Buying a Home - the Timeline Guide

Surrey_EA

Probably best to stick to your other thread.

lisyloo

Which is likely to ensure only that the agent gets another fee, for introducing to the solicitor.

It certainly doesn't give any indication of quality.

This is not always true.
My solicitor does not pay referral fees.
You say its no indication of quality but why else would an EA refer an agent that was NOT paying them fees?


https://wards.uk.com/news/wards-solicitors-welcomes-new-guidelines-on-the-payment-of-referral-fees-to-estate-agents/

We know that many estate agents do in fact regularly recommend us but that this is based entirely on our experience, extensive local knowledge and reputation for reliability. And we believe that this, rather than a financial transaction, is exactly how a recommendation system should work.

The EA refers them of course because they are really good.

jneves

Hi,


I'm at the stage where I had an offer accepted yesterday and, because of the fear of being gazumped I've bought home buyer's insurance. Is this option not on the guide for some reason? Did I just fall for a scam?


We're still trying to get as fast as possible to the contracts exchange, but I still feel more comfortable paying £69 for the fees protection (in our case almost £2000).



Thanks in advance,
João

hazyjo

jneves wrote: »

Hi,


I'm at the stage where I had an offer accepted yesterday and, because of the fear of being gazumped I've bought home buyer's insurance. Is this option not on the guide for some reason? Did I just fall for a scam?


We're still trying to get as fast as possible to the contracts exchange, but I still feel more comfortable paying £69 for the fees protection (in our case almost £2000).



Thanks in advance,
João

Please can you start your own thread? Thanks.

Halfcard

A step-by-step guide to our (15 month) house moving experience (thus far)

STEP 1 Decide not to buy for 2 years
STEP 2 Immediately spot a property (#1) you really like
STEP 3 Begin to market own property and attempt to keep house tidy (challenging with 2 young kids)
STEP 4 Be tempted to a new build (Property #2)
STEP 5 Get interest from Buyer #1 who markets so that they can buy yours
STEP 6 Accept substantive offer from Buyer #2
STEP 7 Have offer accepted on Property #2
STEP 8 Begin purchase and sale process, including £100s on snagging survey
STEP 9 Buyer #2 has issues with financial advisor and lender so switches lender, adding more time
STEP 10 Property #2 Developer has issues with slow solicitor
STEP 11 Months go by with delays at both ends of the chain
STEP 12 Buyer #1 has now sold and continues to show a lot of interest, but you honour Buyer #2's commitment
STEP 13 Property #2 Developer threatens to re-market.

...1 week from exchange
STEP 14 Buyers #2 get divorced
STEP 15 One half of Buyers #2 considers purchasing alone but realise they can't afford it. Lose buyer and £2,000 in solicitor fees. :mad:
STEP 16 See if Buyer #1 is still interested but find they have now progressed with another property
STEP 17 Property #2 is re-marketed
STEP 18 Consider giving up, but continue as you've already invested time, money and several sleepless nights
STEP 19 Continue to market own property in hope of finding new buyer (more panicked tidying)
STEP 20 Wait 1 month
STEP 21 Accept offer of full asking price on condition of sale from Buyer #3
STEP 22 Renegotiation: Reduce price to assist Buyer #3 in making their own sale more competitive
STEP 23 Receive more viewings (panicked tidying continues)
STEP 24 Conduct own viewing on Property #3 as a backup, but start to prefer it
STEP 25 Continue focus on Property #2 as already invested
STEP 26 Property #2 is taken off the market. Chain officially collapsed. Lose further £3,000 in fees :mad:


…just 1 week later
STEP 27 Suspect Buyer #3 is time wasting , but
STEP 28 Accept substantive, full asking price offer from Buyer #4 on the same day
STEP 29 Have offer accepted on Property #3, which you prefer anyway :T
STEP 30 Wait 2 months
STEP 31 Renegotiation: Reduce price on your property to assist with general repairs


...3 days from exchange
STEP 32 Buyer #4 loses their own buyer due to unsupported claims of underpinning
STEP 33 Buyer #4 pursues a buy-to-let mortgage on their own property to expedite move whilst also marketing
STEP 34 Renegotiation: Reduce price further to assist with buy-to-let fees
STEP 35 Buyer #4 finds their own new buyer
STEP 36 Wait 2 months for their mortgage application to progress
STEP 37 Buyer #4's lender offers buy-to-let mortgage
STEP 38 Plan for exchange (again)
STEP 39 Buyer #4's lender withdraws buy-to-let mortgage on basis that they're also selling (i.e. short term loan)
STEP 40 Wait further 2 weeks
STEP 41 Buyer #4 discovers their property was underpinned several decades ago
STEP 42 Fear history repeating itself
STEP 43 Feel relief that Buyer #4's buyers want to continue with the purchase
STEP 44 Buyer #4's buyer has mortgage offer accepted:)
STEP 45 To Be Continued…

Lessons Learnt
*Sometimes losing out on a property is better in the long run
*Having this many hiccups is thankfully rare but don't expect things to go smoothly either. Hiccups are normal.
*Keeping a house tidy for viewings at short notice is hard, especially with kids
*Patience is a virtue
*For every month's delay, you're saving a month's worth of additional mortgage costs.
*It's not yours until you have the keys
*Tell yourself 'IF' not 'WHEN', you'll feel better in the long run
*At the end of the day, it's just a house
*Sometimes you can't control the process, you just have to go with it

correll

@Halfcard, good grief, that is awful. Thanks for sharing - at the beginning of the process there is a lot of excitement slowly being replaced with trepidation! . We have only been at it 8 months and it feels like a lifetime! The trouble is when you are let down you do lose faith and think every buyer / seller is going to cause problems. I agree that sometimes losing out on a property is better in the long run and that it is not yours until you have the keys. We are hoping to exchange tomorrow

kayles101

We have reserved a new build & told we have to exchange contracts & pay 10% deposit in 4 weeks (30,000) the house isnt ready until march, if not longer. Can we ask for an extension & pay this 3 months before we have a date its ready by? 9 months is too long! and anything can happen in that time! anyone ever bought a new build before?? thanks

lenchik0

I am buying a flat. I got mortgage offer on my name and my husband name. Can we add our adult daughter to the title of the property?

MovingForwards

lenchik0 said:

I am buying a flat. I got mortgage offer on my name and my husband name. Can we add our adult daughter to the title of the property?

Not without her being on the mortgage, also by doing that she loses her FTB status.

EKR2000

Hi,
I want to buy a house with my partner. I’m a first time buyer, but he already has a mortgage. I have a help to buy ISA open but I wouldn’t get the benefits from the government scheme as he has already used it. Any suggestions on where my money will be best saved to get the most benefits? Thanks