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

MJMum

OMG, today has been stressful.

We have been ready to exchange since Friday, when we thought that everything was agreed (final negotiations over survey results). But didn't exchange yesterday. No word today either. Then we found out that we had an "impossible" situation over the completion dates. We thought it was all off.

To cut a long story short, the other side finally backed down and agreed to the timescales we needed. We had to throw a bit of £££s to make it happen, but frankly....they could've taken us for quite a bit more (shhhh, don't tell). So everyone is happy, and WE HAVE EXCHANGED :j :j :j

:beer:

Don't move in until end of March though

Jeewhizz

Congrats!

We had the survey done today (via the mortgage co.) and so we're waiting for those results. My mortgage broker reckons it'll be Thurs/Fri at the earliest by the time the surveyor writes it up, sends it to the Mortgage Co., and then they forward it on!

Happy days!

Mrs_Optimist

Congrats MJMUM! Hope it may be us soon - still very frustrated, we are ready to exchange with our Vendor (after 5 weeks) - but.... Still no survey done on our house by our buyer. He has instructed MYHOMEMOVE (anyone heard of them?) and they are dealing with the mortgage and conveyancing.

My Sol has told me that she has spoken to his sols and they ARE instructed to deal with the conveyancing so that is all ok, contracts sent out for them to scrutinize and the4y seem to be getting on with it (witha nudge from my sol who has been BRILLIANT) etc BUT I am still concerned that there is no sign of a survey yet. Our EA originally told us last week, now this week, Wednesday tomorrow and still no sign. Dont know whether to be worried or not - it is only 5 weeks, but is that a good amount of time to wait for a survey?? Or should I be worried?

icklejulez

A little background first:

We sold our house 2nd Jan(47k cash leftover), exchanging this week and completing in March.
We agreed sale on our new house 20th Jan(143k so 10% deposit = 14.3k), exchanging beginning March and completing beginning of May.

So we are homeless for around 6-8 weeks. Does anyone know what kind of interest we may gain on 32.7k and where to store this cah to get the most out of it?

Sorry of this is in the wrong place its just you lot know what Im talking about and may be in the same boat...

icklejulez

Mrs_Optimist wrote:

Congrats MJMUM! Hope it may be us soon - still very frustrated, we are ready to exchange with our Vendor (after 5 weeks) - but.... Still no survey done on our house by our buyer. He has instructed MYHOMEMOVE (anyone heard of them?) and they are dealing with the mortgage and conveyancing.

My Sol has told me that she has spoken to his sols and they ARE instructed to deal with the conveyancing so that is all ok, contracts sent out for them to scrutinize and the4y seem to be getting on with it (witha nudge from my sol who has been BRILLIANT) etc BUT I am still concerned that there is no sign of a survey yet. Our EA originally told us last week, now this week, Wednesday tomorrow and still no sign. Dont know whether to be worried or not - it is only 5 weeks, but is that a good amount of time to wait for a survey?? Or should I be worried?

I wasnt worried till 7 weeks later, my EA assured me everything was fine as the buyer really wanted the house. So I went into the branch and told them I wanted to know right now what was going on and why no survey. After half an hour in there we got to the point they no longer wanted the house.

Sorry to say this to you but they wasted 7 weeks of my sale when I had accepted their offer above the other 2 that were interested and I think these people are awfull. They mess with peoples lives and dont wish it on anyone. May I add the EA was also dealing with their mortgage and conveyancing. Perhaphs too scared to lose a sale?

Mrs_Optimist

I think I will leave it until end of week and then see what happens. There was a delay because our buyer (FTB) who actually rented a house two door up from us until last year, didnt expect to find a house he wanted to buy so quickly, in the area he wanted and so wasn't prepared with regards paperwork etc.

He was originally using our EA for mortgage and conveyancing but changed his mind because he wanted to borrow more money than they could find a High Sreet Lender prepared to borrow. They assured me that he can afford the price we agreed and had paperwork to prove this

He has now instructed MYHOME MOVE (Whom I have never heard of) and does seem to hace things ubderway insofar as the solicitors side of things. They are also dealing with his mortgage application. I know our buyer works a lot and so I am assuming he has no idea what the delay is. HOWEVER I do not want to wait indefinately and so how long should I wait before putting the house back on the market? I don't want to lose our buyer but on the other hand, if he is delaying then I don't want to miss out on a potential buyer either.

icklejulez

Why cant you just mention to him asap that you have waited a reasonable amount of time for the surveyor to come round and you will be remarketing the property untill the surveyor has been round. If he is serious about the property then there is no problem and may encourage him to chase up his survey. Ive been on the phone every day to my mortgage company to chase up my surveyor its the only way to get things done IMO. I put in an offe on a house on a thursday and surveyor will be there 2 weeks later. This is only due to the vendor being unavailable. So Id be getting impatient.

Good luck by the way, in a way I could relax once I knew the surveyor had been round. You'll just have all the paperwork to do.

MJMum

I agree that 5 weeks is too long to wait for a survey to be done. Either they're not serious, or there's a problem raising the £££s (are they FTBs?)

Does anyone know what kind of interest we may gain on 32.7k and where to store this cah to get the most out of it?

We have some of the proceeds from our sale on deposit in A&L, but I don't think that that will work for you as you lose interest on any month that you make a withdrawal. You'll need instant access. We have some stuffed in an Icesave account too which pays 5.45% gross - why don't you take a look over on the "savings account" section?

Naetha

Grats to all those that have recently exchanged/completed - for the rest of you hang in there!

For the house we're buying, we're just waiting to sign another couple of bits of paperwork and for one search to come back to the solicitors, then we should be able to exchange and set a completion date for the middle of March.

Our current house (4 bed vic terrace in need of improvement) has just gone on the market (sale not necessary to buy this house) for offers in excess of £90k. Within 6 hours of it being on Rightmove we had 5 viewings booked, and we've just arranged another two! I know it was priced low to get peoples' interest but I'm astounded quite how much interest! The only downside (and this could be a major downside) is that on my reasonably nice street but not in the best area of Leeds, the terraced house opposite ours which is council owned has just been boarded up as it's empty. There's no need to board it up at all, but I'm worried that it will impact majorly on the price we can get for our house.

Still, watch this space

Mrs_Optimist

UPDATE:

I have just read the riot act to my Estate Agent - told them that if the Survey is not done this week we will be putting the property back on the market at the weekend AND instructing another firm of EA to try and sell the house (we signed a joint agency - whoever gets the sale gets paid) alongside them. I told them that if they want to sale they had better pull their finger out (I was quite bolshy actually!) I am half expecting the buyer to pull out to be honest (and after thinking long and hard about it).

I am only hoping that our Vendor doesn't put her house back on the market - since we are ready to exchange. And also that we get a quick sale. Will keep you posted.

Everything crossed at moment - and on Valentines day too - Mr O WILL be pleased!
I feel that IO have taken some control back now rather than hanging around in limbo - god this is stressful.