Houses

[Torquay Gunner]

1 hour ago, fox_favourite said:

Who is the house builder, out of interest?

Strata Homes.

[PAULCFC]

Great thread!We have our house sold(apparantley)..Moving into a new build up in Nortumberland....but at the moment we are sort of in limbo.....the buyer had all the checks done,but now the buyers lenders want another check on rot in our house,which she says she cant afford,so we are offering to pay half the cost.....Our solicitor is saying it's nothing to be worried about,but we have been up to Amble(Nortumberland) and asked for all the flooring/carpets/lights etc to make the house which is 85% done.....not stressful at all!The one question i would like to ask....If the buyer has been through all of these checks....instructed a solicitor etc do you think the buyer is serious to buy?

Edited 25 March by PAULCFC

[Costock_Fox]

6 hours ago, PAULCFC said:

Great thread!We have our house sold(apparantley)..Moving into a new build up in Nortumberland....but at the moment we are sort of in limbo.....the buyer had all the checks done,but now the buyers lenders want another check on rot in our house,which she says she cant afford,so we are offering to pay half the cost.....Our solicitor is saying it's nothing to be worried about,but we have been up to Amble(Nortumberland) and asked for all the flooring/carpets/lights etc to make the house which is 85% done.....not stressful at all!The one question i would like to ask....If the buyer has been through all of these checks....instructed a solicitor etc do you think the buyer is serious to buy?

They would have incurred a cost which would say yes but the reality is until you have exchanged it’s not a done deal. 
 

The lender asking for further checks is normal.

[Xen]

Sigh.

 

Offered 215k on a 220k house, lots of interest so ended up accepted at 222k. Seller already knows the house she wants to buy and an agreement with the seller (no chain). So far so good. 

Downvaluation on the mortgage to 210k. Compromise on a 213k offer and things move on after a bit of a panic.

 

Bombshell last wednesday when the onward purchase falls through because of a family issue. Our seller had her heart set on that particular house, so pulls her own house off the market and wont look at anything else. To add insult to injury, our adjusted mortgage application is accepted later that afternoon.

Saturday morning I get a call and she's changed her mind and found something (again, no chain), but her offer was only accepted on the condition that our purchase resumes where it was. Fine by us, crisis averted.

 

Then this morning I get another call from the estate agent apologising again as our seller has changed her mind once more and called the whole thing off again. Fuming.

 

 

Back to the drawing board.

Edited 25 March by Xen

[Wolfox]

2 hours ago, Xen said:

Sigh.

 

Offered 215k on a 220k house, lots of interest so ended up accepted at 222k. Seller already knows the house she wants to buy and an agreement with the seller (no chain). So far so good. 

Downvaluation on the mortgage to 210k. Compromise on a 213k offer and things move on after a bit of a panic.

 

Bombshell last wednesday when the onward purchase falls through because of a family issue. Our seller had her heart set on that particular house, so pulls her own house off the market and wont look at anything else. To add insult to injury, our adjusted mortgage application is accepted later that afternoon.

Saturday morning I get a call and she's changed her mind and found something (again, no chain), but her offer was only accepted on the condition that our purchase resumes where it was. Fine by us, crisis averted.

 

Then this morning I get another call from the estate agent apologising again as our seller has changed her mind once more and called the whole thing off again. Fuming.

 

 

Back to the drawing board.

Ah….  That’s really rubbish…. It can be a painful process all this stuff…

 

Why people do this without the commitment needed has always been beyond me…. My house goes on the market when I fully intend to sell…

[Costock_Fox]

2 hours ago, Xen said:

Sigh.

 

Offered 215k on a 220k house, lots of interest so ended up accepted at 222k. Seller already knows the house she wants to buy and an agreement with the seller (no chain). So far so good. 

Downvaluation on the mortgage to 210k. Compromise on a 213k offer and things move on after a bit of a panic.

 

Bombshell last wednesday when the onward purchase falls through because of a family issue. Our seller had her heart set on that particular house, so pulls her own house off the market and wont look at anything else. To add insult to injury, our adjusted mortgage application is accepted later that afternoon.

Saturday morning I get a call and she's changed her mind and found something (again, no chain), but her offer was only accepted on the condition that our purchase resumes where it was. Fine by us, crisis averted.

 

Then this morning I get another call from the estate agent apologising again as our seller has changed her mind once more and called the whole thing off again. Fuming.

 

 

Back to the drawing board.

Sorry to hear that mate, not good at all.

[Robo61]

16 hours ago, PAULCFC said:

Great thread!We have our house sold(apparantley)..Moving into a new build up in Nortumberland....but at the moment we are sort of in limbo.....the buyer had all the checks done,but now the buyers lenders want another check on rot in our house,which she says she cant afford,so we are offering to pay half the cost.....Our solicitor is saying it's nothing to be worried about,but we have been up to Amble(Nortumberland) and asked for all the flooring/carpets/lights etc to make the house which is 85% done.....not stressful at all!The one question i would like to ask....If the buyer has been through all of these checks....instructed a solicitor etc do you think the buyer is serious to buy?

Not wishing to frighton you, but friends of ours were due to move to Northumbrrland last year, all parties exchanged through the chain. Then on the day of completion the couple at rhe bottom broke up and refused to complete. An almost unique  case I am assured by people I know who work in estate agencies but you can never count your chickens in the home moving game.

[PAULCFC]

2 hours ago, Robo61 said:

Not wishing to frighton you, but friends of ours were due to move to Northumbrrland last year, all parties exchanged through the chain. Then on the day of completion the couple at rhe bottom broke up and refused to complete. An almost unique  case I am assured by people I know who work in estate agencies but you can never count your chickens in the home moving game.

Yes mate....bit of a waiting game...we are all in limbo at the moment!

[PAULCFC]

9 hours ago, Xen said:

Sigh.

 

Offered 215k on a 220k house, lots of interest so ended up accepted at 222k. Seller already knows the house she wants to buy and an agreement with the seller (no chain). So far so good. 

Downvaluation on the mortgage to 210k. Compromise on a 213k offer and things move on after a bit of a panic.

 

Bombshell last wednesday when the onward purchase falls through because of a family issue. Our seller had her heart set on that particular house, so pulls her own house off the market and wont look at anything else. To add insult to injury, our adjusted mortgage application is accepted later that afternoon.

Saturday morning I get a call and she's changed her mind and found something (again, no chain), but her offer was only accepted on the condition that our purchase resumes where it was. Fine by us, crisis averted.

 

Then this morning I get another call from the estate agent apologising again as our seller has changed her mind once more and called the whole thing off again. Fuming.

 

 

Back to the drawing board.

Stressfull ain't it! I've got to the point where i just let the solicitors take care of things,which i know i shouldn't,but it grinds you down!

[Xen]

21 hours ago, Wolfox said:

Ah….  That’s really rubbish…. It can be a painful process all this stuff…

 

Why people do this without the commitment needed has always been beyond me…. My house goes on the market when I fully intend to sell…

 

20 hours ago, Costock_Fox said:

Sorry to hear that mate, not good at all.

 

14 hours ago, PAULCFC said:

Stressfull ain't it! I've got to the point where i just let the solicitors take care of things,which i know i shouldn't,but it grinds you down!

Aye, not great at all. Heard all the warnings about how the process can be stupid sometimes, so was expecting something to go wrong as it all seemed a bit too easy haha. First time buyers so still got sucked in and emotionally invested in a house before things were certain - easily done. Certainly wont be mentally picking out furniture and decorating before we have the keys in hand, this time!

 

Means we're in a good position for our next attempt though, and can reassess a bit more logically about what we need/want. All part of the fun...

[MPH]

Absolutely hate house chains.

 

We were very very fortunate that our house had been empty for 2 years before moving in. We ended up getting the house for less than half of what it originally went on the market for. mind you, this was 13 years ago and i doubt that would happen these days!

[Tommy G]

FAO builders. 
 

What’s the on average going rate per sqm2 of a single story or double story extension to first fix please? Realise this is subjective, our last extension was 2020 and appreciate the world is different. Pricing it up for a potential house purchase. Thanks - just after a rough idea. Including VAT

[brookfox]

Just reading this thread, if ever there was an industry in need of very serious reform it’s the English house buying market. Far, far too many nightmare stories and a process beyond complication.

 

I’ve always had the impression the Scottish process is a lot slicker, or is that not the case? If it is can’t we just adopt that?

[Ryanside]

12 hours ago, Tommy G said:

FAO builders. 
 

What’s the on average going rate per sqm2 of a single story or double story extension to first fix please? Realise this is subjective, our last extension was 2020 and appreciate the world is different. Pricing it up for a potential house purchase. Thanks - just after a rough idea. Including VAT

Not a builder but having a 2 storey side extension on our semi detached, had a load of quotes, prices were between £120k and £148K. Eye watering considering we still need pay for a kitchen and bathroom! 

[Lako42]

11 minutes ago, Ryanside said:

Not a builder but having a 2 storey side extension on our semi detached, had a load of quotes, prices were between £120k and £148K. Eye watering considering we still need pay for a kitchen and bathroom! 

****ing  hell that's utterly ridiculous 

[dsr-burnley]

1 hour ago, Ryanside said:

Not a builder but having a 2 storey side extension on our semi detached, had a load of quotes, prices were between £120k and £148K. Eye watering considering we still need pay for a kitchen and bathroom! 

They can build a 4 bedroom house and sell it at a profit for £250k (in our area), and that includes land purchase and road building.  A 2-story extension shouldn't be anywhere near.

[kenny]

4 minutes ago, dsr-burnley said:

They can build a 4 bedroom house and sell it at a profit for £250k (in our area), and that includes land purchase and road building.  A 2-story extension shouldn't be anywhere near.

There is an order of scale. The big house builders are building 2-3 bed houses for around £150k plus the land and professional fees.

 

But they will be ordering 5000 kitchens a year not 2-3 so their price structure is quite different to a small builder. £120k is certainly the market rate at the moment.

[Lako42]

12 minutes ago, kenny said:

There is an order of scale. The big house builders are building 2-3 bed houses for around £150k plus the land and professional fees.

 

But they will be ordering 5000 kitchens a year not 2-3 so their price structure is quite different to a small builder. £120k is certainly the market rate at the moment.

Don't quite understand how people can afford to take on extensions at those prices in this environment 

 

Most people probably view mortgages as a dumping ground for debt without thinking though 

[kenny]

Just now, Lako42 said:

Don't quite understand how people can afford to take on extensions at those prices in this environment 

 

Most people probably view mortgages as a dumping ground for debt without thinking though 

You don't make profit doing one any more thats for sure.

 

But for many its better than moving.

 

I think lots of people treat their home as a financially modular investment. So you buy it on your current salary. Once you earn more you take on more debt and extend.

 

Even though you don't invest £100k to instantly gain £150k like you used to, it still stacks up. Its ruined the Homes under the hammer, buy, flip sell market though.

[UniFox21]

3 minutes ago, Lako42 said:

Don't quite understand how people can afford to take on extensions at those prices in this environment 

 

Most people probably view mortgages as a dumping ground for debt without thinking though 

 

Just now, kenny said:

You don't make profit doing one any more thats for sure.

 

But for many its better than moving.

 

I think lots of people treat their home as a financially modular investment. So you buy it on your current salary. Once you earn more you take on more debt and extend.

 

Even though you don't invest £100k to instantly gain £150k like you used to, it still stacks up. Its ruined the Homes under the hammer, buy, flip sell market though.

Think it's also important to consider the fact many don't fully understand their mortgage and just see it as a number they pay off. 

 

[kenny]

Just now, UniFox21 said:

 

Think it's also important to consider the fact many don't fully understand their mortgage and just see it as a number they pay off. 

 

Probably true.

 

I compare the interest I pay to rent. The rest I pay is cash-back.

 

For most people even those that don't think about it, your interest will always be less than rent would be.

[Tommy G]

2 hours ago, Ryanside said:

Not a builder but having a 2 storey side extension on our semi detached, had a load of quotes, prices were between £120k and £148K. Eye watering considering we still need pay for a kitchen and bathroom! 

How many m2 are you getting for that?

[Ryanside]

7 minutes ago, Tommy G said:

How many m2 are you getting for that?

Total is 56m2 (6.4*4.4) across the two floors. So at the lower end £2100 per m2 which isn't the worst. 

 

It's one of those though, either move or do this. When you like the area, house, neighbours, garden etc moving to something that ticks all the boxes becomes much more expensive. 

[Xen]

3 hours ago, kenny said:

Probably true.

 

I compare the interest I pay to rent. The rest I pay is cash-back.

 

For most people even those that don't think about it, your interest will always be less than rent would be.

2 bed flat in Salford/Manchester, with one parking space sets you back at least £1,000.

 

3 bed house a mile or two further out, with off road parking and decent garden is around £200-220k. With a 10% deposit the mortgage payments are around £900/month, of which ~£700 will be interest initially. So a lot more house, and a monthly 'saving' of about a third.

 

Granted, the rental market round here is ridiculous, but its still hard to imagine a situation where a like-for-like property is ever cheaper renting than buying.

[FoyleFox]

5 hours ago, Ryanside said:

Not a builder but having a 2 storey side extension on our semi detached, had a load of quotes, prices were between £120k and £148K. Eye watering considering we still need pay for a kitchen and bathroom! 

Holy f*****!!!!