The nervous wait to exchange....

[mid_gen]

I'm guessing there is no way to mitigate the potential for a sale to fall through? Found a house and after a few viewings we're looking to put in an offer. The current sellers have been quite honest with us and have said they are considering one property with a potential for a few others however if those don't go ahead, they won't be selling their current property.

Guessing I should just proceed as normal but be a little more mindful that it may fall through?

Frankly, I would keep looking. If they aren't actually committed to moving they're very unlikely to actually go ahead.

I would just say fine, we'll leave it with offer accepted but you're not going to progress with any solicitors or searches until they have an onward sale.

Then keep looking yourselves....

 

[The_Arbiter]

I'm guessing there is no way to mitigate the potential for a sale to fall through? Found a house and after a few viewings we're looking to put in an offer. The current sellers have been quite honest with us and have said they are considering one property with a potential for a few others however if those don't go ahead, they won't be selling their current property.

Guessing I should just proceed as normal but be a little more mindful that it may fall through?

Outside of reasonable people and competent solicitors, no. Direct contact makes a world of difference. In fairness to the sellers i'd be happy to wait on them if they're transparent on their intents. You just need to remember to stay logically thinking at all times, no matter how nice a property may seem. But you've answered your own question really

 

[The_Arbiter]

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.

You've already made your choice by now, but this kind of things irks me. Just do as you would expect yourself.

 

[DampCat]

I apologise profusely for irking you

 

[The_Arbiter]

Well it's not you, if you merely fill those holes and sand them

 

[friddela]

Buying a house is a nightmare!

Currently own a 2 bed terrace which we are remortgaging to a buy-to-let and raising capital to purchase a 4 bed semi. We used a broker to assist in this and was told there wouldn't be an issue with what we wanted. Advised on both mortgages and got the ball rolling.

After a delayed valuation on our new property and then a 10 working day wait after the valuation we were told the mortgage we were applying for was no longer available and needed to find just £10k extra. Luckily, we were able to do this and finally got a mortgage offer on our new house.

The broker informed us that the buy-to-let mortgage would be approved when we had our other mortgage offer in place. Unfortunately, the buy-to-let mortgage company undervalued our house and we aren't able to raise enough capital. They did a remote valuation on our current house and it's £30k below a near identical house that sold near us recently. Just waiting as the broker has asked them to get a surveyor to value. Stupidly, I've already paid for a Building/Structural survey on the new house as I thought the buy-to-let was a given. Told them to hold off until we can secure an offer. We also have tenants lined up for more than we thought we'd get in rent though they've been made aware by the letting agents that there could be a delay. Stress stress stress.

The sellers on our new house accepted £10k under asking as there was no chain and were eager to move asap, oops!

Update on the above.

Our previous property was valued by another lender. Someone actually came out as opposed to a 'desk' valuation. They valued it £40k above the other lender and therefore buy-to-let mortgage was approved.

Had numerous issues with our solicitor but there's too many to remember and know most have similar issues. Anyway... Completed last Thursday and fully moved in! Very happy, just need to get a tenant for our previous property.

 

[LiamJ]

Update on the above.

Our previous property was valued by another lender. Someone actually came out as opposed to a 'desk' valuation. They valued it £40k above the other lender and therefore buy-to-let mortgage was approved.

Had numerous issues with our solicitor but there's too many to remember and know most have similar issues. Anyway... Completed last Thursday and fully moved in! Very happy, just need to get a tenant for our previous property.

Congrats!

As for me, we put down a reservation for a new build with HTB as first time buyers back in middle of November. We were due for a completion by the end of January until an issue came up with the mortgage offer that our solicitor identified, something to do with proof of gifted funds towards our deposit. Our solicitor insists everything has been fulfilled, but the lender hasn't acknowledged that and is now asking again for information that we have already provided. This has now caused our HTB authority to run out and require extending, causing another delay. All this for something that just seems to be miscommunication or misunderstanding!

Starting to get a little tired with it, but thank god we're not part of a chain or in a position where the sale is time critical!

 

[The_Arbiter]

If it helps @LiamJ my dad had to fill in a separate form for gifted funds, that was from the estate agent as wasn't a HTB/ new build. It was basically to say that it wasn't repayable sum.

 

[bJN]

Congrats!

As for me, we put down a reservation for a new build with HTB as first time buyers back in middle of November. We were due for a completion by the end of January until an issue came up with the mortgage offer that our solicitor identified, something to do with proof of gifted funds towards our deposit. Our solicitor insists everything has been fulfilled, but the lender hasn't acknowledged that and is now asking again for information that we have already provided. This has now caused our HTB authority to run out and require extending, causing another delay. All this for something that just seems to be miscommunication or misunderstanding!

Starting to get a little tired with it, but thank god we're not part of a chain or in a position where the sale is time critical!

Interesting to hear this as I'm now at the start of this process. Developers mortgage advisor is happy for us to proceed and pay to reserve; went over a lot of the financials with her over the phone. I did receive some money from my step-dad last month as an inheritance thing from the passing of his father, but that's not being used to contribute towards our deposit at all so will be interesting to see any lender's take on it. Not that I need to worry too much yet; completion due June/July.

 

[Delvis]

Interesting to hear this as I'm now at the start of this process. Developers mortgage advisor is happy for us to proceed and pay to reserve; went over a lot of the financials with her over the phone. I did receive some money from my step-dad last month as an inheritance thing from the passing of his father, but that's not being used to contribute towards our deposit at all so will be interesting to see any lender's take on it. Not that I need to worry too much yet; completion due June/July.

If you aren't using gifted funds, you don't need to declare it. To be honest, if you received funds six months ago they don't look back that far when requesting bank statements, at least it doesn't seem like it.

Recently gone through a new build HTB process, all I'll say is check everything with your builders, everything.

Have a question? Ask it. Double check it all.

We had it in writing the flooring was being changed, went to do a final sign off and it still wasn't changed.
Moved in, things hadn't been cleaned, blood on a door handle from a month ago (as we saw it then as well), water wasn't checked for the dishwasher as the main feed to it was switched off (or, it was checked, swiftly turned off after they realized it leaked everywhere, which I found out), leaking shower screen, bath legs not screwed down, fag buts under bath, cupboards not on straight in the kitchen to get told its by design, kick boards not on properly, external gas cover looking like it was dragged along the ground, front door scraped, letter box chipped, terrible finish on most walls in the house.

I could go one

 

[LiamJ]

If it helps @LiamJ my dad had to fill in a separate form for gifted funds, that was from the estate agent as wasn't a HTB/ new build. It was basically to say that it wasn't repayable sum.

Yep, that's the one. All the information has been given to the lender, the problem has something to do with the mortgage documents not showing anything relating to the gift when it should. This has then caused the lender to come back to us asking about the gift for some reason... Or at least that's how I understand it.

Interesting to hear this as I'm now at the start of this process. Developers mortgage advisor is happy for us to proceed and pay to reserve; went over a lot of the financials with her over the phone. I did receive some money from my step-dad last month as an inheritance thing from the passing of his father, but that's not being used to contribute towards our deposit at all so will be interesting to see any lender's take on it. Not that I need to worry too much yet; completion due June/July.

If you can show enough income for the amount of money to be reasonably your own savings, then should have no problem. It's possible that a lender will see the transaction when they look at your statements and ask where it came from, but if it's inheritance, should be no problem to show them that.

If you aren't using gifted funds, you don't need to declare it. To be honest, if you received funds six months ago they don't look back that far when requesting bank statements, at least it doesn't seem like it.

Recently gone through a new build HTB process, all I'll say is check everything with your builders, everything.

Have a question? Ask it. Double check it all.

We had it in writing the flooring was being changed, went to do a final sign off and it still wasn't changed.
Moved in, things hadn't been cleaned, blood on a door handle from a month ago (as we saw it then as well), water wasn't checked for the dishwasher as the main feed to it was switched off (or, it was checked, swiftly turned off after they realized it leaked everywhere, which I found out), leaking shower screen, bath legs not screwed down, fag buts under bath, cupboards not on straight in the kitchen to get told its by design, kick boards not on properly, external gas cover looking like it was dragged along the ground, front door scraped, letter box chipped, terrible finish on most walls in the house.

I could go one

Thank you for the reminder! The build was completed before the new year, and we've been in touch with the site manager of the development since then to ensure all is well with the house settling. We haven't visited since just before it was finished though, so we could do with going in again to check some of these things. We can manage with some doors catching, but hoping for no blood on door handles!

 

[Delvis]

Yep, that's the one. All the information has been given to the lender, the problem has something to do with the mortgage documents not showing anything relating to the gift when it should. This has then caused the lender to come back to us asking about the gift for some reason... Or at least that's how I understand it.



If you can show enough income for the amount of money to be reasonably your own savings, then should have no problem. It's possible that a lender will see the transaction when they look at your statements and ask where it came from, but if it's inheritance, should be no problem to show them that.



Thank you for the reminder! The build was completed before the new year, and we've been in touch with the site manager of the development since then to ensure all is well with the house settling. We haven't visited since just before it was finished though, so we could do with going in again to check some of these things. We can manage with some doors catching, but hoping for no blood on door handles!

Haha, indeed.

You'll have a snag list to make regardless sadly

 

[GTanny]

So after what seems like about 3 weeks of zero progress I managed to speak to a manager at my conveyancers today, within a single 5 minute phone call she had reviewed the file, confirmed everything was ready and sorted with the case and agreed to contact the sellers side after we finished on the phone, half an hour later we had the final bit of paperwork ready to pay the deposit and have a phone call tomorrow to confirm they have received it before we exchange tomorrow afternoon.

Now just a nervous night shift for me to complete and then a few hours sleep before waiting anxiously for a phone call tomorrow.

 

[Repta]

Just found out the house we are buying never had its final inspection for the extension or loft conversion so no buildings reg cert for them. Weird as the electrics, gas etc are all signed off for them and we have the certs.

While I am not too bothered, could be a pain if we want to sell. Though most annoying thing is it has only come to light after 3 months and because of digging I had to do myself.

 

[koolpc]

Just found out the house we are buying never had its final inspection for the extension or loft conversion so no buildings reg cert for them. Weird as the electrics, gas etc are all signed off for them and we have the certs.

While I am not too bothered, could be a pain if we want to sell. Though most annoying thing is it has only come to light after 3 months and because of digging I had to do myself.

Good old solicitors!

 

[Delvis]

Just found out the house we are buying never had its final inspection for the extension or loft conversion so no buildings reg cert for them. Weird as the electrics, gas etc are all signed off for them and we have the certs.

While I am not too bothered, could be a pain if we want to sell. Though most annoying thing is it has only come to light after 3 months and because of digging I had to do myself.

The electrics are separate to the actual building sign off as a whole, they were for us anyway. We had an extension on an older property that hadn't been signed off properly but it was livable, would only be an issue when it came to selling. You'll need to bear in mind it will need to adhere to today's standards, not the standard when it was built

 

[ChrisD.]

After no news with the solicitors for over 10 days I contacted mine and they said they are waiting details from my buyer. I'm in touch with her so I gave her a call and she got in touch with her solicitor who emailed her to say that she'd replied to them a day after they sent details. Miraculously the next time I checked my portal the case had updated to reflect that. Looks like I'll be chasing them more often as the odd week here and there can really push us over the SDLT holiday end.

 

[Buffman]

After no news with the solicitors for over 10 days I contacted mine and they said they are waiting details from my buyer. I'm in touch with her so I gave her a call and she got in touch with her solicitor who emailed her to say that she'd replied to them a day after they sent details. Miraculously the next time I checked my portal the case had updated to reflect that. Looks like I'll be chasing them more often as the odd week here and there can really push us over the SDLT holiday end.

Yep, my new buyer was waiting a week for their solicitor to send them documents which I know were sent the week before by my solicitors.

I think the make or break is having good comms with the buyer/seller

 

[Repta]

Good old solicitors!

Tell me about it, feels like just wasting a whole lot of money on them to get not much done. Only just been sent stuff they received in October, whole process is a joke.

The electrics are separate to the actual building sign off as a whole, they were for us anyway. We had an extension on an older property that hadn't been signed off properly but it was livable, would only be an issue when it came to selling. You'll need to bear in mind it will need to adhere to today's standards, not the standard when it was built

That's the bit I'm worried about, it is all perfectly livable but the loft particularly doesn't confirm to the current regs. Fire doors etc.

I suspect will prob be a deal breaker as will be a pain to sell.

 

[Delvis]

Yep, my new buyer was waiting a week for their solicitor to send them documents which I know were sent the week before by my solicitors.

I think the make or break is having good comms with the buyer/seller

It's ridiculous, this process is done so much and so often it should be a lot simpler by now!