Is anyone moving now?

Is anyone moving now?

Author
Discussion

AJB88

7,734 posts

137 months

Wednesday 24th February
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Ah yes various stories I can see now. well fingers crossed. My current mortgage offer has stamp duty factored into it so would be nice to be able to remove it again.

Fast Bug

9,397 posts

127 months

Wednesday 24th February
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Sounds promising, I won't get too excited until something official is announced though.

D1bram

1,366 posts

137 months

Wednesday 24th February
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We're estimated a mid May completion, so this would be fantastic news.

Have factored in paying stamp duty, but £5000 back would be amazing

Evoluzione

6,005 posts

209 months

Wednesday 24th February
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I hope so, it would ease a bit of pressure from us.

ajap1979

4,979 posts

153 months

Wednesday 24th February
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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.

Fast Bug

9,397 posts

127 months

Wednesday 24th February
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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 laugh

bungz

1,482 posts

86 months

Wednesday 24th February
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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

4,979 posts

153 months

Wednesday 24th February
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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 laugh
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

430 posts

246 months

Wednesday 24th February
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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

11,538 posts

179 months

Wednesday 24th February
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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

4,030 posts

194 months

Wednesday 24th February
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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

9,397 posts

127 months

Wednesday 24th February
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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

7,734 posts

137 months

Wednesday 24th February
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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

2,524 posts

66 months

Wednesday 24th February
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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 hehe

Evoluzione

6,005 posts

209 months

Wednesday 24th February
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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

2,524 posts

66 months

Wednesday 24th February
quotequote all
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

1,073 posts

135 months

Wednesday 24th February
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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 hehe
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

2,524 posts

66 months

Wednesday 24th February
quotequote all
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

2,997 posts

200 months

Wednesday 24th February
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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.

Isaac Hunt

12,679 posts

177 months

Wednesday 24th February
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My only worry is that an extension of stamp duty means the pressure is removed on our vendors. We are currently in temporary accommodation. We really need to be out by the end of April. We agreed our purchase for a completion at the end of March. We signed the contract last week and are just awaiting clarification on two queries and we are ready to go.