The all new buyers/sellers waiting room (8) lies lies and the stamp duty deadline

[hotandpermi]

Continuing on the convo- title based on the theme of the last thread

I don't know when the long stop date even is @hotandpermi . My friend has looked at the emails today and has settled me a bit that it might not happen. The problem is if the vendor is adamant she can't move until a set date they we might as well stop now as it's too late for my buyers and their mortgage offer. I've been very tearful most of today.

Can I join? We’ve been back in this process for 9 days and have already lost a buyer and secured a second. The second buyer seems like they might be difficult, the agent knows of two purchases they have pulled out of before exchange but we accepted their offer on condition that they book a survey asap and then at least if there are issues we won’t lose too much time. Onward purchase is forever home material in the area we love. I keep telling myself if this all falls apart it wasn’t meant to be our house but so few houses seem to come up in this village I’m not too hopeful. Anyway, I have already been struggling to sleep and feel like we have a long 12-16 weeks (ish?!) ahead of us. Reading through this thread has both comforted me to see how many do actually exchange but also reminded me how arduous the whole thing is and I said I’d never do it again. Thanks all!

@2025willbemytime ahhh im so sorry this is happening.

So short stop/long stop is usually written into the contract when buying a new build that isn’t actually built ready to go yet - in that contract they often say we expect x house to be finished by say (April 2025) - which is the short stop. What they don’t actually highlight that there is another date in the contract (the long stop) and that date usually a couple of months behind the first date so for example( sep 2025) . It’s only dates past the long stop aka (sep 2025) that the buyers can hold the building company liable if they don’t deliver. Building work always falls behind, not always but mostly.

Does that make sense ? I completely made up the dates so hopefully it makes sense. Your vendors may have genuinely been told that “April” was the date they would get their house, but actually latterly found out that date is meaningless because it’s not enforceable and they have to wait until September.

I suppose the option to flag is - is your vendor willing to air b and b it until their house is ready? They won’t be buying their new build house if the chain collapse and will likely loose their preferred plot so it might be a incentive to put it very black and white for them.

I have no advice but massive virtual hug.

@hotandpermi when I rang to ask about the house I want to buy I was told her new build was February. A week later I was told March. A month ago I was told it wouldn't be March at all never mind the beginning as I'd been lead to believe. Last week I was told it would be signed off this week. Yesterday I found out it won't be until the 3rd April then we have to decide completion date. Vendor said she can't move until several days after the 3rd. My buyers mortgage offer runs out on the same day. So I'm thinking we might as well all pull out now and leave the vendor to try and sell hers and see if the developer will wait. In between she said she'd break the chain, then she won't. Then she'll take the hit for not meeting stamp duty. Then she won't.

Thanks for the hug. This situation has wiped out any good MH I had.

I think the trouble with new builds is they do move the goal posts a lot. There was one we we were looking at and they said it would be signed off in December, they were then calling me in February to say it had been signed off! By then we had found our other property anyway but shows quite a difference in timings.

Morning managed all parties to agree to a completion date on the 31st which is fantastic. Buyer managed to get there cot in before the deadline. Also looking to book a removal company. One in mind with a $900 quote which seems reasonable. Feeling totally overwhelmed with the amount of packing plus working full-time and kids?! It's a four bed and I'm on my own but grateful to escape control of the X partner taking it all in my stride. I'm not the most organised person. This will be another triumph. Just need to exchange this week hopefully by Tuesday latest so that I can do a number of switches including post bills etc. I'd like to say thanks to everyone because I found this thread to be so supportive at such an unsettling time!

Morning
I'm joining in.... I was on one of these threads in 2015 , then 2020 and here I am again.

Helps my sanity !

We are selling to FTB so no chain , we're also buying an empty property no chain so should be fairly straight forward.

The house were in we exchange and completed in 5 weeks I really chased on thsr one.

This property .
We sold our house in less that 24 hours before it hit rightmove.
4th march Applied mortgage
6th march Approved (ported exisiting)
Solicitors delay due to seller being in dubai for 2 weeks.
Our contract pack was sent to our buyers 11th March.
18th march Our Survey instructed
20th march Survey completed
21st seller sols sent contract pack.

Buyers mortgage approved subject to in person valuation (this tuesday) .

So Monday I'm chasing for searches to start, and will ask our EA to chase the buyers sol for theirs too Our EA is fab at sitting on the phone until the solicitors both ends answer him 😀.

Our sellers will be the one to hold things up as they are retired and travelling!

Sounds like you are well on it!

My DS was same type of chain. His offer late November. Survey results in New Year but vendors didn't send a completed contract pack until early February!!!

Well I'm on my way down to London to help my parents with the move up (and to remind them that they can't take everything with them, as they are downsizing!).

I'm slightly less stressed, as the removal company confirmed yesterday that we are booked in for 31st. We should be exchanging contracts tomorrow and completing on 31st but the removal company will be round on Saturday to start packing. Don't think it's going to feel real until we've exchanged.

Long time lurker- 9 months since we found our dream house - finally exchanged on Friday thank the lord

Could your removals company do the packing for you @gottagetthruthis25 ?

Makes moving so much more manageable if they can provide an affordable quote.

Wow that is hard-core! Can you get anyone to help pack? We have a 2 bed and have a ridiculous amount of stuff even though I have got rid of a lot!

I’m jumping back on. We sold our place and completed at the end of Feb and have now had an offer accepted on a house. It’s probate and seems a tad problematic so trying not to spend too much money until we feel like the sellers are actually motivated. So far we are just sending our mortgage advisor all of our info.

the house we are buying has two kitchens which is apparently off putting for most high street lenders. Also need the mortgage lender to value the property as it’s very difficult to know if we’re over offered as the condition is so poor and nobody has sold recently on the same street.

What's the 2 kitchen issue? Are they concerned you'll be looking to separate into an annexe and sublet or something?

My Grandparents had two kitchens in the 70s because my grandad was a fisherman and Nan prepared the lobsters, crab, mackerel and herring in the back kitchen and it kept the small main kitchen fish smell free!

My DS offered on a empty probate do-er upper and they couldn't agree a price. It's sold since though, so hopefully they managed to get the price they wanted. I think the negotiations were stuck about 10k apart, so it wasn't ever going to work for that transaction.

The survey should hopefully allow you to price stuff up which I would as its so expensive to do work now. But, of course, it will be done to your taste.

The two kitchen stuff was completely new to me until we offered on a house with two kitchens (an ex HMO). I think it’s that lenders worry you’ll try and rent it out and so you shouldn’t have a residential mortgage. Not impossible to mortgage but you may need a non standard mortgage. Fortunately our broker has said NatWest will lend so long as they have proof of the kitchen being removed on completion.

we may need a renovation mortgage - that’s really why I’m keen to get a lenders surveyor out. Once we’ve worked out who will lend and on what basis, we will pay our surveyor for a full structural survey.

We’ve calculated the costs of a full strip out, it’s more that we have no idea what houses on this street would usually go for since they don’t sell often. Each road in our small area of London has houses that sell for wildly different prices (depending on the road) so what sells on the road down from this one, doesn’t seem to help value this house. If you see what I mean!

house prices in our area seem to be going up by £100k a month at the moment. It’s absolutely insane and if this sale doesn’t go through, there’s a high chance we will be priced out.

How complicated.

Yeah it's similar (but different) here in Cornwall where every house is basically unique. So even if we have had sales they only give a wild indication of value. Just up the road, within sight, a house sold for 1.5million last year and a flat below us for £150k. Id say ours is 500k ish. It's that crazily different!

We are now waiting for our buyers revised mortgage offer & their broker said it should be done by Monday (tomorrow) so hopefully we will be in a position to exchange this week & complete on Friday🤞🏼if not then we are unable to complete until May due to our sellers going away in April🙈

It’s going to be a bit of a stressful few days for a lot of us in here. Everything crossed that it all comes good.

I’ve had to get familiar over this weekend with the likelihood that I’m not going to get over the line or indeed have purchase at all given how things have nosedived in the last two weeks.

I did have a gentle chat with DS about things and he said we will find another one mum though if this one doesn’t happen. My heart ❤️

It could still happen so let’s see. Rooting for you all

Things that have unreasonably annoyed me today as I cleared out the last of the house before the (promised, we'll see, don't hold your breath) exchange and completion on Friday 28th:

Trying to read a water meter when there is no dial under the water meter cover, but was told there was by Thames Water. Just a black cable, not connected to anything.

TV licence people threatening an enforced visit of the property when we told them in July through Tell Us Once that the person who lived in the house had died, which should mean the licence is automatically marked as not needed. Go ahead and try visiting an unoccupied house with no TVs in it.

Gardener wanting to take a ladder, rake and fork and promising to collect them last week. Still in the garage. Another thing to have to tick off the list when I just want everything gone. Said he would do his last session this coming week but doesn't seem to realise he can't use garden waste bin as it is empty and I have to remove all rubbish from the house.

OK, that's my grumpy offloading. Sorry.

He's right. You will, if it doesn't. But I am crossing my fingers for you!

Jumping on the thread for a bit of moral support. Put my house on the market 4 weeks ago, only 1 viewing so far. I love my house and the area but due to divorce am having to sell and downsize. I've seen something I love but can't offer until I have an offer on mine. I'm already fed up with keeping it tidy all the time and it hasn't been long. Luckily im not actually in a rush. I know that things will fall into place eventually but I'm pretty stressed and am doing it alone with a full time job, 4 children, pets etc. Hopefully I'll have a positive update in the next few months.

That's such a lot for you to have on your plate, @Peaceatlast40s . Keeping it tidy for viewings with children and pets must be a struggle.

@gottagetthruthis25 ahhh this is fab news !!! Honestly getting everyone in the chain to agree to the date is the worst bit !

Also re your x - i suspect you don’t even realised how well your handling all of this - you sound super organised to me. If he’s anything like my ex, he had me convinced the sky was green and I wouldn’t be able to cope without him.

You have got this. Also the price with removals is pretty reasonable- I think with small humans/working full time if your budget can stretch get a quote for packing on top. Everyone that gets packing included says it’s the best thing they ever did.

welcome all returning and new people to the thread.

sorry for my lack of engagement. My partner has put his back out and got a slipped disc 🙃 you know those moments where you have to laugh.

crossing my fingers for all in the pending exchange waiting room - it’s hell so if you need to vent we are all here !!

Honestly kids are great. When ours all fell through in 2022 the thing I was most worried about was telling my daughter. She did cry but it was only brief and then she was fine. And he is right, there will be another one but let's hope you don't need it xx Keeping everything crossed 🙏

Keeping my fingers crossed for everyone that needs it this week. I can’t handle the tension and I’m not even that particularly far down the line. It feels like literally everything is dependent on someone else and I have fuck all to do with any of it. Signed everything I meant to for now, passport flashed various times, replied to every email. We might get our survey back this week, so that’s something.