The nervous wait to exchange....

Peerzy · 13 Jan 2021 at 16:50

Most, if not all of the work the solicitor has done already will likely transfer directly to a new buyer - so the outlay won't be lost. Solicitors are very use to sudden changes of buyers / sellers and won't be deterred or at all surprised by something like that.

I would take all emotion out of the decision, discuss with the EA and be clear that you would pick whatever option results in the sale and chain completing as quickly as possible without any financial penalty to you.

engee · 13 Jan 2021 at 16:57

I cant see any harm in showing her around. Who knows, she may like it and offer you a higher price than the current buyer, which would make your decision easier.

I wouldn't worry about what your solicitors think. As long as you're paying them for their service, it wouldnt be an issue to them.

GhostlyPea · 13 Jan 2021 at 16:59

Exchanged today! House insurance sorted on it, completion date is the 29th. Really glad to hopefully see the end od the last 20 months, it's been horrid. Already booked a few weeks off work to get the needed DIY/cleaning/decorating etc. and moving done. Countng down the days now

- GP

Buffman · 13 Jan 2021 at 17:19

ChrisD. said:
...

Just show her round, i wouldnt be worried about gazumping an investor who's presumably just seeking profit rather than a home.

Ive now put my home back on the market.... 3rd time lucky.... I presume no ones ever had a good offer from any of these "we buy your home for cash!" type places

Skillmister · 13 Jan 2021 at 18:51

Buffman said:
If I receive a new buyer promptly, will circa 10weeks be enough to exchange? As my old buyer had the searches done they could get the searches from their solicitor.

On average? No. Can it be done, sure. Its so circumstance dependent though

Buffman · 13 Jan 2021 at 22:23

Skillmister said:
On average? No. Can it be done, sure. Its so circumstance dependent though

Yep I'm expecting id need a chain free buyer or someone far along.

Its back on the market but using purplebricks also... Here's hoping it gets some interest.

Also wondering if they'll extend the stamp duty holiday but feel that is unlikely.

GTanny · 13 Jan 2021 at 22:29

Didn't think id be in this thread anytime soon but after a couple of months the only thing left on our conveyancers completion diagram is to exchange and complete.

We're currently renting so no chain on our side and the sellers are moving into a house they are buying from a friend so minimal chains, we are all hoping everything can go ahead first week in March.

I'm still super nervous as I have read too many horror stories about the mortgage offer being withdrawn after exchange so in my head until they keys are in our hands nothing is certain, I'm hoping to speak to our conveyancer in the next couple days and start the process to get a date set in stone as once that is done I can let our landlady know and start contacting moving companies.

Got my hopes up so much though, my partner has been dealing with the seller directly and they have pretty much become friends, as we are moving from rented they have also offered to leave behind things such as cooker, dishwasher and fridge despite them being freestanding as we don't own any of them, also the survey came back with the only even slightly negative comments are that they cant confirm the standard of the gas or electric as they aren't qualified to assess them although the boiler is only 2 years old.

fastwunz · 14 Jan 2021 at 01:18

ChrisD. said:
Just had a call from the onward vendors estate agent, and I'm not sure how to take it. The situation is as follows:

I lowered the asking price of my house significantly to secure a sale to get a house that my mrs and I really wanted. I've agreed sell this house for £255k and we had an offer of £465k accepted on the house we want. It is £10k below their asking due to lowering my house from the original £300k. Their EA thinks we sold for £250k, so a £5k there, not sure if that really matters.

I've paid an initial £300 to my solicitors for the sale and draft contracts have been sent to the buyers solicitors and as I posted just above their lenders surveyor are booked in to come round in two weeks time.

The vendors of the house we are buying from are a married couple and are splitting up. The husband has a house already he's in the process of moving into. It's another house they both own, I don't know any details beyond that. The wife has been looking since before Christmas and hasn't found anything yet.

When my mrs and I originally viewed it at the end of last year, the wife showed us around. I jokingly said she should buy my house and she said she'd seen it online, but she needs 3 double bedrooms which mine doesn't have. Fair enough.

The call today from her EA was to explain that she hasn't managed to find anywhere but she's really committed to finding somewhere and the sale. So much so she's now suggested that she buys my house (pending viewing). I guess that would make things easier as I no longer have to wait for her to find somewhere and it could significantly reduce the complexity of the onward chain (my buyer is chain free). This has the knock on effect that I should avoid a significant stamp duty payment. But then I have already paid money to my solicitors and I don't know how they would take it all of a sudden changing the buyers details. It's also a dick move to my buyer, although as far as I can tell they're an investment family and will probably just rent it out.

I guess I should at least allow her to view it and then come to a decision should she agree she wants it. But I'm a bit stuck with making a decision.

you can’t make any rational decisions until you know if she actually wants to buy it.

In which case you may aswell let her view it and then go from there

MrKnifey · 15 Jan 2021 at 20:50

Some good news finally..got a completion date of next Friday... mortgage offer runs out on the Sunday! So last ditched attempt! Hope it goes ahead as I've spent some money organising things now!

koolpc · 16 Jan 2021 at 00:16

MrKnifey said:
Some good news finally..got a completion date of next Friday... mortgage offer runs out on the Sunday! So last ditched attempt! Hope it goes ahead as I've spent some money organising things now!

All the best

ChrisD. · 16 Jan 2021 at 10:02

She viewed it yesterday and she wants the house.

Biz.Kid09 · 17 Jan 2021 at 12:08

Found pretty much our dream house this weekend, recently back on the market after the first sale fell through. The chap who owns it is looking to move on to somewhere bigger but hasn't found anywhere as of yet, we are living at my parents so we can give him as much time as he wants which I hope will go in my favor as im going to make a below asking offer. I think we will be up against asking price or more sadly but we just don't have the money to go that far.

Mortgage rates at the moment are pretty crap which is frustrating as well!

Buffman · 17 Jan 2021 at 16:05

Biz.Kid09 said:
Mortgage rates at the moment are pretty crap which is frustrating as well!

Yeah rates at 90% LTV are terrible, think they only get good 75% LTV

potentially got 2 interested parties on my place but neither is chain free and key for me is to complete before April to save 15k on stamp duty. Hopefully third time lucky with my sale... :eek:

Biz.Kid09 · 17 Jan 2021 at 16:22

Buffman said:
Yeah rates at 90% LTV are terrible, think they only get good 75% LTV

potentially got 2 interested parties on my place but neither is chain free and key for me is to complete before April to save 15k on stamp duty. Hopefully third time lucky with my sale...

I'm in the 85% but could wipe myself out to get to 80%. Wary of doing that though!

Best of luck, I've resigned myself to paying stamp this late in the window.

Skillmister · 17 Jan 2021 at 18:36

Buffman said:
key for me is to complete before April to save 15k on stamp duty. Hopefully third time lucky with my sale...

You and everyone else who is starting now but likelihood is you're too late and you should plan accordingly. I've got people who are starting now but can't afford the places they intend to buy if they miss the deadline :confused:

Even without Covid-19 that would be a tall order as 10 weeks was already on the lower end of average timescales. Now it's wildly optimistic unfortunately

Amplus · 17 Jan 2021 at 19:39

I know it's only the Daily Express but was an article today suggesting the Chancellor will remove stamp duty completely as well as reduce council tax and instead introduce a property tax that all households will have to pay. The higher the value of the house the higher the property tax will be.

Buffman · 17 Jan 2021 at 19:46

Skillmister said:
You and everyone else who is starting now but likelihood is you're too late and you should plan accordingly. I've got people who are starting now but can't afford the places they intend to buy if they miss the deadline Even without Covid-19 that would be a tall order as 10 weeks was already on the lower end of average timescales. Now it's wildly optimistic unfortunately

Only reason I was hopeful was because I already have all the conveyancing done on my onward purchase, and the future buyer could buy the searches done on my house from the previous seller which pulled out (please correct me if I'm wrong) . Does that lend any improvement?

One alternative is that I could bridge the couple weeks difference with a significant (6 figure) loan from family to break the chain, but i presume id have to tell my mortgage provider if i (albeit briefly) own the 2 properties? I'm already very high on lending from the mortgage provider so not sure if having a second property mortgage free (I.e. The one which will be sold) is an issue? I would still have the required deposit, plus the old property paid off in full.

engee · 17 Jan 2021 at 21:23

ChrisD. said:
She viewed it yesterday and she wants the house.

Has she made you an offer?

Skillmister · 17 Jan 2021 at 21:24

Buffman said:
Only reason I was hopeful was because I already have all the conveyancing done on my onward purchase, and the future buyer could buy the searches done on my house from the previous seller which pulled out (please correct me if I'm wrong) . Does that lend any improvement?

One alternative is that I could bridge the couple weeks difference with a significant (6 figure) loan from family to break the chain, but i presume id have to tell my mortgage provider if i (albeit briefly) own the 2 properties? I'm already very high on lending from the mortgage provider so not sure if having a second property mortgage free (I.e. The one which will be sold) is an issue? I would still have the required deposit, plus the old property paid off in full.

Getting the previous searches will definitely help in fact that's one of the biggest causes of delays at the moment.

Yes you'd have to tell your lender if you were getting a loan from family in the interim. Hard to know whether it would make a difference. Pretty much all lenders are fine with gifts from families regardless of amount but loans are another matter. It's quite uncommon (I think a lot of people do intend for them to be long term loans but they declare them as gifts so that's what we report them as) so my anecdotal evidence for loans is pretty slim. The last 2-3 I've had have been fine though so take that as you like!

Also don't forget if you do that you'd have to pay the higher rate of stamp duty to complete your purchase first (presumably this would be included in the family loan) although you could claim it back as soon as your sale went through.

If I were you I would consider approaching the lender (or asking your solicitor to do so) about this now as they can take a while to respond to these sort of requests. You can always backtrack later if you don't need the loan, but you don't want to be asking it for the first time right before the deadline as they are going to be inundated.

Wegason · 17 Jan 2021 at 21:50

Amplus said:
I know it's only the Daily Express but was an article today suggesting the Chancellor will remove stamp duty completely as well as reduce council tax and instead introduce a property tax that all households will have to pay. The higher the value of the house the higher the property tax will be.

That would be so massively unpopular (even though it is arguably needed) and a nightmare to administer.