Is anyone moving now?

[bungz]

I have had an offer accepted since the middle of Nov.

The buyers still hasn't managed to get their Mortgage approved despite having a decent deposit.

Latest update has been that as the buyer is bank staff for the NHS they needed to get some hours contracted.

This has been done.

How long are mortgages taking at the moment? When I did mine two years ago it was very simple and quick I am beginning to thing it should go back on the market but they have agreed asking which I might not get again....

No chain. All searches back. Just waiting on this. Apparently.

Whats best to do apart from wait?

[ajap1979]

Fast Bug said:

ajap1979 said:

After our purchase was cancelled by the seller, our buyer has been pressuring us to contribute to their stamp duty, which we were reluctant to do anyway, so hopefully this will fix that. Really though we need a glut of properties to get on the market, because at the moment nothing is happening in the area we want to move to.

Surely when you buy a house you budget for the worst case scenario? It's not like stamp duty is a surprise!

We were resigned to paying the stamp duty, but saving £15k means we can get on with some of the work that needs doing straight away. I have my fingers crossed as Mrs FB and the mini FB's keep looking at expesive roll top baths

Yeah, that's exactly what we thought. We accepted their offer mid-December, and at that point we were the only people in the chain selling and buying, so there was a good chance that we would have been done and dusted before 31st March, but it was never a stipulation of their purchase. When our purchase fell through it was the first thing they asked. They had had builders round planning a garden room, and apparently won't be able to do that if they have to pay stamp duty. Tough st I say. We're similar to you, stamp duty is likely to be £15k, and although it makes things tighter, we have budgeted with it in mind.

[jmn]

We accepted an offer in the middle of October last year but lockdowns and a dearth of suitable property coming on to the market means that we have not found anything suitable.

Our purchasers have said that they will not be maintaining their offer after the end of March if the Stamp Duty Holiday ends.

Unconfirmed reports state that this might be extended but we have let them know that we wont be accepting any reduction.

I would assume that in our area (East Devon) prices have probably risen since we accepted their offer.

[Gad-Westy]

bungz said:

I have had an offer accepted since the middle of Nov.

The buyers still hasn't managed to get their Mortgage approved despite having a decent deposit.

Latest update has been that as the buyer is bank staff for the NHS they needed to get some hours contracted.

This has been done.

How long are mortgages taking at the moment? When I did mine two years ago it was very simple and quick I am beginning to thing it should go back on the market but they have agreed asking which I might not get again....

No chain. All searches back. Just waiting on this. Apparently.

Whats best to do apart from wait?

I think straight forward mortgages (regular employee, same place for a little while, few complex financial commitments etc) can still be pretty quick but it seems that anything that is going to require a bit of scrutiny and paper passing is taking a very long time indeed. Agreements in principal seem to be more or less instant but actual mortgage offers were taking a few weeks back end of last year. Very high demand and lower staff levels being the given reasons.

[Simes205]

AJB88 said:

EastLondonGunner said:

Stamp duty holiday extended until june it appears. Finally some good news.

Where you seen that?

Online Times but not confirmed

Rishi Sunak is preparing to extend the stamp duty holiday by three months until the end of June in an attempt to keep the property market firing as Britain emerges from lockdown.

[Fast Bug]

I was talking to one of the Dads at the school earlier about the extension, he said he'd spoken to the politics guys about this and was fairly confident it's accurate. Still not getting excitied until I hear it from Rishi himself...

[AJB88]

Yeh same here, my new mortgage application has the stamp duty in it anyway so if it doesn't get extended then no big issue. But fingers crossed.

[ooid]

Rishi has been a proper santa really!

Anyway, the property I was buying, was quite stalling lately. no responses, and trying to postpone the completion day. I just realized, there is another property available (much better!) literally in the same area, 100 meters away. I saw it today with wifey, made an offer and boom accepted! Will be withdrawing my previous offer and moving to this one now... The area is literally the same, so all we have to do building searches which takes only a few days. It will be utter chaos in the next few days

[Evoluzione]

Fast Bug said:

I was talking to one of the Dads at the school earlier about the extension, he said he'd spoken to the politics guys about this and was fairly confident it's accurate. Still not getting excitied until I hear it from Rishi himself...

I spoke to my next door neighbours cousin who knows people, he said it was probably true as well.

[ooid]

Fast Bug said:

I was talking to one of the Dads at the school earlier about the extension, he said he'd spoken to the politics guys about this and was fairly confident it's accurate. Still not getting excitied until I hear it from Rishi himself...

Spoke to two big agents in London today, yup %99 correct.

[RanchoGrande]

ooid said:

Rishi has been a proper santa really!

Anyway, the property I was buying, was quite stalling lately. no responses, and trying to postpone the completion day. I just realized, there is another property available (much better!) literally in the same area, 100 meters away. I saw it today with wifey, made an offer and boom accepted! Will be withdrawing my previous offer and moving to this one now... The area is literally the same, so all we have to do building searches which takes only a few days. It will be utter chaos in the next few days

That's decent of you, imagine you'd be pretty peed off if it was the other way around! This is the most frustrating aspect of buying and selling: zero commitment from either party until exchange.

[ooid]

RanchoGrande said:

That's decent of you, imagine you'd be pretty peed off if it was the other way around! This is the most frustrating aspect of buying and selling: zero commitment from either party until exchange.

I did not stall anything to my buyers really. Done everything on speed, and exchanged completed neatly so naturally expecting the same attitude from other side. This is a trade, once people are in they should just take it serious or both parties can just look elsewhere.

[Vee]

ooid said:

RanchoGrande said:

That's decent of you, imagine you'd be pretty peed off if it was the other way around! This is the most frustrating aspect of buying and selling: zero commitment from either party until exchange.

I did not stall anything to my buyers really. Done everything on speed, and exchanged completed neatly so naturally expecting the same attitude from other side. This is a trade, once people are in they should just take it serious or both parties can just look elsewhere.

Seller should have moved faster and got Ooid committed then.

[ooid]

anonymous said:

[redacted]

Exactly my situation. Sold my property without tangling into this chain crap... The vendor was seriously stalling for weeks, and I decided to move on today, really lucky to find this new place, fingers crossed. There needs to be a fair transaction and treatment on both parties, when you are paying rent on tempo. accommodation, every day/hour is important.

[Fast Bug]

Evoluzione said:

Fast Bug said:

I was talking to one of the Dads at the school earlier about the extension, he said he'd spoken to the politics guys about this and was fairly confident it's accurate. Still not getting excitied until I hear it from Rishi himself...

I spoke to my next door neighbours cousin who knows people, he said it was probably true as well.

I missed the part that he's the online editor of one of the national newspapers. I should know my limits and not try and multi-task....

[AlmostUseful]

Found out the firm that our bottom of chain are using today, having taken a look at their online presence and reviews I no longer have any hope of ever actually moving.

38% 5* rating, 47% 1* rating, one of the top 5* ratings is a client praising them for completing the very complex process in just 17 months... of a 1st time purchase on a brand new house... oh, and the client only had to fix name, address and price errors on every form they signed. FFS.

[chopper602]

Valuer was last week, energy rating (and floorplan) guy on Friday, photographer came on Monday. An initial exterior video was on the estate agents Facebook page on Monday evening. The property isn't on 'Rightmove' yet, but we have three people, with no chains coming to view on Friday. It's starting to look a bit real and although we've seen a couple of places we like, they won't really entertain viewing until we have offers on our place (odd way of doing it).
Doubt we'd be done for the stamp duty holiday but fingers crossed. I'm definitely not looking forward to packing my garage up

[Evoluzione]

Fast Bug said:

Evoluzione said:

Fast Bug said:

I was talking to one of the Dads at the school earlier about the extension, he said he'd spoken to the politics guys about this and was fairly confident it's accurate. Still not getting excitied until I hear it from Rishi himself...

I spoke to my next door neighbours cousin who knows people, he said it was probably true as well.

I missed the part that he's the online editor of one of the national newspapers. I should know my limits and not try and multi-task....

The Sun, Daily Mail or Daily Sport?
Sorry you're not filling me with confidence, but hope it turns out to be the case.

[AJB88]

The property we have offered on and had it accepted, originally told us they would move into a parents house for now but have since told us the house they are buying is now empty as the owner of it has bought another property and moved into that.

8pm last night estate agent calls me, solicitors have been talking and the people above me aren't moving now till July, both people below me have said no straight away. luckily I have contact with the person above me so came straight out with it and asked them, they are advising not the case at all, they are starting to pack slowly and want to move asap.

so either somebody has got their wires crossed or somebody is lying. The start of the fun and games.

[cml24]

AJB88 said:

The property we have offered on and had it accepted, originally told us they would move into a parents house for now but have since told us the house they are buying is now empty as the owner of it has bought another property and moved into that.

8pm last night estate agent calls me, solicitors have been talking and the people above me aren't moving now till July, both people below me have said no straight away. luckily I have contact with the person above me so came straight out with it and asked them, they are advising not the case at all, they are starting to pack slowly and want to move asap.

so either somebody has got their wires crossed or somebody is lying. The start of the fun and games.

I hate the lies and mis-truths involved in the process! The more in the chain the harder.

Even just selling our house we couldn't get the same answer from solicitors and estate agent. If this was work, I'd setup a call with all parties, agree a few points and send out minutes. Done! Instead it's like a playground game of Chinese whispers!