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  • FIRST POST
    • MSE Amy
    • By MSE Amy 22nd Jan 14, 10:12 AM
    • 28Posts
    • 36Thanks
    MSE Amy
    Buying a Home - the Timeline Guide
    • #1
    • 22nd Jan 14, 10:12 AM
    Buying a Home - the Timeline Guide 22nd Jan 14 at 10:12 AM
    Hi!

    This is the discussion thread for the



    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.


    Thanks folks,
    Last edited by MSE Helen S; 12-06-2014 at 6:21 PM.
Page 1
  • Squiggles2312
    • #2
    • 2nd Feb 15, 11:43 AM
    • #2
    • 2nd Feb 15, 11:43 AM
    I am having a nightmare buying a property and wondered if anyone had been through the same?
    - Mid October we offered on a property and it was accepted (full asking)
    - We are now in February and he hasn't found a property, and cant sell and move into rented because of the mortgage repayment penalty of £8k!
    - We love the house but don't know how to move it along.
    Thanks!
    • G_M
    • By G_M 2nd Feb 15, 12:01 PM
    • 50,503 Posts
    • 63,093 Thanks
    G_M
    • #3
    • 2nd Feb 15, 12:01 PM
    • #3
    • 2nd Feb 15, 12:01 PM
    Yes.

    Lots of people go through this, or similar circumstances.
    • ~Beanie~
    • By ~Beanie~ 2nd Feb 15, 12:29 PM
    • 2,948 Posts
    • 2,134 Thanks
    ~Beanie~
    • #4
    • 2nd Feb 15, 12:29 PM
    • #4
    • 2nd Feb 15, 12:29 PM
    You can't really move it along, you either wait for him to find somewhere or give upon this house and start looking for something else.

    • kingstreet
    • By kingstreet 2nd Feb 15, 1:08 PM
    • 35,670 Posts
    • 19,513 Thanks
    kingstreet
    • #5
    • 2nd Feb 15, 1:08 PM
    • #5
    • 2nd Feb 15, 1:08 PM
    Please tell us you haven't spent money on legal and mortgage fees and your offer is due to expire next month!
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Richard Webster
    • By Richard Webster 2nd Feb 15, 2:30 PM
    • 7,489 Posts
    • 7,213 Thanks
    Richard Webster
    • #6
    • 2nd Feb 15, 2:30 PM
    • #6
    • 2nd Feb 15, 2:30 PM
    The guide doesn't seem to mention chains.

    As soon as the seller is buying something else you can get into a land of unknown variables.

    Estate agents will tell you "it's a very short chain...." Unfortunately, at best this information may be up to date and accurate at the time it is given you, but very quickly becomes inaccurate and out of date. At worst it is wrong, being based upon 3rd/4th hand misinformation from other estate agents/sellers in the chain.

    Do not trust anything you are told about the state of the chain, without actually talking to all the people involved (which is difficult).

    "It's a short chain - the top property is a probate sale so there's no problem there." When did the person die? Have the executors obtained a garnt of probate or are they just thinking about it? Depending on complexity and size of the estate this can take between 6 weeks and a year! Sale can't go through until there is a grant of probate. Unfortunately a lot of families put the deceased's property on the market before even thinking they need a grant of probate.

    "The sellers are splitting up and moving out...." Are they? Did you speak to both of them to find out their attitude towards the sale? "The estate agents told us,...." Trouble is that sometimes only one of the joint owners really wants to sell and gets the agent in. Maybe the other has moved out - but his/her signature is still needed and it may not be forthcoming unless he/she gets paid what he/she wants. Don't believe the agents on this kind of thing - check it yourself and if you can't get the info, buy something else and tell the agents why.

    Even if you have spoken to both of a divorcing couple and they say they have agreed the finances, you may find that down the line of them is advised by his/her solicitor to get a consent order concerning the property and money so the other can't come back and ask for more. Such orders can take 2-3 months to obtain....

    "The sellers haven't found anything yet..." The normal advice is not to accept offers from buyers who need to sell and haven't got a buyer,so in itself that is understandable. However you should give them too long and you should ask:
    (1) what they are looking for and
    (2)why they want to move.

    (1)You need to know they are looking for X kind of property in Y area and are going up/down market. You can then do your own research as to how likely they will find X in Y at the sort of price they might afford. If your research shows that there is little/no chance of them finding such a property, unless they are prepared to move out and rent while they look so the sale to you can go through then don't offer. Assurances about them moving out if necessary should be obtained directly from the sellers not via the estate agents. Too many times have the buyers sworn the sellers said they would move out when it was the agents saying it without authority from the sellers.

    (2) If the sellers have a vague reason for moving and vague future requirements they may easily change their minds later. Again you need to talk to them personally rather than hear a 2nd hand edited version from the agents.
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
  • Snibble
    • #7
    • 1st Mar 15, 9:22 PM
    • #7
    • 1st Mar 15, 9:22 PM
    Make sure your buyers are using a good solicitor! Preferably recommended by the estate agent.
    We are in a very annoying situation caused by our buyers atrocious solicitors. They offered on our house end of October, we had not found anything and would move into rented so said the sale should go ahead asap. We then found something mid Jan, it then turned out our buyers solicitors had not even started the process/ordered searches etc. All our conveyancing was done in 5 weeks, we are ready to exchange....except our buyers solicitors are being incredibly slow/refusing to pick up the phone to anyone/refusing to ring back solicitors and estate agents/saying they have not received documents that they then mysteriously "find" when questioned by our solicitor. I don't understand how it has taken them over 4 months so far to achieve very little! We have been chasing for a response to the fixtures and fittings form for 2 months now as we want to sell the stuff otherwise...
    Apparently the solicitors are also being incredibly slow for our buyers in the selling of their flat and not answering questions/sending documents in that direction.
    They've got solicitors and estate agents chasing them in all directions yet they still won't hurry up. I'm furious and if it's not sorted by the end of the week will be pulling the sale and renting the house instead as we have spoken to a mortgage advisor and this is entirely possible.
    Funnily enough those particular solicitors have asked our estate agents to be recommended in the future...hmm!!! Not likely!!
    Last edited by Snibble; 01-03-2015 at 9:28 PM.
    • kingstreet
    • By kingstreet 2nd Mar 15, 7:37 AM
    • 35,670 Posts
    • 19,513 Thanks
    kingstreet
    • #8
    • 2nd Mar 15, 7:37 AM
    • #8
    • 2nd Mar 15, 7:37 AM
    Make sure your buyers are using a good solicitor! Preferably recommended by the estate agent.
    Originally posted by Snibble
    Which is likely to ensure only that the agent gets another fee, for introducing to the solicitor.

    It certainly doesn't give any indication of quality.

    Think Countrywide...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • cfcgirl
    • By cfcgirl 9th Feb 17, 2:44 PM
    • 3 Posts
    • 0 Thanks
    cfcgirl
    • #9
    • 9th Feb 17, 2:44 PM
    Surveyors Reort
    • #9
    • 9th Feb 17, 2:44 PM
    A friend is buying her first home and as she only needs a small mortgage had an independent homebuyers survey done.

    Her mortgage broker however has got a copy of this report and sent it to the estate agent without her knowledge. I have never heard of this before and struggle to find this legal ?
    • Surrey_EA
    • By Surrey_EA 9th Feb 17, 3:07 PM
    • 1,861 Posts
    • 2,613 Thanks
    Surrey_EA
    A friend is buying her first home and as she only needs a small mortgage had an independent homebuyers survey done.

    Her mortgage broker however has got a copy of this report and sent it to the estate agent without her knowledge. I have never heard of this before and struggle to find this legal ?
    Originally posted by cfcgirl
    How did her mortgage broker get a copy of the homebuyers report, if it was an independent survey?

    Why did the broker think it necessary to forward a copy to the EA?

    However, can't think of any laws that have been broken here. Were there any issues with the property highlighted by the survey?
    • Joeread
    • By Joeread 29th Jan 19, 9:38 AM
    • 52 Posts
    • 0 Thanks
    Joeread
    no planning permission
    Hi

    My girlfriend and i are in the process of buying a house. The searches have come back and it has come to light that the lady selling the house has no paperwork for the extension at the back of the house. This was built in approximately 1980. What was the law back then regarding planning permission and building regulations? Is there anything we would need to do before we move in or to cover ourselves? The solicitor mentioned a structural engineer having a look at it. Advice would be much appreciated.
    • Surrey_EA
    • By Surrey_EA 29th Jan 19, 10:13 AM
    • 1,861 Posts
    • 2,613 Thanks
    Surrey_EA
    Probably best to stick to your other thread.
    • lisyloo
    • By lisyloo 29th Jan 19, 1:08 PM
    • 25,526 Posts
    • 13,725 Thanks
    lisyloo
    Which is likely to ensure only that the agent gets another fee, for introducing to the solicitor.

    It certainly doesn't give any indication of quality.
    This is not always true.
    My solicitor does not pay referral fees.
    You say its no indication of quality but why else would an EA refer an agent that was NOT paying them fees?


    https://wards.uk.com/news/wards-solicitors-welcomes-new-guidelines-on-the-payment-of-referral-fees-to-estate-agents/


    We know that many estate agents do in fact regularly recommend us but that this is based entirely on our experience, extensive local knowledge and reputation for reliability. And we believe that this, rather than a financial transaction, is exactly how a recommendation system should work.

    The EA refers them of course because they are really good.
    • jneves
    • By jneves 10th May 19, 8:12 AM
    • 23 Posts
    • 8 Thanks
    jneves
    On gazumping - why not suggest home buyer's insurance?
    Hi,


    I'm at the stage where I had an offer accepted yesterday and, because of the fear of being gazumped I've bought home buyer's insurance. Is this option not on the guide for some reason? Did I just fall for a scam?


    We're still trying to get as fast as possible to the contracts exchange, but I still feel more comfortable paying £69 for the fees protection (in our case almost £2000).



    Thanks in advance,
    Joćo
    • hazyjo
    • By hazyjo 10th May 19, 10:30 AM
    • 12,523 Posts
    • 17,190 Thanks
    hazyjo
    Hi,


    I'm at the stage where I had an offer accepted yesterday and, because of the fear of being gazumped I've bought home buyer's insurance. Is this option not on the guide for some reason? Did I just fall for a scam?


    We're still trying to get as fast as possible to the contracts exchange, but I still feel more comfortable paying £69 for the fees protection (in our case almost £2000).



    Thanks in advance,
    Joćo
    Originally posted by jneves
    Please can you start your own thread? Thanks.
    2019 wins: Bottle of Prosecco; Popcorn Shed popcorn; Moisturising 'M&S Time Capsules'; Case of Boost Sport + £30 Just Eat voucher; Battle Proms tickets and hotel; under-eye serum...
    • Halfcard
    • By Halfcard 25th Jun 19, 12:23 PM
    • 1 Posts
    • 0 Thanks
    Halfcard
    A step-by-step guide to our (15 month) house moving experience (thus far)

    STEP 1 Decide not to buy for 2 years
    STEP 2 Immediately spot a property (#1) you really like
    STEP 3 Begin to market own property and attempt to keep house tidy (challenging with 2 young kids)
    STEP 4 Be tempted to a new build (Property #2)
    STEP 5 Get interest from Buyer #1 who markets so that they can buy yours
    STEP 6 Accept substantive offer from Buyer #2
    STEP 7 Have offer accepted on Property #2
    STEP 8 Begin purchase and sale process, including £100s on snagging survey
    STEP 9 Buyer #2 has issues with financial advisor and lender so switches lender, adding more time
    STEP 10 Property #2 Developer has issues with slow solicitor
    STEP 11 Months go by with delays at both ends of the chain
    STEP 12 Buyer #1 has now sold and continues to show a lot of interest, but you honour Buyer #2's commitment
    STEP 13 Property #2 Developer threatens to re-market.

    ...1 week from exchange
    STEP 14 Buyers #2 get divorced
    STEP 15 One half of Buyers #2 considers purchasing alone but realise they can't afford it. Lose buyer and £2,000 in solicitor fees.
    STEP 16 See if Buyer #1 is still interested but find they have now progressed with another property
    STEP 17 Property #2 is re-marketed
    STEP 18 Consider giving up, but continue as you've already invested time, money and several sleepless nights
    STEP 19 Continue to market own property in hope of finding new buyer (more panicked tidying)
    STEP 20 Wait 1 month
    STEP 21 Accept offer of full asking price on condition of sale from Buyer #3
    STEP 22 Renegotiation: Reduce price to assist Buyer #3 in making their own sale more competitive
    STEP 23 Receive more viewings (panicked tidying continues)
    STEP 24 Conduct own viewing on Property #3 as a backup, but start to prefer it
    STEP 25 Continue focus on Property #2 as already invested
    STEP 26 Property #2 is taken off the market. Chain officially collapsed. Lose further £3,000 in fees


    …just 1 week later
    STEP 27 Suspect Buyer #3 is time wasting , but
    STEP 28 Accept substantive, full asking price offer from Buyer #4 on the same day
    STEP 29 Have offer accepted on Property #3, which you prefer anyway
    STEP 30 Wait 2 months
    STEP 31 Renegotiation: Reduce price on your property to assist with general repairs


    ...3 days from exchange
    STEP 32 Buyer #4 loses their own buyer due to unsupported claims of underpinning
    STEP 33 Buyer #4 pursues a buy-to-let mortgage on their own property to expedite move whilst also marketing
    STEP 34 Renegotiation: Reduce price further to assist with buy-to-let fees
    STEP 35 Buyer #4 finds their own new buyer
    STEP 36 Wait 2 months for their mortgage application to progress
    STEP 37 Buyer #4's lender offers buy-to-let mortgage
    STEP 38 Plan for exchange (again)
    STEP 39 Buyer #4's lender withdraws buy-to-let mortgage on basis that they're also selling (i.e. short term loan)
    STEP 40 Wait further 2 weeks
    STEP 41 Buyer #4 discovers their property was underpinned several decades ago
    STEP 42 Fear history repeating itself
    STEP 43 Feel relief that Buyer #4's buyers want to continue with the purchase
    STEP 44 Buyer #4's buyer has mortgage offer accepted
    STEP 45 To Be Continued…

    Lessons Learnt

    *Sometimes losing out on a property is better in the long run
    *Having this many hiccups is thankfully rare but don't expect things to go smoothly either. Hiccups are normal.
    *Keeping a house tidy for viewings at short notice is hard, especially with kids
    *Patience is a virtue
    *For every month's delay, you're saving a month's worth of additional mortgage costs.
    *It's not yours until you have the keys
    *Tell yourself 'IF' not 'WHEN', you'll feel better in the long run
    *At the end of the day, it's just a house
    *Sometimes you can't control the process, you just have to go with it
    Last edited by Halfcard; 25-06-2019 at 12:34 PM.
    • correll
    • By correll 25th Jun 19, 9:11 PM
    • 76 Posts
    • 44 Thanks
    correll
    @Halfcard, good grief, that is awful. Thanks for sharing - at the beginning of the process there is a lot of excitement slowly being replaced with trepidation! . We have only been at it 8 months and it feels like a lifetime! The trouble is when you are let down you do lose faith and think every buyer / seller is going to cause problems. I agree that sometimes losing out on a property is better in the long run and that it is not yours until you have the keys. We are hoping to exchange tomorrow
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