Houses

[Nalis]

16 minutes ago, Footballwipe said:

Sold!

 

Got an offer from a nice young couple who really liked the place and we were pinning hopes on them offering. £1k below the asking price but we're cool with that because their situation suits us.

 

Viewings booked for tomorrow and Sunday on ones that we like. Here's hoping.

Unless you undervalued in the first place, £1k below asking is excellent to be honest.

 

Congrats!

[Rob1742]

On 18/06/2020 at 16:28, David Guiza said:

From my time in residential property I do find that solicitors get it in the neck when many things are out of their control, particularly at this moment in time. Most of my friends who work in Law are still on furlough, or at least working from home, and many of the local firms are only just returning back to any sense of normality. 

 

With Conveyancing there is a lot of things that simply take time. Mortgage offers, Local Authority Searches, Land Registry queries etc are out of their hands. Some local authorities can take in excess of 6 weeks to return search results, and virtually all lenders require a minimum of a Local Search in order to lend on a property. That said there are certainly some utterly useless firms and people, of course, particularly the factory firms who miraculously have great Google reviews.   

 

I worked in Conveyancing during the SDLT changes to higher rate properties and that's the only time I ever did a transaction in under a fortnight, and that was only because there was no mortgage/searches and had a cooperative solicitor on the other side too.  

 

Nope, we had to provide 15% on our purchase, even though we're only in effect borrowing a further £40,000. HSBC and some other lenders are doing 90% LTV I believe. 

 

Our buyers are having a 95% Nationwide mortgage, they have it approved and submitted and the valuer is due next week. Hoping as it's already in the works the decision won't be changed for them. 

They are just a strange breed. I mean, who would ever put on an email “ we will try and reply to you within 2-3 days, but in busy times it could be longer”

 

So I have to wait 2-3 days just for a quote?

 

The good ones stand out from the crowd, they are there but hard to hunt out.

 

Just found one, he responded straight away, he exchanged six emails within a couple of hours and are now set up. 
 

A few are proactive and make it happen, the majority make it a chore and struggle to communicate effectively 

[Costock_Fox]

Expecting LTV offers to go back down from what I’ve been told, not sure if that’s likely but I know banks are shifting huge numbers towards new collections teams for when Furlough ends.

[Leicester_Loyal]

20 minutes ago, Costock_Fox said:

Expecting LTV offers to go back down from what I’ve been told, not sure if that’s likely but I know banks are shifting huge numbers towards new collections teams for when Furlough ends.

By back down you mean only 5-10% deposit needed? What do you mean by new collection teams, I've never heard of that before.

 

New properties in my area are being added now every other day, it seems the market is picking back up again.

[Costock_Fox]

Just now, Leicester_Loyal said:

By back down you mean only 5-10% deposit needed? What do you mean by new collection teams, I've never heard of that before.

 

New properties in my area are being added now every other day, it seems the market is picking back up again.

No I mean 25% deposits. I agree the market seems to be crazy at the minute but the big test is when furlough ends in my opinion.

[Leicester_Loyal]

Just now, Costock_Fox said:

No I mean 25% deposits. I agree the market seems to be crazy at the minute but the big test is when furlough ends in my opinion.

Ah, well if that's the case I won't be moving for another 6 months. I have no idea what will happen, furlough ending could mean everyone selling and prices dropping, I can't see it though, I just don't think we'll ever see prices drop by more than a percent or two.

[Costock_Fox]

4 minutes ago, Leicester_Loyal said:

Ah, well if that's the case I won't be moving for another 6 months. I have no idea what will happen, furlough ending could mean everyone selling and prices dropping, I can't see it though, I just don't think we'll ever see prices drop by more than a percent or two.

Fingers crossed mate (for me as a home owner with a huge mortgage)

[z-layrex]

14 hours ago, Costock_Fox said:

No I mean 25% deposits. I agree the market seems to be crazy at the minute but the big test is when furlough ends in my opinion.

**** me, no one will be able to move!

[Costock_Fox]

53 minutes ago, z-layrex said:

**** me, no one will be able to move!

Will see what happens, the person who mentioned it often gets things wrong.

[Milo]

The end of furlough is likely to be a bit of a car crash for lots of people, unfortunately.

 

There will be genuine businesses that cannot afford to keep their staff on once the government money ends, and there will be a huge amount of bloated businesses that will use it as a convenient excuse to streamline their workforce.

 

It will doubtless have a knock on effect to the housing market, imo.

[Leicester_Loyal]

Been looking at getting a mortgage in principle, but unsure whether to do this before or after I find a property? Obviously it gives me an advantage, but when filling in the mortgage forms it asks the year the house was built etc. So if I haven't found a house how can I fill this in? This was online, so maybe I should ring them and do it over the phone. Any advice is appreciated.

[Strokes]

13 minutes ago, Leicester_Loyal said:

Been looking at getting a mortgage in principle, but unsure whether to do this before or after I find a property? Obviously it gives me an advantage, but when filling in the mortgage forms it asks the year the house was built etc. So if I haven't found a house how can I fill this in? This was online, so maybe I should ring them and do it over the phone. Any advice is appreciated.

Speak to a Mortgage Advisor  mate, there are some great ones out there that put all the leg work in for you.

Can hook you up if you need, decent ones won’t cost you anything as they get their money from the lender.

[Wolfox]

13 minutes ago, Leicester_Loyal said:

Been looking at getting a mortgage in principle, but unsure whether to do this before or after I find a property? Obviously it gives me an advantage, but when filling in the mortgage forms it asks the year the house was built etc. So if I haven't found a house how can I fill this in? This was online, so maybe I should ring them and do it over the phone. Any advice is appreciated.

Speak to to decent mortgage advisor…

 

You need to understand what your budget it is currently as I’ve uncovered my budget has dropped in the last two weeks as they’ll no longer consider any part of a bonus etc. as part of your salary…. Only a car allowance…

 

A loan in principle doesn’t need to be attached to a specific house (happy to be corrected), but, if it is just use a house your interested in as an example…

 

But, you should certainly have the outline conversation…. Won’t make any difference in regards to offers…. If you’re sold and no or low chain and make the right offer you’re good to go… assuming your affordability criteria is good…

[Mickyblueeyes]

On 19/06/2020 at 17:03, Rob1742 said:

They are just a strange breed. I mean, who would ever put on an email “ we will try and reply to you within 2-3 days, but in busy times it could be longer”

 

So I have to wait 2-3 days just for a quote?

 

The good ones stand out from the crowd, they are there but hard to hunt out.

 

Just found one, he responded straight away, he exchanged six emails within a couple of hours and are now set up. 
 

A few are proactive and make it happen, the majority make it a chore and struggle to communicate effectively 

It’s like everything else mate, it depends what sort of firm you’re looking for. If it’s the cheap and cheerful 300/400 plus VAT high street/conveyancing shop, you’ll get messages like that and frustration with the lack of response - they’ll add little or no value to your sale/purchase and simply follow the “process”. The expensive (or ones deemed expensive) pick and choose their client base and do not need to undertake volume transactions so have more time to spend on each individual file. 
 

I agree with you though. Even in these times, sending an email advising a client or potential client that a response is due only in two/three days times would infuriate me and not something I’d want to receive. 

[Costock_Fox]

1 hour ago, Leicester_Loyal said:

Been looking at getting a mortgage in principle, but unsure whether to do this before or after I find a property? Obviously it gives me an advantage, but when filling in the mortgage forms it asks the year the house was built etc. So if I haven't found a house how can I fill this in? This was online, so maybe I should ring them and do it over the phone. Any advice is appreciated.

As others have said, use someone’s recommendations on a mortgage advisor who will do it all for you otherwise agreements in principle aren’t really much use for anything other than estate agents letting you look at houses.

[Leicester_Loyal]

Cheers for the advice. I know an advisor who has been recommended to me by a few people, so will get in contact with them.

[Footballwipe]

An update, as this is a great place to dump the myriad of stuff going on for my own sanity.

 

Went to see a house on Saturday, it was great and absolutely lovely. It's rural, in Sapcote, so a complete change from the city boy I am. I was completely sold on making an offer on after the viewing and all of Sunday morning and afternoon...

 

...And then...

 

A house which we'd lost out on because we hadn't sold came back on the market due to the prospective buyers "being slow." It's not as big (negligible though) but it is newer, better located for us (New Lubbesthorpe) and slightly cheaper. A bid has just gone in so hopefully we're first in the queue as it was four parties interested and "whoever pays asking price and gets documents in first gets it."

[Costock_Fox]

2 hours ago, Footballwipe said:

An update, as this is a great place to dump the myriad of stuff going on for my own sanity.

 

Went to see a house on Saturday, it was great and absolutely lovely. It's rural, in Sapcote, so a complete change from the city boy I am. I was completely sold on making an offer on after the viewing and all of Sunday morning and afternoon...

 

...And then...

 

A house which we'd lost out on because we hadn't sold came back on the market due to the prospective buyers "being slow." It's not as big (negligible though) but it is newer, better located for us (New Lubbesthorpe) and slightly cheaper. A bid has just gone in so hopefully we're first in the queue as it was four parties interested and "whoever pays asking price and gets documents in first gets it."

That last part sounds like the estate agents pulling a blinder to be fair, if there are 4 interested parties why are they happy to settle for the asking price?

Edited 22 June 2020 by Costock_Fox

[Footballwipe]

13 minutes ago, Costock_Fox said:

That last part sounds like the estate agents pulling a blinder to be fair, if there are 4 interested parties why are they happy to settle for the asking price?

Not sure. I wonder if it's to do with the situation of the sellers, who just want to downsize six months after moving in (older couple who want a bungalow) and they're not fussed about the price.

 

Either way I can't complain, I've just (provisionally) bought it!

[Costock_Fox]

23 minutes ago, Footballwipe said:

Not sure. I wonder if it's to do with the situation of the sellers, who just want to downsize six months after moving in (older couple who want a bungalow) and they're not fussed about the price.

 

Either way I can't complain, I've just (provisionally) bought it!

Well that’s it, if you are happy to pay the price then it’s what suits you. Congrats mate.

[FoxesDeb]

3 hours ago, Footballwipe said:

An update, as this is a great place to dump the myriad of stuff going on for my own sanity.

 

Went to see a house on Saturday, it was great and absolutely lovely. It's rural, in Sapcote, so a complete change from the city boy I am. I was completely sold on making an offer on after the viewing and all of Sunday morning and afternoon...

 

...And then...

 

A house which we'd lost out on because we hadn't sold came back on the market due to the prospective buyers "being slow." It's not as big (negligible though) but it is newer, better located for us (New Lubbesthorpe) and slightly cheaper. A bid has just gone in so hopefully we're first in the queue as it was four parties interested and "whoever pays asking price and gets documents in first gets it."

Yes, yes, but what about the funny looking one I don't like? Any update on that one? 

 

(Congratulations btw, hope you get it ) 

[Footballwipe]

32 minutes ago, FoxesDeb said:

Yes, yes, but what about the funny looking one I don't like? Any update on that one? 

 

(Congratulations btw, hope you get it ) 

Don't worry Deb, we're all following this one through for however long it takes. It's still on the market (as we'd expect) looking sorry for itself.

[Milo]

4 hours ago, Footballwipe said:

An update, as this is a great place to dump the myriad of stuff going on for my own sanity.

 

Went to see a house on Saturday, it was great and absolutely lovely. It's rural, in Sapcote, so a complete change from the city boy I am. I was completely sold on making an offer on after the viewing and all of Sunday morning and afternoon...

 

...And then...

 

A house which we'd lost out on because we hadn't sold came back on the market due to the prospective buyers "being slow." It's not as big (negligible though) but it is newer, better located for us (New Lubbesthorpe) and slightly cheaper. A bid has just gone in so hopefully we're first in the queue as it was four parties interested and "whoever pays asking price and gets documents in first gets it."

That's where I grew up! 

 

Good luck with your offer...maybe karma playing a part on the initial house and if you get it, you get it. 

 

and if not, you get to enjoy the delights of sunny Sapcote.

 

Win/win  

[Izzy]

1 hour ago, Milo said:

That's where I grew up!

Water sports at Stoney Cove then a few pints at the Mill on the Soar on the way home. Happy days 

[Milo]

16 minutes ago, Izzy said:

Water sports at Stoney Cove then a few pints at the Mill on the Soar on the way home. Happy days 

Blimey. Takes me back - Stoney Cove was my first local. Couldn’t drink in the Sapcote pubs cos everyone knew how old I was!! 
 

Did my PADI there as well. 
 

We might have crossed paths, mate!!