Nested - and appointing solicitors

frustrated_mover

Hello all,

We posted (what seems like) ages ago about problems with our buyer, who was not proceeding with their mortgage application. We have offered on a flat, out of London, based on the offer we received back in July. Our buyers, renting locally, seemed great to start with but the catalogue of delays about why their mortgage application has not been submitted is frankly unbelievable. Everything else ready to go, surveys, legal etc all ready. Anyway, we put the house back on the market at beginning of October and not surprisingly the EA has been somewhat slow in marketing our property again. We haven’t yet pulled out of the current buyers, there is always the outside chance they come through.

So, under pressure not to lose our dream flat, we have looked at Nested as an option to fill the gap. We’ve spoken to them, and they are interested in our house. We are waiting for our notice period with current EA to conclude and then we need to decide if we do it. It will cost us, but as we are downsizing we are prepared to take the hit.

What experience have the MSE forum had of them?

I’m particularly interested in the suggestion we use their nominated solicitor - anyone else had to do this too? It means leaving our present solicitors, More costs etc.

Thanks for any first hand experiences.
JA

G_M

Be interested to see how much below market value their 'data driven valuation' comes in at.......


Probably as acurate as Zoopla's valuations....

TomPucci85

Hi, just wondering whether OP can update on their experience with Nested if they chose to proceed? Did a quick search on this forum and could only find this thread on them. I've stumbled across them myself and was just intrigued as to what it's really like?

eddddy

TomPucci85 wrote: »

Hi, just wondering whether OP can update on their experience with Nested if they chose to proceed? Did a quick search on this forum and could only find this thread on them. I've stumbled across them myself and was just intrigued as to what it's really like?

I've never used them, but I guess the key is to get definite numbers from them at the outset, and do your calculations - and compare it to what other EAs say.

For example...

They seem to say they "typically" advance/guarantee to pay you 90-95% of what they think a property will sell for... That might (or might not) mean:

• Other EAs say your property will sell for £320k

• They say your property will sell for £300k

• If they guarantee 90%, that's £270K

If that is what really happens, I guess any EA could easily sell your property with those kinds of discounts.

G_M

It's always disappointing when posters disappear without any update on the outcome of their queries.......

frustrated_mover

Hi all, haven't disappeared! Just getting the process started. (We had a stupidly long notice period from first EA). I'll update properly tomorrow!

frustrated_mover

Hello - thanks for comments. We have indeed appointed Nested and our house is relisted.

We spent a lot of time talking to them and we have gone over the 'advance' process. The main idea behind Nested isn't to get a better or worse valuation for the house. Even if we got a brilliant offer tomorrow there is still an uncertain length of time before completion depending on the buyers own chain and the ongoing risk that it may not go ahead up until exchange of contracts up and down the chain. Our house isn't actually sold until completion. Having been through the uncertainty once we have started the process. If they do offer us the advance, we can go ahead and exchange on our onward purchase without waiting for a buyer to get their ducks in a row. Thats what we are paying a higher commission for and after our experiences this year we are very interested.

If this was a rising market we would still receive the sale price over the advance, so its not that the price is knocked down to get an offer. Just our luck that I reckon this is probably the worst week for 10 years for house sales what with the papers being full of 'house price crash' warnings!

We are just over a week in and after 1 week things are slow - despite our house being priced in the range for local properties of similar size etc. We are awaiting their offer for the advance, they take 30 days before doing so.

I'll update again when we have more news.
Thanks everyone

frustrated_mover

Hello All, time for another update on our Nested experience.

Its been a very very quiet few weeks for property viewings which is the important factor in Nested deciding to offer us the advance. I did raise it with them that Christmas would be a really slow time but they say they will compare us with other properties on at the same time.

In any event we have had just 3 viewings - one very positive but that buyer then lost their own buyer......... We will see what Nested say next week. Its unheard of to have so few viewings in this part of London.

If they don't come through we are considering letting our house and renting in Yorkshire.
What do people think about keeping it on the market while it is let?
Am I right in thinking we have a period of time where we can still claim relief from Capital Gains tax if we move out?

Actually I will do a new post to seek some advice.

Nested update to follow next week - its crunch time with them.

thanks

jacobcolton

How did you get on?