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Anyone else just started the "Buying a House" Process?
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We put an offer in an the house we want to buy last Wednesday, it got accepted on Thursday. Ours is already STC to first time buyers, they've already had the survey done and are waiting to hear the results. Now we're waiting for the details to come in for the house we want to buy so we can get the survey done.
Fingers crossed.Comping Challenge
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we had our offer accepted last tuesday. got evrything under way as everyone is wanting a quick sale. we are in a good position though as we are ftbs and she just wants rid of the house no one else involved. theres talk of it taking just 6 weeks to complete so very excited. we have our mortgage in principle so just wiating for that to be acceptd then everything con go through.
im so excited cant wait to own my own house.back to comping in 2017, fingers crossed :beer:0 -
MascaraMinx wrote:What are the things that can go wrong? We are waiting to exchange and I am just interested to know what could go wrong (as my hopes are well and truly up at the moment) as this might prepare me for if the worst were to happen......
Ahhh let me see:
Vendors sale falls through,
Vendors decide they can't sell the family home after all and that they want to stay,
Vendors say market has moved so are going to remarket at higher price unless...
Valuation/survey shows up work and mortgage company will only lend value minus work needed to be done,
Vendors say will move to rented but really trying to buy and realise that ASTs are usually min. 6 months so just lie
You have to give notice on rented so choice of paying rent and mortgage or risking losing current rented home
Mortgage company insist on extra expensive corgi/electricity/woodwork surveys
It's gutting when you are on the 3rd survey having paid out and being screwed over. Vendors haven't actually spent or commited a penny yet.
The process is very fast but your solicitor works for you and the EA for them - go slows don't really exist in the process but as result of someone instructing solicitor to go slow i.e. be really slow on the environmental survey which seems to be computer generated in 2 secs by typing postcode in but can take weeks if you ask it to!!!!0 -
I think one in three falls through after survey, we got hit by some minor works needing to be done so the mortgage company deducted £3k off the mortgage and if upped mortgage to cover it would have paid extra fees - as it was it just meant we sat on plastic garden chairs for 4 months as that was the furniture money!MascaraMinx wrote:That is scary.... we've just forked out for the Homebuyers report & I'm so frightened of that happening....0 -
Julysea wrote:We had an offer on our place at the beginning of June, found a house to buy 2 weeks ago and he found a place to buy last week. Things are moving very slowly so far despite everyone wanting it to be as quick as possible. I'm fed up with the whole thing already - we ahve 2 young children and the whole process is very stressful for me and hence them. We are hoping to be moved by xmas but even that is looking doubtful right now.
One broker told me usually buyers screwed over by vendors but if as a buyer our seller had kids especially small ones it's a lot easier to gazunder on exchange day as it's a lot harder and more stressful for vendors with kids/schools etc. We didn't do it (Gentleman's agreement and all regarding offer) but is that a valid MSE tip?0 -
Hubbie and I are FTB and just instructed a conveyancer yesterday, and will be sending off the mortgage application today. The house we want is going through probate with the vendor's son wanting to exchange s soon as his probate bit is sorted. I'm sooo nervous at the whole house buying thing.0
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I am GOBSMACKED.
I went into my brokers this morning to what I thought was sign some paperwork for the mortgage.
Within 10 minutes, the forms were completed and the lender had done an "Electronic Survey" and approved the mortgage.
A few more details entered and mortgage was given.
HOOOOORAH
FTB and have to say, I am VERY impressed.
If the solicitors and vendor can be equally as quick.... is a move within 4 weeks on the cards? - LOL
I think we have been very lucky so far so am keeping finger and legs firmly crossed over the next few months.
GOOD LUCK to everyone else who is buying a house at present.
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Someone came to survey our property this morning. I assume he was from the lender as he was only here for 15 minutes.
Took some measurements... looked at the walls and left.0 -
What can go wrong? Where to start.
In addition to the post above:
1. Solicitors going sloooooowly and people pulling out because of the wait.
2. Legal issues especially with leaseholds (extensions etc).
3. People just changing their mind or getting cold feet.
4. Someones personal circumstances change and they can't move.
5. Bad surveys (especially subsidence).
6. Someone in the chain being refused their mortgage offer.
I think the most important thing is communication. I always start off excited but by the end......well lets just say I have sprouted a few grey hairs and lost weight. It can be one of the most stressful things. Then again there are positive stories too. Just never get your hopes up until your solicitor states 'we have exchanged'.0 -
Agghh!!
Been trying to get hold of my broker for two days with no reply!!
I just want to know if our mortgage is sorted. He did sell himself as taking the stress out of buying especially for FTB as he will do all the liasing with the EA, Solicitor and mortgage company. I'm paying for this privlidge too! :undecided
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gimpymoo wrote:Someone came to survey our property this morning. I assume he was from the lender as he was only here for 15 minutes.
Took some measurements... looked at the walls and left.
So were you at your new property today? I'm confused
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