The race to be in your new house for 2007 [Winter/Spring]

Jem8472

just thought I would do a quick update. Nothing to report!!!!!!!!!!! just sitting here waiting for stuff. hummmmm but nevermind I am not in any big rush to move. Thankfully we have no chain!

foolishqueen

Thanks to poppycat and wigglygiggly! I only just live in N Yorks but will actually be moving 10 minutes away to W Yorks!

You'd think after exchanging I wouldbe much happier and although I am, now I am worrying about what could go worng now....should I be worried?!

silvercar

clairefun wrote:

An update for you all: today we got the last of the searches of the house we're buying (all fine) and also found out - the deeds that we have to sign & return are going to be going straight to the bankruptcy courts as the people we're buying from are bankrupt! Anyone ever had any dealings with that kind of thing? I think it might delay it all a bit - mostly because I want to make doubley, tripley(?!) sure that it's not going to look bad on OUR credit rating once we own that house. Any ideas?

Apart from that, contracts re our sale are finally being drafted, weeee! It's only taken two n a bit months! (I thought we might be stuck here forever...)

Three situations:

sellers' already bankrupt

you are buying from the official receiver, who will only exchange contracts with you if he is satisfied that the price you are paying is reasonable. No delays once exchange has occured.

Sellers go bankrupt between exchange and completion

If you exchange with your seller and they then go bankrupt before completion there will be a delay. Once bankrupt your sellers will not be in a position to sell the house to you as they won't own it. They will not be able to honour the contract they exchanged with you as they will no longer own their home. Attempts at compensation will be fruitless as they have no money. The Official receiver, responsible for ensuring that the seller's creditors obtain as much as is available, will need to satisfy themselves that you are paying a reasonable price for the property. If you are paying a good price you could expect the bankruptcy to cause a delay but nothing more. If the official receiver feels that the house could obtain a higher price (though bear in mind it is now a repossession and a quick sale is required) they could order that the property be remarketed. Likely effect: possible delay of a few weeks before completion. Aggrevation factor: you won't know until completion day whether they have gone bankrupt or not and are in a position to complete with you or not, I would suggest as small a gap between exchange and completion as possible.

Sellers remain solvent

You buy house and get visits from baliffs etc. Won't effect your credit rating, not really a hassle - just keep a utility bill in your name be the front door to prove you are not the old owners and you now own the house.

wigglygiggly

Don't worry Dave! You have exchanged now (you are further than me now, as we still haven't exchanged). Book your van, pack up and relax!!! Only 10 days to go for you!!!!

starlorna22

Hi All,

Thought I would join in if that's ok?
We are supposed to be moving sometime before the end of Jan, so a week and a half to go.
We were originally supposed to be moving on Wednesday (24th), but out buyers solicitors keep stalling us by asking stupid questions. The latest one is "Do we know if they are planning any road widening near our house", I'm not sure why they keep asking these daft questions, but I hope they can just hurry up!
We have to move into our new house before next Wednesday, as the fella who we're buying off is having an operation on his arm very soon, and will need complete rest afterwards, so won't be able to move for months if we don't get in in time.
Hopefully our solicitor should provide us with a definite date tomorrow, as I'm getting fed up with all the messing about. Also - my boss is getting fed up of me boking time off work and then cancelling it again.

Sorry for the moan.
Star x

Vickicb

My update - we've not exchanged yet but are assured it will happen on Monday. Everyone in the chain totally committed to completion on Friday 26th and all removals vans are booked! Am sat here surrounded by boxes and hoping nothing will go wrong.....

clairefun

silvercar wrote:

Three situations:

sellers' already bankrupt

you are buying from the official receiver, who will only exchange contracts with you if he is satisfied that the price you are paying is reasonable. No delays once exchange has occured.

Sellers go bankrupt between exchange and completion

If you exchange with your seller and they then go bankrupt before completion there will be a delay. Once bankrupt your sellers will not be in a position to sell the house to you as they won't own it. They will not be able to honour the contract they exchanged with you as they will no longer own their home. Attempts at compensation will be fruitless as they have no money. The Official receiver, responsible for ensuring that the seller's creditors obtain as much as is available, will need to satisfy themselves that you are paying a reasonable price for the property. If you are paying a good price you could expect the bankruptcy to cause a delay but nothing more.

Thank you very much for this! I *think* they are already bankrupt, fromn what our EA has said, but whether they are already or are in the process, the house was on for OIEO £142 and we're paying (after a couple of rejected offers...now I understand why...) £143,500 - yeah, I'm paying more than the asking price, no bidding war or anything...it was a bit annoying at the time but I'm happier with it now. The survey has valued it at !42,500 as well, so I really should be fine with it all. Thanks for all the advice though, that's put my mind at rest no end. :beer:

Got our last search back, and sent off transfer deeds & mortgage deeds yesterday, so now we just wait for a bit...:T

wigglygiggly

So guys, burning question of the day is - will we exchange today??????

jewel22_2

wigglygiggly wrote:

So guys, burning question of the day is - will we exchange today??????

Good luck!
I Hope you do Exchange today, I am waiting on news too (to exchange)
very stressful waiting for that call.

wigglygiggly

I am gonna screeeeeeeeeeeeeeeaaaaaaaaaaaaaaammmmmmmmmmm!!!!! Deposit was agreed last week by everyone, so exchange is trying to be done now. Now, our sellers are being funny over the amount! I mean !!!!!!!!!! :mad: Waiting for my solicitor to call me back now.....

sorry for the outburst everyone......:(