The nervous wait to exchange....
- Thread starter noj
- Start date
Soldato
Yup! Same here.
I'll just instead be taking out a home improvement loan or similar on top of mortgage probably
House sale now agreed... 3rd time lucky.
Soldato
My experience is almost no one is actually saving the money they are all paying more for property instead, be it the same property at an inflated price or a more expensive property.
This. I expect that the only people who have actually benefitted are property developers building new houses and their investors (just like help to buy etc.).
Associate
- Joined
- 15 Jun 2009
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- 2,494
Might sound like daft questions here but I'm a first time buyer and making sure I know what I'm doing.
Found a house, viewed and everything is spot on.
-offer accepted
-find solicitor
-apply for mortgage - when exactly should this be done?
-unkess I want extra checks done, leave the solicitor to it?
- much waiting
- yay, new house
To put it very basic, I'm guessing that's the process?
Found a house, viewed and everything is spot on.
-offer accepted
-find solicitor
-apply for mortgage - when exactly should this be done?
-unkess I want extra checks done, leave the solicitor to it?
- much waiting
- yay, new house
To put it very basic, I'm guessing that's the process?
Pretty much but you should try to get everything sorted as quickly as possible and hassle people if you haven’t heard anything for awhile. I really wouldn’t just leave the solicitors to it, someone needs to push the chain forward and set expectations otherwise before you know it you’ve spent another 2 months on rent because someone up the chain sat on some paperwork for 6 weeks.
These processes often drag on because people are often complacent and take ages to do relatively simple things. The quicker you get through the first round of paperwork, the quicker you get to find out if there are any issues. The bigger the chain, the longer it goes on and the more likely it all falls apart.
These processes often drag on because people are often complacent and take ages to do relatively simple things. The quicker you get through the first round of paperwork, the quicker you get to find out if there are any issues. The bigger the chain, the longer it goes on and the more likely it all falls apart.
Associate
- Joined
- 15 Jun 2009
- Posts
- 2,494
I suppose when I said leave them to it I meant, other than organising the mortgage, there isn't much else for me to actively do in this period.
Thankfully living with parents at the moment for free so current rent and anything doesn't really concern me. Also with covid it does make life difficult going to buy furniture.
Thankfully living with parents at the moment for free so current rent and anything doesn't really concern me. Also with covid it does make life difficult going to buy furniture.
Soldato
You will need a survey on the house.
Soldato
(1) (Mortgage agreement in principle)
(2) offer accepted
(3) find solicitor and get things signed/ID verified etc ASAP
(4) apply for mortgage and await the offer. At present there's quite big delays with a few lenders so as soon as offer accepted if say apply for it. We recently had about an 8 week delay in this part alone.
(5) unkess I want extra checks done, leave the solicitor to it? I'd want a home buyers survey / level 2 search as a minimum.
(6) much waiting and chasing solicitors for local searches / if valuation / survey show anything you're not happy about consider revising offer.
(7) more waiting then sign mortgage deed/contracts etc and await exchange.
(8) sort out house insurance
- yay, new house
(2) offer accepted
(3) find solicitor and get things signed/ID verified etc ASAP
(4) apply for mortgage and await the offer. At present there's quite big delays with a few lenders so as soon as offer accepted if say apply for it. We recently had about an 8 week delay in this part alone.
(5) unkess I want extra checks done, leave the solicitor to it? I'd want a home buyers survey / level 2 search as a minimum.
(6) much waiting and chasing solicitors for local searches / if valuation / survey show anything you're not happy about consider revising offer.
(7) more waiting then sign mortgage deed/contracts etc and await exchange.
(8) sort out house insurance
- yay, new house
Associate
On Friday had a second offer, but 3 in the chain and all need a mortgage... 12k higher though, but wont be happening. We wait 13 months and then 2 offers in a week....
...and my seller has now decided they are no longer want to sell their home. The offer was accepted in October 2020 so they could have told me sooner.... there goes any chance of finding a new chain free property before end of March. Aaaaaaaaargh
Sorry to hear that. Its horrible. It happened to us in September.
We were probably a couple of weeks from exchange. We had gone round to measure up a few thing the week before. They were even telling us all their plans for their new house. Not an inkling of doubt, then boom 1 week later they pull out.
Over £1k down the drain. It's crazy they can do it without any repercussion for wasting everyone else's money.
We were probably a couple of weeks from exchange. We had gone round to measure up a few thing the week before. They were even telling us all their plans for their new house. Not an inkling of doubt, then boom 1 week later they pull out.
Over £1k down the drain. It's crazy they can do it without any repercussion for wasting everyone else's money.
Not sure if this is the right place, but just wondering if anyone here had a declaration of trust drawn up before they purchased their house?
We are considering at the moment, as it stands I am putting in the full 15% deposit and my partner is putting in 15k for legal fees, stamp duty and new furniture and all that malarky. I would be putting in 3.5x the amount for the deposit. Is it as simple as an agreement being drawn up to say what we both put in, should the house be sold then we just work out what % we get back each?
If we sold within 12mths for example we are unlikely to get our full amounts back and enough to cover the mortgage etc.
We are considering at the moment, as it stands I am putting in the full 15% deposit and my partner is putting in 15k for legal fees, stamp duty and new furniture and all that malarky. I would be putting in 3.5x the amount for the deposit. Is it as simple as an agreement being drawn up to say what we both put in, should the house be sold then we just work out what % we get back each?
If we sold within 12mths for example we are unlikely to get our full amounts back and enough to cover the mortgage etc.
Yes my mrs and I are doing this, as we are both putting in different deposit amounts and will have a different share of the repayments. Think it's around £180 to get one drawn up.
Nice one, yeah our monthly contributions will be different also but tbf im not too fussed on that. Its just our initial investment we want to look at. We have asked our solicitor and I think they quoted similar.
Contracts exchanged today! Thankfully not going through the madness of completing on the same day as we have no chain. Got a couple of weeks to get things sorted for the move.
12 weeks to the day of our offer being accepted which isn't so bad considering that included Christmas break.
12 weeks to the day of our offer being accepted which isn't so bad considering that included Christmas break.
Soldato
We've started packing up to move everything into storage. I'm leaving a lot of shelves behind in the kitchen etc, but I'm taking some with me.
What am I expected to do in terms of wall repair? I can fill and sand and paint in the rooms with painted walls but there are some with papered walls. Am I ok to just leave holes in the wallpaper?
For example there's a big square cut out of the wallpaper where an old alarm console was removed. I just put a picture over and forgot about it but now I feel bad because I can't wallpaper over it, since the wall paper runs over 3 storeys.
What am I expected to do in terms of wall repair? I can fill and sand and paint in the rooms with painted walls but there are some with papered walls. Am I ok to just leave holes in the wallpaper?
For example there's a big square cut out of the wallpaper where an old alarm console was removed. I just put a picture over and forgot about it but now I feel bad because I can't wallpaper over it, since the wall paper runs over 3 storeys.
Soldato
Well done sounds great!
I saw that the MPs discussed SDLT levy today and general murmurs sounds like it may be extended then tapered down. Heres hoping as a saving for me if so!