyya · 29/06/2023 06:47

Forgot to say - this was because they got his email address wrong!

Nortam · 03/07/2023 14:05

My solicitor has just replied to another email with a posted letter! I don't understand the thinking behind this? A week to get an answer about a simple question.

Wednesdayonline · 03/07/2023 17:36

@Nortam that is so strange! Have you asked them to just reply by email or by letter attached to email if it has to be letter? Perhaps they need your permission to send confidential info by email due to security etc? Can't think why else.

Onaladder · 03/07/2023 19:18

I wish I can join this thread! My partner and I have been searching for nearly a year and were close to exchange early this year on a good rate (4%), but the survye identified subsidence that requires investigation. And the seller refused to engage in further drainage survey etc....so we let that one go...

Now we have begun the search again at almost 6% rate...and very sad
Just discouraged and still paying 3k rent....
I and my partner both are considered high earners in the UK but the house prices in London are impossible at these rates...Makes me want to move countries

Nortam · 03/07/2023 19:48

@Wednesdayonline next time I contact them I'm going to ask them to email instead as it's just silly getting a letter through the post a week after asking a simple question.

@Onaladder that is so frustrating! Not just the rise in rates but the money you've wasted. The survey is being done on the house we are buying next week and I'm terrified something horrible is going to show up and we end up having to pull out.

I have another thread on here about it but it turns out the sellers don't actually own the driveway in front of the house. I'm still not sure what this means for us exactly but I'm sure my solicitors will write me a letter in response to the email I sent them at the weekend!

Original poster
NewAnon · 07/07/2023 22:00

We have some movement...

We have an exchange date (19 July) and a completion date (1 August) to aim for.... eeek!

OP posts:
Sparklynewname · 08/07/2023 11:54

We have had the formal survey report back.
Electrician has been in to quote for the work and will need a couple of days notice after exchange to get in and expects a week for a full rewire.
Glazier is going on today to survey and quote and will need 2 weeks to manufacture the windows which he will then get in asap.
Solicitor has started the searches on Monday (argh!) despite us paying for them on the Thursday a week and a half before. They have had the draft contract from the sellers solicitor though so they were waiting for that.
I will ring them on Thursday and see what the state of play is.

Twiglets1 · 08/07/2023 13:45

@Evergreen101
If you stay with the same lender when your current fix comes to an end they will offer you the choice of another Fix with them or reverting to their SVR. They won’t do a Valuation on the property.

Sparklynewname · 09/07/2023 18:01

Also have just seen in an email that probate has been applied for (but not granted!) so it could drag on and on 😬

Nortam · 09/07/2023 20:54

@Sparklynewname I've had a quite for a full rewire for a 4 bed house and been told it will take 2 days! I did think that wasn't long enough.

Sparklynewname · 10/07/2023 22:18

@Nortam , he’s allowing himself plenty of time. He works with 2 others and he said they may well be in and out during that time. It’s ok because the house isn’t lived in yet and needs everything doing to it so there will be a lot of people in that week trying to get stuff done.
When I had a quick Google, there were people who thought 2 days for a medium house rewire so it may be possible 🤞

Original poster
NewAnon · 14/07/2023 17:30

Just a word of warning.

We have got to exchange of contracts (yay). And had to transfer 10% property value to the solicitor.

On the day before exchange I get an email from my solicitor (including the address and value of the property) with bank details.

Something didn't sit right. I checked the email address of the sender and it was:

name@company.CO

The usual email address is name@company.COM

I googled the bank details, and found it was a Metro bank account (I know the solicitor banks with Barclays as that's how we pay them).

So I called the solicitor on her mobile - and she confirmed - she hadn't sent the message.

If I didn't have my particular job (tech security) - I am fairly certain I'd have transferred £80K to a random scammer!!!

OP posts:
Flubadubba · 14/07/2023 18:59

@NewAnon we had similar last week. Except it was
normal: at companyname.com
Sent from: at companynameS.com

We werem't ready to exchange, nd it was asking us for a 10% deposit (we are in a chain, so our buyer's one would be passed upwards).

We told the agents right away (they originally dimissed it until husband got involved and listed his credentials, which are highly relevant). Shitstorm ensued, including apologies from the managing partner.

Make sure you chnage yoyr password, turn on 2FA and delete the incorrect email from your cache just in case..