Buyers / sellers exchange waiting room continued...

[NoWordForFluffy]

New thread for those of us still waiting the dreadful wait. 😩

@Jacquel666

Only thing I can say is if there is equity release then probably the deeds will have to be updated at the land registry and some sort of deed of release / negotiation on paying back the equity release company in order for the deeds to be updated

My sons sellers purchase fell through cos the solar panel company hadn’t sent the forms off to to the land registry ( back in July) despite being asked to do so several times and still haven’t done so yet and my son offered on the buyers house in June

So the buyers pulled out - they have got another property that they made an offer on and was accepted with no chain and no equity release / solar panels so hopefully this will go through
My son is happy to wait till next year
but stressed no equity release no solar panels and no little old lady in the attic refusing to leave 😂

@Jacquel666, it appears that as long as the sellers have requested a redemption figure, it'll be for their solicitor to administer in relation to distribution of funds from the sale.

Anything from 2018 would be registered at the LR by now (you can download the title document for £3 to check the legal owners).

Thanks @Itsjustmeee @NoWordForFluffy
We went back for another look today. EA says the investor company has the majority share. They are going through one solicitor (with the family member who had POA) so that makes things smoother.
Sounds like as you said @NoWordForFluffy - they’ve accepted our offer and will divvy up proceeds after the sale.
EA says it means two lots of communication for them but shouldn’t slow things down too much. (Hopefully)

@Jacquel666 I reckon it will make them highly motivated to sell asap so the equity release sharks people don’t snaffle any more of the proceeds…

My buyers are taking ages to sort out their survey and it’s driving me mad. Apparently they are wanting to do specialist investigations. I’ve instructed the EA I want it booked in and sorted by Christmas or I’ll lose my patience.

@NoWordForFluffy How's the packing going?

Completion is fast approaching!!

Would be easier without the bloody dog joining in! 🤣🤣

I'm very glad we have overlap as we apparently don't have anywhere near enough boxes! Thank god we can take some, unpack, and bring them back again to refill. 😬

We have so much superfluous shite too. It's all getting ditched. I'm being ruthless.

We’ve spent the day cleaning the cooker and the fridge freezer which were both filthy! Rest of the house is pretty filthy too and couldn’t get the boiler to pair with the thermostat but Daughter is happy with the house so that’s the main thing.

@NoWordForFluffy I love your dog! I have a very similar dog. Packing must be quite stressful. Luckily I’m staggered, I’m not leaving rented for another few months so just selling at the moment. It must be quite exciting also at this stage? Or just very busy!
@Crazymadchickenlady I had a crazy time getting the house up to scratch before selling. Painting, garden, kitchen. It’s so much work isn’t it, I had to spend my ‘holidays’ with my kids each with paint brushes in hand! And that’s even with paying someone to clean it first (it had been let out and a bit unloved). So good luck with the cleaning.
@ibelieveinmirrorballs that’s annoying, they need to pull their fingers out as a lot of building / surveyor trade have Christmas off and they need to just contact a load to get one. Hope they do soon!
@Jacquel666 I do hope that the complications are outweighed by the motivation of family to sell and get this speeded up as much as possible before Christmas. Fingers crossed!

@NoWordForFluffy Haha same i am using it as an opportunity to purge.

Have you sorted out at what time you are aiming to complete?

Looks like completion can be quite stressful. Planning to bug my solicitor to ensure funds are released the day before (and same for my buyer), a plan for the keys and an expected completion time.

I can't think that completion would be much after 10.30, but the vendor will call to arrange key handover once it's confirmed our money has been received. I'm working a half day, so it suits me to meet him at about 12.30, if possible. It would mean that DH could go to a funeral in the morning too.

Our solicitor gets the money for the day before in any event. I think that's best practice to avoid payment hiccups. That should've been sorted at exchange.

I thought I was prepared :D

I am getting myself ever more worried. Being in the middle of the chain and my rush to make sure exchange happened, I provided a deposit top-up. The difference between the 10% deposit on my house and the 10% on the house i am buying - without realising just how at risk that money was.

Wasn't told that there was a risk with it until after the exchange happened. A foolish mistake - I should of insisted my buyer accepted the lower deposit :(

@NoWordForFluffy looks like the dog is being very helpful!!

I did so a bit of packing today. But it then just got me all annoyed about this cyber attack again and how we have absolutely no idea when we will be moving now

@ibelieveinmirrorballs We’re off the starting blocks and have a survey booked for Tuesday. Noticed a few cracks etc when we viewed again yesterday but hopefully they’ll just be movement/plaster.
Still smarting over the £895 survey we paid out the week before for the house that had flakey owners 😩😭
so unfair that buyers lose like this.
good luck with your sale x

Fuckety fuck fuck fuck.

We put an offer in Friday - best and final. Accepted! Huzzah!

I've only just noticed the EPC is F. We are at the max of our borrowing capacity with our AIP from a new broker, and now I'm freaking out that we won't be able to borrow as much because of this lower EPC.

We will still buy it if we can, it would be our forever home and we would improve things over time, no issues there.

But will the lender agree? I feel so tired and am fretting.

I feel really stupid for missing this detail.

I've not heard a lender saying no due to an EPC.

I don't think they'll say no, but they may reduce the amount we can borrow. Which is stressing me out, taking that news back to the EA and vendors. We couldn't make up the difference ourselves, unfortunately.

Is it a listed building @MovingToPlan ? I don’t think they are required to provide EPCs (only asking as recall you going to view one!).

Thanks @Jacquel666 - ahhh to have a buyer so ready to do a survey….

No, we decided against the listed one as the location wasn't great.

This is a probate property, and it's never had central heating fitted. There's an oil Aga in the kitchen, economy 7 heaters, and not all the windows are double glazed. We are happy to fix it up over time, we just need to get in it!

Or they will give you a certain timescale to improve it. That happened to me once before with regard to a roof that needed substantial repair internally as there was no fire break. That was the last time I used the survey from the mortgage company to do a big survey. Now we have the minimum with the mortgage company, and do a separate survey if we think it is necessary ...

I am not an expert but I don't think a lender would reject because of a low EPC. Improving from an EPC of F can be relatively cheap.

Worst case maybe ask they do some of the below to push the EPC up.

I.e.

• Fitting LED light bulbs
• Smart Meter/thermostat
• Wall insulation

I am still fretting over my deposit risk whilst trying to pack. Hitting myself because i didn't question the risks around the deposit top-up and niavely thought it was a risk only if pulled out. I shouldn't have done the top up😓

Thanks for this info! Hopefully I'm worrying over nothing much.

@Jayknow what's the risk, sorry I have read the thread but cant see it? I know if you pull out you risk your 10% but are there other scenarios?

@NextPrimeMinister if my buyer pulls out for any reason, then I lose the extra deposit I paid ontop. I.e. my buyer paid 10% deposit on my house which usually moves up the chain. The person I was buying refused it as it worked out to be a 5% deposit of the house im buying, so I had to top up with another 5%.

I.e. as an example person a puts a 10k deposit on a 100k house to person B. This then usually moves up to cover the deposit on person C s house (say a 200k) house and they accept its not 10%. Person C refused the lower deposit so person B adds another 10k to make the short fall.

If person A pulls out both person A and B loose there deposit.

@Jayknow hopefully it won't happen. If you've exchanged then I would hope it very rarely falls through. Fingers crossed for you!

Hoping we manage to get some kind of update from the affected solicitors in our chain today. We need to know if we're moving a week today or not!!