Selling our house we've already got an eye on one...

MaiTai

I really hope this works out for you but can see several pitfalls 

Affordabilty.
You mention you have recently doubled your salary and your combined income equates to around the national average.Depending on how recently this has happened it is possible you may not yet meet your lenders affordabilty criteria.How much equity do you have in the house you intend to sell.

Proceedabilty
You are not yet under offer on your existing property and are yet to bring it to the market

Low Ball Offer
We do not know the circumstances of the vendor of the house you are interested in.They may well have an expectation of a certain minimum price in order to proceed with their own onward purchase.Personally I would consider an offer of £35000-45000 under asking insulting particularly if the property is being newly marketed.I would consider it too low for meaningful negotiations to take place moving forwards.

Listed Biulding
If,as someone else has suggested,the building is listed then this potentially throws more problems into the mix.You need to check TSB’s policy as they may not offer the LTV you need to proceed.Make sure you research and understand fully the implications of owning a listed building.If it is the property suggested buying a property with an EPC of F is madness.

Conveyancing
If by some miracle you do manage to secure the property choose your conveyancer very carefully as listed buildings can throw up a variety of curveballs.

mrsmortgage

babyblade41 said:

I wouldn't buy your house because you will only move if you can buy the one you want... I could go through the process and half way through something goes wrong with the one you want to buy and bang all gone to hell in a hand cart , with this in mind your potential buyer pool is less than others .

After buying and selling many times and just about to go on the market again I will only allow those that are proceed able  to view and I do mean under offer not just on the market .

I have been saving properties on my RM account for about 6 months and refresh every 2 weeks so I have a few pretty firm ones I'd like to view when I become under offer if they are still available.

The only way you can proceed is be under offer yourself before anything , also with your mortgage you need to know exactly what your financial position is ... .

The difference is, we've been looking for months now, and we've only been able to see 3 that we would buy (without viewing them) and none of them have been on the market at the same time. We're in a position that not any house will do. As we have very specific wants (and needs) 

Keswick1uk

babyblade41 said:

I wouldn't buy your house because you will only move if you can buy the one you want... I could go through the process and half way through something goes wrong with the one you want to buy and bang all gone to hell in a hand cart , with this in mind your potential buyer pool is less than others .

After buying and selling many times and just about to go on the market again I will only allow those that are proceed able  to view and I do mean under offer not just on the market .

I have been saving properties on my RM account for about 6 months and refresh every 2 weeks so I have a few pretty firm ones I'd like to view when I become under offer if they are still available.

The only way you can proceed is be under offer yourself before anything , also with your mortgage you need to know exactly what your financial position is ... .

This is why we aren't selling but, to the credit of the OP, being in Cornwall makes this situation even worse. Honestly, there are soooo few houses to choose from. It's a problem the country over but with fewer houses anyway, the problem here is a problem on steroids.

mrsmortgage

MaiTai said

Affordabilty.
You mention you have recently doubled your salary and your combined income equates to around the national average.Depending on how recently this has happened it is possible you may not yet meet your lenders affordabilty criteria.How much equity do you have in the house you intend to sell.  --- I've already checked with broker and she says that isn't a problem. 

Proceedabilty
You are not yet under offer on your existing property and are yet to bring it to the market  -- That is indeed true, which is the biggest "issue" 

Low Ball Offer
We do not know the circumstances of the vendor of the house you are interested in.They may well have an expectation of a certain minimum price in order to proceed with their own onward purchase.Personally I would consider an offer of £35000-45000 under asking insulting particularly if the property is being newly marketed.I would consider it too low for meaningful negotiations to take place moving forwards.  -- He's already sold it last year and everything fell through so he now has to start looking again (he also increased the price in the process). 

Listed Biulding
If,as someone else has suggested,the building is listed then this potentially throws more problems into the mix.You need to check TSB’s policy as they may not offer the LTV you need to proceed.Make sure you research and understand fully the implications of owning a listed building.If it is the property suggested buying a property with an EPC of F is madness. --- Broker has checked and she sees no issues. I do understand they're not as easy as I might envision them though. 

Conveyancing
If by some miracle you do manage to secure the property choose your conveyancer very carefully as listed buildings can throw up a variety of curveballs.  -- We used a great one last time. I've recommended him to other and we'll definitely use him again. Last time from offer to moving in was 6 weeks! 

mrsmortgage

Keswick1uk said:

This is why we aren't selling but, to the credit of the OP, being in Cornwall makes this situation even worse. Honestly, there are soooo few houses to choose from. It's a problem the country over but with fewer houses anyway, the problem here is a problem on steroids.

And we want to stay in the town we live, which IMO makes it even worse. 

JJR45

mrsmortgage said:
He's already sold it last year and everything fell through so he now has to start looking again (he also increased the price in the process). 

I think on a grade 2 listed building and house prices increasing in value why that was. I would suggest it is most probably something to do with the survey or the searches.
So something expensive to fix or something that can't be sorted easily / timely.
No buyer goes through the cost of buying to pull out for no reason.

mrsmortgage

JJR45 said:

I think on a grade 2 listed building and house prices increasing in value why that was. I would suggest it is most probably something to do with the survey or the searches.

He obviously blames conveyancers... And there's this commercial use from the 80s that became problematic at some point. 

JJR45

mrsmortgage said:

He obviously blames conveyancers... And there's this commercial use from the 80s that became problematic at some point. 

Can't see the old commercial use being an issue now if converted.
He may blame convayencers, but their job is to act in the buyer's best interest. 
If they can't be honest upfront about why it fell through do you really want to go through the cost of finding out (searches, valuations etc). Sounds like it is an issue they are hoping does not crop up again in a survey to me.

lookstraightahead

If you have 4 kids and 2 pets and an income of £60000 - your outgoings must be big, even with no debts. £300000 is max at 5 x joint salaries - are your bank statements showing how much you spend on food, clothing, vets insurance, cars, petrol etc? 

Ps if you're using gifted money this needs to be part of the process with proof of funds for the mortgage company.

im not sure your figures add up - unless you sell your foreign property and have the funds in your bank account before applying for the mortgage so that you can borrow less.

ive just bought a really old property between two listed buildings. I looked into listed buildings a lot as they need doing up. It's really complicated, and expensive, to maintain listed buildings (eg, permission, certain type of materials for roof, windows  etc) 

mrsmortgage

lookstraightahead said:

If you have 4 kids and 2 pets and an income of £60000 - your outgoings must be big, even with no debts. £300000 is max at 5 x joint salaries - are your bank statements showing how much you spend on food, clothing, vets insurance, cars, petrol etc? 

Yes, and I guess we're just frugal? Also 3 out of 4 kids don't live FT with us. We spend £2k each month which by all means apparently is pretty low, all expenses covered. Never had an issue with affordability.