The all new buyers/sellers waiting room (9) the one where we start to wonder if we'll move by Christmas..

[NeverGoingToMove]

Huge apologies if I have missed this thread, I have searched high and low but don't think another was started after number 8 ended in May.

After a seriously stressful encounter with building control, I think we are almost ready to exchange. After going on the market last July, I'm hoping we'll move before our year anniversary!

How is everyone else doing?

They moved with some of their stuff but left a lot. I’m assuming it’s because they’ve moved into rented so will have to arrange storage.

Any news from your end? Does it sound like you’ll exchange next week?

Can I join please? We've just had our chain collapse as our buyers pulled out. We accepted their offer back in June and have weathered them losing their buyer (and then finding a new one) as well as a deed of variation required by their lender, only for them to pull out without any real reason. They just changed their mind seemingly!

Our sellers is giving us a bit of breathing space to find a new buyer but it took us a couple of months to find our last ones so I don't know how far their patience stretches. How on earth does anyone actually get to the end of this tortuous process. It feels never bloody ending at this point.

The stress of waiting to hear if we're outbid/offer accepted is unbearable. Can think of nothing else.

Bloody hell, you poor things @Kmez81 and @Howeverfar . There are very few things as stressful as all this, I think. You have to fall in love with a house to commit such massive amounts of money to it- but in this process, you're super aware that it can go wrong any time.
I'm going in to the solicitor's tomorrow to sign on the dotted line! Am feeling very excited indeed. Solicitor is waiting back to hear from theirs, but has said that we'd like to exchange and complete on Friday next week. I am a freelancer and am trying to do loads and loads of work now to get more money for renovation!

Congratulations!

Congratulations!!! I am trying to settle myself that every day which passes without us being outbid is a good thing. EA told me someone is viewing today and he'll get back to us before close of business tomorrow. We have offered asking because it is easily worth that so I think they are giving other interested parties a chance to outbid us but if not we stand a chance. I am so on edge.

Still here, still waiting 😁

Today will be our third attempt at exchanging on the house we put an offer on in May. Only a small chain above us: our sellers and their sellers and we were all set to exchange on Tuesday, only some paperwork from the top of the chain hadn’t arrived. Didn’t arrive yesterday. Will it arrive today? I’m doubtful. Just have a niggling feeling that it wasn’t even sent. But if it doesn’t happen today then we won’t be able to complete next week as our sellers’ movers need confirming by end of today. This whole thing is impossible. I laugh now when I think back to how we thought this would be done by October!

Congratulations @KimHwn ! Really pleased for you!

I totally feel you @HappyCrochetHooker . No chain in my case and my offer was February, I thought I’d be in for the summer… When will you be able to move by if you can’t meet today’s deadline?

I hope you get your house @Howeverfar . I’m hopeful for you, not many people wanting to pay asking at the moment so hopefully no one will go over and it will be yours!

I've heard from my solicitor this morning, land registry have raised a requisition on the application, no timescale for responding to it. I’m so despondent. I fear I won’t be in by Christmas now ☹️

@YetiRosetti that is tough! Sending hugs.

I hope you are right re. asking price. We have bid on 4 houses and in all but one (we bid under asking because it was overpriced and still hasn't sold 4 months later), we have been opened with the asking and been outbid by cash buyers. We are ftb so chain free but it has meant nothing so far because we've always been against cash buys who can afford to go and go.

Sorry everyone is having such a nightmare.

I think we may be able to exchange next week. I’ve got a bit more deposit to transfer (have had to do it over 3 days) and I’ve got the stamp duty form to fill in. Solicitor is waiting for two small things from the seller and we are then good to go!

I’ve transferred the last of our deposit over today, sent the signed stamp duty document back, managed to get a new mortgage offer with a slightly reduced rate, have buildings insurance lined up. All ready to go I think!

Well I was wrong - the paperwork did arrive and we exchanged yesterday afternoon, eeeek! Completion next Weds, fingers crossed. So the stress of waiting for it all to go through has now been replaced by the stress of sorting all the other stuff out!

Although it feels like forever for us, I guess it was actually a pretty quick turnaround. Offer accepted at the beginning of May. Sellers found somewhere but it fell through, found somewhere else at the end of August, and exchange happened yesterday. So from our sellers’ point of view their purchase was about ten weeks in the offing.

@YetiRosetti fingers crossed you’re in by Christmas. The way we’re all at the mercy of everyone else doing their jobs is absolute torture.

We been outbid by 10k. Need to consider, it is worth more to us but wary of bidding war.

We completed today! Had heard nothing by lunchtime and was starting to worry as we were the bottom of the chain so assumed we'd hear first. Was about to ring Solicitors to chase and thankfully got an email to confirm all gone through (no estate agent as private sale).

Picked up the keys, and we move in 10 days, got to give notice on our rental. Woo hoo 🍾

On the market (am I allowed on here or is there a better thread?) lots of viewings no offers.

@Lostthebubblewand anyone at any stage of the moving process is welcome here. When did you go on the market?

Ah I’m gutted for you. Such bad luck. Have you decided what to do about increasing your bid?

We will increase on Monday, but this is a familiar pattern, we usually bid as high as we can go and miss out in the end. Hard to have hope, I know I shouldn't get attached but this is dream home, dream location especially. We live rurally, so places like this don't come up much and never in our price range.

Are you in Scotland, hence all the bidding? Because otherwise, I'm intrigued where this property hotspot is!

I do hope you get it this time.

I forgot to update! We completed as planned on the 13th October, got a builder round straight away and he confirmed we could do everything we planned and gave us a great quote, he got started on the 20th and is just doing the final bits. We’ve got the flooring going in at the end of this week and then we’ll be ready to move. Removals are booked for the 20th and final day of our rental is the 23rd. Bit annoying that it’s a Sunday as no end of tenancy cleaners would come on a weekend, so we’ve lost out on two days. Just got to get my husband moving with the packing - I’m panicking about time and he’s a lot more laid back than me! We’ve been renting this house for 7 1/2 years so lots to sort out and most of our furniture is either too old and needs replacing or won’t suit the new house.

I think this still exists in popular areas. It goes against the general understanding of a stagnant market but i’m aware of houses near us going before they even hit the market. I’m relieved we are out of it.

I read that house prices have increased for the first time since January too.

I also predict that if there are no major immediate changes to stamp duty / property tax then the market will pick up again. Obviously affordability is an issue but lenders are increasing the multiples they will lend. I think I saw nationwide will allow 6.5 times salaries now!

6.5x salary makes me feel a bit sick. Is that their mortgage offering for certain professionals, or for everyone?

I imagine the places with bidding wars are very much micro markets in this financial climate. The build up to the budget with all the leaks / speculation is really harmful. She'd have been better not delaying the budget and just bloody ripping the plaster off last month!

My Son is trying to sell his flat. He has taken it off the market and re-marketed with a new EA. His new EA is holding back a load of new properties which won't go on to RM until after the budget. If they are all doing that, likely to be a flood of properties going on to the market for the NY. I am in a chain at the moment (2nd time this year) - just wishing Reeves would get on with it - all these kite flying rumours are spooking the market.

Yeah I agree the build up to the budget has been awful. I’ve tried to blank it out but the pension rumours coupled with the income tax rises has worried me.

I just googled and the 6.5x is for HSBC premier account holders - so it’s aimed at people earning at least £100k.