Houses

[Costock_Fox]

1 minute ago, Julian Joachim Jr Shabadoo said:

Then you've got sCUNThorpe

Riddled with them.

[Leicester_Loyal]

An update:

 

Vendor doesn't want to renegotiate the price, EA said it's worth more than my mortgage lender has valued it at, I told him/her to present the evidence to them (which they said they have) and they might reconsider it and we could then move along at the original agreed price, he/she said it's not their job to and wants me to do that? Why am I gonna appeal a lower valuation to pay more for a property? He/She also tried to get me to change mortgage advisor and lender too, but when I refused said 'You can't be that bothered about the house then?' He/She said she will re-market it, I told them to crack on. I was more than willing to meet in the middle, but I'm not happy with the way I've been spoken to this morning and I am not happy with being pressured into a sale.

 

Worst case scenario I stay at home for another few months and bank a load more equity. Roll on the market crash in October

[z-layrex]

1 hour ago, Leicester_Loyal said:

An update:

 

Vendor doesn't want to renegotiate the price, EA said it's worth more than my mortgage lender has valued it at, I told him/her to present the evidence to them (which they said they have) and they might reconsider it and we could then move along at the original agreed price, he/she said it's not their job to and wants me to do that? Why am I gonna appeal a lower valuation to pay more for a property? He/She also tried to get me to change mortgage advisor and lender too, but when I refused said 'You can't be that bothered about the house then?' He/She said she will re-market it, I told them to crack on. I was more than willing to meet in the middle, but I'm not happy with the way I've been spoken to this morning and I am not happy with being pressured into a sale.

 

Worst case scenario I stay at home for another few months and bank a load more equity. Roll on the market crash in October

Yeah just pull out mate, what do we have if we don't have our principles. Tell them to shove their house up their arse if they are going to be rude to you.

 

This will be the universe's way of telling you that house wasn't for you. A much better one will be along at the correct price too you'll see.

Edited 8 August 2020 by z-layrex

[The Blur]

On 04/08/2020 at 12:25, Leicester_Loyal said:

Anyone in here purchased a property using the Help2Buy ISA? Apparently you can't use the bonus towards the deposit? Very disappointing if true and seems pretty bloody pointless saving in one if true?

 

What happens to the bonus? Does it get paid to you in cash or something after completion? Just spend an hour on the phone to Halifax before being transferred and cut off, so can't be arsed to ring them again.

From the memory when I opened mine last year,  you would ask your solictior to contact the bank to confirm that you are in the proccess of buying a house so the bank would release the savings and for the government to be notified to contrbute.  

 

I was under the impression that it would have contributed to your deposit as well so I am bemused as you are.    Have you received any clarification since then?

[Leicester_Loyal]

22 minutes ago, The Blur said:

From the memory when I opened mine last year,  you would ask your solictior to contact the bank to confirm that you are in the proccess of buying a house so the bank would release the savings and for the government to be notified to contrbute.  

 

I was under the impression that it would have contributed to your deposit as well so I am bemused as you are.    Have you received any clarification since then?

It can't be used as part of the deposit mate (from what I was told), as it gets paid at exchange or after exchange. However you can use it for solicitors fees etc. I think they pay it at or after exchange to stop people just pretending to buy a house, getting the free 25% and then pulling out of buying the house. Basically say you're borrowing 150k, but you're getting 3k bonus from the H2B, they'll stick 153k in your bank, transfer the 150k for the house (deposit + mortgage) and you'll then be left with 3k in your account for fees etc.

 

I was very confused too, and I still am tbh, but I'm just not counting it as my deposit now.

[FoyleFox]

1 hour ago, Leicester_Loyal said:

An update:

 

Vendor doesn't want to renegotiate the price, EA said it's worth more than my mortgage lender has valued it at, I told him/her to present the evidence to them (which they said they have) and they might reconsider it and we could then move along at the original agreed price, he/she said it's not their job to and wants me to do that? Why am I gonna appeal a lower valuation to pay more for a property? He/She also tried to get me to change mortgage advisor and lender too, but when I refused said 'You can't be that bothered about the house then?' He/She said she will re-market it, I told them to crack on. I was more than willing to meet in the middle, but I'm not happy with the way I've been spoken to this morning and I am not happy with being pressured into a sale.

 

Worst case scenario I stay at home for another few months and bank a load more equity. Roll on the market crash in October

Wow. That's a shocking attitude from the agent. The opposite of how our agent said they'd dealt with the scenario. The agents job is to progress the sale. If you were happy with the agreed price I'm not sure I'd be happy if I was the vendor either.

 

I do believe if it's meant to be it will be and you'll find something better. Although, our favourite property which has been up for sale for 18mths has just been withdrawn, so the 'destiny' belief is a little challenged today. The 3rd favourite, been up 12mths sold yesterday!

[SpacedX]

27 minutes ago, The Blur said:

From the memory when I opened mine last year,  you would ask your solictior to contact the bank to confirm that you are in the proccess of buying a house so the bank would release the savings and for the government to be notified to contrbute.  

 

I was under the impression that it would have contributed to your deposit as well so I am bemused as you are.    Have you received any clarification since then?

Seems to be all a bit of a blur to you. 

[Leicester_Loyal]

4 minutes ago, FoyleFox said:

Wow. That's a shocking attitude from the agent. The opposite of how our agent said they'd dealt with the scenario. The agents job is to progress the sale. If you were happy with the agreed price I'm not sure I'd be happy if I was the vendor either.

 

I do believe if it's meant to be it will be and you'll find something better. Although, our favourite property which has been up for sale for 18mths has just been withdrawn, so the 'destiny' belief is a little challenged today. The 3rd favourite, been up 12mths sold yesterday!

Yeah I totally get where the vendor is coming from, myself and them were both happy with the price, just unfortunate that my mortgage lender values it at less. I just haven't got 10k extra to put in, and I don't really want to overpay anyway.

 

There's always plenty more houses around, we'll all find the right one eventually

[Otis]

21 hours ago, Leicester_Loyal said:

Yeah I sometimes forget that. We'll see what happens next week, I won't be paying the full price that's for sure, so hopefully we can bring it down a bit.

 

If not I'll just stay at home a little longer and save up even more

Being a FTB is a great position to be in, as you're not relient on selling a property & you can time the completion date around the seller.

Leave the offer on the table for 1 week for them to think about. Always be prepared to walk away. (hint that to the agent, let them know you're in control, you have other properties in mind remember )

 

By staying at home you can save quickly, try to put away per month what you would be spending on a mortgage at a minimum.

[lcfc278]

Quick question as I'm unsure where I stand so any help would be appreciated.

 

We bought our first house in 2014 however since then, for one reason or another, our credit rating has gone down considerably. IF we were to sell right now we'd get about £190K for our place, and we have about £95K of outstanding mortgage. Do you think my chances of getting another house/mortgage would be negatively affected by our credit rating being low or would having the potential £90K+ deposit towards the next house help a lenders decision to let us borrow?

[TiffToff88]

My house finally went on the market on Saturday and we already have 5 people wanting to view it. Hopefully this could be a nice quick sale! 

 

The sooner we sell up in Syston the sooner we can get the ball rolling in Barnsley. We've been getting the feeling the sellers are getting a bit impatient waiting for us!!

[Leicester_Loyal]

On 08/08/2020 at 12:40, Leicester_Loyal said:

An update:

 

Vendor doesn't want to renegotiate the price, EA said it's worth more than my mortgage lender has valued it at, I told him/her to present the evidence to them (which they said they have) and they might reconsider it and we could then move along at the original agreed price, he/she said it's not their job to and wants me to do that? Why am I gonna appeal a lower valuation to pay more for a property? He/She also tried to get me to change mortgage advisor and lender too, but when I refused said 'You can't be that bothered about the house then?' He/She said she will re-market it, I told them to crack on. I was more than willing to meet in the middle, but I'm not happy with the way I've been spoken to this morning and I am not happy with being pressured into a sale.

 

Worst case scenario I stay at home for another few months and bank a load more equity. Roll on the market crash in October

Estate agent messaged me earlier, he/she wants my mortgage advisor to try a different lender and get a different valuation, but this could be a waste of time and the interest rate on my mortgage would also be higher (as the one I was with was the cheapest). I told him/her that I'm not prepared to do that, so he/she said that the property is being re-marketed today.

 

Onto the next house we go

Edited 11 August 2020 by Leicester_Loyal

[Milo]

42 minutes ago, Leicester_Loyal said:

Estate agent messaged me earlier, he/she wants my mortgage advisor to try a different lender and get a different valuation, but this could be a waste of time and the interest rate on my mortgage would also be higher (as the one I was with was the cheapest). I told him/her that I'm not prepared to do that, so he/she said that the property is being re-marketed today.

 

Onto the next house we go

Well done for not being too disheartened by that experience. It is a bit of an odd one, for it to be valued at such a small difference below the agreed price and allow the sale to fall through.

 

I assume that the house will go back on to the market with the caveat that any interested parties can only put an offer in if they are with a lender other than the one you used?!  

 

Hats off for sticking with your principles and for not being scared to walk away.  

[z-layrex]

46 minutes ago, Leicester_Loyal said:

Estate agent messaged me earlier, he/she wants my mortgage advisor to try a different lender and get a different valuation, but this could be a waste of time and the interest rate on my mortgage would also be higher (as the one I was with was the cheapest). I told him/her that I'm not prepared to do that, so he/she said that the property is being re-marketed today.

 

Onto the next house we go

Honestly good for you. Their greed has lost them a good sale.

[Leicester_Loyal]

I think it's actually the estate agents greed, I'm not even sure he/she told the sellers about the issue, they'll probably just say I've pulled out rather than it being a valuation issue. 5k taken off the price would have actually gotten them the sale, as I'd have met them in the middle and put in 5k of my own money.

 

My old man reckons I should wait a few months and see if there's a few percent drop in the market, I am tempted to but will continue looking anyway just in case one pops up I really like. Thankfully I still live at home and pay no board

[newfox1]

24 minutes ago, Leicester_Loyal said:

I think it's actually the estate agents greed, I'm not even sure he/she told the sellers about the issue, they'll probably just say I've pulled out rather than it being a valuation issue. 5k taken off the price would have actually gotten them the sale, as I'd have met them in the middle and put in 5k of my own money.

 

My old man reckons I should wait a few months and see if there's a few percent drop in the market, I am tempted to but will continue looking anyway just in case one pops up I really like. Thankfully I still live at home and pay no board

That seems to be the advice but how long to wait ? News seems to be getting worse every day with the economy and jobs but demand for homes is still there for the most part.

 

If you haven't done so already, worth downloading a google chrome extension called property log. It automatically shows any changes in house prices and reductions for the home instead of guessing. I use it for the right move website.

Edited 11 August 2020 by newfox1

[Leicester_Loyal]

5 minutes ago, newfox1 said:

That seems to be the advice but how long to wait ? News seems to be getting worse every day with the economy and jobs but demand for homes is still there for the most part.

 

If you haven't done so already, worth downloading a google chrome extension called property log. It automatically shows any changes in house prices and reductions for the home instead of guessing. I use it for the right move website.

Yeah exactly, personally a drop like in 2008 would be great for me

 

Never knew about the property log, just downloaded it, thank you!

[newfox1]

1 hour ago, Leicester_Loyal said:

Yeah exactly, personally a drop like in 2008 would be great for me

 

Never knew about the property log, just downloaded it, thank you!

Only started using it a few weeks ago and it's very good. Interesting to see the reductions on some properties with the lines through the old prices.

 

Just drove past the restaurants near Leicester station and they are paaaaaacked. What pandemic and recession?

Edited 11 August 2020 by newfox1

[Costock_Fox]

Mortgage advisors, which lender typically lets you overpay more each year and how much?

[Costock_Fox]

29 minutes ago, newfox1 said:

Only started using it a few weeks ago and it's very good. Interesting to see the reductions on some properties with the lines through the old prices.

 

Just drove past the restaurants near Leicester station and they are paaaaaacked. What pandemic and recession?

The government can’t pay half of people’s food bills forever.

[Costock_Fox]

2 hours ago, Leicester_Loyal said:

I think it's actually the estate agents greed, I'm not even sure he/she told the sellers about the issue, they'll probably just say I've pulled out rather than it being a valuation issue. 5k taken off the price would have actually gotten them the sale, as I'd have met them in the middle and put in 5k of my own money.

 

My old man reckons I should wait a few months and see if there's a few percent drop in the market, I am tempted to but will continue looking anyway just in case one pops up I really like. Thankfully I still live at home and pay no board

I think that’s pretty sensible advice. Prices are sky high at the minute and I would expect a drop at the end of furlough.

 

I have a help to buy loan on my house and the mortgage is up and because how much I repay is based on the valuation I’m going to wait until the market is at the lowest to pay it off.

[newfox1]

7 minutes ago, Costock_Fox said:

I think that’s pretty sensible advice. Prices are sky high at the minute and I would expect a drop at the end of furlough.

 

I have a help to buy loan on my house and the mortgage is up and because how much I repay is based on the valuation I’m going to wait until the market is at the lowest to pay it off.

That's the big question. Furlough will end in a couple of months and when is it likely to reach the bottom or thereabouts?

 

They'll either extend the Furlough, stamp duty exemption or something else. Despite the increase in prices at the moment, I believe sales are still very low in comparison . 

[Otis]

41 minutes ago, Costock_Fox said:

Mortgage advisors, which lender typically lets you overpay more each year and how much?

Most if not all allow you to overpay up to 10% of the outstanding balance without penalty.

[Costock_Fox]

31 minutes ago, Otis said:

Most if not all allow you to overpay up to 10% of the outstanding balance without penalty.

Thought this was probably the case, thanks mate. Any you know of let you pay more?

[Leicester_Loyal]

1 hour ago, Costock_Fox said:

I think that’s pretty sensible advice. Prices are sky high at the minute and I would expect a drop at the end of furlough.

 

I have a help to buy loan on my house and the mortgage is up and because how much I repay is based on the valuation I’m going to wait until the market is at the lowest to pay it off.

 

1 hour ago, newfox1 said:

That's the big question. Furlough will end in a couple of months and when is it likely to reach the bottom or thereabouts?

 

They'll either extend the Furlough, stamp duty exemption or something else. Despite the increase in prices at the moment, I believe sales are still very low in comparison . 

I think they'll drop but only slightly, like 3-5%.

 

I'm in a bit of a weird situation though really, I live at home rent free and every 4 weeks I save another 1% LTV, so unless prices start going up by 10% a year, I'll always be gaining on the market.