Houses

[David Guiza]

Our buyers have delightfully just mentioned that they were intending on having a 95% mortgage. It's through the Nationwide who, upon further investigation, are doing some cases again at 95% LTV. Our lender will only do a minimum 85% at the current time, and that's only recently gone up from 65%.

 

Barring a second wave I'm hoping there will be no issues, just cannot be bothered with the faff of remarketing and the risk of losing the purchase etc. I'm find either way as it's my wife that will have a 90 round trip if we don't move pre-September commute not me .

Edited 4 June 2020 by David Guiza

[rachhere]

6 minutes ago, David Guiza said:

Our buyers have delightfully just mentioned that they were intending on having a 95% mortgage. It's through the Nationwide who, upon further investigation, are doing some cases again at 95% LTV. Our lender will only do a minimum 85% at the current time, and that's only recently gone up from 65%.

 

Barring a second wave I'm hoping there will be no issues, just cannot be bothered with the faff of remarketing and the risk of losing the purchase etc. I'm find either way as it's my wife that will have a 90 round trip if we don't move pre-September commute not me .

But it will be you doing all the cooking :)! Hope it works out....

[stix]

1 hour ago, David Guiza said:

Our buyers have delightfully just mentioned that they were intending on having a 95% mortgage. It's through the Nationwide who, upon further investigation, are doing some cases again at 95% LTV. Our lender will only do a minimum 85% at the current time, and that's only recently gone up from 65%.

 

Barring a second wave I'm hoping there will be no issues, just cannot be bothered with the faff of remarketing and the risk of losing the purchase etc. I'm find either way as it's my wife that will have a 90 round trip if we don't move pre-September commute not me .

How far along are you with the sale? Do you mean Nationwide are submitting a new application for your buyers? 

[z-layrex]

1 hour ago, David Guiza said:

Our buyers have delightfully just mentioned that they were intending on having a 95% mortgage. It's through the Nationwide who, upon further investigation, are doing some cases again at 95% LTV. Our lender will only do a minimum 85% at the current time, and that's only recently gone up from 65%.

 

Barring a second wave I'm hoping there will be no issues, just cannot be bothered with the faff of remarketing and the risk of losing the purchase etc. I'm find either way as it's my wife that will have a 90 round trip if we don't move pre-September commute not me .

Yeah we had a viewing booked on ours that got cancelled, the agent said the couple had their 95% mortgage offer subtracted.

[Milo]

2 hours ago, Jon the Hat said:

Ooh which council is that?

Croydon council - they are the 100% shareholder of a property development company called Brick by Brick.

 

Plenty of examples of the council buying cheap land, awarding Brick by Brick the development contract and then selling the flats/houses for full market value...to the benefit of the shareholders.

 

https://insidecroydon.com/2019/07/31/mp-philp-asks-whitehall-to-investigate-cheap-land-sales-to-bxb/

 

Depressing as fvck as we cannot find any land to self build. Decided last week to give up and are now looking for a 'normal' house to buy. 

 

 

 

Hate corruption...hate it even more when it has a direct effect on me  

 

 

[Milo]

Mods...

 

Will my post be reinstated when they are found to be guilty??!   

[David Guiza]

15 hours ago, rachhere said:

But it will be you doing all the cooking :)! Hope it works out....

That is reason enough to move house ASAP 

14 hours ago, stix said:

How far along are you with the sale? Do you mean Nationwide are submitting a new application for your buyers? 

Only just started. Buyers had a mortgage promise, which was presumably from before lockdown. A little frustrating that they didn't think to have a word with their mortgage advisor before putting an offer on our house, and also that the agents didn't seemingly check this too. I used to do a bit of Conveyancing and my firm will handle that side so I have no worries at all from hereon in, but I do fear that our buyers won't get their mortgage and we'll be back to square one and lost 2/3 further weeks. We'll see I guess!  

 

14 hours ago, z-layrex said:

Yeah we had a viewing booked on ours that got cancelled, the agent said the couple had their 95% mortgage offer subtracted.

So frustrating. As I mentioned, I'm not sure why people didn't check with their lender/advisor before proceeding. Maybe we're overly cautious, but we waited until we had an offer on our house and checked with our bank before we started viewings to save any unnecessary stress or cost. Now just waiting around for what will likely be a fortnight for them to hear back from their lender. First world problems, but stressful nonetheless. 

[Costock_Fox]

15 hours ago, z-layrex said:

Yeah we had a viewing booked on ours that got cancelled, the agent said the couple had their 95% mortgage offer subtracted.

You can’t legally retract a mortgage offer so I presume something changed for that to happen.

[Rob1742]

My friend who is an estate agent was saying the market is very good at the moment. Opened up on Monday and the phone has gone mental ever since.

 

People either want to move having spent so long in their houses, or looking to sell due to divorce, which I think has been a big problem in lockdown.

 

Offers in on houses this week at normal prices, so no drop in the market initially.

 

Small sample obviously, but I think it shows what has been happening in lockdown 

[Costock_Fox]

3 minutes ago, Rob1742 said:

My friend who is an estate agent was saying the market is very good at the moment. Opened up on Monday and the phone has gone mental ever since.

 

People either want to move having spent so long in their houses, or looking to sell due to divorce, which I think has been a big problem in lockdown.

 

Offers in on houses this week at normal prices, so no drop in the market initially.

 

Small sample obviously, but I think it shows what has been happening in lockdown 

I’m getting busier at work but I guess it will take a month or so for the applications to come in. Hopefully you are right.

[The Blur]

17 hours ago, rachhere said:

I have bought two houses and both times used an advisor. They were fantastic to be honest and really took the stress out of it all. The second time in particular we had a nightmare with our solicitors, to the point that I sacked them from the job three months in. She had good contacts with a local solicitor and helped so much in moving everything back on track, even driving over to drop the completed forms off on our behalf. I am not sure we technically paid anymore either than if we had directly gone with nationwide, as there was a promotional offer which meant we received £200 back from nationwide three months later (that we wouldn't have got if we went direct). I think they tend to make their money in selling you the add-ons, like house and life insurance, but you aren't obliged to take those from them, you can arrange your own. 

 

 

Thanks-  how involved did you feel you was during the whole process?   I am just struggling a bit to get around to the idea that I would not be involved in some of discussions between the advisor and the other parties?  

[Leicester_Loyal]

Can see there being a lot of houses available, like you say divorce and unfortunately deaths of people where the family haven't had a chance to sell the house. Equally though, people divorcing will need two houses rather than one, which probably puts them into competing with first time buyers.

 

Still don't think we'll see anything major happen until the furlough scheme comes to a close and unemployment rises.

 

How much deposit did people put down on their first house? I mean percentage wise not a figure. I'm currently sat on about 16-18% (depending on my property budget obviously), but I'm buying alone and not with anyone, so it may be slightly different. Should hopefully be up to around 20% in 8-12 weeks.

Edited 5 June 2020 by Leicester_Loyal

[rachhere]

23 minutes ago, The Blur said:

 

 

Thanks-  how involved did you feel you was during the whole process?   I am just struggling a bit to get around to the idea that I would not be involved in some of discussions between the advisor and the other parties?  

I was very involved throughout, and they definitely didn't do anything without me knowing about it. It was more the nagging that I didn't have to do - our estate agents were pretty rubbish unfortunately, and the first set of solicitors even more so. The mortgage adviser was regularly on the phone to them asking how things were progressing which kept things moving. 

 

It helped that I knew that I wanted to go with Nationwide already, as they have a reputation of being good for first time buyers, plus they have good flexibility with over payments which is something I really wanted. 

[stix]

48 minutes ago, Costock_Fox said:

You can’t legally retract a mortgage offer so I presume something changed for that to happen.

That’s really interesting to know. I didn’t know that. I think I just assumed that the banks were in full control and could pull it at any time. 

[rachhere]

 

57 minutes ago, Costock_Fox said:

You can’t legally retract a mortgage offer so I presume something changed for that to happen.

Maybe they had an offer in principle, and they either misunderstood or misrepresented that they had the mortgage in place?

 

20 minutes ago, Leicester_Loyal said:

Can see there being a lot of houses available, like you say divorce and unfortunately deaths of people where the family haven't had a chance to sell the house. Equally though, people divorsing will need two houses rather than one, which probably puts them into competing with first time buyers.

 

Still don't think we'll see anything major happen until the furlough scheme comes to a close and unemployment rises.

 

How much deposit did people put down on their first house? I mean percentage wise not a figure. I'm currently sat on about 16-18% (depending on my property budget obviously), but I'm buying alone and not with anyone, so it may be slightly different. Should hopefully be up to around 20% in 8-12 weeks.

That sounds a good healthy deposit to me. Although you will also need to budget for things like solicitors fees, and costs for furnishing the new place. 

[Footballwipe]

58 minutes ago, Rob1742 said:

My friend who is an estate agent was saying the market is very good at the moment. Opened up on Monday and the phone has gone mental ever since.

 

People either want to move having spent so long in their houses, or looking to sell due to divorce, which I think has been a big problem in lockdown.

 

Offers in on houses this week at normal prices, so no drop in the market initially.

 

Small sample obviously, but I think it shows what has been happening in lockdown 

Yeah this seems the case.

 

We're back looking after our sellers cancelled the sale on their house and remarketed. They've gone back up to the original price it was marketed for (we were going to pay £10k less) and good luck to em tbf, especially as we were the first offer they'd had after being on the market for four months. Our buyer wants to wait as he's an investor so hopefully the rental market stays strong. Houses are cropping up every day. We went to see one yesterday and there were six viewings (it had been listed just the day before!) with multiple offers.

 

We should get a MIP fairly easily with our position. Competition will be our biggest issue, I think!

 

A house in Queniborough went on Right Move yesterday and was sold before the sun had set!

[David Guiza]

Our buyers have had their decision in principle at 95% so hopefully that's good news for the rest of the market too. I was expecting either a rejection or at least weeks of delays until the LTV was increased up to 95%.

 

As for our individual circumstance, we had 7/8 separate viewing at our home in a fortnight, and others scheduled that were cancelled once we accepted the offer. I'm expecting a short term boost with people looking to get out of the city etc, but the biggest test is Autumn onwards I imagine. 

[l444ry]

https://www.bbc.co.uk/news/business-52888991

Largest monthly fall for 11 years apparently.

[Costock_Fox]

1 hour ago, stix said:

That’s really interesting to know. I didn’t know that. I think I just assumed that the banks were in full control and could pull it at any time. 

Nope not at all, unless there is fraud then they can’t do anything.

[Costock_Fox]

1 hour ago, rachhere said:

 

Maybe they had an offer in principle, and they either misunderstood or misrepresented that they had the mortgage in place?

 

That sounds a good healthy deposit to me. Although you will also need to budget for things like solicitors fees, and costs for furnishing the new place. 

Yeah that or the broker messed up and then needed an amendment or they backed out and lied.

[Costock_Fox]

35 minutes ago, l444ry said:

https://www.bbc.co.uk/news/business-52888991

Largest monthly fall for 11 years apparently.

No doubt about it, we went from having overtime payable for 15 months to having no work.

[Wolfox]

3 hours ago, Rob1742 said:

My friend who is an estate agent was saying the market is very good at the moment. Opened up on Monday and the phone has gone mental ever since.

 

People either want to move having spent so long in their houses, or looking to sell due to divorce, which I think has been a big problem in lockdown.

 

Offers in on houses this week at normal prices, so no drop in the market initially.

 

Small sample obviously, but I think it shows what has been happening in lockdown 

The three D’s drive the property market 

 

Divorce

Debt

Death

 

All on the rise of course…. So, property will be coming into the market 

 

Unemployment is going to rise when the furlough schemes roll off which will likely lead to a depression in house prices as too many people will need to sell…

 

A horrible situation...

 

Our house is on the market at the moment…. We don’t have to move we simply want to move…. As my onwards purchase is going to be greater than what I’m selling for any correction should effect both houses, so, I’ll sniff the air and work out if it’s a good move….
 

Your house is a home first and an investment second, but, for most it’ll be the biggest investment they make…. It has to work in both senses

 

in my position I would ideally trade at the bottom of the market…. When that will be is a guess, but it’s probably coming…

 

Prices for houses coming on still seen toppy in my view…. But, I suspect people are likely to be more willing to accept lower offers…?  

[rachhere]

9 minutes ago, Wolfox said:

The three D’s drive the property market 

 

Divorce

Debt

Death

 

All on the rise of course…. So, property will be coming into the market 

 

Unemployment is going to rise when the furlough schemes roll off which will likely lead to a depression in house prices as too many people will need to sell…

 

A horrible situation...

 

Our house is on the market at the moment…. We don’t have to move we simply want to move…. As my onwards purchase is going to be greater than what I’m selling for any correction should effect both houses, so, I’ll sniff the air and work out if it’s a good move….
 

Your house is a home first and an investment second, but, for most it’ll be the biggest investment they make…. It has to work in both senses

 

in my position I would ideally trade at the bottom of the market…. When that will be is a guess, but it’s probably coming…

 

Prices for houses coming on still seen toppy in my view…. But, I suspect people are likely to be more willing to accept lower offers…?  

It's true, although alongside all that we also have such a shortage of housing in this country, and I am guessing that may be even more so the case over the next few months as presumably housing developments will have been impacted. Interest rates are also so ridiculously low at the moment, and a lot of people whose income hasn't been impacted are probably finding that they are able to save more money than they have ever done before (i know I certainly have done!), so it could be more people are in a position to get on the property ladder than there would have been otherwise. It's really complex and I can't call this one. All I know is there's been a steady flow of houses come on the market in my area, and the prices are consistent with what they were previously. 

[z-layrex]

5 hours ago, Costock_Fox said:

You can’t legally retract a mortgage offer so I presume something changed for that to happen.

Oh really? Just what the agent said.

[Sly]

We’ve been waiting to see a David Wilson’s Showhome, to work out what it feels like in terms of space.

 

They’re unwilling to let us in. Apparently I can only have a virtual viewing via FaceTime. 
 

I ain’t being funny, if I’m spending £600k, I’m not buying it because Trish showed me the cupboards via a virtual tour!