Under what circumstances does a property go to a closing date?

[Deleted User]

MovingForwards said:

It's not just this property price you need to check, but similar ones on the road / area, then you'll get an overall picture as to how the property prices work during the good and bad times.

Has your solicitor noted your interest in the property? It's not to say you will make an offer but so you / solicitor are told when things change eg going to closing date and anything else.

Yes, been keeping an eye on property in the area for some time (I considered buying in the village last year but it was during the first lockdown and not realistic). Noted recently sold prices and what they had previously sold for. Houses are comparatively cheap in the area - the next door house sold for £140k in December 2020 and it's a huge detached property, at least 3 bedrooms. I understand that things may have changed since then though! 
Solicitor was only arranged on Thursday so will be noting interest on Tuesday (after the long weekend).

Capri84

Deleted_User said:

MovingForwards said:

It's not just this property price you need to check, but similar ones on the road / area, then you'll get an overall picture as to how the property prices work during the good and bad times.

Has your solicitor noted your interest in the property? It's not to say you will make an offer but so you / solicitor are told when things change eg going to closing date and anything else.

Yes, been keeping an eye on property in the area for some time (I considered buying in the village last year but it was during the first lockdown and not realistic). Noted recently sold prices and what they had previously sold for. Houses are comparatively cheap in the area - the next door house sold for £140k in December 2020 and it's a huge detached property, at least 3 bedrooms. I understand that things may have changed since then though! 
Solicitor was only arranged on Thursday so will be noting interest on Tuesday (after the long weekend).

How quickly did you sort a solicitor? We viewed a property today (as first time buyers) and have fallen into the situation that someone else mentioned above. We haven’t sorted a solicitor yet, but have now put the feelers out to one who will hopefully respond on Tuesday. How quickly after contacting a solicitor were you ‘on board’?

[Deleted User]

@Capri84
I contacted and secured a solicitor the same day. I looked on Google and contacted a couple that were well recommended, phoned them, got quotes and then confirmed one of them. It was pretty simple. The estate agent recommended one but the company gets poor reviews. If you have time before Tuesday, it might be worth doing something similar and having a couple of numbers of call on Tuesday. Good luck!

Capri84

Cheers. 

Considering going £5k above the asking price of £235k but we hoping beyond that that we are seen to be preferential due to no chain and no hurry about an entry date so can be up to sellers to decide. 

But speaking to the estate agent today, folk are making ridiculous bids for most properties, and first time buyers aren’t able to match them due to not having the extra money to throw in above the home report value. 

[Deleted User]

Capri84 said:

Cheers. 

Considering going £5k above the asking price of £235k but we hoping beyond that that we are seen to be preferential due to no chain and no hurry about an entry date so can be up to sellers to decide. 

But speaking to the estate agent today, folk are making ridiculous bids for most properties, and first time buyers aren’t able to match them due to not having the extra money to throw in above the home report value. 

I'm hoping the same. Being a first time buyer simplifies things and the flexibility of entry date means that you're potentially saving the seller money going into temp accommodation in the meantime (that's the case in my situation). 
In saying that, you're right about being a FTB - it's challenging to be up against people who may have a lot more money to throw at it, and not having the visibility of how much they're offering. It's a stab in the dark! I'm struggling to come to a figure that is both competitive with regards to other offers and reasonable for me. Difficult to know what that is!

Capri84

Yup. I’m just going to chance it. Not going 10k over as I can’t afford that at all. Hoping by not sticking to rigid £5k increments and maybe offering 6-7k over it might be a decent enough offer. 

But even the EA today was saying she was looking at folks offers and thinking ‘what the hell are you doing?!’

if it falls through, so be it. There will always be another one. Mortgage advisor thinks there will be more supply to the market at the end of april/may 

[Deleted User]

Sounds good! Yes, best not to give a rounded figure. I'm planning a random £200 extra on the end of mine, so that if someone else offers a similar amount, I'll have a slight edge. Sounds like we're in very similar situations, being FTBs and looking at properties that have had a lot of interest. I have known a property to have a lot of interest but then only two offers were made on it, so a lot of interest isn't necessarily a reflection on how many people will be offering. I guess what will be, will be!

getmore4less

Love a find the house challenge.
stick the post code in this search.
https://www.rightmove.co.uk/house-prices/ccnn-ncc.html?radius=3.0&page=1
the one that sold in Jan is potentially a guide.
went for £5055 over asking 
even has a washing machine in the kitchen

[Deleted User]

getmore4less said:

Love a find the house challenge.
stick the post code in this search.
https://www.rightmove.co.uk/house-prices/ccnn-ncc.html?radius=3.0&page=1
the one that sold in Jan is potentially a guide.
went for £5055 over asking 
even has a washing machine in the kitchen

Impressive work! I didn't even clock this. Do you think things have changed since Jan in terms of the housing market? I'm wondering if perhaps the one that sold for £5055 over asking would go for even more now!

getmore4less

Deleted_User said:

getmore4less said:

Love a find the house challenge.
stick the post code in this search.
https://www.rightmove.co.uk/house-prices/ccnn-ncc.html?radius=3.0&page=1
the one that sold in Jan is potentially a guide.
went for £5055 over asking 
even has a washing machine in the kitchen

Impressive work! I didn't even clock this. Do you think things have changed since Jan in terms of the housing market? I'm wondering if perhaps the one that sold for £5055 over asking would go for even more now!

It was a rush I needed to get the BBQ going.

I did not check when it was first listed.
It won't be Jan you need to think about when it went to offer probably late last year.

Although relatively  a lot more and not the new build look and feel it felt better value but they squeeze in those 2 rooms and insulation would have needed investigation.

Have you checked the origins of the one you are looking at for things like planning.
Do you think you can cope with the garden?