Houses

[FoyleFox]

We've noticed quite a few properties being reduced recently, a couple we had saved dropped £15k and £25k this week.

 

I don't normally include new houses in my searches but somehow had today and noticed one developer has reduced prices across two of their sites. I had a quick look at one as it's Gilmorton, and saw they've a 3 bed detached on at £347k, with ideal for first time buyers. I'm many years past being a FTB  but given that lenders are being cautious and the current financial climate, isn't nearly £350k a bit steep for a FTB? Or are FTB's a lot richer than when I was one - it was a 2 bed terrace as a starter then?

[TiffToff88]

My solicitor is expecting to exchange today, in preparation for completion on Monday 

 

 

Longest (and most stressful) 7 months of my life! Goodbye Syston, Hello Barnsley!

 

I know, I know, from one sh1thole straight into another 

[Christoph]

On 01/01/2021 at 16:32, FoyleFox said:

We've noticed quite a few properties being reduced recently, a couple we had saved dropped £15k and £25k this week.

 

I don't normally include new houses in my searches but somehow had today and noticed one developer has reduced prices across two of their sites. I had a quick look at one as it's Gilmorton, and saw they've a 3 bed detached on at £347k, with ideal for first time buyers. I'm many years past being a FTB  but given that lenders are being cautious and the current financial climate, isn't nearly £350k a bit steep for a FTB? Or are FTB's a lot richer than when I was one - it was a 2 bed terrace as a starter then?

No 350k for a first time buyer is ridiculous. I bought my house for the first time last year (3 bed semi Braunstone town off kingsway) for £205k and everyone I know who has bought first time has hovered around £180k - £230k. Who the hell has 350k for a first time home?! 

[Footballwipe]

5 minutes ago, TiffToff88 said:

My solicitor is expecting to exchange today, in preparation for completion on Monday 

 

 

Longest (and most stressful) 7 months of my life! Goodbye Syston, Hello Barnsley!

 

I know, I know, from one sh1thole straight into another 

It's amazing how that pent up stress, frustration and angst just drains away so quickly. 

 

Great news!

[Leeds Fox]

9 minutes ago, TiffToff88 said:

My solicitor is expecting to exchange today, in preparation for completion on Monday 

 

 

Longest (and most stressful) 7 months of my life! Goodbye Syston, Hello Barnsley!

 

I know, I know, from one sh1thole straight into another 

Barnsley isn’t all bad to be fair mate. What area are you moving to? 

[kingcarr21]

I am currently looking at houses. We have our AIP and Proof of deposit ready to go. Went to look at a house in Glenfield and Anstey earlier today. 1 more in Anstey tomorrow then i think we will make a decision on which to go for. Tired of looking now. I did really like 1 today so considering making an offer, only after ive seen the house tomorrow. 

 

Hopefully will be in our own place by the summer. Sounds like its a long process at the moment getting paperwork sorted etc.

[TiffToff88]

34 minutes ago, Leeds Fox said:

Barnsley isn’t all bad to be fair mate. What area are you moving to? 

Moving to Jump. A little village in the middle of Hoyland, Elsecar and Hemmingfield. Very nice area to be fair. Not far from plenty of nice parks to walk the dog. Good transport links. Close enough to the In-Laws for my wife to he happy, far enough away from them for me to be happy!

[Greg2607]

our chain fell apart on the 11th Dec (the day before we were due to exchange)  We've managed to secure a new buyer yesterday and now have a race to get completed before the 31st march otherwise the chain will collapse again. 

 

Thankfully, all the contracts are signed on our onward purchase and our new buyer, can buy the searches from our previous buyer, so "hopefully" we have enough time to complete! 

 

squeaky bum time though for sure!

[Wolfox]

5 hours ago, Greg2607 said:

our chain fell apart on the 11th Dec (the day before we were due to exchange)  We've managed to secure a new buyer yesterday and now have a race to get completed before the 31st march otherwise the chain will collapse again. 

 

Thankfully, all the contracts are signed on our onward purchase and our new buyer, can buy the searches from our previous buyer, so "hopefully" we have enough time to complete! 

 

squeaky bum time though for sure!

Agh don’t !

 

I’m moving next Thursday…. I wanted to exchange ahead of time, but, solicitors advised not to (fluid nature of Brexit / COVID)

 

We are doing exchange + completion on the same day

 

5 in the chain, all of whom appear to be quite committed, so, feel as confident as I can do that all will be well!

 

We are in a sea of boxes and I just want to get it done and dusted…. Stories like yours give me palpitations!  Glad it seems be getting rectified though

[FoyleFox]

Fingers crossed for you both. 

 

We haven't even got an offer yet but these tales are making me dread the whole process!

[newfox1]

Those making offers, are you offering below or at asking prices? Or even above?

 

I'm sure it'll work itself out. 

 

Re Barnsley being a shithole? At least it's your shithole , that's what matters the most cos it's your place.

 

Good luck to all, buying, selling and moving. 

[Julian Joachim Jr Shabadoo]

15 minutes ago, newfox1 said:

Those making offers, are you offering below or at asking prices? Or even above?

 

I'm sure it'll work itself out. 

 

Re Barnsley being a shithole? At least it's your shithole , that's what matters the most cos it's your place.

 

Good luck to all, buying, selling and moving. 

 

When I offered a couple of months back, I went £7k under - however the house had been on the market for about 6 weeks, and I stated that the reason for the low offer were the boiler and kitchen were in need of replacement, the seller understood that and accepted. However if the house was newer to market I probably would have gone with an initial offer a little closer to the asking price. Depends how badly you want the house I suppose

[Wolfox]

6 hours ago, newfox1 said:

Those making offers, are you offering below or at asking prices? Or even above?

 

I'm sure it'll work itself out. 

 

Re Barnsley being a shithole? At least it's your shithole , that's what matters the most cos it's your place.

 

Good luck to all, buying, selling and moving. 

I went a fair amount under (5%}, but, I knew they hadn’t found a place, so, said that we were happy to be patient whist they found somewhere…. 
 

I accepted an offer £5k lower than another as the higher offer insisted they wanted to be in by Xmas…. I couldn’t guarantee it and and set the condition that the lower offer had to be patient (as we hadn’t had a bid accepted)

 

it’s not all about the cash…. Work out whether the seller wants to move fast or slow and structure your offer around that…

[Greg2607]

We ended up accepting an offer that was £10k below the offer we had received when the chain collapsed. 

 

It's well under the actual value of the property, but we are up against the 31st March deadline for help to buy, so had little choice. 

 

We figured we won't go on holiday this year with covid being the way it is, so our annual bonuses will make up the difference. 

 

We did turn down the initial offer from our latest buyer though as it was too low.  

 

We were prepared to stay here for the next 5 years, but luckily he upped his offer by £5k and here we are. 

[kingcarr21]

Went to look at a house last night and loved it. Ticks all the boxes. So going to arrange a 2nd viewing so my daughter can go and see it. Then i think we will make an offer. Will test the water with a slightly lower offer that what its on market for but honestly it sounds like they arent in desperate need to move. So not sure i will get it lower as there is a little interest in the property.

 

Will let you all know how i get on

[TiffToff88]

On 05/01/2021 at 14:38, TiffToff88 said:

My solicitor is expecting to exchange today, in preparation for completion on Monday 

 

 

Longest (and most stressful) 7 months of my life! Goodbye Syston, Hello Barnsley!

 

I know, I know, from one sh1thole straight into another 

Still not actually exchanged 😫

 

Solicitors still confident if completion on Monday though - she's going by to be very busy tomorrow!

[Greg2607]

8 minutes ago, TiffToff88 said:

Still not actually exchanged 😫

 

Solicitors still confident if completion on Monday though - she's going by to be very busy tomorrow!

Good luck!!!!!

[Wolfox]

38 minutes ago, TiffToff88 said:

Still not actually exchanged 😫

 

Solicitors still confident if completion on Monday though - she's going by to be very busy tomorrow!

Don’t worry - most solicitors (including mine) are advising exchange + complete on the same day…. It’s what we are doing next week

[TiffToff88]

16 minutes ago, Wolfox said:

Don’t worry - most solicitors (including mine) are advising exchange + complete on the same day…. It’s what we are doing next week

The worry is that if exchange isn't achieved until the same day as completion then there will still be time for people to back out won't there? Or at least for the completion date to change, which will cause problems with the moving company we have booked

[Wolfox]

19 hours ago, TiffToff88 said:

The worry is that if exchange isn't achieved until the same day as completion then there will still be time for people to back out won't there? Or at least for the completion date to change, which will cause problems with the moving company we have booked

It could of course and things could go wrong, but, it’d take something quite extreme to break it all up…

 

We have 5 in the chain all sets of solicitors have been instructed to be set on the date and confirmation from mortgage providers has been received and that they will release funds

 

The solicitor wanted all sorts of COVID disclaimers signing if all parties were intent on exchange prior to completion… and they were heavily advising to hold off. The cynic in me thinks it’s just easier for them to do exchange / complete in one hit

 

We are still all intact with 6 days to go, so, It’s a waiting game, but, I’m not unduly concerned as we would have gone  three weeks ago but Christmas got in the way!

 

I will let you know next Thursday!

 

And I’m sure you’ll be fine…. You’re in for £1.3k on solicitors fees to get this far as well as various other costs, people don’t give that up easily 

Edited 8 January 2021 by Wolfox

[Nod.E]

Just how common is paying above asking? Obviously depends on market, so for context we're looking at a popular (but still what you'd class as 'upcoming') town South of Manchester, a 20 minute train from the centre.

 

Our flat is on the market without any offers yet and we've been informed of an offer on the house we want. Obviously they aren't allowed to let slip the value of the offer but without them saying the words I managed to pretty much get from the conversation that the offer is basically asking price. 

 

As it's a cash offer, where ours would be mortgage, and we're not yet proceedable, we will need to offer something that gets their attention.

 

One thing going for us is that the vendor is in no rush to sell so it's likely an above asking offer would be accepted.

 

Just don't want to be short changed if I can avoid it, but at the same time feel it ticks all the boxes and I should just go for it. Not doing so could risk a long wait for the right place.

Edited 8 January 2021 by Nod.E

[Costock_Fox]

3 hours ago, Nod.E said:

Just how common is paying above asking? Obviously depends on market, so for context we're looking at a popular (but still what you'd class as 'upcoming') town South of Manchester, a 20 minute train from the centre.

 

Our flat is on the market without any offers yet and we've been informed of an offer on the house we want. Obviously they aren't allowed to let slip the value of the offer but without them saying the words I managed to pretty much get from the conversation that the offer is basically asking price. 

 

As it's a cash offer, where ours would be mortgage, and we're not yet proceedable, we will need to offer something that gets their attention.

 

One thing going for us is that the vendor is in no rush to sell so it's likely an above asking offer would be accepted.

 

Just don't want to be short changed if I can avoid it, but at the same time feel it ticks all the boxes and I should just go for it. Not doing so could risk a long wait for the right place.

Depends on the demand to be honest so it’s difficult to give a definitive answer. The only house I’ve sold for over the asking price as we had 3 people submitting offers so we went to private bids.

[newfox1]

Article in the Telegraph. Of course people are asking for a SD holiday extension, which may come, but there is more to it than that I suspect.

 

I think reality may well soon start to bite. Data on collapsed sales. Different take rather than just comparing house prices only.

 

https://www.telegraph.co.uk/property/uk/property-market-nears-crisis-number-collapsed-sales-soars/

 

[Leicester_Loyal]

https://www.dailymail.co.uk/news/article-9128309/Rishi-Sunak-delay-tax-rises-autumn-end-Stamp-Duty-holiday-March.html

'A source added that Mr Sunak has also rejected calls to extend the stamp duty holiday.'

[adejo92]

On 08/01/2021 at 17:49, Nod.E said:

Just how common is paying above asking? Obviously depends on market, so for context we're looking at a popular (but still what you'd class as 'upcoming') town South of Manchester, a 20 minute train from the centre.

 

Our flat is on the market without any offers yet and we've been informed of an offer on the house we want. Obviously they aren't allowed to let slip the value of the offer but without them saying the words I managed to pretty much get from the conversation that the offer is basically asking price. 

 

As it's a cash offer, where ours would be mortgage, and we're not yet proceedable, we will need to offer something that gets their attention.

 

One thing going for us is that the vendor is in no rush to sell so it's likely an above asking offer would be accepted.

 

Just don't want to be short changed if I can avoid it, but at the same time feel it ticks all the boxes and I should just go for it. Not doing so could risk a long wait for the right place.

It's a bit of a mine field. You mention your flat is on the market so presumably you don't have the advantage of being a first time buyer.

 

When i bought my first house, my offer of the asking price was rejected due to them already having a higher offer. I was told that if i could match the other offer, they would accept my bid over the other as i am a first time buyer. 

 

The whole question of paying above the asking price all depends on how desirable the property is. If there's little interest, or the seller is in a rush, then plenty of properties go for under the asking price. On the flip side, if there's a lot of interest, you could well end up paying well over the asking price depending on how much you want the property and how secure you are financially.

Edited 9 January 2021 by adejo92