The NEW waiting to exchange thread...

nekr0mantik

So the down valuation was 50k!!! This is seriously wrong!
my broker said chance of appeal with barclays is very low even if you show them 3 property in same area similar that sold for similar price. I very much doubt the seller would take a loss and much rather wait for cash buyer.
EA not calling me back and always line buys so not spoken to them yet.

the property is 12 months old and the price I agreed to was the price they were selling at in 2019 direct from developer so maybe its 10k more then its worth but I would not say 50k! I suspect they used a radius of areas near why where property prices are much lower as this is in Canary Wharfs new estate thats only 12 months old but its near Poplar so they probably used prices over there.

Cookie211

nekr0mantik said:

So the down valuation was 50k!!! This is seriously wrong!
my broker said chance of appeal with barclays is very low even if you show them 3 property in same area similar that sold for similar price. I very much doubt the seller would take a loss and much rather wait for cash buyer.
EA not calling me back and always line buys so not spoken to them yet.

the property is 12 months old and the price I agreed to was the price they were selling at in 2019 direct from developer so maybe its 10k more then its worth but I would not say 50k! I suspect they used a radius of areas near why where property prices are much lower as this is in Canary Wharfs new estate thats only 12 months old but its near Poplar so they probably used prices over there.

Wow £50000, would u know if it was a physical valuation or desktop, if desktop u can ask them to do a physical one 

JCarmello

nekr0mantik said:

So the down valuation was 50k!!! This is seriously wrong!
my broker said chance of appeal with barclays is very low even if you show them 3 property in same area similar that sold for similar price. I very much doubt the seller would take a loss and much rather wait for cash buyer.
EA not calling me back and always line buys so not spoken to them yet.

the property is 12 months old and the price I agreed to was the price they were selling at in 2019 direct from developer so maybe its 10k more then its worth but I would not say 50k! I suspect they used a radius of areas near why where property prices are much lower as this is in Canary Wharfs new estate thats only 12 months old but its near Poplar so they probably used prices over there.

Ouch - sorry to hear that. The similar properties - are they in the same development? Has the broker advised if going to another bank might yield a better result for you?
Is there a reason the seller is selling 12 months after buying?

HopeAndDriftWood

Ouch, a £50k down valuation is harsh! I hope you manage to come to some sort of agreement. 

Congratulations Cookie!! 

Our seller's EA has just emailed everyone officially to say that their seller (so third in the chain) has threatened to pull out due to the delays, and asking for an urgent update. 

Our buyer has his remortgage valuation today, and will then arrange a survey for here. I believe they have searches back and we've answered all enquiries. 

I'm trying not to stress about it, but it's all so slow and frustrating. No response from our solicitor yet.

E_D_FTB

Monsternextdoor said:

Well I have been trying to sleep but I have a rather naughty pup who is insisting on squeaking pig in my ear ...

Altho I can't sleep due to the face I am constantly thinking about packing and moving

What is it about the squeaky pig toys that dogs love so much! My sister's two are obsessed with them!

E_D_FTB

nekr0mantik said:

oh no
Broker just told me Barclays valuers down valued the property I am going to purchase.
Cannot afford to make the extra up so only way is if seller agrees to lower price which I doubt they will!
I will be out of pocket for solicitors fees now also if that happens.

Oh no! Hopefully the seller's will agree to the lower price. If they valued it lower for you, they'll likely value it lower for another buyer.

E_D_FTB

Cookie211 said:

🥳🥳🥳🥳 just had an email from solicitor that we completing today she’s just putting the money in sellers solicitor account, omg can I get excited now or shall I wait till I have the keys lol 😝 

YESSS!!!! So glad you finally got there after all that nonsense!

MayMark

We are still waiting to exchange…6 weeks after we were told all was ready 😂 we have all agreed to a new date in the chain and I got told exchange was going to be today but I’ve heard that around about a hundred times now although I do actually believe everyone in chain is actually now ready 😂 but all the thinking about exchanging has made me wonder how long does the physical act of exchanging actually take!? We are a chain of 5 people but 4 properties so roughly how long would that take to actually exchange with the phone calls etc?

neydejean

Getting absolutely nowhere today trying to chase up where the issue is preventing us from exchanging this week. Everyone keeps blaming each other. Feel like its a stalling tactic for someone with cold feet who knows everything will fall apart for several in the chain if we miss stmap duty

E_D_FTB

JCarmello said:

Okay, going to need the good people of this thread to help settle a debate. We exchanged last week, and complete on Friday.

Last night, a cabinet hinge came off. Now, usually they snap right back on if this ever happens. However, half of the hinge is connected to a piece of wood that is in poor condition. The kitchen is original from when these flats were built over 15 years ago.

When I reattach it, if I tighten the first adjustment screw so that the door closes flush, it pops straight out again. Only way to have a the cabinet reattached, is to have it in such a way that the door sits open by about 1cm. It does open and close. This is how it is right now.

Is it acceptable to leave it like this?

Since accepting the offer, we have done some repainting, replaced the shower as the thermostatic cartridge was bust, and generally fixed other bits and pieces around the house to leave the place in as good a nick as possible. None of this was identified or asked for as part of the Level 3 survey he had done on the apartment.

(We are getting a handyman around this afternoon - but there's always a chance he might not be able to fix it in one visit, or before we leave).

As a buyer, I wouldn't be thrilled about that fix to be honest, but equally I wouldn't pursue it. So I guess it comes down to how much the fix will cost and how kind you're feeling, as well as how likely you think it is that your buyer will be bothered.