Justified fears?

starrybear

Just wondering if my fears are justified?

We've paid a £500 reservation fee for our new build, a £90 fee for our EPC certificate, a £465 valuation fee by the mortgage company and will need to pay a portion of solicitors fees upfront as well.

However, we've had no interest in our house (it's been on the market since the day we Brexited!) and obviously no mortgage offer as yet.

I am looking at losing over a grand if it all goes down the toilet, aren't I?!

*sob*

norm_

Part exchange with the house builder was not an option?

To be fair a week isn't a long time to judge interest, give it a couple more before considering lowering asking.

ACG

Its barely been a week! Things went quiet for me in the run up to the vote. The last 2-3 days things have picked up again. A lot of lenders have said its been a little quet for them also. Iwould not worry too much at the minute, if in the next week or 2 you have nothing then it might be time to start worrying but it is far too early at the minute.

starrybear

No, norm_, we couldn't PX as we couldn't get the 90% mortgage we needed, so we're going with HTB instead.

ACG - I know it hasn't been long - I'm just trying to pre-empt the worst! I had hoped to have one or two viewings booked in for this weekend...

Verix

I'm really surprised they allowed to reserve with your property only just going on the market? Are you doing it through an assisted move scheme where they help market your existing property for sale?

How long until you need to exchange contracts?

starrybear

Verix - we were originally going to part exchange - that's when we paid the reservation fee. However, the exchange date has been and gone, and they've done us a new reservation, but haven't charged again (they've actually been really good up until now - smaller builder.)

We've marketed through their preferred estate agent, and the builder is going to help to chase them, although it's not being classed as an official 'assisted move' at the moment.

It all feels really tenuous though - aargh.

Verix

Ahh, that makes sense. If the builder has been happy to let you reserve again knowing full well that you are not sold subject to contract then they must be prepared for a bit of a long haul - selling a house takes time, despite the fact that everyone is convinced that 'their' house will sell really well.

Out of interest what went wrong with the 90% mortgage option? Was it a case of not being able to find a lender, credit scoring or just not fitting affordability?

starrybear

Credit scoring Verix. We need a sub-prime mortgage and couldn't get 90%. As we were taking a financial hit on the value of our house at PX, we were unable to go to an 85% mortgage as we would've completely cleaned ourselves out. I'm hoping that, as we're not planning to move again for a very long time, HTB is going to be a better option for us...

JonMitchell

@starrybear don't be disheartened, its only a week although its a week after Brexit.

When I last sold my house, it took 1.5month for the first viewing and offer was given on the same day by that buyer. It happened in 2008 for mine after the global crash! So don't give up.

I know you may be rocked and disheartened by the Brexit issue, now that we don't have a Brexit leader anymore (time for Brmain round 2), stay put and calm. You will get something soon.

amnblog

Are these reservation fees not refundable anyway?

Trying_to_be_good

Whenever you're doing house buying and selling there are thousands of pounds at stake - £1k is a comparatively small sum. Most sales and purchases go through OK and no-ones loses out financially, but if there's a delay, or someone pulls out, it can be a really expensive business.

Fingers crossed for you