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zowey1
Posts: 20 Forumite
Hello,
I am a long time lurker on mse and I would really appreciate some advice. We put an offer on a house in sept 2017. We had a survey and it was massively undervalued on the survey so we obviously couldn’t get the mortgage to cover what we had offered. We renegotiated and the vendor agreed a new price and agreed to pay £3000 towards our epc as we had to change mortgage provider. She demanded that e had to move by a date in December.
Unfortunately we missed that date (through no fault of anyone, it was just an unrealistic demand). We were then told we had to complete ASAP after Christmas. There’s three people in the chain and we agreed for a date at the end of January 2018. Just as we were approaching this exchange, a week before we were then advised that she changed her mind and that she is now going to purchase a property and we either wait for her to complete on this purchase or we have to give her £3000 to move on the agreed date! We were all packed and removals were booked and we could not afford to do this.
We then all agreed on the 27th feb. This gave them 6 weeks to sort out the purchase. We are very close to exchange now and on Friday we were told that the top of the chain has confirmed they’re ready. Our solicitor called on the afternoon to be told no one is in the office to complete the exchange! Now on Monday we have now heard that they are not ready for exchange at all and they are waiting for the mortgage company to confirm in writing that they will waiver her epc, which she has apparently only had verbally.
We have a young child and we have been living surrounded by boxes since jan, and now feel we’re really getting messed around. Ours buyers are also getting very frustrated. I am anticipating that in a few days the mortgage company will not agree to this and in a few days she will come back to us for more money (which we simply do not have).
I am just after some advice. Would I be unreasonable to say if we have not exchanged by Wednesday then we are pulling out. Her solicitor is only part time and she finishes for the week on Wednesday so if we don’t complete by then then we won’t be moving on Tuesday.
Sorry for the very long post and rant! This has completely put me off buying another house
I am a long time lurker on mse and I would really appreciate some advice. We put an offer on a house in sept 2017. We had a survey and it was massively undervalued on the survey so we obviously couldn’t get the mortgage to cover what we had offered. We renegotiated and the vendor agreed a new price and agreed to pay £3000 towards our epc as we had to change mortgage provider. She demanded that e had to move by a date in December.
Unfortunately we missed that date (through no fault of anyone, it was just an unrealistic demand). We were then told we had to complete ASAP after Christmas. There’s three people in the chain and we agreed for a date at the end of January 2018. Just as we were approaching this exchange, a week before we were then advised that she changed her mind and that she is now going to purchase a property and we either wait for her to complete on this purchase or we have to give her £3000 to move on the agreed date! We were all packed and removals were booked and we could not afford to do this.
We then all agreed on the 27th feb. This gave them 6 weeks to sort out the purchase. We are very close to exchange now and on Friday we were told that the top of the chain has confirmed they’re ready. Our solicitor called on the afternoon to be told no one is in the office to complete the exchange! Now on Monday we have now heard that they are not ready for exchange at all and they are waiting for the mortgage company to confirm in writing that they will waiver her epc, which she has apparently only had verbally.
We have a young child and we have been living surrounded by boxes since jan, and now feel we’re really getting messed around. Ours buyers are also getting very frustrated. I am anticipating that in a few days the mortgage company will not agree to this and in a few days she will come back to us for more money (which we simply do not have).
I am just after some advice. Would I be unreasonable to say if we have not exchanged by Wednesday then we are pulling out. Her solicitor is only part time and she finishes for the week on Wednesday so if we don’t complete by then then we won’t be moving on Tuesday.
Sorry for the very long post and rant! This has completely put me off buying another house
0
Comments
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Hello,
I am a long time lurker on mse and I would really appreciate some advice. We put an offer on a house in sept 2017. We had a survey and it was massively undervalued on the survey so we obviously couldn!!!8217;t get the mortgage to cover what we had offered. - why do you say the survey undervalued - could it be that you over offered? We renegotiated and the vendor agreed a new price and agreed to pay £3000 towards our epc as we had to change mortgage provider. - Do you mean ERC (Early Repayment charge?) Not sure why its their issue that your current mortgage provider has an ERC or won't lend as much when other lenders will so its unlikely an issue with the property. So £3k off is nice of them.She demanded that e had to move by a date in December.
Unfortunately we missed that date (through no fault of anyone, it was just an unrealistic demand). - why agree to it then? Perfectly legal, but seems cheeky getting the £3k but not giving the quick turnaround. We were then told we had to complete ASAP after Christmas. There!!!8217;s three people in the chain and we agreed for a date at the end of January 2018. - okay, that's all tentative though, no one should rely on that. Just as we were approaching this exchange, a week before we were then advised that she changed her mind and that she is now going to purchase a property and we either wait for her to complete on this purchase or we have to give her £3000 to move on the agreed date! - or you look elsewhere! We were all packed and removals were booked and we could not afford to do this. - WHY?! There was no firm date, I can understand decluttering / packing non essentials but you should only book removals AFTER EXCHANGE. Until then, the purchase can still fall through..
We then all agreed on the 27th feb. This gave them 6 weeks to sort out the purchase. We are very close to exchange now and on Friday we were told that the top of the chain has confirmed they!!!8217;re ready. Our solicitor called on the afternoon to be told no one is in the office to complete the exchange!- what did they say when you asked when they planned to be able to exchange when you talked about 27th Feb? Now on Monday we have now heard that they are not ready for exchange at all and they are waiting for the mortgage company to confirm in writing that they will waiver her epc, which she has apparently only had verbally.
We have a young child and we have been living surrounded by boxes since jan, - which is why you don't take material actions until exchange. If you chose to do so, that's on you. and now feel we!!!8217;re really getting messed around. - there can be issues that need sorting out on all sides, thats par for course with house buying. Remember when you had to reapply for a mortgage?Ours buyers are also getting very frustrated. I am anticipating that in a few days the mortgage company will not agree to this and in a few days she will come back to us for more money (which we simply do not have). - So start looking elsewhere if you cannot afford her new price.
I am just after some advice. Would I be unreasonable to say if we have not exchanged by Wednesday then we are pulling out. - It's not about reasonableness, you can pull out and look elsewhere, but it will mean starting the whole process again, from viewings>offering>legals>new mortgage application, so you'll be living in boxes for another 3-6 months. Her solicitor is only part time and she finishes for the week on Wednesday so if we don!!!8217;t complete by then then we won!!!8217;t be moving on Tuesday.
Sorry for the very long post and rant! This has completely put me off buying another house
Delays and various legal issues are par for course. Why put a deadline of Wednesday - starting again would take another 3-6 months, when your current purchase could actually be ready to exchange in a week. I'd just make it clear that you need to exchange asap, or you're looking elsewhere, and actually start viewings. No harm in coming back to this purchase if its ready before you find somewhere else.0 -
We offered the asking price for the property, we did initially offer the slightly below and she declined this. The survey came back at 40,000 below the asking price.
I understand we shouldn!!!8217;t pack before exchange however due to our work commitments we cannot just pack before we complete. We will finish work the day before we move. Also you can!!!8217;t just give a removals company 2 days notice before moving.
Her solicitor said that they were ready to exchange on Friday for completion on the 27th, but now that he changed, which I don!!!8217;t understand.
I think we!!!8217;ll just have to wait it out and start looking elsewhere. Thanks for your response0 -
It is seriously worth paying extra for the removal people to pack for you. I would never ever pack again. It takes away so much of the stress. I know some say they can't afford it, or it's a luxury, but I would rather drink water and live on beans on toast for a month than do without it.
I understand we shouldn!!!8217;t pack before exchange however due to our work commitments we cannot just pack before we complete. We will finish work the day before we move. Also you can!!!8217;t just give a removals company 2 days notice before moving.
I have had dates pencilled in with removals and confirmed a few days before moving (after exchange). Depends how busy they are. Avoid Fridays. Also, try to arrange a longer period between exchange and completion to avoid all this.
tbh most of this could have been avoided if deadlines weren't flung down at all. I always say all it does is cause stress and grief. People make all sorts of threats when deadlines aren't met. It takes as long as it takes. By all means turn it all round by return and be as proactive as possible, but leave the deadlines out of it.
Good luck.2023 wins: *must start comping again!*0
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