To those BUYING in these difficult times....

CheeseCat

Seller wont budge on helping towards the rendering repair :mad: so i'm pulling out!! Good luck to her selling a house that needs such expensive work doing without anyone expecting a contribution!

Trying not to be emotional about it, there will be another house. God knows what i'll have to pay to back out to my solicitor.

Can I transfer my mortgage offer?

kford224

LisaB1970 wrote: »

An update from me too - after the fiasco with the original MA and being declined twice because he was a useless idiot we got it all sorted....and we exchange today...wooohooo!

Great news!!

Our solicitors emailed to say they have finally got the local search and are going to ask for an advance on the mortgage - not sure how long that takes but hopefully not too long!?!

LisaB1970

kford224 wrote: »

Great news!!

Our solicitors emailed to say they have finally got the local search and are going to ask for an advance on the mortgage - not sure how long that takes but hopefully not too long!?!

Its usually relatively quick i think. Its taken 2 weeks for us from start and instructing a solicitor to exchange.... but its a repo we've bought. The solicitor requested funds from our mortgage lender and it was there the following day

Funkygibbon

kford224 wrote: »

Great news!!

Our solicitors emailed to say they have finally got the local search and are going to ask for an advance on the mortgage - not sure how long that takes but hopefully not too long!?!

Sounds like your getting close doesn't it!!

kford224

That's good to hear, thanks!!

So that bit is the 'exchange' isn't it, or is that when you hand over the deposit?! My brain is completely fried with 'house' now!

Funkygibbon

kford224 wrote: »

That's good to hear, thanks!!

So that bit is the 'exchange' isn't it, or is that when you hand over the deposit?! My brain is completely fried with 'house' now!

No I think exchange is when both parties actually exchange signed contracts. Richard Webster will be able to explain it. But I know he said signed the contract is not the same as exchanging the contract!

I would of thought that the solicitor will need the mortgage money and your deposit to send to the vendor or is that completition?? I've heard of baby brain but I think there should be another condition called house brain!!

Jebrelli

Funkygibbon wrote: »

No I think exchange is when both parties actually exchange signed contracts. Richard Webster will be able to explain it. But I know he said signed the contract is not the same as exchanging the contract!

I would of thought that the solicitor will need the mortgage money and your deposit to send to the vendor or is that completition?? I've heard of baby brain but I think there should be another condition called house brain!!

Exchange is when the signed contracts and deposit (usually 10% at the bottom of the chain) are exchanged between all parties in the chain. Completion is when the rest of the mortgage money changes hands and you actually get the keys for the place!

We're trying to do a simultaneous exchange, lease extension and completion tomorrow. I'm a huge bag of nerves today, particularly as it took our solicitor five attempts (!) to draw up the completion statement yesterday...

hotbern

Hi guys.
I have read so much on mortgages and house sales, I have number brain now!
We put in an offer on a 3 storey 3 bed house which needs a new kit/bath but nothing else major, just tlc. (Smells of cat wee at moment).
The house next door (identical in all aspects apart from 4 bedrooms as they have a stud wall in one to divide it), sold in 2008 for £142,500 and they are now asking for £145k. Ours was on for £120, I made an offer of £105 which has been accepted straightaway (woohoo :beer:)
I just need reassurance as I am a nervous first timer who normally procrastinates for ever, that I have done the right thing!
In my opinion, it needs £15k of work, and that in 3/4yrs when we come to sell, it should shift for £135-140. So I feel okish, just need you guys (who all seem to know what you are doing!) to give me your opinion.

Thank you!

celyn90

Awwhh cheesecat, that sucks

Well, we upped the offer in one go and the agent has put it to the management company selling on behalf of the bank. The mortgage advisor gave us a fair bit of wiggle room with the mortgage app so we don't actually even need to reapply for a higher amount - so essentially, all the paperwork, the surveyor and the solicitor are waiting for the wave from the EA if it is acceptable.

And then we run It's my ball dammit :rotfl: :rotfl: cel x

kford224

Jebrelli wrote: »

Exchange is when the signed contracts and deposit (usually 10% at the bottom of the chain) are exchanged between all parties in the chain. Completion is when the rest of the mortgage money changes hands and you actually get the keys for the place!

We're trying to do a simultaneous exchange, lease extension and completion tomorrow. I'm a huge bag of nerves today, particularly as it took our solicitor five attempts (!) to draw up the completion statement yesterday...

Thank you! We gave them the deposit nearly two weeks ago, so I assume that they are now looking to proceed as quickly as possible after exchange

We signed a draft contract about three/four weeks ago - do we sign another 'final' one or is that it?

Good luck with yours - no wonder you are a bag of nerves!!