FTB Timeline diary

Milliewilly

If you can exchange and complete on the house you're buying in the timescales on your contract with your seller then why should your deposit be at risk if the chain is failing because of someone else?

homehunter

Milliewilly wrote: »

If you can exchange and complete on the house you're buying in the timescales on your contract with your seller then why should your deposit be at risk if the chain is failing because of someone else?

Our seller will pull out if her seller pulls out. We know that for a fact - she wants to stay in the area and move to a bungalow - this is the only one on the market in the road she wants to be in. She is only selling to get that exact bungalow, so if she can't have it, she'll stay put. I admit being an FTB I don't know the ins and outs, but we've agreed a completion date, and we are both signed, but I think we stand to lose the most out of any collapse. Am I wrong?

bararah

I am FTB buying with my partner, have saved for last few years while we both live with parents. Looked at first house which was complete renovation job and too much for us to do at beginning of August, needless to say did not look at it again. Viewed house end of August which we both liked, put offer in same day £7500 below asking price-rejected-next offer £3500 below-accepted! We are using mortgage advisor through NHS mortgages as I am emplyed by NHS and advisor is fee free. He came out to house and went through everything with us-mortgage,insurance,willsetc He even went through the pile of solicitors forms for us! Mortgage took 3-4weeks to go through as Abbey 'losing' forms but accepted and mortgage offer came with £500 retention to have heating and electrics looked at. We had independant survey also, we have since had heating and plumbing checked-house needs complete rewire which we are bit miffed by but hey-ho. Currently waiting to hear from EA and solicitors over next steps. The buzz from that first day when offer was accepted has definately dulled under numerous phone calls,surveys and correspondance!! Anyone else think this?

sallycanwait

Know the feeling only too well! Between solicitors and estate agents, the excitement has well and truly turned to stress!

But we are inching closer now.

There's an online tracker thing and another 2 ticks got done yesterday, so only 5 more to go!

Got the mortgage deeds through on Friday to sign, but had a panic after getting a retired friend to sign both as witness that he should only do one. Need to check in the morning but really hope we haven't cocked it up!!

Apparently the contract and a report on the property has been sent to us and the next stage is attendance at the office to sign the contract - I assume this is exchange?! And a bit annoyed that we have to go to their office as it's miles away and we weren't given a choice of using a local solicitor.

So just waiting on the response to the enquiries sent which we know the vendor sent back to their solicitor early last week (and they work for the same company so not sure why that's taking so long ).

Does anyone know if we have to have the full deposit available at the time of exchange - we should just about be able to do this if it happens this week, but it's going to be tight as our money is spread all over the place (about 7 banks/building societies!).

Really, really hope the end is in sight now!:T

Good luck to everyone else on their journey - and hope the old lady was just having a bad morning homehunter

homehunter

Aw, thanks sallycanwait! I'm hoping it will blow over too...

Bararah - we have to pay 10% on exchange and the rest of our deposit (we've got to pay 20% altogether) on completion. As far as I know, the 10% goes into our client account with the solicitor at first. Need to make sure that is safe while we sort out the flapping older ladies involved in this transaction!! :rolleyes:

The buzz of getting the offer accepted lasted all of about a day, before it turned to fear, then impatience, and now it is pure stress until we get the keys - if that ever happens!! :eek:

Bufger

VKay wrote: »

My story is similar to yours Bufger!

Offer accepted 7.09.09
Valuation (finally) 8.10.09
Full buildings survey booked for Monday (12th)

When do you hope to be in the house? I haven't got a clue what is realistic for us! Do you?

I'm still not sure whats realistic to be honest. I think if the valuation and survey come back ok we could be looking at 3 weeks? that would bring the time from offer to completion to 7 weeks! I think its probably more likely to be the middle or end of november though.

As long as its before christmas i'll be happy

Bufger

firsttimetom wrote: »

Nice diary,

I'm glad everything is going well for you.

I also used Natwest and they do have an annoying habit of losing things. The piece of paper we signed went missing and held it up for 2 weeks (the most important piece of paper in the whole application) and somehow a member of staff lost my tax return in thr hourney to the photcopier and back that took no more than 5 minutes - I was mad.

That said everything else has been fab. Sureveyor was there in 2 days.

My mini diary is as follows:

March/Arpil - Start looking for houses
September 8th - Finally find a property we like, offer accepted next day and process begins
After September 8th - 6th October - things going as normal
October 6th - Get back results of survey, house needs work and will look at renegotiating with vendor. Also looking at more properties to keep the ball rolling.
October 6th - now - Annoyed at the universe for robbing me of £750 for a survey on a house that I may not buy despite the fact it will save me far more if we proceed and renegotiate or had've bought without a survey. God i'm tight!!

Thanks firsttimetom,

Try not to worry about 'wasting' the valuation fee. I tried to write off the money before i had even spent it, its the best way sometimes!

Thanks for adding your diary, its great to see a few different ones as it helps put things in perspective sometimes!

Bufger

bararah wrote: »

The buzz from that first day when offer was accepted has definately dulled under numerous phone calls,surveys and correspondance!! Anyone else think this?

Haha yes this does happen. My other half is still just as excited but shes not the one organising it all! I found after 2 weeks my excitement went and the worry arrived. Since then ive just been sorting each bit out as fast as i can and chasing people up.

Oh the joy of buying!

Bufger

sallycanwait wrote: »

Does anyone know if we have to have the full deposit available at the time of exchange - we should just about be able to do this if it happens this week, but it's going to be tight as our money is spread all over the place (about 7 banks/building societies!).

Its best to get it all into one account a week or so before exchange just incase there are any problems/delays transfering it! Sometimes there are fraud checks to be done on any medium/large amount to be transfered depending on the bank and if they have a backlog this can take a couple of days to happen at the best of times! When its all in one place you'll be safe in the knowledge its there and waiting :-)

teenyhev

Hi all
Been watching this thread for a while and thought I'd share my experience as a FTB...which is still ongoing.

7th September - viewed dream house. Up for sale £110,000.
11th September - 2nd viewing of dream house. Had long chat with sellers who advise they will be no part of chain as moving into her mothers when house sells, then emigrating next year! Turns out leaving everything in the house too!
15th September - Go to estate agents to put offer in. First offer of £106000 rejected and want us to up more. In words of estate agent, we were "very close" to what they weanted. Well obviously, we offered just £4k less than asking price. However our offer was to include everyting in the house, plasma tv's, furniture, everything. Discussed with OH and made offer of £107k - rejected. They adviser that if we offer £108k they will take off market, stop promotion on it etc etc. Agreed. Hurrah! Appoint sol's on same day.
Also arrange natwest FTB mortgage.
23rd September - Was all very quiet on house front for about a week ( and a week of worrying that the seller would change their mind, I would be gazumped etc etc, the usual nightmare stuff!) Receive standard letter from sol's which initially infuriates me. It takes week for them to write to me, they had the incorrect sale price on paperwork, and to boot I had to physically go down to the office to pay them £40.00 for a mining search of the land, cannot take payment over phone.
28th September - Finally get time off work and pay for mining search and ask if there is any news / progress. To be met with a resounding no.
2nd October - Have voicemail from EA who says that the sellers are looking to buy a reposession house and only have 21 days to to this. I presume they therefore really need our money for that and gather that in fact I am becoming embroiled in a chain which they advised they were not part of (grr). I have terribloe feeling that if things cant be completed for them buying that repo house, they'll pull out of selling. Therfore we need to "move fast". She also advises in voicemail that she has already contacted my sol's and informed them. Well at least there is noting left for me to do apart from hope the sol takes notice and hurries up!
5th October - EA left another voicemail for me to ring. Started to panic thinking it had gone wrong. In fact just wanted to tell me the above info again and decided to see if they had anymore news than me. She advises we are working towards completion on 29th (thursday) and exchange 22nd (thursday. Adv this is fine.
9th October - Call sol's to inform have sorted my house and contents insurance, to be told they sent letter last night saying to go down and sign the documents. Arrange whilst on phone to call that morn. Called in at sol's to look thru documents and turns out all going okay, apart from the seller has specified moving weekend only, therefore sol says that they'll have to move out the weekend after exchange, not completion as natwest would not be happy with them still being in house after completion and class them as squatters. I agree its not best scenario and urge him to speak with other party sol - who turns out to be in same office - and have a word with seller adv they cant stay in house after completion. He then breaks the news that we need to pay his fees and deposit to them. Personal cheque cheapest but takes longer to clear so agree will call in with this later, but that he needs to sort the moving arrangements first as well as a few bits of furniture missing from the list they said they would leave.

Does this so far sound like its all going okay/ normal? Any views or pointers would be appreciated. I know its long!!