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

Congrats @Skandar and @Madformaltesers !

It's a complete unknown but you could play that to your advantage.

If you think it's priced correctly offer ten percent under (ish) and then list your advantages...one of them being you are start of a chain and another being you can work to their timescales so they have time to find an onward purchase and will instruct a surveyor as soon as a chain is in place (just in case it takes a while).

My DS did this although the house was only just on the market. He didn't get 9% off but did get 5% after some back and forth. Then they went out and found their new place. Took them about 3 weeks.

I would personally expect the first offer to be declined but it might not be if they haven't had any interest at all. 6 weeks is getting to price drop stage in my DSs area and if they did that you could offer lower again!

It's so hard to know.

Do you think.its sensibly priced?

Remember you need to pay lower if the plot isn't as good as one day you may need to resell and that disadvantage will be your disadvantage

Congrats to those who exchanged today!

@Hungrycaterpillarsmummy sounds stressful! I'm very surprised your chain is talking dates already if there's 6 of you. That seems very quick! When are you planning on exchanging? Are all enquiries dealt with and contracts signed?

My DS heard nothing today. He'd expected to hear over the weekend.

He rang at 4.30 to be told she would ring him later today or tomorrow.

Evening all - I hope you don't mind me joining this thread (long time lurker on the previous threads).

I'm actually helping / managing the move of my parents from the 3 bed victorian family home that they've lived in for over 45 years to a 2 bed bungalow in my city.

Mid October - offer made on bungalow and parents put home on the market.

End October - parents accepted offer on their house and their offer on bungalow was accepted.

November until now - frustratingly chasing solicitors and the buyer's of my parents house to get to exchange.

Really hoping (and need) to exchange contracts this week and then we can agree completion date for month end. We've provisionally booked removal company for month end, as they were booked out for most of the month.

Keeping fingers & toes crossed that we all exchange and complete by month end.

I slept so badly last night, couldn’t settle at all. I’ve got a busy day at work so hopefully the only interruption today will be a call from the solicitor saying that we have exchanged..

For mortgage funds to be released in time to complete on 31st this really needs to happen asap.

Thinking positive thoughts for everyone in the same boat today ❤️

Congratulations to those who have exchanged. We are supposed to exchange today but god knows if it will happen. We are 6 in a chain and I don’t know how fast it can happen ? And we are at the end.

not sleeping well, gone off food and everyone keeps saying oh it will be whoosh and it will happen. Feel like we are on number 8 exchange date. God this is a nightmare!! Crossing my fingers for everyone for today !!

Hoping for good news for us all today. Good luck, everyone.

What happened with yours in the end as I thought you were breaking the chain? Or did you all agree in the end?

Good for him for chasing when the stamp duty change doesn't even affect him. I feel like ours has been shelved tbh while they work on the more longterm ones.

@hotandpermi keeping my fingers crossed for you.

I feel like that too. Still waiting for the mortgage offer. Everything else is done. I've just hassled the broker because the agent has just hassled me, but I think I may just have to suck it up if lenders are focused on transactions affected by the stamp duty deadline. I'm grateful it's one less thing for me to worry about, but the stress of waiting and waiting is just really hard.

@WimbyAcei have said I will break the chain, I can’t have it all fall down because the ftb and the end of the chain can’t get on same page.

The 4 people who don’t deserve to pay for all this mess up who are stuck with me playing ping pong. So if I’m homeless for a few days I will just swallow it.

If that is everyone starts really chasing others to push the ftb solicitor into gear to exchange or the date will get pushed back and then everyone’s scuppered then and I can’t do much about it.

problem is people in a chain seem to only act with what’s best for them and don’t foresee they need the chain to stay together.

I doubt anyone will realise what I’m doing to keep this all together but hey ho - hopefully we can just bloody exchange

I know.

He's a good lad.

I think he feels like, whilst to him.and the vendors these are eye watering prices - they are a "cheap" chain to everyone else - his still with no SD post March and theirs about £3.5k in SD in April, so they aren't being prioritised. But these are young people all in their 20s even the vendors so it's a lot of money to them.

I'm.hoping it all.comes together as he met the vendors on a visit last week and negotiated on a few bits and pieces and I think they'd probably all get on quite well as they have very similar hobbies. They are staying local and only moving as they have a small baby now and it's open plan and they want a bit bigger and some more walls!

It's horrible to think it could all go quite pear shaped quickly for, perhaps, very little good reason.

Agreed that they prob won't realise what you are doing but it is so good of you.

I think our buyer is ftb so not affected as ours is under 300k, so it will be us and our sellers having to pay an extra 2.5k. I know that's not huge in the grand scheme of things but to miss it by a week or so is going to be gutting ☹️ Would be nice money for a holiday. Tbh if we miss it they can take as long as they like within reason as we have a cheap mortgage at mo!

@Feelingstrange2its nice to know there are good eggs out there like your son.

it also is a massive amount of money to spend without good reason so I’m with him.

@WimbyAcehonestly I just want this over the line. I just called my EA and was told - he’s on the other line and will call me back… sigh.
We are supposed to be exchanging again today but no one seems to be taking charge. The money would have cleared by now from the ftb but if we don’t go today or tomorrow - it’s kinda game over for my chain.

i feel sick tbh

People who are currently in a limbo...

Are you packing? I honestly don't feel like it, when I don't even know if we'll make it in less than two weeks.

Are you preparing in any way, just in case? Again, part of me feels so detached that I've kind of stopped doing most stuff. Looking for furniture, looking at providers' deals, etc.

Also, how are you handling the building insurance if exchange can happen any day for us? I've only just got an online quote so far. Will that be enough if on the day of exchange I just secure it and pay? Or should I be doing something now already? Don't know whether the insurer will like answers such as 'ah, exchange might be tomorrow, might be Friday, might be never...'

@wimbyace

So very similar then just one extra move in the chain.

Maybe he's wrong and it's just pressure in the offices caused by the deadline.

Eeek just got all our papers for signing!!

I’m waiting for the sellers builder to invoice the work completed last week so my mortgage can be approved & I can start solicitors on searches. I’m reluctant to start searches without the final mortgage offer but not sure if I’m being too risk adverse there. They are primed to go once lender approves.

on the flip side I’ve started to pack 😂 I need to do things I can control so that’s it … 🤭

I haven't packed anything yet but if we get the nod I will take next week off.
OH has told me to stop looking at furniture on gumtree (we need wardrobes).
Insurance I have done quotes and then will buy policy once we have exchange date. If it happens will be under 2 weeks to completion so can cancel without cancellation charge. Then I'm transferring current insurance at completion.
Only have 1 more day at work this week too so I do have time to do stuff if needed.

@HavenSprings re house insurance- in same limbo have a quote and have done diddly with it,

movers booked in for 26th and 28th - ftb at the start of the chainhave gone dead silent so seems like our chain will collapse if we don’t exchange today. Can’t draw down the funds and others in the chain are in the same boat as me re draw down

just spoke to EA who’s said he’s been chasing all morning. Waiting for news that ftb aren’t ready or new enquiry or something silly that means we can’t exchange today so can’t make deadline.

which will break the whole chain as some in the chain can’t afford the increase . Sadly this will all be to late to realise - probably when the chain goes bang and the ftb are like oh we don’t have a house to move to how did that happen 🙃

Yes, have your online quotes done and decide who you will go with. Then as soon as you have confirmation you've exchanged, just process the online form. The insurance then kicks in immediately. You can do buildings first and add contents later, but I just did both from exchange as it's only an extra couple of weeks.

I'm paying removals to pack but I've put nik naks in plastic tubs as I couldn't bear to live with all the clutter and I'm trying to keep things together. Prior to exchange I put together a spreadsheet - each room has an entry with a run down of what needs doing i.e. put work laptop in box to take with us in car; unplug electrical equipment & ensure cables are with correct item; remove Ring doorbell. There are so many things you can't really do until the last minute as you are still using them day-to-day.

Also, as soon as you exchange, you can arrange all utilities online. Within 24 hours of exchange, I'd completed all the forms for gas, electric, internet, water, council tax. So make sure you are ready to go with that - have your account details to hand, know who the providers are at the other end etc.