Spring house selling/buying support thread

[PyjamasForever]

After quite a lengthy time on the market I finally have an offer on my house and have had an offer accepted on a house I want to buy. I’m feeling a bit uncertain it will happen with the current financial situation and wondered if anyone else in a similar position wanted a thread for a bit of moral support?!

We’ve instructed solicitors, filled out our TA6 and TA10 forms, applied for a mortgage and have some documents to send them… I then find the next bit the hardest bit about buying and selling when you have all those uncertain weeks with searches/surveys etc and it could all fall apart at any minute!

We had our wall tie survey back.........

No issues found!!! 🥳🥳🥳

Pointing and lintels still need doing though so have a quote for that but nothing too awful 😁 I'm so relieved the house isn't days away from collapsing! DPs parents are getting in his ear about making the sellers pay/do the work whereas I'm far too sensitive a soul to risk upsetting anyone by demanding they pay the whole thing! 50/50 or us just getting on with the bits in drips and drabs is far more my style

@TeddyBeans I asked that and they need originals. So annoying!

@PyjamasForever oh balls, how frustrating!

oh no, soo frustrating. Getting things witnessed is such a ballache. Terrible timing.

After all the stress of yesterday we conpleted on both sale and purchase this morning - have keys and movers getting everything in. I’m so delighted!!!! My estate agent gave me a massive hug when we did the key drop off pick up. Wishing you all the best of luck in this rollercoaster ride of property sale and purchase 😁

Brilliant tfu. What a wonderful feeling to be on your way.
We complete tomorrow and are sitting surrounded by boxes, all going into storage. We only found our next house 3 weeks ago, offer accepted and Solicitors notified, so a bit to go yet.
I’ve been thinking about our purchasers, they probably getting all excited about their new house. Strange set of emotions we all go through.
Good luck.

Congrats tfu, hope it is a lovely happy home.

Thank you - it’s amazing being back in the old neighbourhood - we moved a few miles away a few years ago. I’m delighted to not have to drive for school drop offs and pick ups

Thank you - hope your journey goes smoothly

I’m sitting in my new place - WiFi and washing machine sorted today, fully functional kitchen and bedroom and at least half way through unpacking. I’m so happy this came through and just want to say thank you to you all for support on this thread. Wishing you all the very best of luck in your sales and purchases ❤️

@tfu This fills me with hope. Must be so nice to be settling in.

@Beebumble2 hope it all went smoothly!

Fingers (and toes) crossed that we should be exchanging this week. Waiting for the first person in the chain’s deposit to transfer to their solicitor and waiting for the top of the chain to agree with a moving date.

Yes thank you tfu and P - F.
Just tacking the anti money laundering process for the onward purchase. Such a pain!

Congrats @tfu i hope you’re enjoying your new home!

So we contacted our estate agents today who said buyers are happy and all searches, enquiries and contracts signed and done.
Our solicitor has said they’re waiting on some final queries from our seller and should be able to get a pack to us in a couple of weeks…

Our sellers are end of chain and have inherited the house so they either can or can’t answer the queries as they’ve never lived there so I’m wondering why there’s a hold up and wondering if our solicitor is slowing it down?
Once our solicitor has done this we can discuss dates and hopefully exchange!

Any advice?
I didn’t think it would be on that end where it would be taking time.

A survey and valuation has been booked on our house for tomorrow. I’m nervous that in the current market the house will not be valued at what it sold for as it went to best and final and 5k over asking price. We need the full agreed amount to purchase our new house ideally. There is no other house like ours in the street that has been sold any time recently. Very few houses get sold in the village at all and there are almost no 4 beds like ours is. Hence the bit of a bun fight over it.

Well guys.... On a complete whim I viewed a house and fell head over heels for it. I negotiated with the owner and within an hour we were sorted! I have a call this afternoon with my mortgage broker and im worried sick. I have a mortgage in principle and several years of great accounts/tax returns (I'm self employed) but my past three months tax returns have been an absolute bombsite because I had a delay on getting the contract for a huge project I'm working on. Really worried those last three months statements will see my kortgage application denied

As I feared, valuation has come back 20k under. We just can’t suck up that reduction so I that’s us throwing the towel in. I’ve had enough already.

@WWBWBapparently can you negotiate with the buyer ?
but tbh if I was the buyer I would be very hesitant to buy a property which has been valued £20k under what i offered as it coild take anither decade to break even in this economic climate. If you need to sell your home £20k over what its valued at then unfortunately you cant afford the next one you want

We’ve offered to meet half way, see what happens.

sorry it’s bad news @WWBWBapparentlyeverything feels so uncertain right now.

First few days with our new EA and we're glad we moved to them. They are much more proactive.

They rang yesterday to say someone was interested in viewing our house on behalf of their relative who wants to move to this area.

The only problem was that the relative hasn't put their property on the market yet. That rang alarm bells, without that commitment we could be showing a third party round with no likelihood that the relative is even willing to market their property, let alone be interested in ours.

We suggested they did a drive by to get an impression of the property. We said to our EA that we are more than happy for them to show people round who are on the market, they don't even have to be proceedable, but not being on the market at all doesn't give us any comfort factor they're a serious buyer.

our EA is hoping to get the instruction for the relative's property so this could be a good incentive for them to get two instructions out of this deal.

Mortgage broker has said all should be fine, she's making the application next week.
We have no chain either of us so fingers crossed this all goes smoothly...

@WWBWBapparently There was a down value by the lender on the property my DC is trying to purchase. It was over 6%. Apparently lenders are being much more cautious. The lender and the ROCS valuation were also adrift. Fingers crossed they meet half way.

Oh that’s a nightmare! So sorry you’re going through that.
Was the offer at full asking price or had you dropped the price as well as the valuation coming back 20k under?

At this point I think the estate agents need to be better with valuations as the market has gone down but obviously it’s so disappointing when you’re at that point and find that out.
Ours was on much higher and the we kept dropping it but estate agent kept saying we shouldn’t and it was worth what they’d valued it at! It wasn’t selling at that price though.

The house we’re buying had a valuation at 1k less than our offer price so we’re glad we didn’t get near full asking price!

Estate agent suggested 325, it went to best and final at 330 and valued at 310

Oh @WWBWBapparently that’s really rubbish! If the buyers thought it was worth that though do they not have a high enough deposit to cover it?

Prices have gone down and it’s a buyers market but if you’ve had offers of asking and above then it’s obviously sought after. Hopefully, one of the other offers will come back again and have more equity in a current property and be able to cover it.