We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Share To Buy-Close to exchange then property to be revalued!!!
Options
Sugnid
Posts: 10 Forumite
Hi,
So we’re first time buyers (with 3 year old girl) and have 99% of everything set in place to exchange.
Current property (renting) is all boxed up just waiting to go now.
Council then decides to throw the curveball of curveballs in the mixer yesterday afternoon saying they are about to do an updated valuation of the properties which includes the one we’re buying. Surveyors have been instructed and they are awaiting confirmation as to when they can urgently arrange this.
My wife is of the impression that the houses haven’t garnered enough interest to sell. We understand that out of the 10 properties available, only 4 have been reserved.
They’ve said that our price is frozen and we won’t pay anymore than agreed, and should we decide to proceed as normal then we can.
But they’re also saying that in order to be fair and transparent if the values do drop they’d offer to revise the purchase price.
Caveat to that is that it will take some time to get all the documents revised and resigned. These people have taken a day and an age getting everything done to this point so I’m loathed to delay the process even further.
I’m going to assume that the lenders would then have to draw up a new mortgage offer as well which would mean more credit checks (?).
We’d already given notice to our landlords as we were given a tentative exchange/completion date of the end of October. Given that we havent even exchanged yet, landlords are seemingly happy to let us stay on a weekly basis until we moved given we’ve been good tentants, but they’ve already got another family lined up to move in after us...
We’ve cancelled our internet in light of us moving at this time, sold all of the items that werent coming with us, yet it’s all seemed to have gone wrong at the most crucial stage.
Until yesterday afternoon we were both happy to buy at the price and while I remain with that stance, I know my wife doesn’t share that view as she’d be annoyed at potentially paying more than someone else.
I know people are going to say we should wait for the revaluation, but we’re in such a precarious situation what with our living situation up in the air, that I don’t want to delay things even further.
Just all a bit of a mess really.
Any suggestions?
So we’re first time buyers (with 3 year old girl) and have 99% of everything set in place to exchange.
Current property (renting) is all boxed up just waiting to go now.
Council then decides to throw the curveball of curveballs in the mixer yesterday afternoon saying they are about to do an updated valuation of the properties which includes the one we’re buying. Surveyors have been instructed and they are awaiting confirmation as to when they can urgently arrange this.
My wife is of the impression that the houses haven’t garnered enough interest to sell. We understand that out of the 10 properties available, only 4 have been reserved.
They’ve said that our price is frozen and we won’t pay anymore than agreed, and should we decide to proceed as normal then we can.
But they’re also saying that in order to be fair and transparent if the values do drop they’d offer to revise the purchase price.
Caveat to that is that it will take some time to get all the documents revised and resigned. These people have taken a day and an age getting everything done to this point so I’m loathed to delay the process even further.
I’m going to assume that the lenders would then have to draw up a new mortgage offer as well which would mean more credit checks (?).
We’d already given notice to our landlords as we were given a tentative exchange/completion date of the end of October. Given that we havent even exchanged yet, landlords are seemingly happy to let us stay on a weekly basis until we moved given we’ve been good tentants, but they’ve already got another family lined up to move in after us...
We’ve cancelled our internet in light of us moving at this time, sold all of the items that werent coming with us, yet it’s all seemed to have gone wrong at the most crucial stage.
Until yesterday afternoon we were both happy to buy at the price and while I remain with that stance, I know my wife doesn’t share that view as she’d be annoyed at potentially paying more than someone else.
I know people are going to say we should wait for the revaluation, but we’re in such a precarious situation what with our living situation up in the air, that I don’t want to delay things even further.
Just all a bit of a mess really.
Any suggestions?
0
Comments
-
never do anything until you have exchanged and close to completion.
Notifying your LL and cutting off your internet is a common error and things appears to have slowed down.
I hope it goes well, but until you have exchanged you have no come back"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
So what were we supposed to do? We got given our dates and made plans accordingly. How were we to know that they'd pull something like this at the last possible moment?
Internet is a minor as we both have our phones to use.0 -
We got given our dates and made plans accordingly. How were we to know that they'd pull something like this at the last possible moment?
Dates are only ever indicative targets. When buying property never take anything for certain until it actually happens. You may end up paying a lower price not something to complain about. Which is an uncommon reason for a delay. I'm sure that they want the transaction completed as quickly as possible. You'd be miffed as hell if prices were reduced the week after you completed. Would be on here complaining!0 -
If they revalue the property as less than your mortgage offer and you lower your offer it wouldn't make sense for the lender to do another credit check? I don't know for sure though! I'm sure your solicitor would have some insight into how long it would take to update documents, it might not be as long as you think though.0
-
Thrugelmir wrote: »Dates are only ever indicative targets. When buying property never take anything for certain until it actually happens. You may end up paying a lower price not something to complain about. Which is an uncommon reason for a delay. I'm sure that they want the transaction completed as quickly as possible. You'd be miffed as hell if prices were reduced the week after you completed. Would be on here complaining!
We had to give our notice to our landlords at the usual time so not sure what else we were meant to do in this instance. Not say a thing then spring it on them that we're leaving...? Not my style I'm afraid.
We were meant to exchange last week so if that had happened then at least it would have been binding, there wouldn't be all this uncertainty. Now it's just another round of waiting for people to pull their fingers out and do some work.
Hands down the worst experience of my life. Hate everything about this process.0 -
-
Two months.Thrugelmir wrote: »What's the usual time?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.7K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards