Is anyone moving now?

Is anyone moving now?

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Discussion

silversurfer1

876 posts

101 months

Friday 16th April
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I’ll add some balance to some of these st shows.

We recently sold to a great couple who after 6 weeks into the sale lost their buyers just before exchange. they were great decent people who offered full asking price and asked if we would wait.

We were going into rented as we are building and so agreed to as they decided to re mortgage their other properties instead of selling.

All went smoothly on leaving we had the place professionally cleaned, all the carpets cleaned, two rooms decorated, the others filled and blended, boiler serviced, electrical certificate done and softener serviced. Left them card flowers and bubbly.

I really couldn’t handle some of the loons I’m reading about on here.

Ss




The house was already mint however

Rh14n

613 posts

73 months

Saturday 17th April
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Rh14n said:
ooid said:
Rh14n said:
Buyers aren't the only time-wasters and indecisive ones. There's a house currently being offered For Sale in our area of interest - it's been on the market since September 2020. It's a beautiful house, immaculately presented, competitively priced and we viewed it last month. We liked it and offered the asking price the following morning. We were informed that the house was in fact Sold subject to contract at the asking price but that the vendors had not yet found a house to buy. Their purchasers were in rented accommodation and willing to wait. We even suggested that we may pay over the asking price but the agents informed us that there was no point as the vendors were principled people and were not open to negotiation. So what was the purpose of still accepting viewings? I've no idea ... we met the vendor during the viewing and he seemed a strange bloke then. I can only imagine the pain of trying to complete a sale with him.
Yup, sounds like very strange vendors! What I meant was; the property can be open to the market and still accept offers.

I was put in a contract race among two other potential buyers before, the seller was local developer (and he was probably messed around before) so het put a contract race. All three potential buyers started their searches, conveyancing, valuation and etc... whoever finished the first, got the keys, that was it. (All of us offered the same price). And he kept the property in the market, still accepted viewings and etc until the completion.
Ah, maybe this is what this vendor has in mind ... in the meantime though we (and probably other buyers) have found an alternative. Doesn't sound like a particularly 'principled' way of behaving though. Whatever, despite the house being very nice, I think we may have dodged a bullet.
Strangely enough - noticed today that this house has been 'removed from the market'. Seems to me likely that he's changed his mind about selling altogether.

ooid

2,473 posts

65 months

Saturday 17th April
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Contract race can happen on new builds too. It actually used to happen quite a lot a few years ago in London, for top locations.

During open day/launch event, they start selling the units, you can reserve a unit(between 2-5k pay), depending on the price. If you can not promise an exchange date, developer and agents were happy to offer your reserved unit to other interested cash buyers. It was quite common in hot market, who knows how many buildings they literally sold out like these back in 2014-2015.


Haddock82

431 posts

103 months

Saturday 17th April
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LetsTryAgain said:
Haddock82 said:
Well after a very stressful day yesterday we did it!

Exchanged & Completed on our sale and purchase on the same day!

Very stressful packing everything up in the removals lorry in the morning not even knowing if we'd get the keys!

But it all went to plan, our solicitors pulled their fingers out their a*rse and got it sorted

It wasn't through choice we did the exchange/completion same day, lots of f*ck ups along the way from solicitors and delays. Then at the last minute our vendors onward purchase solicitor decided out of the blue they wanted to exchange/complete the same day, no explanation and no other option, it was their way or nothing!

Now knackered, wondering what the heck we've bought (It needs a lot of work!), but it's a great location and exactly what we were after.

Congratulations!
Cambridge? Must have been a cool million.
Nah we've been slowly moving further away from Cambridge over the years!

Now near Thrapston, just inside the Cambridgeshire border

Prices outside Cambridge get much more sensible the further you go! This was substantially under £300k

This is an 1840's built semi detached, has been extended at the back with 2 storey extension and another single story tagged onto the back of that too
3 beds, 2 bath, 2 reception, dining room, kitchen etc.
We bought off an elderly couple so it's not had anything done to it for about 25 years...! Oh and the old fella smoked a pipe... so yeh...!

Lots of work to do!

LetsTryAgain

2,868 posts

38 months

Saturday 17th April
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Bloody hell thats not too shabby at all.
It’s a beautiful house.

Rob_125

698 posts

113 months

Monday 19th April
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Update for time line, not bad considering its actually only happened over 5 weekdays.

Day 1 (Fri evening) - Viewing/offer accepted
Day 2 - Mortgage arranged, begin arranging cash funds
Day 4 - Solicitor instructed/valuation conducted
Day 6 - Initial conveyancing pack received, signed and returned
Day 7 - All cash funds in one account
Day 10 - Awaiting contracts to be written, hopefully will be signed by the end of week 2 (I am now working away, so the Mrs is now going to have to post stuff up to me). Vendor to decide suitable completion date.

GT3Manthey

889 posts

14 months

Monday 19th April
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[quote=Rob_125]Update for time line, not bad considering its actually only happened over 5 weekdays.

Day 1 (Fri evening) - Viewing/offer accepted
Day 2 - Mortgage arranged, begin arranging cash funds
Day 4 - Solicitor instructed/valuation conducted
Day 6 - Initial conveyancing pack received, signed and returned
Day 7 - All cash funds in one account
Day 10 - Awaiting contracts to be written, hopefully will be signed by the end of week 2 (I am now working away, so the Mrs is now going to have to post stuff up to me). Vendor to decide suitable completion date.


Do you not have a property to sell ?

Shnozz

23,098 posts

236 months

Monday 19th April
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Haddock82 said:
Nah we've been slowly moving further away from Cambridge over the years!

Now near Thrapston, just inside the Cambridgeshire border

Prices outside Cambridge get much more sensible the further you go! This was substantially under £300k

This is an 1840's built semi detached, has been extended at the back with 2 storey extension and another single story tagged onto the back of that too
3 beds, 2 bath, 2 reception, dining room, kitchen etc.
We bought off an elderly couple so it's not had anything done to it for about 25 years...! Oh and the old fella smoked a pipe... so yeh...!

Lots of work to do!
I owned a house not too far from there until a few years ago (although haven't lived in the area for over a decade). Always amazed me at how cheap the area was when compared to Cambridge area prices which wasn't particularly far away. Surprised overspill didn't really bring up prices.

edc

8,286 posts

216 months

Monday 19th April
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Rob_125 said:
Update for time line, not bad considering its actually only happened over 5 weekdays.

Day 1 (Fri evening) - Viewing/offer accepted
Day 2 - Mortgage arranged, begin arranging cash funds
Day 4 - Solicitor instructed/valuation conducted
Day 6 - Initial conveyancing pack received, signed and returned
Day 7 - All cash funds in one account
Day 10 - Awaiting contracts to be written, hopefully will be signed by the end of week 2 (I am now working away, so the Mrs is now going to have to post stuff up to me). Vendor to decide suitable completion date.
If you have recently moved monies around be prepared to send multiple bank statement to your solicitor. Like you I thought it would be smart to consolidate all the cash in one place. But with interest rates so low I didn't want to do it too early.

Rob_125

698 posts

113 months

Monday 19th April
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GT3Manthey said:
Do you not have a property to sell ?
Buying a vacant property, getting a larger mortgage (for 2 years), and will be selling my house chain free in the coming months.

Will overpay for the two years, and knock a chuck off the mortgage thereafter.

Edited by Rob_125 on Monday 19th April 11:11

GT3Manthey

889 posts

14 months

Monday 19th April
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Rob_125 said:
Buying a vacant property, getting a larger mortgage (for 2 years), and will be selling my house chain free in the coming months.

Will overpay for the two years, and knock a chuck off the mortgage thereafter.

Edited by Rob_125 on Monday 19th April 11:11
Understood and hope all works well for you.

We are planning on our next move being 2 years from now so thoughts are turning to at which stage we start the marketing process and get the house ready for sale.
We are also looking to sell the house with planning consent too.

Last house took a while to sell as it was just around the brexit vote and the market slowed down.


AJB88

7,524 posts

136 months

Monday 19th April
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We havent exchanged yet but hearing rumours now solicitors are pushing to be moving end of April/ start of May.

A1Diego

90 posts

71 months

Wednesday 21st April
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We had an offer accepted on a house but vendors hadn’t found anything and it’s been like that for over four weeks. They’ve now found something with no onward chain. We are renting so just need to get mortgage in place.

What are peoples thoughts on whether we can complete before end of June?

LetsTryAgain

2,868 posts

38 months

Wednesday 21st April
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A1Diego said:
What are peoples thoughts on whether we can complete before end of June?
Well whatever timeline you *need* it done in, double that and you'll not be far off.

AJB88

7,524 posts

136 months

Wednesday 21st April
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So apart from a few questions for the house the guy above me is buying were almost there, been pestering solicitors for some dates etc but had nothing. Bloke above me who I talk to said hes been doing the same.

I suggested to my solicitor (not sure if thats the done thing) that 6th-12th May would be good for me, my removals company are available and I'm off work either side of that I have night shifts, bloke above me who is very keen to move quickly has now decided he doesn't want to move before 12th as its his sons birthday.

They are now mentioning 29th May so another 5 weeks away... really dont see whats holding it up now.

Welshbeef

44,100 posts

163 months

Wednesday 21st April
quotequote all
Rob_125 said:
Buying a vacant property, getting a larger mortgage (for 2 years), and will be selling my house chain free in the coming months.

Will overpay for the two years, and knock a chuck off the mortgage thereafter.

Edited by Rob_125 on Monday 19th April 11:11
How many years is it before you cannot reclaim the 3% SDLT for buying more than one property?

sutoka

3,426 posts

73 months

Thursday 22nd April
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I know so many people moving this Summer and the house prices in my street and the one beside are climbing at least 25% higher than last year. House around the corner went up about 10 days ago it's agreed already. The one beside it went up a week later and already had a viewing when I drove past yesterday.

The house behind mine is up for sale newly renovated it's been agreed twice and both fell through. Then last week they were putting a new roof on it and it's back up for sale again with another agent.

fesuvious

6,258 posts

206 months

Thursday 22nd April
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Won't last.....

We had a 'store' of @900k transactions that were put on hold during the Brexit malaise. Of which @150-200 were serviced jan-feb 2020.

Plus @another 250k from over the March to April lockdown weeks.

We came back @May 18th last year to an avalanche which is still rumbling.

But, we've seen @50-70k transactions per month higher than average normal conditions (if there ever is such a thing).

Much activity over this is NOT natural economic growth. It is transactions and decisions brought forward from late this year and next. Possibly anywhere from 25-50% of purchases/sales from late 21 and 2022 maybe even 2023 have come forward due to stamp.

Personally I think that in the quarter out to Sept we will run out of both the 'store' and indeed the leveraged transactions from the future.

Frankly I suspect Oct/Nov we will in comparative terms see tumbleweed blowing through.

I haven't even mentioned affordability. Or rather that currently with every passhing day homes become more out of reach

The public aren't stupid. Even if/when it isn't conscious.

They do reach a point where they'll sit tight when they fail to see value. When property increases are 5 times earnings increases, and with no logical 'boom' in GDP from 'normal' causes to be seen nor expected.......

I expect in 12months it'll feel quite different.




GT3Manthey

889 posts

14 months

Thursday 22nd April
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sutoka said:
I know so many people moving this Summer and the house prices in my street and the one beside are climbing at least 25% higher than last year. House around the corner went up about 10 days ago it's agreed already. The one beside it went up a week later and already had a viewing when I drove past yesterday.

The house behind mine is up for sale newly renovated it's been agreed twice and both fell through. Then last week they were putting a new roof on it and it's back up for sale again with another agent.
House prices in most areas away from city centres have gone nuts as more have made the decision to move for further out largely as they can now work remotely and for quality of life . Third wave concerns almost certainly adding to the problem too.

We have a flat on the Essex coast and was planning to buy a house where previously houses were relatively cheap and took a good while to sell. Not anymore.

Houses are literally selling within hours of being listed that need total renovations.

Conversely London flats where developers are building huge amounts aren’t shifting and current owners want out but looking for a bid to sell.

Rental flats in London are also becoming vacant again so that market is now very tricky for sellers.

Not sure if the price rises will continua but it’s priced out a lot of retirees looking to escape busy areas plus prices won’t now retract from the now inflated levels.

Gutted we missed the boat and didn’t buy a house a year or so back .

I’ve been trying to find an architect for months to look at a plan to build a roof extension on my flat on the coast but even the ones that have bothered to call me back can’t even look at my project for the rest of this year.



Isaac Hunt

12,579 posts

176 months

Thursday 22nd April
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fesuvious said:
Won't last.....
I think you are right.

The stamp duty holiday is ticking the same boxes as the double MIRAS fiasco in 1988. Anyone old enough will remember the following recession and major property slump that followed where prices dropped.

We moved down market, so better to move in a rising market. We weren't planning to move for two years, but bought our plans forward because we were worried about what could be coming. A lot will depend on the employment situation.