FTB- are things going TOO smoothly?!

Tia_24

JellyIcecream wrote: »

*update*

spoke to our sols a couple of weeks ago who informed us that the vendors sols have said they have not received any paperwork still for their retirement purchase and they didnt have any idea as to when these would come.
Obviously wasnt good news to us as things had been going quite well until then but we had resigned ourselves to waiting it out.
Went to our sols on Monday to sign the paperwork so its all ready when needed and again our sols said they hadnt had any news from vendors sols.
When i got home, i thought I'd email the estate agent and basically said to him that given the lack of information and no timeline given by the vendors sols,we are suitably concerned things may fall thru, therefore if there were any properties that come onto the market, we would be interested to have a look ...
An hour later, the EA calls me and says as far as he knew, things were going ok and the vendors had already started packing! but he'd talk to vendors and get back to me.
By late afternoon, he called back. Said that the vendors were concerned about the information i had been given and they'd popped into the EA to show him the paperwork they'd received already, apparently they'd already received the draft contract for their purchase and as far as they were aware, they were looking at a couple of weeks max to sort out exchange date!
Well. Talk about two different pieces of info!
They couldnt get hold of the vendors sols but hopefully today someone can and find out whats going on!
As i pointed out to EA, i rent so need an idea of timeline and to be fully informed but seems like vendors sols are not being very good on this.
The poor vendors (old couple) want to move asap too
So no one has any idea what is going on!
Its been a rollercoaster few days and the ride is going on until someone can tell us something concrete.
damn sols!

Thanks for starting this thread, we've just had an offer accepted and gots sols on board etc and it's been really helpful to read about your progress. Fingers crossed things move quickly for you now.

JellyIcecream

spoke to my sols yesterday and asked them to chase up vendors sols to see what is going on,
i get a call back at 5.30pm from my sols saying that vendors sols had just faxed them a letter which basically said that they were ready to exchange in a week or so and could we provide them with preferred completion dates!!!????!!!!
What a turnaround from vendors sols.
Im really angry at them as i did want to be fully informed of progress so could work out timeline for giving notice on my rented property but now it seems they want things completed in the next 2-3 weeks which is annoying as i have to give one months notice.
now im really in a quandry.
mortgage is due out on 3rd of each month, rental is from 10th of each month so i could give notice today for nov 10th but that means i dont have alot of time to sort stuff out as i have work trip for 10 days between now and then.
on other hand, i dont want too much overlap with mortgage and rent.
completely lost as to what completion dates i should go for now!!!!

JellyIcecream

well you know what they say about not trusting solicitors/lawyers? its too damn true.
i spoke to the vendor and my sols yesterday. they have been informed by vendors sols that actually, they are still waiting for some paperwork and the earliest we can complete would be mid nov - MAYBE!
it seems that they only faxed that letter to my sols last week to get me off their backs and they cant really exchange in the next week or so.
i was hoping to complete by early nov. seems this wont happen now. altho they have said mid nov, i have a feeling this date may also be pushed back nearer the time. i feel that they are just 'entertaining' me by giving me hope.
AM REALLY FED UP.
i know house buying is stressful but as i have suddenly had other things in my life turn upside down, i am under alot of stress from different angles.

what i really want to do is say f**k it and pull out if they cant confirm a completion date of mid nov. this is cos my circs have changed and altho i would like to buy a house, i dont NEED to (have been offered overseas posting for a couple of years).

how strong/determined can/should i be in giving the vendors sols an ultimatum?
i feel that the vendors sols are also not telling the full story to the vendors as their reasons for delay keep changing.

any suggestions as to what i can do to speed things along? or should i make a decision to give ultimatum?

HELP PLEASE!

JellyIcecream

just had a scan thru our mortgage docs today and realised that the mortgage offer is only valid until 1st dec.
what happens after that? can i extend the offer for free? or do i pay again to arrange another mortgage?
i dont know what to do about the house - really like it but all this stress of not knowing is really killing me....

help pls?

overandout_2

It is my first time posting. I am also currently buying and I asked the same question to my mortgage lender. Seems like if you want to extend your mortgage offer, you would need to write to them 1 month before the mortgage offer expires.And there shouldn't be any additional cost.

Might be wise to contact your mortgage lender to confirm

Hope this helps.

doire_2

JellyIcecream wrote: »

Hi everyone!

I can't believe I'm saying this - I'm/we're buying a house! Still feels so surreal!

We have been looking at properties for a few months, been a bit hard as the area we honed in on has few properties that come onto the market and when they do, they seem to sell very quickly. Coupled with the fact that ideally we wanted something under 250k to avoid heavy stamp duty costs!

anyways, got notified by the EA about a property that came on the market on 11th august. We viewed it on the 15th, put in an offer which was rejected on 17th, viewed it a second time on the 18th and then put in our final offer on the evening of the 18th and the offer was accepted by the vendors on the afternoon of the 19th august!

we went off the the bank on the 20th and got a MIP. by the 24th we received a text saying mortgage ok so long as valuation ok. valuation carried out on 28th and mortgage offer came through the post on the 1st sept!

we only had 10% deposit but house is just under 250k so only 1% stamp duty. we decided on a fixed rate for 5 years (for security) but could only get 6.59% as we only had 10% deposit.

It's only been 3 weeks since we first saw the house!

Has it gone too quickly and smoothly?!?!

And what happens now? We commissioned a homebuyers report which we have yet to receive, our sols have been doing searches etc....

Our plan at the moment is to wait for Homebuyers report to see if anything major crops up - have also been told to send a copy to our sols - and hopefully if the report is ok, i guess we then just have to exchange contracts? is that right?

as i am renting at the moment, i am in a quandry about when to put in my notice! also stressed about when to complete as to minimise financial disruption with 1st mortgage payment etc. we set up the mortgage to come out on the 3rd of each month, so does that mean if i complete on say the 10th oct, my first payment comes out on the 3rd nov and would effectively be 'double' payment?

so excited and yet so scared! as well as stressing about giving notice to landlord, moving, decorating etc etc etc!

Cancel everything and wait until this time next year. Buy it much cheaper

JellyIcecream

doire wrote: »

Cancel everything and wait until this time next year. Buy it much cheaper

i did think about this but house prices in the area we are buying in are pretty good and in the last 2 months alone, there have been no properties coming on the market for under 250k ....

whilst i dont believe the house market is booming again, i cant take the risk of hoping prices will go down and buy next year.,,,

JellyIcecream

*update*

am still waiting.
have been told that the sellers sols are 'working towards a completion date of 9th nov' - what the hell does that mean?

i have no idea what it is actually we/they are waiting for. whats even worse is that the sellers are buying their new property cash so they dont have to do alot of the searches and stuff which normally are done to satisfy the mortgage providers. the sellers dont seem to know either what it is that is causing the waiting.

i think its their sols.

got to a point when i went mad on thurs and ranted at everyone. have now decided if they cant give me a definate exchange date by next weds, i am pulling out.

am sick and tired of waiting around ... and not knowing what for!!!

Tia_24

JellyIcecream wrote: »

just had a scan thru our mortgage docs today and realised that the mortgage offer is only valid until 1st dec.
what happens after that? can i extend the offer for free? or do i pay again to arrange another mortgage?
i dont know what to do about the house - really like it but all this stress of not knowing is really killing me....

help pls?

I asked our mortgage people the same question as our deadline was coming ever closer and we hadnt found a house. I was told that as long as we had an application in with them (i.e. made an offer on the house and had started the ball rolling with buying a house) then the deadline didnt matter.

JellyIcecream

well ....

we have exchanged!

finally, after the stress of the past couple of weeks, we got the phonecall saying they are ready to exchange and hey presto, all done.

*gulp* now i officially become a slave to my mortgage!!!!