The nervous wait to exchange....

mid_gen · 16 Mar 2020 at 10:22

Skillmister said:
Registration with the Land Registry takes places after completion to change to your name on the "deeds"

Completion is pretty much just keys and money swapping.

That's good to know. So as long as my solicitor is still alive to make the transfer and I can pick up the keys then I'm still pretty secure after exchange...

Skillmister · 16 Mar 2020 at 10:28

mid_gen said:
That's good to know. So as long as my solicitor is still alive to make the transfer and I can pick up the keys then I'm still pretty secure after exchange...

Or your seller dies

sanaxe1 · 16 Mar 2020 at 16:46

Underwriter at Lloyds has come back with a massively lower morgage than we applied for. Anyone recommend a good independent morgage broker/advisor.

mid_gen · 16 Mar 2020 at 20:03

Skillmister said:
Or your seller dies

It is quite strange to be in a situation where I'm having to consider these things :/ Just having to accept if anything like that happens between exchange and completion then it's going to go **** up.

Fortunately I'm in a secure job and can work from home indefinitely and potentially wait.

Hopefully exchanging tomorrow.

Skillmister · 16 Mar 2020 at 22:02

sanaxe1 said:
Underwriter at Lloyds has come back with a massively lower morgage than we applied for. Anyone recommend a good independent morgage broker/advisor.

Unless you've got particularly unusual/complex circumstances it's all going to be much the same regardless of who the broker is?

Skillmister · 16 Mar 2020 at 22:06

mid_gen said:
It is quite strange to be in a situation where I'm having to consider these things :/ Just having to accept if anything like that happens between exchange and completion then it's going to go **** up.

Fortunately I'm in a secure job and can work from home indefinitely and potentially wait.

Hopefully exchanging tomorrow.

I've got a client that has just lost their job. Exchanged last week completing this Friday. 400k mortgage..

Several others who have withdrawn just before exchange due to similar concerns.

Told my brother to have a long hard think about whether to commit as he's a couple of weeks off exchange.

Hell if this goes really pear shaped my job certainly wouldn't be as secure as I would like.

Uncertain times that's for sure.

mid_gen · 16 Mar 2020 at 22:22

Skillmister said:
I've got a client that has just lost their job. Exchanged last week completing this Friday. 400k mortgage..

Several others who have withdrawn just before exchange due to similar concerns.

Told my brother to have a long hard think about whether to commit as he's a couple of weeks off exchange.

Hell if this goes really pear shaped my job certainly wouldn't be as secure as I would like.

Uncertain times that's for sure.

Feeling very fortunate I have a secure job and can work from home indefinitely, financially no problems.

Frankly I'm a little concerned about the state of financial institutions....desperate to get my name on the deeds.

mid_gen · 17 Mar 2020 at 10:08

As I feared....no exchange today. Problem with the downstream chain, property not available for our completion date.

The window for getting this done before a lockdown is disappearing rapidly.

**** it.

bloodiedathame · 17 Mar 2020 at 10:10

Same boat here, we were meant to exchange yesterday.

Skillmister · 17 Mar 2020 at 15:30

There are two distinct camps at the moment. Those desperate to finalise before any further lockdown (can't believe we're now using that word in everyday conversation

) and those who need to wait as things are too uncertain to commit.

b0rn2sk8 · 17 Mar 2020 at 15:48

To be fair, it probably comes down to your employment as to which camp you end up in.

Junglist · 17 Mar 2020 at 16:26

sanaxe1 said:
Underwriter at Lloyds has come back with a massively lower morgage than we applied for. Anyone recommend a good independent morgage broker/advisor.

We went with a company called Key Solutions. Got us a pretty decent deal and helped as Halifax wouldn't let us get all of the incentives they were throwing at us but Barclays did. Worth giving them a go.

Had an email on Friday 13th saying that the hosue will be delayed. We had originally been told May but due to the storms last month it's now July. We are currently living with my grandmother and not paying rent so that's nice as we can save a lot more money but I am really finding living under someone elses roof to be stress as I've not done it for the last 10 years

ants83 · 17 Mar 2020 at 20:10

Investor buyer pulled out of buying my house today due to the economic state of the country.

I can see why to be fair. I can't see a lot of houses being bought with all the uncertainty.

Mr Jack · 19 Mar 2020 at 07:37

ants83 said:
I can see why to be fair. I can't see a lot of houses being bought with all the uncertainty.

It's not just the uncertainty. People don't want to be going out traipsing from house to house or having people traipsing through their house. They want to be responsible and avoid this contact. I have a friend who is putting off buying their first house for just this reason.

mid_gen · 19 Mar 2020 at 07:51

Mr Jack said:
It's not just the uncertainty. People don't want to be going out traipsing from house to house or having people traipsing through their house. They want to be responsible and avoid this contact. I have a friend who is putting off buying their first house for just this reason.

I was at the point where all I had left to do was transfer some money and pick up the keys, so frustrating.

I'm trying to re-assure the seller and rest of the chain that I'm financially secure and willing to be patient, so it doesn't collapse.

Mr Jack · 19 Mar 2020 at 07:56

mid_gen said:
I was at the point where all I had left to do was transfer some money and pick up the keys, so frustrating.

Oh man, that really sucks. The UK has such a bad house buying system

Eurofighter · 21 Mar 2020 at 11:45

My parents have accepted an offer on thier house and had an offer accepted on another.

They had a survayor come round yesterday. It's an old house so hopefully he didn't find anything wrong.

I hope all goes well. The new house has a games room and a balcony. Sweet.

Also this virus doesn't help.

koolpc · 22 Mar 2020 at 06:37

Buying and selling will grind to a halt i think.

Estate agents are not showing people around where i live!

bainbridge · 22 Mar 2020 at 20:32

We're just going through a FTB house purchase and there's a lot of uncertainty due to Corona. If the worst case scenario I read about becomes reality it might be a 20% drop, then a 5% per year increase back up to pre-corona levels. So, if we were to back out now and wait, we could have the chance of getting a nicer house or paying less for the same type we're just buying. We'll just have to wait and see.

koolpc · 22 Mar 2020 at 21:58

Housing market will probably be frozen now