The nervous wait to exchange....

[Skillmister]

I agree you should have been kept in the loop better but you have to appreciate if your solicitor updated every client every day with the current situation no progress would actually be made on anything!

He's right, not much can be done in that situation, he's not going to ring another solicitor every hour because again, nothing else would get done and he should be able to rely on them getting in contact themselves when they are ready to go. If they don't do so that's not really his fault. I'd consider checking once a day sufficient. I've had that kind of thing go on for weeks and taken verbal abuse because I should be able to make the other party answer their solicitors calls I wish I could.

Perhaps the estate agents should be pulling their weight more there , after all they are likely getting paid 3-5x more than the solicitors...!

 

[Irish_Tom]

I agree you should have been kept in the loop better but you have to appreciate if your solicitor updated every client every day with the current situation no progress would actually be made on anything! Snip.

I totally get that, but every client is different, and should be treated as such.

It should have been clear to them by that point that I was proactive, and willing and able to get things done (as proven by the fact that the minute I found out about the issue, I got it resolved).

It doesn’t help that every time I phoned up they sounded as if they didn’t know who I was or why I was calling, and when I did stress certain issues (like our buyers threatening to pull out) I was met with utter complacency.

It probably was an empty threat made out of frustration, but then it’s not the solicitor who’s going to lose out on a house if that turns out not to be the case, so they should maybe have taken it a bit more seriously.

And that doesn’t begin to cover the other issues we had with the stamp duty, lender’s final redemption figure, chancel search and all the other stuff I must have ranted about in this thread earlier.

Maybe I’m being harsh on them, our vendors clearly screwed everyone around as well.

If it had just been one thing, I could have forgiven it, everyone makes mistakes after all, but this feels like everything that could have gone wrong did go wrong.

The estate agent was definitely more helpful than the solicitors, at least they called me every so often!

 

[Marky]

Expected to exchange yesterday - No dice. Now hoping for today.

However, I got a call from my solicitor yesterday at 4:30PM telling me he was struggling to exchange because the vendor's solicitor is now refusing to include the oven and hob in the sale as they now have to pay half of the indemnity policy...

A little background: As part of the sale, they agreed to replace the oven. It was then found that an indemnity policy was needed, and my solicitor said I shouldn't have to pay for it as it is up to the vendor. We then agreed to pay half of the policy each as a compromise. I've visited the property recently, and they have completed the agreed works, including replacing the oven.

I feel like they're now trying to screw with me at the last minute to force me into a corner. It's really ****** me off - If they want to play petty games like this I'm seriously considering pulling out of the deal altogether - Which would be awful considering I'm so close to finishing the deal.

I have a friend who is an estate agent, and he said these sort of things happen more often than you'd think as they know you've already spent a lot of time and money on the deal and are likely to back out now. What a joke...

I am praying to exchange today so I can relax a little Their side of the indemnity is around £110 I think - Surely it's not worth them removing the oven and hob for something so small...

 

[gam3r]

In the grand scheme of things you have to weigh things up. If its only a few hundred quid between you and the house of your dreams then I would for the sake of completion just pay it. I know its more about the principle etc, but sometimes you have to swallow pride for the greater good.

 

[Marky]

In the grand scheme of things you have to weigh things up. If its only a few hundred quid between you and the house of your dreams then I would for the sake of completion just pay it. I know its more about the principle etc, but sometimes you have to swallow pride for the greater good.

I know what you mean It's not my dream house by any means though... I'm a first time buyer and it would be a great little first place for me, but I've still detached myself from it. The worst thing (after actually losing the place) about leaving the deal would be the solicitors fees I'd still have to pay

I know that the sellers are desperate to sell now because they no longer have a tenant in there, so they're paying a mortgage on something no one is using...

Still haven't heard anything yet!...

 

[Marky]

Alright! Just got a call from my solicitor to say it's all been agreed and they have now official exchanged!

That's a load off my mind!

Completion dated for Thursday 2nd August! These next two weeks are going to drag

 

[Sui]

Alright! Just got a call from my solicitor to say it's all been agreed and they have now official exchanged!

That's a load off my mind!

Completion dated for Thursday 2nd August! These next two weeks are going to drag

Congrats, it's a massive relief isn't it? I heard about 4 different completion dates on Wednesday before we finally exchanged yesterday.

You complete the day before me, slightly unfair!

 

[Skillmister]

because the vendor's solicitor is now refusing to include the oven and hob in the sale

Any excuse to throw blame at solicitors ey?

 

[Skillmister]

I totally get that, but every client is different, and should be treated as such.

snip

It sounds like you had a rough experience all round. It's a shame that there are so many firms that are terrible and taint it for the rest of us. There are a number I deal with on a regular basis that I would struggle to defend in the slightest.

Although as with anything, people are far more likely to shout out about their bad experiences than their average/good ones.

 

[Marky]

Congrats, it's a massive relief isn't it? I heard about 4 different completion dates on Wednesday before we finally exchanged yesterday.

You complete the day before me, slightly unfair!

Such a relief! It's a shame the completion date isn't sooner, but I'm glad I have a more concrete day to look forward to now!

I did wonder how I beat you to it on the completion date!

Any excuse to throw blame at solicitors ey?

You're not getting defensive on me now are you Skill? (I assume you're a solicitor are you?)

I suppose it could be the vendor kicking up a fuss - but I heard from the EA that they were desperate to complete due to the mortgage fees and no tenant in anymore (Although you can't trust those pesky EA's ).

 

[Sui]

Such a relief! It's a shame the completion date isn't sooner, but I'm glad I have a more concrete day to look forward to now!

I did wonder how I beat you to it on the completion date!

Because my sellers picked a crap solicitor who wanted to charge extra for completing less than 10 working days after exchange, we were going to complete next week originally

 

[gam3r]

Alright! Just got a call from my solicitor to say it's all been agreed and they have now official exchanged!

That's a load off my mind!

Completion dated for Thursday 2nd August! These next two weeks are going to drag

Congratulations. Is it a place in Croydon? I know Croydon very well.

 

[Skillmister]

You're not getting defensive on me now are you Skill? (I assume you're a solicitor are you?)

I suppose it could be the vendor kicking up a fuss - but I heard from the EA that they were desperate to complete due to the mortgage fees and no tenant in anymore (Although you can't trust those pesky EA's ).

Just pointing out it won't be the solicitor who is refusing to include an oven in a sale... They will simply be acting on instructions.

 

[Marky]

Because my sellers picked a crap solicitor who wanted to charge extra for completing less than 10 working days after exchange, we were going to complete next week originally

Fair enough... I was told by my solicitor that it is my Mortgage Lender is the reason why it is so long to exchange - It's about releasing the funds.

Again - Another issue that shouldn't be an issue in this day and age really

Congratulations. Is it a place in Croydon? I know Croydon very well.

Thank you

It's nearer Gatwick Airport - Being vague because you're all creeps on OcUK

Just pointing out it won't be the solicitor who is refusing to include an oven in a sale... They will simply be acting on instructions.

I just can't believe that the seller would go to the solicitor at the last minute and go "you know what... we've changed our mind, take the oven off the table!". I was told by the EA they were desperate to get things completed...

 

[Miguél]

Anyone have any advice on what to do about a surveyor down valuing a property we are buying?

Purchase price is £250k but has been valued at £225k. I have raised the issue with the Sellers estate agent. I'm not prepared to go to £250k now that the surveyor has only valued it at £225k but happy to meet in the middle somewhere, knowing my LTV will be slightly higher. I've not said this to the estate agent yet, so will do that at some point soon. Tempted to lower our offer to 225k initially. As they are likely to get the issue with other people if we pull out.

 

[ubern00b]

Anyone have any advice on what to do about a surveyor down valuing a property we are buying?

Purchase price is £250k but has been valued at £225k. I have raised the issue with the Sellers estate agent. I'm not prepared to go to £250k now that the surveyor has only valued it at £225k but happy to meet in the middle somewhere, knowing my LTV will be slightly higher. I've not said this to the estate agent yet, so will do that at some point soon. Put tempted to lower our offer to 225k initially. As they are likely to get the issue with other people if we pull out.

@Regy53 was in this position but I cannot remember what he did to resolve it, if anything.

 

[Skillmister]

I just can't believe that the seller would go to the solicitor at the last minute and go "you know what... we've changed our mind, take the oven off the table!". I was told by the EA they were desperate to get things completed...

But you think it's more likely a solicitor would get concerned with that sort of thing? They'd have to be off their rocker!

7 completions today. Nice welcome back from holiday

 

[Marky]

But you think it's more likely a solicitor would get concerned with that sort of thing? They'd have to be off their rocker!

7 completions today. Nice welcome back from holiday

Whatever Skill, you're all the same

 

[Regy53]

@Regy53 was in this position but I cannot remember what he did to resolve it, if anything.

Yes I was, it depends why it’s been down valued

In my case it was from 575 to 530 a big difference. The sellers wouldn’t move beyond 572 and we’re happy to break the chain and relist for sale. They were not in a chain above so they had all the control they needed.

We did some hard sums. The valuation wasn’t really correct it never considered the value of some of the items installed and what it would cost to replicate, or that it’s the biggest plot in the road just square footage and general condition.

Luckily I had some experience with a house 10 doors down that we tried to buy in Jan, it was 18 years old internally and the same size house, sold for 500 k.

In the end we bit the bullet as we worked out we would easily spend 60k plus building this house to the standard it’s at.

I did read you can ask for second opinions and so on but in the end it came down to us wanting the house, we were so far down the chain too we exchanged weeks later.

I would say in @Miguél situation it depends how much you want it because for what it’s worth £25k is a drop in the ocean

 

[Marky]

As a first time buyer - Now that I've exchanged... What do I need to do?

I'm all ready regards to moving in etc., but is there anything else I need to do now? Should I buy home insurance now?