The nervous wait to exchange....

Skillmister · 24 Feb 2021 at 10:02

FML thanks Rishi

HungryHippos · 24 Feb 2021 at 10:13

Stamp Duty Holiday extended then, good news presumably for some people who were cutting it close.

dl8860 · 24 Feb 2021 at 11:06

We've just put an offer in this morning, would have been great if this stayed under wraps a bit longer as should I now expect the seller to ask us to up our offer? Though nothing confirmed as yet so... Such a pain this whole stamp duty meddling, you just get lucky - or not - based on the government's whims. Don't like it.

Delvis · 24 Feb 2021 at 11:08

Skillmister said:
FML thanks Rishi

Is this Stamp Duty related?

Does that affect your work or something else thats annoyed you?

Bug One · 24 Feb 2021 at 11:39

dl8860 said:
We've just put an offer in this morning, would have been great if this stayed under wraps a bit longer as should I now expect the seller to ask us to up our offer? Though nothing confirmed as yet so... Such a pain this whole stamp duty meddling, you just get lucky - or not - based on the government's whims. Don't like it.

We got really lucky, as we were part way through purchasing a house when the stamp duty holiday was introduced. So, result - we ended up paying £15k less than we'd expected.

However now, all the prices for houses locally have gone up by about £20k. So any potential saving is just being eaten up by the inflated prices.

dl8860 · 24 Feb 2021 at 11:45

Bug One said:
We got really lucky, as we were part way through purchasing a house when the stamp duty holiday was introduced. So, result - we ended up paying £15k less than we'd expected.

However now, all the prices for houses locally have gone up by about £20k. So any potential saving is just being eaten up by the inflated prices.

Up until this new reported extension though, prices should have come back down as any new purchases wouldn't be exempt.

15k is such a chunk, it's excruciating thinking it may or may not work out, and being powerless either way.

I guess your seller didn't turn around and ask you to pass some of the savings their way or else they'd go back to the market?

flea.rider · 24 Feb 2021 at 11:46

my lad is moving out buying his first house ..small 3 bed ..they wanted 105k told him to start at 90k when looking at it it's tidy they just excepted 95k
i'll pay for a new roof for him and help decorate it ..it's mostly the upstairs that need doing ..just looking forward to just me and the wife again ..lol

Skillmister · 24 Feb 2021 at 12:03

Delvis said:
Is this Stamp Duty related?

Does that affect your work or something else thats annoyed you?

Yes it means we'll be massively over capacity for another 4 months with everyone clicking their fingers and expecting us to magic backlogs out of existence

Basher · 24 Feb 2021 at 12:46

Skillmister said:
Yes it means we'll be massively over capacity for another 4 months with everyone clicking their fingers and expecting us to magic backlogs out of existence

What is it that you do?

Surely backlogs are good? Doesn't it mean you can create more jobs?

b0rn2sk8 · 24 Feb 2021 at 12:56

Where’s it being reported? I try to steer clear of the tabloids.

Basher · 24 Feb 2021 at 13:09

b0rn2sk8 said:
Where’s it being reported? I try to steer clear of the tabloids.

The Stamp Duty Holiday extension? Literally everywhere ...

dl8860 · 24 Feb 2021 at 13:11

b0rn2sk8 said:
Where’s it being reported? I try to steer clear of the tabloids.

The Times, Sky News, Independent..

b0rn2sk8 · 24 Feb 2021 at 13:24

Just looked, it appears to be very much speculation at the moment.

That said I know that most of this stuff tends to leak out before it’s actually announced.

Delvis · 24 Feb 2021 at 14:00

Skillmister said:
Yes it means we'll be massively over capacity for another 4 months with everyone clicking their fingers and expecting us to magic backlogs out of existence

That sucks, as you've said previously (I think...?) the stamp duty is probably just accounted for elsewhere in the sale, it just gets people more willing to buy 'now'.

dl8860 · 24 Feb 2021 at 15:08

Delvis said:
That sucks, as you've said previously (I think...?) the stamp duty is probably just accounted for elsewhere in the sale, it just gets people more willing to buy 'now'.

It's essentially a flow of money from the taxpayer to homeowners, and proportionally more to the owners of people with expensive homes.

Delvis · 24 Feb 2021 at 15:14

dl8860 said:
It's essentially a flow of money from the taxpayer to homeowners, and proportionally more to the owners of people with expensive homes.

Oh I'm not complaining, its allowed me to get on the housing ladder finally.

Buffman · 24 Feb 2021 at 16:08

HungryHippos said:
Stamp Duty Holiday extended then, good news presumably for some people who were cutting it close.

I think its reported but not 100% yet? I'll be happy as it'll save me 15k (some will say to a 40+k inflated house price, but hey!)

My buyers solicitor has currently sat with there draft contract and documentation for 3 weeks and not issued it to the buyer...

{SAS}TB · 24 Feb 2021 at 19:15

Not an exchange, but not worthy of its ow thread ...

After some additional borrowing for an extension and new kitchen and spoke to the mortgage advisor last wednesday evening. Approval in principle - then had an issue with them issuing me the paperwork by DocuSign but got round that on Monday. Surveyor rang yesterday afternoon to book an appointment, came at 08.00 this morning. Got a text off my mortgage advisor at 5.30 saying everting was ok and that has notification from the bank the offer is ready in my online account ! Very impressed with the speed of turnaround

Arsonist · 24 Feb 2021 at 22:15

{SAS}TB said:
Not an exchange, but not worthy of its ow thread ...

After some additional borrowing for an extension and new kitchen and spoke to the mortgage advisor last wednesday evening. Approval in principle - then had an issue with them issuing me the paperwork by DocuSign but got round that on Monday. Surveyor rang yesterday afternoon to book an appointment, came at 08.00 this morning. Got a text off my mortgage advisor at 5.30 saying everting was ok and that has notification from the bank the offer is ready in my online account ! Very impressed with the speed of turnaround

We were the same a few weeks back - banks seem to be whipping mortgage offers through at the moment. Ours went in on a Friday afternoon and was approved by the Monday morning. Surveyor in and out within 3 days of booking (awaiting survey). It's just the solicitors dragging their heels now, but I expect no better from them.

{SAS}TB · 24 Feb 2021 at 22:19

No, always the solicitor ........