FTB Stress!!!

PicklePickle

Arrggghhh! I'm in the process of buying my first house and have done quite well up to now not getting stressed or worried, however exchange keeps getting delayed and the worry is setting in!

We should have exchanged last Friday (only two properties in the chain) but both sets of solicitors had outstanding queries so exchange and completion was pushed back a week. Was hoping to exchange before the end of this week (today) but we're still waiting on a couple of things from the vendor's solicitors, both of which are things that they should have spotted before passing the contract papers over.

I'd asked for 2 weeks between exchange and completion so i could give my one months notice on my flat on exchange and only overlap on paying rent and the mortgage for 2 weeks. Nobody wants to push the completion date back again which means every day less between exchange and completion is going to cost me money, which is a bit annoying!

Still i'm sure it'll be worth it in the end......

DVardysShadow

PicklePickle wrote: »

... I'd asked for 2 weeks between exchange and completion so i could give my one months notice on my flat on exchange and only overlap on paying rent and the mortgage for 2 weeks. Nobody wants to push the completion date back again which means every day less between exchange and completion is going to cost me money, which is a bit annoying!

Unless you Landlord has already agreed to this, you may be in for a surprise - you can give a month's notice anytime you like, but the month only starts on the due date, normally the rent day.

PicklePickle

I've already checked with the landlord and they're happy for the one months notice to end at any time, doesn't have to end the day before the rent due date luckily. I made sure they confirmed it in writing too!

DVardysShadow

PicklePickle wrote: »

I've already checked with the landlord and they're happy for the one months notice to end at any time, doesn't have to end the day before the rent due date luckily. I made sure they confirmed it in writing too!

Then you have all of the time in the world. Completion on a given date is not a necessity for you, you don't have the stress which the people in the middle of the chain have. I know 1st time I was FTB, it looked like the rest of the chain was just taking the mickey, making me hang around, but having been FTB 3 times in total, you just don't hang too much on the event coming around and you cut enough slack into your arrangements not to end up out of a home.

poppysarah

I know rent is a lot but if you're worried now about that think how stressed you'll be when the boiler breaks and you need 2k for a new one.
Don't mean to sound mean, just an observation.

chickmug

We always found the buyers & sellers are elated when the sale is first agreed but then slowly but very very surely start getting more and more paranoid.

This is at its worst in the period just before an exchange of contracts when some sellers imagine every negative reason you can think of for it to go wrong. I've had sellers & buyers tell me very confidently how they know it will go wrong as their instinct is ‘always right’ to find later in the same day contracts are exchanged.

PicklePickle

Thanks for all your comments. Feeling a bit better today, just got to accept its one of those things, in the grand scheme of things having to overlap on paying rent and mortgage for a couple of extra weeks isn't a complete disaster. I'm just not very good in situations where things are out of my hands Will be able to deal with things like the boiler breaking down etc, won't have to wait 3 days for the landlord to send someone round to fix it any more, hoorah! Although admittedly i will now to pay for it, never mind! : )

Still hoping to move in on the 18th Sept, got the boyfriend and parents roped in for the move and then it's on with the decorating! Having an interior design degree and nowhere i could decorate for 5 years has been tough!

shakerbaby

You really shouldn't be purchasing a property right now with the state off the market as it is. For more helpful advice check out http://www.housepricecrash.co.uk/forum/index.php?showforum=22

chickmug

shakerbaby wrote: »

You really shouldn't be purchasing a property right now with the state off the market as it is. For more helpful advice check out http://www.housepricecrash.co.uk/forum/index.php?showforum=22

Now is this spam or do I report as abuse:D

PicklePickle

both!

Tired of hearing all the mixed stories about house prices! I'm buying because it's right for me now. I'm planning being in the house for 3 years at least, have a good deposit and am fed up of renting and my money going down the drain.

shakerbaby

chickmug wrote: »

Now is this spam or do I report as abuse:D

It's good solid sound advice.