Houses

[Ian Nacho]

4 minutes ago, Wrighty22 said:

I’m having the same thoughts. 
 

Although I can afford a decent house it would put me right on the edge of my limit. 
 

Plus I am getting fed up of looking everyday and not finding what I want. 

I do personally feel like buying a flat is a decent short term option until you can get/afford something you want. 

[MidKentFox]

(Sorry for the long rant...needed!) Hi, have been observing this thread for some time & am now in need of some advise...have tried every other avenue I'm aware of!

So, long story short, I sold my home in Kent to move to Leicester back in May, had a ridiculous amount of hold ups out of our control, then all of a sudden our buyer exchanged giving us 5 days notice, else she said she'd pull out. (In hindsight we should have called her bluff) Our purchase wasn't ready, so had to move in with parents, although our solicitors said it shouldn't be more than a couple weeks....5 weeks later & our purchase is still not ready, the house they're buying still has enquiries ongoing, although the agents say its all done, yet solicitors say its not!! 

We need to move ASAP, novelty of living with family is thoroughly worn off & we need our own space. Do we threaten to pull out, as our buyer did? Who do we talk to, as everyone we deal with has a different version with no timescales to give at all!!! Stressed to hell & worn out!! Need my own bed! Thanks 😊 

[VLC86]

1 hour ago, MidKentFox said:

(Sorry for the long rant...needed!) Hi, have been observing this thread for some time & am now in need of some advise...have tried every other avenue I'm aware of!

So, long story short, I sold my home in Kent to move to Leicester back in May, had a ridiculous amount of hold ups out of our control, then all of a sudden our buyer exchanged giving us 5 days notice, else she said she'd pull out. (In hindsight we should have called her bluff) Our purchase wasn't ready, so had to move in with parents, although our solicitors said it shouldn't be more than a couple weeks....5 weeks later & our purchase is still not ready, the house they're buying still has enquiries ongoing, although the agents say its all done, yet solicitors say its not!! 

We need to move ASAP, novelty of living with family is thoroughly worn off & we need our own space. Do we threaten to pull out, as our buyer did? Who do we talk to, as everyone we deal with has a different version with no timescales to give at all!!! Stressed to hell & worn out!! Need my own bed! Thanks 😊 

Threatening to pull out can backfire so only you can make that decision. What you do need to do though is to ask them exact questions of your solicitors and estate agents.

 

Whats the hold up? What is currently happening and when is it going to progress? Hold them accountable and tell them your situation, pester the **** out of them every few days and they will get the hint and want rid of you.

[grth2004]

On 01/11/2021 at 19:31, MidKentFox said:

(Sorry for the long rant...needed!) Hi, have been observing this thread for some time & am now in need of some advise...have tried every other avenue I'm aware of!

So, long story short, I sold my home in Kent to move to Leicester back in May, had a ridiculous amount of hold ups out of our control, then all of a sudden our buyer exchanged giving us 5 days notice, else she said she'd pull out. (In hindsight we should have called her bluff) Our purchase wasn't ready, so had to move in with parents, although our solicitors said it shouldn't be more than a couple weeks....5 weeks later & our purchase is still not ready, the house they're buying still has enquiries ongoing, although the agents say its all done, yet solicitors say its not!! 

We need to move ASAP, novelty of living with family is thoroughly worn off & we need our own space. Do we threaten to pull out, as our buyer did? Who do we talk to, as everyone we deal with has a different version with no timescales to give at all!!! Stressed to hell & worn out!! Need my own bed! Thanks 😊 

Had similar problems with so called enquiries for over a month. 
it’s easy for solicitors to say enquiries are still outstanding so they don’t have to complete so my advice is: 

Ring every day, you’ve paid them a lot of money to do a job and it’s taking too long  so time to get annoyed and be the one shouting loudest and you’re solicitors should be pushing them. 
see if you can find out what the enquiries are , usually a ridiculous thing like a certain for a window which didn’t exist in my case. 
Ring both estate agents every day and tell them how desperate you are even over act it to a point where they are fed up with hearing from you and go and sort it. 
just keeping pushing basically and never feel guilty 

[Rob1742]

On 01/11/2021 at 19:31, MidKentFox said:

(Sorry for the long rant...needed!) Hi, have been observing this thread for some time & am now in need of some advise...have tried every other avenue I'm aware of!

So, long story short, I sold my home in Kent to move to Leicester back in May, had a ridiculous amount of hold ups out of our control, then all of a sudden our buyer exchanged giving us 5 days notice, else she said she'd pull out. (In hindsight we should have called her bluff) Our purchase wasn't ready, so had to move in with parents, although our solicitors said it shouldn't be more than a couple weeks....5 weeks later & our purchase is still not ready, the house they're buying still has enquiries ongoing, although the agents say its all done, yet solicitors say its not!! 

We need to move ASAP, novelty of living with family is thoroughly worn off & we need our own space. Do we threaten to pull out, as our buyer did? Who do we talk to, as everyone we deal with has a different version with no timescales to give at all!!! Stressed to hell & worn out!! Need my own bed! Thanks 😊 

Need to understand what the issues are with regards to the hold up. 

I have purchased a house within four days once before, so generally the issues lay with communication and effort between solicitors. If they want to complete, they can do, but you need two solicitors intend on hitting a deadline.

 

I have also completed many houses within 3-4 weeks, again both solicitors knowing and willing to hit deadlines. 
 

Find out what the delay is first, what is holding it all up? 
 

I recall having to change solicitors a while back and I rang a potential new one and had to leave a message on her voicemail. It said something along the lines of “ I am sorry I am not available, please leave a message. The usual time for me to respond is within 48 hours” 

 

Generally any issue is very quickly solvable, it’s just they do a bit on one file them move into another and you are bottom of the pile again. 
 

 

[Wrighty22]

Bid on 2 houses in the last few weeks and both were rejected due to higher bids. The house market is crazy with people willing to pay so much over the asking prices.

Off to see another property tonight for a second viewing but not getting my hopes up at all.

[MidKentFox]

21 hours ago, Rob1742 said:

Need to understand what the issues are with regards to the hold up. 

I have purchased a house within four days once before, so generally the issues lay with communication and effort between solicitors. If they want to complete, they can do, but you need two solicitors intend on hitting a deadline.

 

I have also completed many houses within 3-4 weeks, again both solicitors knowing and willing to hit deadlines. 
 

Find out what the delay is first, what is holding it all up? 
 

I recall having to change solicitors a while back and I rang a potential new one and had to leave a message on her voicemail. It said something along the lines of “ I am sorry I am not available, please leave a message. The usual time for me to respond is within 48 hours” 

 

Generally any issue is very quickly solvable, it’s just they do a bit on one file them move into another and you are bottom of the pile again. 
 

 

Apparently the hold up is to do with the upward chain, they're awaiting a sales pack for their purchase which is causing major delays. I say apparently as we've been given multiple stories from different people. Our solicitors have now ignored our last 7 emails & multiple phone calls. The estate agents sent a very rude email to my wife...nothing seems to be working & nobody can give us a date! Honestly can't see us moving in at all at this rate! 

[Rob1742]

1 hour ago, MidKentFox said:

Apparently the hold up is to do with the upward chain, they're awaiting a sales pack for their purchase which is causing major delays. I say apparently as we've been given multiple stories from different people. Our solicitors have now ignored our last 7 emails & multiple phone calls. The estate agents sent a very rude email to my wife...nothing seems to be working & nobody can give us a date! Honestly can't see us moving in at all at this rate! 

It’s typical really, they are mostly generally very poor. If there is a chain, there won’t be any desire from the solicitor to find a way through it.

 

I give them a deadline to solve else I will pull out, but you can only do that if you are happy with the outcome it can achieve. If you really want the house you can’t do that. 
 

Good luck, hope it works out 

[Crinklyfox]

22 hours ago, Wrighty22 said:

Bid on 2 houses in the last few weeks and both were rejected due to higher bids. The house market is crazy with people willing to pay so much over the asking prices.

Off to see another property tonight for a second viewing but not getting my hopes up at all.

The property market is insane down my way as well.  My  eldest's looking to buy a house, one came on the market so we phoned the estate agent to arrange a viewing - too late, the house had been on the market for a day and there were already twenty viewings booked, did we want to go onto the waiting list for viewings if the vendor didn't get an offer they liked?

 

We'd previously viewed a property and my son put in an offer over the asking price, only for the estate agent to advise us that a substantially higher offer had been accepted from a cash buyer.  It seems like offers around 10% in excess of the asking price are the ones likely to get considered at the moment.

[Kopic]

Got a provisional completion date yesterday, very exciting. Then read today our solicitors got hacked and everything is delayed. Wonderful.

[me_plus_one]

9 hours ago, Crinklyfox said:

The property market is insane down my way as well.  My  eldest's looking to buy a house, one came on the market so we phoned the estate agent to arrange a viewing - too late, the house had been on the market for a day and there were already twenty viewings booked, did we want to go onto the waiting list for viewings if the vendor didn't get an offer they liked?

 

We'd previously viewed a property and my son put in an offer over the asking price, only for the estate agent to advise us that a substantially higher offer had been accepted from a cash buyer.  It seems like offers around 10% in excess of the asking price are the ones likely to get considered at the moment.

I'm also going through this I'm one of the many being told cannot view because we have 30 odd  calling in about the same property in less than half a day. It's so disheartening. I'm ready to move out (mentally) but I can't. I've saved for so long and if then switch to rent i'll never get back to saving. 

[Mickyblueeyes]

https://www.bbc.co.uk/news/uk-england-leicestershire-59226549

 

This is an absolute disaster. I feel for their clients. 

[Wrighty22]

House comes on the market yesterday, I book in for a viewing on Monday as I am away. Get a phone call this morning saying they are cancelling my viewing as the house is now sold. 
 

Just can’t get any luck at the minute. 

[Lako42]

I find it outrageous because I look at the prices of the houses daily and they are already insane. 

 

We we're lucky and got ours 4 years a go for £140k in a good condition but blank canvas, it's easily worth and would sell for £260k today, however, the next step on the market for us now has become utterly farcical. I mean some really shit, nondescript houses are on for half a million. 

 

 

Mental  

Edited 11 November 2021 by Lako42

[Mickyblueeyes]

1 minute ago, Lako42 said:

I find it outrageous because I look at the prices of the houses daily and they are already insane. 

 

We we're lucky and got ours 4 years a go for £140k in a good condition but blank canvas, it's easily worth and would sell for £260k today, however, the next step on the market for us now has become utterly farcical. I mean some really shit, nondescript houses are on for half a million. 

 

 

Mental  

It’s absolutely crazy. I was having this chat with my brother the other day. Very similar to you, he bought when things were better and the increase in value is incredible. However, his next step in the market is eye watering. There is no value for money. 
 

I told him to play the game and re-mortgage. 

[Lako42]

6 minutes ago, Mickyblueeyes said:

It’s absolutely crazy. I was having this chat with my brother the other day. Very similar to you, he bought when things were better and the increase in value is incredible. However, his next step in the market is eye watering. There is no value for money. 
 

I told him to play the game and re-mortgage. 

Exactly what we are doing now, not only has the house shot up in value but we've taken a new rate that is 55% lower than the last 5 years. 

 

 

Although we'll want to move up at some point it's really not justifiable at the minute. If we keep overpaying at the current rate we'll have paid the mortgage off in half the time we took it out for and we just can't get the same quality space without adding hugely to this.

[Ian Nacho]

I have a weird situation where I have a pretty sizable deposit and will only require a £15k-20k mortgage for a decent flat, but my contract is fixed term and still under a probationary period for my first proper job out of university. I'm assuming a mortgage broker will be the best place to go? Anyone got any mortgage broker recommendations? 

[grobyfox1990]

5 hours ago, Ian Nacho said:

I have a weird situation where I have a pretty sizable deposit and will only require a £15k-20k mortgage for a decent flat, but my contract is fixed term and still under a probationary period for my first proper job out of university. I'm assuming a mortgage broker will be the best place to go? Anyone got any mortgage broker recommendations? 

DM’d you details of the best broker around, by far, in my experience 

[chapero82]

45 minutes ago, grobyfox1990 said:

DM’d you details of the best broker around, by far, in my experience 

Hi Groby could you DM me as well please

[newfox1]

Evening all. Market's just mad. Houses on Saff Lane being advertised for 270k at the moment. Estate agents just putting up prices further and further. No idea if it'll slow down and just get back to ore covid prices. 

[FoyleFox]

You're not wrong. I still have a look out of interest. A bungalow has just gone up in our village, less than half the size of ours, also needs refitting and its up for more than we paid in February 

 

I was just about to get an agent to do a valuation, as we've half the work done. But the builder informed me last week, he's coming next week, so now we've ripped the kitchen out. 

 

I'm very intrigued to get a valuation. I would've liked one before and after we do the building/ kitchen project but c'est la vie. I'll feel better if it's increased, the refurbishment costs are escalating badly!

[Ian Nacho]

Got in touch with a mortgage broker and enquired about a small mortgage, however they cannot offer me anything below 25k as my employment is uncertain. Seems bizarre.  

[VLC86]

28 minutes ago, Ian Nacho said:

Got in touch with a mortgage broker and enquired about a small mortgage, however they cannot offer me anything below 25k as my employment is uncertain. Seems bizarre.  

You mean anything above 25k?

[KrefelderFox666]

10 hours ago, Costock_Fox said:

You mean anything above 25k?

Some lenders have 25,000 borrowing as their minimum requirement. Anything below you would usually be sent down the personal loan route. There are some lenders I believe that would go down to 10,000 but it becomes quite niche. Generally speaking, mortgages are usually much larger than 25,000 these days.

 

However, a lot of lenders only require a minimum loan of £10,000. Without knowing your personal details of the mortgage requirement, not sure what else might impact it. The broker will know what he is talking about.

Edited 16 November 2021 by KrefelderFox666

[VLC86]

14 minutes ago, KrefelderFox666 said:

Some lenders have 25,000 borrowing as their minimum requirement. Anything below you would usually be sent down the personal loan route. There are some lenders I believe that would go down to 10,000 but it becomes quite niche. Generally speaking, mortgages are usually much larger than 25,000 these days.

Agreed, was just curious as to why the broker would say it’s because of a contract of employment.