Could my luck have changed??

Cuddlybearman

Hi all - many of you may have seen post from me over the last few months as i joined the gang of us that are in the stressful process of selling/buying houses. Anyone visiting this forum for the first time - take reassurance that the contributors on here are really great people and full of knowledge.....

Bit of a long one but I good lesson being optimistic (which I sometimes need a good lesson in)

So after 4 months of being told effectively "lies" by my buyer he finally conceded defeat on Thursday and admitted he had been trying to buy a bigger house using a BTL mortgage as his income was barely over £40K a year and he couldn't afford a regular mortgage. His bank figured it out and stopped it dead - at least he came clean and apologised but I have to admit I was distraught Thursday night and really thought I had no idea what I was going to do so close to the SD deadline.

Then Thursday morning I had a call from my EA saying that a guy had been in touch and desperately wanted to have a viewing that day and was going to travel 80 miles for it. Turns out he had sold his house and was ready to exchange and had a house all lined up to buy just down the road from me but his seller pulled out of it....on Thursday...and he happened to see my advert on Rightmove just 30 mins after it had gone back on by the EA. My house was exactly what he had been looking for and was willing to pay my asking price as long as the pictures matched the viewing (I had set my price at the min I could afford to sell at but also right on the SD threshold - but more than my previous buyer had bashed me down on). He already had an approved mortgage on the previous purchase for the same value so just needed to port it to a new address (obvs pending valuations etc)

So he came, checked everything out, told me he had a family friend who live just a few doors down and it all looked good. He just wanted to get an idea from his friend about regulations around a roof extension and he would text the EA back that night. As he left I thought - "this is unreal...this guy is almost exactly in the same mess as me just in reverse....could this be my saviour!"

About 2 hours later my EA got a text "the house is great but a bit small so sorry it would cost too much and take too long to put an extension on".................what!!!!! I couldn't believe it. I immediately went back and offered a 5K reduction to help towards his extension (that really is me at the very bottom of my budget)....but he still said no.

My wife and I went to bed almost in tears. I was so fed up I couldn't sleep - the house we are (completely ready) to buy is our dream house. Everything about it is perfect. and it just seemed to be slipping away. I lay in bed and thought "this is the end of the line.....game is up now"

This morning I woke up to a text from my EA at about 7am.........."he just text me....he's changed his mind!!! He is going to use your 5K offer and buy a log cabin for the garden while he gets his extension done"...........whaaatttt!!! (again) I couldn't believe it - maybe I have my lucky break thank heavens.....

So its all been accepted, solicitors instructed, he is super on the ball, I've emailed my solicitor as well - and then to add one more twist......

My previous buyer (who I really wanted to lose it with but remained gracious) - offered my EA that the new buyer could buy the searches he had done on my property - and all except the Land Registry search have already come back.....!

So I hope, hope, hope, hope that this is the end of the rollercoaster of emotions I have been on for 4 months. I really have faith in this guy and I hope he doesn't let me down - I know its always a possibility something could go wrong but finally I can start feeling excited again and not dreading every call I get

But the lesson is for anyone out there who thinks everything is crumbling around them - sometimes its not. There might just be a silver lining somewhere......

NameUnavailable

Assuming your new buyer is getting a mortgage it's unlikely that their lender will accept 'old' searches (or have you already asked the question?). With that in mind be prepared to miss the SD holiday deadline.

Good luck with the sale/purchase.

Tiglet2

Cuddlybearman said:

Hi all - many of you may have seen post from me over the last few months as i joined the gang of us that are in the stressful process of selling/buying houses. Anyone visiting this forum for the first time - take reassurance that the contributors on here are really great people and full of knowledge.....

Bit of a long one but I good lesson being optimistic (which I sometimes need a good lesson in)

So after 4 months of being told effectively "lies" by my buyer he finally conceded defeat on Thursday and admitted he had been trying to buy a bigger house using a BTL mortgage as his income was barely over £40K a year and he couldn't afford a regular mortgage. His bank figured it out and stopped it dead - at least he came clean and apologised but I have to admit I was distraught Thursday night and really thought I had no idea what I was going to do so close to the SD deadline.

Then Thursday morning I had a call from my EA saying that a guy had been in touch and desperately wanted to have a viewing that day and was going to travel 80 miles for it. Turns out he had sold his house and was ready to exchange and had a house all lined up to buy just down the road from me but his seller pulled out of it....on Thursday...and he happened to see my advert on Rightmove just 30 mins after it had gone back on by the EA. My house was exactly what he had been looking for and was willing to pay my asking price as long as the pictures matched the viewing (I had set my price at the min I could afford to sell at but also right on the SD threshold - but more than my previous buyer had bashed me down on). He already had an approved mortgage on the previous purchase for the same value so just needed to port it to a new address (obvs pending valuations etc)

So he came, checked everything out, told me he had a family friend who live just a few doors down and it all looked good. He just wanted to get an idea from his friend about regulations around a roof extension and he would text the EA back that night. As he left I thought - "this is unreal...this guy is almost exactly in the same mess as me just in reverse....could this be my saviour!"

About 2 hours later my EA got a text "the house is great but a bit small so sorry it would cost too much and take too long to put an extension on".................what!!!!! I couldn't believe it. I immediately went back and offered a 5K reduction to help towards his extension (that really is me at the very bottom of my budget)....but he still said no.

My wife and I went to bed almost in tears. I was so fed up I couldn't sleep - the house we are (completely ready) to buy is our dream house. Everything about it is perfect. and it just seemed to be slipping away. I lay in bed and thought "this is the end of the line.....game is up now"

This morning I woke up to a text from my EA at about 7am.........."he just text me....he's changed his mind!!! He is going to use your 5K offer and buy a log cabin for the garden while he gets his extension done"...........whaaatttt!!! (again) I couldn't believe it - maybe I have my lucky break thank heavens.....

So its all been accepted, solicitors instructed, he is super on the ball, I've emailed my solicitor as well - and then to add one more twist......

My previous buyer (who I really wanted to lose it with but remained gracious) - offered my EA that the new buyer could buy the searches he had done on my property - and all except the Land Registry search have already come back.....!

So I hope, hope, hope, hope that this is the end of the rollercoaster of emotions I have been on for 4 months. I really have faith in this guy and I hope he doesn't let me down - I know its always a possibility something could go wrong but finally I can start feeling excited again and not dreading every call I get

But the lesson is for anyone out there who thinks everything is crumbling around them - sometimes its not. There might just be a silver lining somewhere......

Wish you the best of luck with your new buyer!

NameUnavailable said:

Assuming your new buyer is getting a mortgage it's unlikely that their lender will accept 'old' searches (or have you already asked the question?). With that in mind be prepared to miss the SD holiday deadline.

Good luck with the sale/purchase.

The lender may accept a search indemnity policy instead of new searches - quite a few are at the moment!

mowgliisaG

@Cuddlybearman so happy for you and hope this now works out for you..you deserve it!!!
House buying is such an emotional rollercoaster and life consuming...but you have stuck in and persevered. You fully deserve this luck and it will work out for you now..

keep us all updated!!

HanPop

Just reading your post reminds me of what an awful time we had selling/buying and we were only in a small chain! Gosh it was one of the most stressful times of our lives - buyers pulling out at exchange, 24 more viewings on our property whilst we have 3 little ones was a nightmare, housing developer putting the house we were buying back on the market (it was the only house of its type that suited us/right area/right price etc) and then being told others were trying to purchase the plot we wanted, my husband kicked our for sale sign down in frustration and said he couldn’t take anymore ironically on the day we got our new buyer. We finally moved in a year ago exactly thank goodness, I hate thinking back to that awful time. So you have my sympathies!! Good luck I hope it all works out for you. I have definitely been put off moving again!

Peppermint90

From reading all these posts on this forum, I realise that to get where we want to be in the end, perseverance is KEY. And that is giving me the strength to push on. 
If I hadn't stumbled upon this site, I would have thought my home buying hurdles were unique to me...I'm unlucky, I'm hopeless, home buying isn't for me etc...and have given up. That's not to say I don't at all get these feelings...I am feeling somewhat unlucky; but seeing others overcome their obstacles is giving me hope that I can too...

Good luck with your new buyer, and your purchase OP! 

badger09

@Cuddlybearman
That is fantastic news! Hope it goes through in record time with no more bumps in your road.

We're hoping to exchange tomorrow and complete on 4th, on a property where the previous failed buyers pulled out on agreed day of exchange. It went back on the market on 17th November  - the day before we lost (for the 2nd time) our 'next perfect home' 3 months into the purchase. So your luck definitely can change.

Cuddlybearman

NameUnavailable said:

Assuming your new buyer is getting a mortgage it's unlikely that their lender will accept 'old' searches (or have you already asked the question?). With that in mind be prepared to miss the SD holiday deadline.

Good luck with the sale/purchase.

They are a week old......

mowgliisaG

Cuddlybearman said:

NameUnavailable said:

Assuming your new buyer is getting a mortgage it's unlikely that their lender will accept 'old' searches (or have you already asked the question?). With that in mind be prepared to miss the SD holiday deadline.

Good luck with the sale/purchase.

They are a week old......

I’ve heard of this happen...should be fine as long as they agree to sell them 

Cuddlybearman

mowgliisaG said:

Cuddlybearman said:

NameUnavailable said:

Assuming your new buyer is getting a mortgage it's unlikely that their lender will accept 'old' searches (or have you already asked the question?). With that in mind be prepared to miss the SD holiday deadline.

Good luck with the sale/purchase.

They are a week old......

I’ve heard of this happen...should be fine as long as they agree to sell them 

Yes they have agreed to sell the ones they have and the last one when its comes back for £315 - its between the solicitors and both say its ok

badger09

If you need a mortgage, the final decision whether to accept previous searches or not, will lie with your lender. Fingers crossed!