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  • FIRST POST
    • happytails
    • By happytails 27th Jul 17, 5:20 PM
    • 1,506Posts
    • 9,216Thanks
    happytails
    The NEW waiting to exchange thread...
    • #1
    • 27th Jul 17, 5:20 PM
    The NEW waiting to exchange thread... 27th Jul 17 at 5:20 PM
    So the other thread has gone awol so thought i'd start a new one! It was keeping me sort of sane during the house buying/selling process!

    A place to document your timelines and discuss the triumphs and woes of moving house!




    My timeline -
    Offer received and accepted on our house 17/07
    Offer made and accepted on the house we want 17/07
    Solicitors Instructed 17/07
    Meeting with mortgage advisor, all docs given 18/07
    Mortgage application submitted to Nationwide 19/07
    Documents picked up and filled in from Solicitor 19/07
    Documents and ID returned to Solcitor 20/07
    Valuation booked 20/07
    Solicitor composes draft contract & starts local searches 25/07
    Valuation carried out 26/07
    Solicitor gave us our fixtures and fittings form for purchase and requested marriage certificate 26/07
    My buyers valuation carried out 27/07
    Mortgage offer given 27/07

    Sarah

    Official MoneySavingExpert.com Insert:

    Hi all! For more help with your move read our guide:

    50+ House Buying Tips
    Last edited by MSE Andrea; 06-10-2017 at 11:50 AM.
    Sarah,

    Trying to move up the house ladder in 2017, running a business with 3 kids in tow & slowly going crazy!
    Member No43 - % Challenge
Page 3
    • michael1234
    • By michael1234 30th Jul 17, 5:23 PM
    • 126 Posts
    • 55 Thanks
    michael1234
    I, personally, wasn't. The EA haven't been accepting viewings bar this one that called after my buyer wobbled over the survey (The house isn't listed as under offer or sold STC on Rightmove or the board yet - not sure why). They advised me to take it. The viewers didn't show anyway (was supposed to be 4.30 today) and my potential buyer still hasn't made her mind up.

    I will be calling my solicitors in the morning to ask them to halt things (searches are being carried out atm) until we have an agreement. She wanted £7000 off, we said we would knock £1000 off. The survey valued the house at exactly what she is paying and we have no room to negotiate down further. It's been a very worrysome weekend.
    Originally posted by happytails
    I really sympathise with your situation. We are early on in the legals but braced for either vendor or buyer to mess us around. As I said in my earlier post, we didn't book a survey for the place we are buying and our buyer hasn't done one on ours (he's planning on knocking it down and rebuilding). But I've already made a cast iron guarantee to myself that if either side change the agreed terms we've agreed to I'll pull out immediately. In my view the time to negotiate is before joining the chain. If something so onerous comes up in the legals or survey then the other party should pull out.

    By the way, I'm definitely not advising what I think you should do - I know its incredibly hard. Actually offering 1K when 7 was asked for is maybe not that unreasonable - it shows you want to keep the chain going but are not going to be seriously messed around with.

    And now a quick rant about our system. What I don't understand is the government is happy to take all kinds of decisions that they consider important (foreign affairs, EU, who to bomb next, etc) but sorting out how houses are bought in this country surely would be an instant vote winner and be at little cost. The system of exchange then completion was supposed to assist but in reality "exchange" becomes the crunch point because you need to make a huge commitment at that point. My understanding is that there are many other countries that handle this a lot better than we do !
    • amateur house
    • By amateur house 30th Jul 17, 6:16 PM
    • 253 Posts
    • 216 Thanks
    amateur house
    Just get it cut down then. What's wrong with first time buyers? We have a couple, FTB, buying our house, hopefully, who seem to need their hand holding at every minor thing. Stick to renting if you're all so scared then you can have a landlord come running whenever the slightest problem arises. Maybe buying isn't for you.
    Originally posted by Ronaldo Mconaldo
    I am not a FTB, (this is my 3rd house purchase) though it is 21 years since I last bought and I don't remember it being so problematic back then. First time buying alone though, so maybe that's the difference. I have had quotes for reducing the height of the tree or cutting it down completely, but will probably go with reducing the height.
    I did think about renting, but didn't get as far as viewing anywhere.
    • amateur house
    • By amateur house 30th Jul 17, 6:23 PM
    • 253 Posts
    • 216 Thanks
    amateur house
    amateur, you may possibly thinking too much into it. I think surveys show up every single potential threat that can cause probs. Its up to you if you want to let it worry you. My buyers queried fact I could be in flood risk area but in my 30yrs here there's been no flooding. They dont say it is affecting the house only the fact it could do, so could a tree in neighbouring properties or so many other things. You can drive yourself mad thinking worse of everything. Good luck xx
    Originally posted by sukavi2011
    I do definitely overthink thinkg lol. The survey said the rear wall is distorted, that sounded a bit worrying too, but apparently wall ties will fix it. You can look up flood risk on the environment agency website, so they could find that out for themselves. I can see why they say moving house is one of the most stressful things, I feel I've aged about 10 years since I started this process lol.
    • toc25
    • By toc25 30th Jul 17, 6:27 PM
    • 224 Posts
    • 222 Thanks
    toc25
    Happytails that is a nightmare I would stand firm though, think they are just trying it on. I would say that the house was valued based on its current condition and if the things they state need doing were done it would be priced higher. Honestly it really annoys me how people think they can hold people hostage like that. Fingers crossed they will back down.
    • LuckyG
    • By LuckyG 30th Jul 17, 6:47 PM
    • 140 Posts
    • 228 Thanks
    LuckyG
    Oh no happytails, I hope it all works out okay for you. We'll keep our fingers crossed.

    We've only just managed to change the locks on our house, bought the wrong size originally and these past 3 night shifts have left me so tired. I just haven't felt like doing anything over there.

    However, I have cleaned up all of the doors ready for a new coat of gloss and hoovered right throughout as there were hundreds of cobwebs.

    Went to Dunelm this afternoon and got a really nice net curtain for the living room and some blackout curtains for the bedroom.

    I'm on my last night shift tonight, then 4 days off so planning on making the most of them. Van is booked for Tuesday so we will be staying there permanently from then on.
    • davilown
    • By davilown 30th Jul 17, 8:53 PM
    • 1,467 Posts
    • 942 Thanks
    davilown
    So here ours:

    10 Jun 17 Offered on house
    10 Jun 17 DIP with HSBC (I know...but we bank with First Direct)
    12 Jun 17 Offer accepted
    12 Jun 17 accepted asking price offer on current home
    13 Jun 17 Applied - "Decision Obtained"
    14 Jun 17 Uploaded all required documents
    28 Jun 17 Text with Mortgage accepted subject to valuation
    4 Jul 17 full mortgage offer!
    6 Jul Buyer withdraws
    10Jul New Buyer
    12 Jul Buyer withdraws as their timeline doesn't match ours
    18 Jul Cash buyer with lower offer than we could afford
    20 Jul vendor agrees to reduce price on our purchase so all back on
    21 Jul Realise need to apply for new mortgage as this takes us over 60% ltv :O

    Fingers crossed it all goes through in Sept
    Back in Debt £230,900 on a £230,900 mortgage) Overpayment £238 pm - Aim to be Mortgage free by 2028
    £27000/£27000 paid off Feb 2010 since LBM Jan 2007!
    • happytails
    • By happytails 31st Jul 17, 8:43 AM
    • 1,506 Posts
    • 9,216 Thanks
    happytails
    What a nightmare davilown!

    Today is the day we should find out if our buyer will accept the £1000 off counteroffer to her £7000 off or will walk.

    Dreading the phone call but also looking froward to it because I need an answer even if it isn't the one I want to hear. Being in limbo is no fun.
    Sarah,

    Trying to move up the house ladder in 2017, running a business with 3 kids in tow & slowly going crazy!
    Member No43 - % Challenge
    • hashtagyolo
    • By hashtagyolo 31st Jul 17, 10:45 AM
    • 18 Posts
    • 10 Thanks
    hashtagyolo
    Good luck Happytails.
    • Lu_equi
    • By Lu_equi 31st Jul 17, 11:52 AM
    • 20 Posts
    • 28 Thanks
    Lu_equi
    Hi All
    I actually had a little panic as to where the original thread had gone
    So ..
    Our timeline I have actually forgotten exact dates as it seems so long ago !
    All I know is it began in April and Solicitors were instructed then , the seller only got his contract draft sent back in June !
    July All searches back ok and enquiries raised.
    I have the contract/transfer to sign which I am sending back today and then we wait again for enquiries to be answered.


    I have been on here constant watching people who started the process after us exchange and complete , I haven't brought one thing for the house as I do not want to jinx it LOL . So on the day of Exchange I will be out shopping for everything as this is our first place we live with parents currently and all furnishings are theirs ! .

    We have said from the start to everyone involved August is our deadline (the end of ) . So we will see.

    Good Luck All x
    • davilown
    • By davilown 31st Jul 17, 12:02 PM
    • 1,467 Posts
    • 942 Thanks
    davilown
    What a nightmare davilown!

    Today is the day we should find out if our buyer will accept the £1000 off counteroffer to her £7000 off or will walk.

    Dreading the phone call but also looking froward to it because I need an answer even if it isn't the one I want to hear. Being in limbo is no fun.
    Originally posted by happytails
    Thanks -its lost the expectation factor of moving now so just taking its as it comes!

    Good luck for today, hope it works for you
    Back in Debt £230,900 on a £230,900 mortgage) Overpayment £238 pm - Aim to be Mortgage free by 2028
    £27000/£27000 paid off Feb 2010 since LBM Jan 2007!
    • amateur house
    • By amateur house 31st Jul 17, 1:56 PM
    • 253 Posts
    • 216 Thanks
    amateur house
    I hope it's good news Happytails, £7k is a big reduction to ask for, hopefully they were asking for more than they will settle for.
    Davilown, I think sometimes that's all we can do, stressing about things isn't going to change the outcome. Fingers crossed your current buyer works out better than the first two.
    • happytails
    • By happytails 31st Jul 17, 2:07 PM
    • 1,506 Posts
    • 9,216 Thanks
    happytails
    Instructed my solicitors to cease working on our sale/purchase for now as precaution.

    Estate agents have called purchaser twice and left 1 voicemail. Awaiting a response. This is getting ridiculous now, I'm obviously assuming the worst and want to get other viewers through the door asap.

    Our searches on property we want are valid for 3 months, our mortgage offer is valid for 6 months. So we need to get a move on either way.
    Sarah,

    Trying to move up the house ladder in 2017, running a business with 3 kids in tow & slowly going crazy!
    Member No43 - % Challenge
    • Lucifa42
    • By Lucifa42 31st Jul 17, 2:18 PM
    • 39 Posts
    • 39 Thanks
    Lucifa42
    16 Apr - Put house on market (2 year old new build)

    02 May - AIP from Halifax. Can't really make too much movement on finding new place as didn't know how long it would take ours to sell.

    13 Jun - Many viewings and good feedback, no offers. Lots of new builds being built here so too much supply and not enough demand. Price reduced by 15K

    1 Jul - Accepted offer 8K below asking price, cash buyer and wants to move quickly.

    16 Jul - Offer made on property 1. Hard rejection with no more offers entertained. Vendors happy to part exchange instead for £25K less than my offer...

    23 Jul - Offer made on different property 2, the asking price.

    23 Jul - Vendors "unsure". Didn't expect offer so soon after putting on market (2 days later), think they want more and to sit on market for a bit but I'm at end of budget and can't wait weeks for them to decide.

    25 Jul - View Property 3. Tempted to make offer as given up on Property 2 but then find out lease only has 70 years remaining *alarm bells*. Don't make offer.

    26 Jul - Offer accepted on property 2! Think estate agent has talked them into it.

    27 Jul - All guns blazing mode engaging solicitor and mortgage broker, all forms and info supplied.

    31 Jul - Waiting for mortgage news.

    I'm really happy with property 2, hence I made the offer right at the asking price as I didn't want to mess around trying to negotiate, and I was the first viewing so wanted it off the market before any more viewings.

    I personally think it probably is worth 10K-15K more based on everything else I've seen so not sure why it was advertised with that price. So I can kind of understand the vendors initial reluctance, but having spoken to other estate agents during the last few weeks; the market is really slow around here at the moment. We have a lot of new builds in a 8 mile radius with some 3,000 already built and probably that again to come in over the next 3 years, and it's having an effect on the market. New build buyers are being attracted in with Help to Buy, paid solicitors fees and even paid stamp duty.

    So yes, I think the estate agents have advised them to take the offer, and I notice the same agent has dropped a price of a similar property 10K...
    • bm147
    • By bm147 31st Jul 17, 3:08 PM
    • 26 Posts
    • 10 Thanks
    bm147
    Joining in... FTB, seller moving in to a vacant house (probate granted), so very small chain, if you can even call it a chain!

    1/6/17 (AM) - 1st offer made
    1/6/17 (AM) - Offer Rejected
    1/6/17 (PM) - 2nd Offer (best and final) made
    1/6/17 (PM) - Offer Accepted!!
    2/6/17 - Full mortgage application submitted... Nail biting begun!
    6/6/17 - Further docs requested and submitted
    15/6/17 - Mortgage company valuation takes place
    21/6/17 - Mortgage offer received!!!!
    22/6/17 - Solicitor instructed
    3/7/17 - Searches received back and enquiries raised
    26/7/17 - Answers to enquiries received from sellers solicitor (who knew 4 questions could take so long to answer!!!
    27/7/17 - Email estate agent asking what the plan is, why there has been complete radio silence.. Seller has been renegotiating her purchase price, agent estimates completion will be 16-18th Aug!

    And so the waiting continues....
    Originally posted by bm147
    Received our fixtures and fittings sheet today, and also transferred our deposit to our solicitor... Expected completion date is 18th Aug
    • happytails
    • By happytails 31st Jul 17, 4:50 PM
    • 1,506 Posts
    • 9,216 Thanks
    happytails
    Well its 40 mins from closing time at EA Office and still no word from our purchaser that she wants to go ahead or pull out. So so frustrating! I've had my phone glued to me all day!
    Sarah,

    Trying to move up the house ladder in 2017, running a business with 3 kids in tow & slowly going crazy!
    Member No43 - % Challenge
    • amateur house
    • By amateur house 31st Jul 17, 5:55 PM
    • 253 Posts
    • 216 Thanks
    amateur house
    Well its 40 mins from closing time at EA Office and still no word from our purchaser that she wants to go ahead or pull out. So so frustrating! I've had my phone glued to me all day!
    Originally posted by happytails
    That must be frustrating, but it could mean they are thinking about it. If they were going to walk away they would probably have let you know by now. Maybe they are working out how much the work that needs doing will cost? I asked for a reduction in price on the house I am buying on Friday, and got a straight 'no', so am still deciding whether to go ahead.
    • Josephiney83
    • By Josephiney83 31st Jul 17, 7:41 PM
    • 29 Posts
    • 40 Thanks
    Josephiney83
    We are now on our third buyer (4th sale agreed as one buyer tried to buy then pulled out then tried to buy again before disappearing off the face of the earth!). We have been trying to sell/buy since February! Our vendors were never going to be able to move until June anyway so luckily they've not pulled out. Our newest buyer is a landlord and starting to play games because he knows we need a quick sale. So tired of it all now and just want it over.
    • happytails
    • By happytails 31st Jul 17, 10:42 PM
    • 1,506 Posts
    • 9,216 Thanks
    happytails
    Amateur house yes they possibly are still deciding what to do, however the EA has called and left a voicemail today so kind of expected some form of contact, she did also say she'd get back to us with an answer Sunday/Monday.

    This all comes from someone who wanted to be in by end of August and we were all rushing things through, it's all come to a halt now. I sincerely do hope she proceeds but I am mentally preparing myself for if she doesn't.
    Sarah,

    Trying to move up the house ladder in 2017, running a business with 3 kids in tow & slowly going crazy!
    Member No43 - % Challenge
    • LadyL2013
    • By LadyL2013 1st Aug 17, 12:03 PM
    • 154 Posts
    • 114 Thanks
    LadyL2013
    Have a provisional exchange date of 10/08 but think that might be a bit optimistic as haven't even had searches back from solicitors yet!
    Last edited by LadyL2013; 01-08-2017 at 3:17 PM.
    • betsycat
    • By betsycat 1st Aug 17, 3:35 PM
    • 96 Posts
    • 187 Thanks
    betsycat
    Estate agent for vendors told us they're looking to exchange this week – cue us running around checking everything over... have to say though, our solicitors have been great. Very on the ball and sending over everything very quickly.

    Unfortunately, some of the stuff they've sent from the sellers includes a deed of variation that leaves us with one parking space rather than the two we were told originally (not a problem, we have one car) but more annoyingly gives the upstairs neighbours a new space beside ours on the driveway (two cars side by side at the end of the driveway) and another space in front of that one, so they'd block themselves in with the second car. Again, not a huge problem, were it not for the fact that the driveway definitely doesn't seem wide enough for two cars, and a car there will block access to our gate when we move (and we have a piano!) and a door that leads into the side of the flat that would be used for ferrying bicycles in and out every day. So not particularly pleased, and have sent a list of queries as long as my arm for various things...

    Also getting electrics checked as vendor couldn't prove they'd done it at any point. All in all, I can't imagine we'll be exchanging Friday!
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