I think his point is that you can't schedule completion 'subject' to anything. You can for Exchange, though (because until that point, you're not committed).
Once you've exchanged, you're legally committed.
The nervous wait to exchange....
- Thread starter noj
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Once you've exchanged, you're legally committed.
Yes I can, it was subject to me handing the signed contract into the solicitors, without that they wouldn't have been able to exchange and therefore complete.
Yes exactly, so you're holding back the Exchange until your demands are met.
Yes I held back until I knew the outcome of the report.
Completed today. Out by 1100, keys in 1130. Keys released at 1430. In the new place by 1630. Picked kids up at 1700! Our removals firm were mega, very clear they had done it 1000s times before.
Oooooooohhhhhhh!!!! Right - ok that makes sense then.
Soldato
Exchange happend today, should have happened Tuesday, but this is so relieving. Now I have to just get everything packed and moved to storage for completion Friday. It's going to be a busy weekend for sure
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Soldato
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Just had update from my solicitors, my side from a legal perspective is all sorted. Just waiting on my buyers and also my building survey which is happening next week. Hoping to complete for beginning December.
Well we got the keys on friday just glad its all over.
The previous owner was renting it out, and we noticed that there has been no boiler servicing for the last 6 years. There were also no records of electrical testing during the last 10 years.
Coming from a health and safety background iv seen all of the horror stories from not doing these kind of checks, so I'm in two minds on whether or not to report him for not doing this, hes put everyone in danger whos lived there previously by not having it checked.
The previous owner was renting it out, and we noticed that there has been no boiler servicing for the last 6 years. There were also no records of electrical testing during the last 10 years.
Coming from a health and safety background iv seen all of the horror stories from not doing these kind of checks, so I'm in two minds on whether or not to report him for not doing this, hes put everyone in danger whos lived there previously by not having it checked.
Soldato
Congrats.
We're in similar position, place we bought was rented out and even though we have all the paperwork that everything was checked prior and during it being let we found a few issues. Just yesterday we had the boiler replaced as when we had it serviced we were told it's nackered and couple of things weren't done to standard. To get it all fixed would cost around £1k so we just got a new one.
The electrics in extension and utility room are also a bit weird (for the lack of the better word) but we've always planned to rebuilt those next year anyway.
Soldato
Five long days to completion here....
Waiting here for our buyer to catch up....rest of chain ready to exchange.
Have had a real toil, lost our original buyer a month ago but managed to re-market and sold within a week, to a couple who had the original house they were buying (about 30 doors down from us) pulled from under their feet (they were ready to exchange), seller decided he was staying where he is - unfair because our buyer had paid out all the costs to get to that stage, but at least I've gained a buyer from his deviance.
Great thing is though, they have already completed on their sale due to how far down the line they were and moved in with family (think their buyer threatened to pull out if they didn't).
Upper parts of the chain now getting a bit impatient but not a lot I can do.
Our buyer waiting on their mortgage offer and searches for ours...... frustrating how slow the process is.
Have had a real toil, lost our original buyer a month ago but managed to re-market and sold within a week, to a couple who had the original house they were buying (about 30 doors down from us) pulled from under their feet (they were ready to exchange), seller decided he was staying where he is - unfair because our buyer had paid out all the costs to get to that stage, but at least I've gained a buyer from his deviance.
Great thing is though, they have already completed on their sale due to how far down the line they were and moved in with family (think their buyer threatened to pull out if they didn't).
Upper parts of the chain now getting a bit impatient but not a lot I can do.
Our buyer waiting on their mortgage offer and searches for ours...... frustrating how slow the process is.
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Hey all thought i'd contribute my tales to this thread for the mutual encouragement. Currently sold my house that I own with my ex and bought a flat that I am porting to he mortgage over to avoid the 5% ERC!
The flat I am buying was bought in 2017 at 340k and now mortgage company have valued at 350k which I do believe is too low. I have an offer accepted at 370k so wondering what anyone would do?
To add to this just had a bathroom flood in the house I’m selling that needs fixed asap now
The flat I am buying was bought in 2017 at 340k and now mortgage company have valued at 350k which I do believe is too low. I have an offer accepted at 370k so wondering what anyone would do?
To add to this just had a bathroom flood in the house I’m selling that needs fixed asap now
Soldato
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You will need to go back to the seller to either renogiate to a new price of fork out the additional yourself. I was also in the same position in that the house im buying was valued at 4% less than the price agreed and we came to a compromise to effectively meet in the middle so im effectively overpaying on my house by £8k
Associate
just accepted an offer 5k below asking
Exchange & Completion scheduled for Friday, fingers crossed no issues!
Tell them its been valued lower by the mortgage surveyor and you want it for 350k its for your own benefit. Why do you believe its to low? the surveyors value property day in and day out if they say its that value it most likely is.
Soldato
I'd avoid buying a flat, it took us almost a year to sell ours. Dealing with management companies, leasehold queries, ground rent issues and latest sticking point is cladding. None of these were issues 5 years ago when I bought the property. So even if everything is fine now who knows what the rules will be when you come to sell.
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Thanks do you usually go direct to Estate Agent or the solicitor? I believe 10k growth in 3 years is too low there are two top floor flats sold at same time in 2017 both valued similarly. The HPI would suggest about 2% growth per annum. I think they really should compromise to my initial offer of 365 as estate agent valued it too high initially. Was 400k reduced to 375k.
I know all the concerns but it will be long terms investment and no cladding. Flats can be a risk for sure but one I am prepared for.
Soldato
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Need a small vent that not seen anything for a while now.
Houses on a large plot seem to be getting rarer, mix in location/locale and everything else associated with house choices feels like there's nothing there.
Was tempted to view a small bungalow that came with workshops and option of buying a plantation but it's on a 60 road and edge of a large town so won't have that village community.
Houses on a large plot seem to be getting rarer, mix in location/locale and everything else associated with house choices feels like there's nothing there.
Was tempted to view a small bungalow that came with workshops and option of buying a plantation but it's on a 60 road and edge of a large town so won't have that village community.
Soldato
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You notify the EA on valuation and ask them to inform the vendor if they are willing to accept a lower price since any other buyer will face the same problem. Whether they choose to accept is another question though.