Prosperous & Creative Soul & MFW Year 3

TallGirl

That is a good rate for an ISA! Well done on the tidy up I would have done the same with the cleaner kindness goes a long way and I agree charity begins at home. 

savingholmes

Thanks TG

A bit down this afternoon.

The survey and valuation on the new place has thrown up a few issues including a query over whether they have building regs approval for their works to the property. There's a crack above the converted garage window - which suggests they didn't put the right lintel in. Makes you wonder about the other 'improvements' she made. There is some condensation in the loft as its 'sweating' but he thinks she just blocked the roof vents with insulation. Minor damp spots in the house but he doesn't think it is penetrating damp. He reckons the garden issues can be fixed for a few hundred quid. More worryingly - he thinks I may have over-offered by £25-30K. He's going to carry on his review of sold prices nearby but it is a concern. He strongly felt I should renegotiate and see if the seller will meet me at least half way - but warned me that she told him she wasn't open to renegotiation.

I have therefore chased up my buyers as they haven't sorted the valuation or survey out yet as far as I am aware in which case - I need to know the outcome of that - before I can consider what level of renegotiation I would want to make on the house purchase. In chasing my EA on my sale she said they had lots of gifted deposit sources which was probably what was causing some of the hold up on their side as each one would need verification. But she too felt it was dragging on and they should be closer to mortgage offer by this point. 

If I still get the full agreed price here - I could swallow the difference - but it's the question of should I? However if I pulled out, I'm not sure I've got it in me to continue the process by offering on a different house. I've got limited energy for this kind of disruption and just want some certainty. However - I really like the house I picked and think I could be happy there. I am planning to put a new kitchen in at some point though so it's not without future investment needs but was closer to 'sorted' than most of the ones I viewed especially for its price bracket.

If I stayed here - I'd want to fix the gas fire, do something about the creaky stairs issue (where it also goes down on the turn point) and at some future point upgrade kitchens and bathrooms but no rush as the latter are pretty functional. However, I feel fed up of living here and want a change and a pretty view of hills to wake up to...

Right time to dash off to art class which should cheer me up somewhat...

KajiKita

I read the feedback from the surveyor as thorough but pragmatic - some I’ve read have been so melodramatic they have been nonsensical! 😉
Definitely ask about the building regs query - that will give you some leverage on the price. But inevitably it will depend on whether she actually wants to move. Other than the converted garage and a possible new lintel, are there any other major structural improvements that the vendor has done?

Hope you are enjoying the art class 😊

KK

savingholmes

Thanks KK. The vendor has moved some walls and doors and put in an internal window and replaced all the external windows and probably the door so quite a lot.

I need to know what's happening with the survey and valuation on this house - but ideally need it to be at least a week away from now as the house - well the lounge mainly - feels super messy. It's the sort of job that you spend more time
over procrastinating than doing but I still don't feel I have it in me to resolve at the moment. Will see how the weekend goes. 

Art class was fun and artistically scary as he got me to add shadows in to the portrait I did of DD and advised on colour - but it feels a bit too extreme so I need to consider how to scale it back another day and where appropriate blend it a bit more. However it has worked in terms of shadows from a distance and I never would have dared used those colours without the advice but the skin just isn't 'pink' enough for my taste. Parts of it also look like she's wearing a mud pack but other than those minor details it's great!! It'll work out. It definitely has more depth than it did before. I then need to 'ravage' DS's portrait in a similar way to improve a sense of depth. He's said if I need to I can take both portraits in again next week and he'll advise further.

Day job tomorrow and then it's the weekend. Can't wait for the break. I think I need to add in some part or full day's leave before the Xmas break as I really want a break now rather than waiting another 3 weeks.

Blackcats

I think @KajiKita has accurately summed up the survey report as thorough and pragmatic.  You do need to get assurance on the building regs asap but some of the issues that have been flagged don't seem too significant.  I can't recall if the valuation part is for you or the mortgage company?  I think it's hard to know what it means when they say you've over offered by such a significant amount.  Is it because the market has fallen or because other non identical houses in the postcode or local area have sold for less?  

It's a difficult situation - as a buyer you might feel you need to re-negotiate but with your seller's hat on how would you react to your purchasers coming back to you to discuss a lower price?  

I agree that it seems to be taking quite a while for your buyers to progress through this phase.  EA needs to hurry them up.
I hope that your art class was a good distraction and that you got some sleep.  Could you book a days leave to give you a long weekend before the Christmas break?
ps I'm up this early as I've got a school drop off to do for a grandchild.  It feels very strange to set the alarm again 🥴

MovingForwards

Building regs, check when the work was done as there's a certain amount of years that have passed when no action can be taken, ask the surveyor if he believes there to be any issues with the work and get her to pay for an indemnity policy.

Lintels are not expensive and can be put in after the event. 

Damp could be something simple like having a bush, plant or other structure eg shed against the wall. 

If you feel this property meets your lifetime needs and you wouldn't be moving again, it's worth paying a little more.

One question to ask yourself are you moving to avoid doing maintenance / updating to your current property? You've mentioned a few 'minor' things to the interior of the current house several times but kitchens and things are part and parcel of home owning.
- I'm deliberately not mentioning the outside as I know the privacy issue is one which bugs you.

Use the time between now and getting the bank offer to really weigh everything up.

savingholmes

Thanks Blackcats and MF

The mortgage company rang before my alarm went off. The final valuation was £20K below. They asked if I planned to renegotiate with the seller or proceed. If I wanted to proceed they'd pass my case to the offer team. I said I needed to know what was happening with my buyer - and their survey and valuation hadn't taken place yet. We agreed to put the offer on hold until I know more. That valuation would put me at 69% LTV rather than the circa 65% it would have been at a higher value. That should mean that I still get an offer.

£20K feels better. It also reminded me that when the official valuation came in on this house - 2 years ago it was around £20K lower than what houses in this area were achieving at the time. That too made me feel more relaxed about it as I remember feeling outraged that they'd valued it so low. However - that's only okay if my buyers don't get a lower valuation and re-negotiate or pull out.

I've just spoken to the EA for my sale - she doesn't think they are having a survey. They claim to be expecting an offer within a week. She is going to try and find out if the valuation is due to be virtual or not. They don't seem to want to pay extra for a survey so that could be positive. She also felt my buyers weren't dragging their feet deliberately they were just inexperienced and needed handholding. She plans to contact their mortgage adviser today directly for an update. She thinks I should try and renegotiate on my purchase and that most sellers will concede at least part of the money. She feels I have nothing to lose by trying. Now working out whether I need to do that via a phone call or an email.

MF - the DIY jobs on this house feel relatively minor in the grand scheme of things especially compared to the cost of moving. Even if I had all new stairs here - we are talking around £2K. A new gas fire is £250 plus cost of fitting. Now I have savings that is achievable. You're also right that privacy is my main issue here - although putting up some privacy film has helped a lot with that.

Got to sleep around 3am again. But - my new meds (the better ones reinstated at an initial lower dose) are arriving this morning - and I'm hoping that I will then be more focused during the day and my sleep will comparatively improve.

savingholmes

Received £20 in interest today.

Paid off £664 from mortgage capital 

LadyWithAPlan

Big decisions to be made  - i guess the building regs is the most important one by far ...and definitely something there should be negotiation on - can these be checked before you buy? I have never bought a home but I assume one should always expect issues to turn up once you buy so having a EF/updates fund for the house  is always needed. I have heard 1-3% per year of the house value? 

If you love the new place and think its your next step for your life then its worth a few awkward money conversations with the seller. if the building regs are dodgy what she wants money wise has to change or you have to walk - 

MovingForwards said:

Building regs, check when the work was done as there's a certain amount of years that have passed when no action can be taken, ask the surveyor if he believes there to be any issues with the work and get her to pay for an indemnity policy.

Lintels are not expensive and can be put in after the event. 

Damp could be something simple like having a bush, plant or other structure eg shed against the wall. 

If you feel this property meets your lifetime needs and you wouldn't be moving again, it's worth paying a little more.

One question to ask yourself are you moving to avoid doing maintenance / updating to your current property? You've mentioned a few 'minor' things to the interior of the current house several times but kitchens and things are part and parcel of home owning.
- I'm deliberately not mentioning the outside as I know the privacy issue is one which bugs you.

Use the time between now and getting the bank offer to really weigh everything up.

This all seems v wise advice especially the indemnity policy if it can be done if she wont budge much on price. How would you enforce that going forward annually?  Can you guarantee she pays it for X number of years? Not sure the process but  it could work over a few years  but for too many it wont.

Good Principal payment and Isa 5.2% - 

savingholmes

Thanks LWAP

I took the plunge and wrote to the EA asking if the seller will renegotiate. Will see what they come back with. That was mid afternoon but no response yet - but I didn't really expect one. My EA seems reasonably certain that my buyers will sort a valuation soon but are unclear if it is in person or not and whether it's the bare minimum. They seem quite cost rather than risk conscious so EA thinks they are going for the lowest cost version.

I went back on the August meds today - they are so much better. I can't fully describe the difference but these are lovely in comparison. These genuinely helped with focus - but almost more importantly for me - my desire to constantly stuff my face evaporated again immediately. I've had no snacks yet today. I will this evening - but at least it save the extra grazing calories earlier in the day. Just had some clementines while I wait for tea to cook. Just some croquettes plus YS chicken and veg leftovers from the other day.

I've had my heating on more this week - hoping I don't regret it. Typically it's my gas smart meter that isn't talking to the house thing. My elec one is talking and that has dropped with the price drop and DD moving out - so I'm reasonably comfortable on elec spend but unsure re gas. I think sub-consciously I'm also using the heating more in the hope of avoiding any surveyor related issues at this house.

MF the damp spots are both on the hill side one in the bedroom and one in the kitchen - but he did say it was freezing when he was visiting - and he said it wasn't penetrating damp so hopefully will be okay. He also said the drive and then entrance into the house was a bit wonky and bad workmanship - I must admit I didn't notice when I went round so not really sure what he's talking about until he sends the report.

I need to print my solicitor forms, get them witnessed and posted. I've belatedly realised they are trying to prepare for the Xmas break and to avoid hold ups later.