Prosperous & Creative Soul & MFW Year 3

try_harder

I love the snow but only at Christmas ,if only!

beanielou

Positive vibes on the cleaner. 

savingholmes

Thanks Beanie and Try Harder

Bad news on my purchase. The seller unwilling to negotiate at all and threatened to just pull out as she needs certainty. She might be willing to fix things / give an indemnity. Seller admitted no building regs and she had indemnity insurance originally. I am now doubting myself - as I too need certainty - and the piddling little issues the buyer's solicitors keep raising are super annoying... e.g. already said I don't have window keys so no point asking for them again! etc. 

I ended up booking a part day off as I have no concentration and am feeling really fed up. Trying to weigh up the pros and cons of moving - particularly if the buyers try to knock down my home value too. They still don't have a valuation date. Part of me wants to go ahead with the planned move - for certainty - another part is fearful around future negative equity - but TBH that can arise at any time.

I viewed a house on a road with stunning views (reliant on neighbours keeping hedge trimmed) that's slightly closer to work, and close to a decent town, hospital etc. I've asked to view it to help cement my decision. The other house on that road is up for £270K and I walked away despite loving the views after taking Sis and BIL to look at it and they said too much work needs doing. This one seems to have had ever such a lot done - and to a reasonable standard and is up for £250K. The house I'm buying is up for £295K and I offered £285K and have been told I should have offered £265K.

It's that debate of - if I bought a cheaper house - I could be debt free quicker and 'free' quicker. The £250K house if suitable on inspection - would have the benefit of having all facilities on its doorstep and being an hour or so away from work instead of closer to 90 minutes. Instead of being 50-60 miles away it would be around half that. I think I'll go for a drive and check the area out again although whether my buyers would wait if I switched house I don't know. Their original offer said they want to move no later than end of January.

It's the only house that jumped out at me when I searched nearby areas again for places with views.

beanielou

No words of wisdom from me I am afraid. 

EssexHebridean

If your seller bought the house with the issues, and so had indemnity issues at that stage, then that indemnity insurance should just pass to you - that is one for your solicitor to check on. MF is correct about not contacting the local Authority about it directly too!  

As for your buyers - I'm surprised their solicitor is doing the gifted deposit stuff before they've even got an mortgage offer - that seems a bit back to front to me. As a rule, the gifted deposit letters are usually done later in the process - not least as some lenders want specific wording, others want their own forms signed etc. 

LadyWithAPlan

Sorry to hear re the seller not wanting to move on £££'s - yes maybe seeing a couple other houses will make your mind clear. 
Whats more important to you?  The £285k house  with possible issues - I dont know much about it but  bldg reg issues sound worrying ..

 The drive to work 90mins vs 60 min  is a lot but I suppose you wont be doing it forever..

This £250k option sounds very promising and  if less work  ....

Can you guesstimate possible bldg reg costs will add to the £285k ? Maybe 15k? Can you afford X on having to fix things?

Maybe look at a spreadsheet the £35k difference in cost - how does plan out with your retirement end date - what if you used the £35k into retirement instead? Or would you rather have the more expensive house.
Think its a decision you need to weigh up for now and also in 10 years when retired etc

35k at 5% .... how quickly will you be MF if you go for the £285k vs a £250k?

On your buyers they seem to be messing around anyway ... Maybe a new home will be a quick move? Is there a chain?

TallGirl

Really sorry to hear this it is such a tricky process and getting the survey back is so scary. The seller is probably just panicking as they have lived there fine with no issues however they should still be willing to negotiate. I would be vary of getting them to do any work you cannot guarantee what they do or to what standard. 

As for your buyers it does sound like to me that they haven't actually got a mortgage or they would have had a valuation by now. Maybe they are struggling with affordability due to the higher rates. 

Only you will know what is best for you. £20K or even £30K does not matter over 10 15 years it is your home not some sort of investment where you have to get a good return. Dp go and see the other house, (maybe even slip that into the EA conversation) and then see if it gives you clarity. 

The house buying process in England is just so stressful because it is so uncertain. 

savingholmes

Thanks Beanie, LWAP, TG and EH

Driven to area. Got here in semi dark. Now in N*nd*s. £35k saving on purchase price is attractive and would save £2.1k on stamp duty equivalent. Was very invested in a neighbour's house in the summer but that was on for £20k more and needed loads of work. The one with joists, sunroom glass needed redoing and collapsing decking.

 This one has a level back garden and stunning views to the front (reliant on lower neighbour agreeing to hedge cutting). It seems to have a new if basic kitchen to my taste and a bathroom with bath and walk in shower that looks lovely. Painted white throughout. Not overlooked.

I would have to pay mortgage fees again around £800 and £100 legal but £300 searches part of transferable pot. I had a no move / limited fees deal.

I will definitely ring tomorrow and try and get appointment.

£35k would give me a full EF and mean I could devote more to AVCs and feel a lot more secure. It being closer and having more facilities locally is a big plus. 

Will see if it's available in practice 

jwil

Sorry about all the house challenges. Hope you get the new viewing.

WelshmansDaughter

It's great that you are going ahead and giving yourself options 😀 

Apparently it was minus 7 one morning 🤷