It’s ye olde buyers/sellers waiting room continued thread…

[ibelieveinmirrorballs]

The nail-biting wait continues….

@NikiNacki I’m surprised your conveyancer is recommending that you proceed under these terms - I also didn’t know you could exchange without a firm completion date but it seems like a terrible idea. I would push back and give a date that works for you too.

Also the £55k after exchange is totally normal as I understand a 10% deposit is collected at the point of exchanging contracts - so I hope this isn’t being presented to you as an ‘advantage’. It sounds like everything has gone really well to this point - don’t let yourself get bullied into accepting anything you’re not comfortable with - lean on your solicitor!

@ibelieveinmirrorballs re the 10% deposit on exchange, how do you pay for this? You've made me panic as I've never sold a house before and definitely don't have 10% of the purchase price sat around.

Have emailed the solicitor but her replies are painfully slows

@houseydnc The person at the bottom of the chain pays the deposit on exchange, this is the then passed up the chain. If it's less than 10% for the next property then that seller needs to agree- most do.

So for example if the bottom of the chain property is £200k they'll pay a deposit of £20k which gets passed up- if the next property is £300k then that vendor agrees to take less, and so on.

It's all a bit daft as none of it is 'money' as such its all just figures that pass through various solicitors, but technically everyone pays a deposit.

@houseydnc Its only the first time buyer that has to find the deposit which is normally 10%

Apologies that is 5% not 10%. That’s another thing, I am aware that they usually give 10% upfront, however he has offered only 5% upfront (to be released immediately) not held. However if he fails to commit after exchange, he would still be liable for the complete 10% wouldn’t he? In my mind worse case scenario is I get the 5% now and then if he fails to commit, I’d have double what he has offered to send over, which I could used to get a bridging loan until I have another buyer? I don’t see whey he would want to lose that amount of money. I’m not currently in the property as I rented a place as I wanted to get a feel for the new city before buying. It’s a big move as we are originally from Central London and have moved out to mid Essex. We still have 5 months left on our rental. Though I am happy to pay it off to leave early. There are a few reasons why three months would actually work for me, I’m just not sure why the buyer needs three months as he’s a developer, in my mind he should already have the funds (apparently he is using a bridging loan to secure his purchase). Apologies for drip feeding information. I’m just seeing this as a move that works well for me but I don’t see what he gets out of it and that is what is making me suspicious, what is his angle? He got the property £100k under asking so I think maybe he is feeling like he could loose out if he doesn’t secure that’s the only thing I can think.

@NikiNacki Whether he is still liable for the 10% would presumably be outlined in the contract? What has your solicitor said?

If you feel like he is putting himself at a disadvantage and you're not sure why, I do think having got the property so much under asking could be his reason.

Just found out that our sellers are also not quite ready, despite the fact that said they were a week ago.

Have decided I'm no longer going to believe a word anyone in this process says, everyone's full of it!

Everyone is targeting a completion date of next week but unless a miracle happens in the next 48 hours I can't see how that possible. I want to book my movers etc but I can't!!

@NikiNacki but what is your conveyancer advising? I wouldn’t want to be engaging with a buyer that wants to behave so irregularly - exposing you to needless risk and anxiety.

Thank you, solicitor replied saying we're exchanging on the same and purchase on the same day so it doesn't apply to us and is to be disregarded. As long as I don't have to stump up 24k from thin air I don't care!!

Sale*

Just had a call from my purchase estate agent they are happy to wait till two weeks after may, also the buyer has agreed to beginning of may. My solicitor hasn’t responded at all to me this week though he wasn’t adverse to the request only because it’s more risk for the buyer than me. He put a few clauses in and requested a firm date in early May, so it feels like it’s all worked out. However he hasn’t sent the contract over yet, I don’t want to completely alienate the buyer and loose the sale meaning I’ll loose my dream home in the process :( I actually feel drained and physically sick tbh

Question: Is it humanly possible to sell your house to someone without hating their guts by the end?

@TomatoSoup69 well obviously anyone who has sold to ME would say yes, yes it is possible 😬

HOWEVER. All I will say at this point is I feel your pain acutely.

Let's just say @TomatoSoup69 that I bought a bottle of nice fizz for my buyers in my big shop last week in anticipation of leaving it for them on completion day with a little card and a folder of manuals/info etc... I have now drunk the entire bottle to myself this week and want to smash the bottle

Ha! @sweetpickle2 I had so many little fantasies of leaving chocolate and a note and fizz for our buyers (everything I wished for when I bought the place, basically, what can I say, I am daft) and it has all gone to total shit in the past couple of weeks.

I am now fantasising about secreting frozen prawns in hard to find places.

IF IT EVEN GOES THROUGH. ARRRGHH.

@sweetpickle2
I thought I would do the same for my buyers, I didnt get to the stage of buying fizz, but think your need is greater than theirs tbh!!
@TomatoSoup69 I was feeling similarly towards my buyers... I am hoping the next ones are nicer and do everything in a timely way. I haven't even been back up for sale for 2 weeks yet either... So depressing to be starting all over again, any positivity I had is fast disappearing.

Any word on your exchange @Jaq27? Hope it is soon ...

The answer to that is a resounding No!

So sorry to those that have hit setbacks

we got a mortgage offer today but have to wait for it to come through the post? So that’s annoying

We really liked ours at the start and planned to leave fizz etc, now they'll be lucky if I don't stuff a dead fish in the attic

Apparently we're waiting for a fire risk assessment from the management company for our sale. Never knew I needed a set of flipping RAMS for my own house. Lord give me strength!

Took a massive stack of paperwork into the solicitors today, so I think that's the end of anything I can usefully do. Mortgage application is with the bank. I think I just have to wait for other people now, which I hate. I like having a big list of things I should work through to achieve my objectives, which was working fine when selling, making offers etc. Now I'm just having to distract myself with decluttering and buying labels for boxes.

@noodles44 nothing yet. Further enquiries sent to Land Registry on the title, now expedited (again). Maybe hear of progress tomorrow. Thanks for asking x
Sorry to hear of everyone else’s hold ups. Tbh our buyer has been great and the fizzy wine, card and flowers will still be on the table if we exchange. It’s our stupid purchase that’s holding it all up. :/

Yes @Jaq27, same as me. Our buyers (and our vendors!) have been great through the shitstorm that has been us clinging onto this chain since October. Nothing bad that's happened has been anyone's fault, which definitely makes relations easier! So far, they're still getting their fizz!

We should do a “fizz for buyers” count on the thread - so far I think scores on the doors are

Fizz - 2
Fat chance of fizz - 4

lol - that’s a good idea @ibelieveinmirrorballs