julicorn's journey 2 - Moving Up

Karmacat

And so it begins ... who can you pester to move quicker, julicorn?  Bit of pestering can work wonders ... I hope things clear soon.

julicorn

Karmacat said:

And so it begins ... who can you pester to move quicker, julicorn?  Bit of pestering can work wonders ... I hope things clear soon.

Our estate agent is already calling up and down the chain, but honestly it's just not that easy to get an offer accepted quickly in the current climate, and I can see the people at the top of the chain are trying. 
I have to admit, I'm also not willing to start hissy fits because our buyer somehow arranged a mortgage with a 4 month deadline - that is on him Again, we're also not anywhere near exchange on that transaction, so not entirely sure what he's on about tbh. It's not like he's sitting there with everything ready to go. 

Karmacat

Actually, that sounds a very balanced viewpoint, good for you!

julicorn

Thanks @Karmacat, I'm trying. I also just want the chain to be fully formed already, but know it's a bit wild out there at the moment. 
And honestly, if we had to go into rented for a bit because everyone below us is ready, and the chain is still open at the top, we would still consider it. It just feels like pressure is being applied when they don't even have all their ducks in a row yet. Ah well, deep breaths! 

doingitanyway

Delurking and catching up on your diary.
It sounds like a longish chain? 
Hope things start moving soon.

julicorn

Hi everyone! Coming back with news, it turns out we finally have a complete chain! 🥰 it's long and messy, 6 properties in total with a probate bungalow at the top, but after all this waiting time we'll take what we can, haha!
Our buyer also chilled out in the meantime, and is seemingly elated at the news. We all know it'll take quite a while longer from here, but progress is progress. 

@doingitanyway so sorry, I completely missed your post back in May! Thank you for checking in.


In other news:
1) we spent a lovely week at the North Sea coast in Germany late May, that was such a great reset. 
2) do any of you remember that we joined an allotment waiting list 2 years ago? Well, we're nowhere near the top, but we've been invited to view some more "challenging" plots on the weekend, I.e. plots people don't tend to want to take on because they're overgrown or on a slope. We'll go have a look on Saturday- we're definitely up for a challenge, just need to find out quite how big a challenge it is.

Long story short, life is good. I hope you are all doing well ❤

doingitanyway

Congratulations. Your post has given me hope. I am in the exact position you were back in March. 
Glad you had a good reset 

julicorn

doingitanyway said:

Congratulations. Your post has given me hope. I am in the exact position you were back in March. 
Glad you had a good reset 

Still waiting for your chain to come together then? I hope it all goes well for you. 

HelenaPinky

Brand new to your thread Julicorn, interesting to read your journey as you were reducing your mortgage before moving house to a bigger mortgage. Im interested because I’m in a similar situation - have suddenly dived into reducing the mortgage, but we will need to move to a 3-bed in 3-4 years. Do you mind if I ask, did you find you needed a deposit, or did the reduced mortgage mean you didn’t need one? 

julicorn

HelenaPinky said:

Brand new to your thread Julicorn, interesting to read your journey as you were reducing your mortgage before moving house to a bigger mortgage. Im interested because I’m in a similar situation - have suddenly dived into reducing the mortgage, but we will need to move to a 3-bed in 3-4 years. Do you mind if I ask, did you find you needed a deposit, or did the reduced mortgage mean you didn’t need one? 

Hi Helena, thanks for checking in! The short answer is that no one seems to mind what the nature of our deposit is atm, i.e. equity in the flat we're selling vs cash in the bank. The longer answer is that we slowed down our overpayments as we got closer to selling to have more cash in order to pay any fees we'd have to cover, removals, but also in case we're asked to make up a difference in exchange deposit (as there is quite a difference in the 10% deposit for our sale vs our purchase). We've now somehow ended up with more in the bank than we were initially planning on (currently £50k, so might pay off some more of the mortgage in the meantime, seeing as we're still a few months off and our variable interest rate is going up and up). 
I hope that helps