Is anyone moving now?

[HRL]

ajap1979 said:

HRL said:

ajap1979 said:

Plan to exchange contracts tomorrow has gone tits up. We're apparently waiting for some planning certificates to come through that haven't. Honestly can't wait to put the last 7 months behind us.

Take out an indemnity policy and be done with it.

It’s planning sign off on the conversion of a listed building. The bank won’t take an indemnity on that.

Ouch.

[gazapc]

Well this thread fills me with confidence! My house will be going up in the next week or two. First time selling.

I'm more worried about finding somewhere we like to move to.

[Maximus_Meridius101]

gazapc said:

Well this thread fills me with confidence! My house will be going up in the next week or two. First time selling.

I'm more worried about finding somewhere we like to move to.

You’re between a rock and a hard place. It’s a seller’s market right now, but suitable places to move to are too hot to handle.

[ajap1979]

gazapc said:

Well this thread fills me with confidence! My house will be going up in the next week or two. First time selling.

I'm more worried about finding somewhere we like to move to.

Throughout the whole thing my solicitor has reminded me that we’ve chosen the worst time to move house. If it was financially driven I’d have given up by now, but we have other reasons for moving.

[Evoluzione]

Over a year now since we started with this one. Had to go back last night to remind ourselves what it looked like and why we were buying it!
Really struggling to make the end of month deadline, i'll be pissed off if we miss it by a week. The owner and his solicitor are a proper pair of wkers, we've offered to exchange and complete before the end of the month and let him stay on until he's sorted his move out and he's said no on the advice of his solicitor.
When it eventually goes through this'll be the view we'll wake up to and live with:



I'm sure the wind will whistle down there in Winter, but right now it's every bit as peaceful as it looks, all you can hear is the various animals and a whispering breeze, nothing else whatsoever.

Edited by Evoluzione on Thursday 10th June 20:07

[Sporky]

ajap1979 said:

Throughout the whole thing my solicitor has reminded me that we’ve chosen the worst time to move house. If it was financially driven I’d have given up by now, but we have other reasons for moving.

I am awfully glad we're in the fortunate position of having already bought and moved before we had to sell.

[HRL]

Evoluzione said:

Over a year now since we started with this one. Had to go back last night to remind ourselves what it looked like and why we were buying it!
Really struggling to make the end of month deadline, i'll be pissed off if we miss it by a week. The owner and his solicitor are a proper pair of wkers, we've offered to exchange and complete before the end of the month and let him stay on until he's sorted his move out and he's said no on the advice of his solicitor.
When it eventually goes through this'll be the view we'll wake up to and live with:

Looks like it will be well worth it when you finally get there.

[ajap1979]

Sporky said:

ajap1979 said:

Throughout the whole thing my solicitor has reminded me that we’ve chosen the worst time to move house. If it was financially driven I’d have given up by now, but we have other reasons for moving.

I am awfully glad we're in the fortunate position of having already bought and moved before we had to sell.

It would have been nice, but it wouldn't have solved the majority of problems we've faced. The local authorities have been hopeless. I'm sick to death of Covid being used as an excuse for incompetence. They've had more than enough time to adapt.

[thetapeworm]

We just completed an hour ago on what should have been close to the easiest and quickest house purchase situation possible but having started in December I now realise I underestimated things

Both my wife and I fell off the housing ladder before we met, mine was as a result of me selling the house I had and all my worldly belongings to move to California with work, then 9/11 happened and I lost the lot.

So we've been renting for quite some time, most recently for about 6 years in the same place. Back in December our landlord was looking to change his mortgage provider and someone came to do a valuation, for some reason this completely spooked me and because there's hardly anything decent to rent or buy on our budget here I asked if he'd consider selling the place to us. He wasn't considering selling at all but decided to go along with it so we started the ball rolling.

So, no chain, mortgage offer already in place, no actual move needed, should be an easy one right?

The biggest delay in the whole process has been due to our respective conveyancers / solicitors - his assigned person was part time, 3 days a week, our assigned person was part time, 3 days week, their days only align once a week.

It would appear nobody else could do anything other than them and that they both relied on email as their only form of communication. So once a week their paths crossed and things might happen

Many fires were lit by us and our landlord and eventually when one of them went off sick we got some movement and here we are today, finally not moving into our not so new house and it all feeling somewhat anticlimactic to be honest.

But it's done now, I hope everyone else on here manages to get through theirs as stress free as possible.

[dazzalse]

We accepted an offer on our house on the 15th May and made an offer on the house we are buying the same day, there are 3 of us in the chain and we have all been proactive with our solicitor's and communicating between the 3 of us, we have exchanged contracts this morning and completion is end of July, mainly due to everyone needing time to organise removals. Its not been pain free but has been quick!

[ajap1979]

ajap1979 said:

Plan to exchange contracts tomorrow has gone tits up. We're apparently waiting for some planning certificates to come through that haven't. Honestly can't wait to put the last 7 months behind us.

All sorted! Everything now in place to exchange on Monday.

I gave Pickfords a speculative call this morning to see if they had availability w/c 21st, just in case we had to change our booking, and nothing for the rest of June. I think we'd have really struggled if we couldn't commit to next Friday.

[Cheib]

Offer accepted 1st May, we should hopefully be exchanging early next week. Took a lot of phoning around to find a surveyor that could get to work promptly. Been a week since solicitor got searches back and we’ve spent a few days chasing up missing documentation from the selller. Think we’d have struggled to get it done any quicker…both parties chain free. Will hopefully complete shortly after and sellers staying til the end of July.

[T1547]

Does anyone else feel like the SDLT holiday has just created so much additional stress/pressure for them?

We've been trying to take a reasonably relaxed attitude to things through the process and at one stage were thinking that we would just consider making the holiday deadline a bonus, but we're now in a position where we appear to be so very close to being ready to exchange it will be severely gutting to miss the holiday by just a few days and end up making a donation of £10k to the taxman. Shame they didn't taper it off by £1k a month or something.

Oh well, maybe we'll be lucky, or maybe another couple of weeks will go by and then we'll know for sure we've missed it and be more relaxed again. Despite my above comments re taking a relaxed attitude, this has by far been the most stressful 3-6 months I think I've ever experienced.

Wishing everyone else in a similar situation all the best with their moves and good luck in making the deadline.

[Maximus_Meridius101]

T1547 said:

Does anyone else feel like the SDLT holiday has just created so much additional stress/pressure for them?

We've been trying to take a reasonably relaxed attitude to things through the process and at one stage were thinking that we would just consider making the holiday deadline a bonus, but we're now in a position where we appear to be so very close to being ready to exchange it will be severely gutting to miss the holiday by just a few days and end up making a donation of £10k to the taxman. Shame they didn't taper it off by £1k a month or something.

Oh well, maybe we'll be lucky, or maybe another couple of weeks will go by and then we'll know for sure we've missed it and be more relaxed again. Despite my above comments re taking a relaxed attitude, this has by far been the most stressful 3-6 months I think I've ever experienced.

Wishing everyone else in a similar situation all the best with their moves and good luck in making the deadline.

SDLT and 95% LTV. That is ridiculous. It’s sub prime all over again. “Yeah I’m on the ladder innit, I’ve only got 5% equity, but who gives a fk, I’m on the ladder innit”. Jeebus christus. Has no one learned?

[DanL]

Maximus_Meridius101 said:

SDLT and 95% LTV. That is ridiculous. It’s sub prime all over again. “Yeah I’m on the ladder innit, I’ve only got 5% equity, but who gives a fk, I’m on the ladder innit”. Jeebus christus. Has no one learned?

No it isn’t. Sub-prime was 100% (and higher) with self certification. This isn’t that.

[T1547]

Maximus_Meridius101 said:

SDLT and 95% LTV. That is ridiculous. It’s sub prime all over again. “Yeah I’m on the ladder innit, I’ve only got 5% equity, but who gives a fk, I’m on the ladder innit”. Jeebus christus. Has no one learned?

Not sure if your post has any relevance to mine (that you quoted) and what you’ve written doesn’t describe our situation. However, everyone has to start somewhere don’t they? What would you suggest to people that have 5% deposit - just keep spending dead money on rent? If they can start on the ladder then why not.

[HRL]

Packed 80 boxes today, only another 30 or so to go before Tuesday.

Plus everything under the stairs, in the shed, and all the electricals. Damn, got loads more to pack still.

[Flooble]

T1547 said:

Maximus_Meridius101 said:

SDLT and 95% LTV. That is ridiculous. It’s sub prime all over again. “Yeah I’m on the ladder innit, I’ve only got 5% equity, but who gives a fk, I’m on the ladder innit”. Jeebus christus. Has no one learned?

Not sure if your post has any relevance to mine (that you quoted) and what you’ve written doesn’t describe our situation. However, everyone has to start somewhere don’t they? What would you suggest to people that have 5% deposit - just keep spending dead money on rent? If they can start on the ladder then why not.

I think he was concerned that (as fesuvious has referred to) that people are rushing in before the Stamp Duty relief ends and thus although they may theoretically have 5% equity in reality the price they have paid is 10% or more higher than it should be (because of the artificial pressure). Which means that after Stamp Duty comes back and the pressure is released, prices may drop back. And suddenly the 5% equity is now 5% negative equity. Trapping people in their starter home and all the other things we've seen before.

[Maximus_Meridius101]

T1547 said:

Not sure if your post has any relevance to mine (that you quoted) and what you’ve written doesn’t describe our situation. However, everyone has to start somewhere don’t they? What would you suggest to people that have 5% deposit - just keep spending dead money on rent? If they can start on the ladder then why not.

Because at 95% LTV they can’t afford it. A 6 percent downward fluctuation in the market value puts them in negative equity. 6 percent is a rat fart, economically speaking. This is a massive time bomb. It’s not the fault of the people taking up the offers, it seems they are a bit hard of thinking, but when the st hits the fan ( probably in the next year or so ) they will be all over the meejases belly aching about how they’re about to get turfed out of their rental ( pretty much ).

[Maximus_Meridius101]

Flooble said:

I think he was concerned that (as fesuvious has referred to) that people are rushing in before the Stamp Duty relief ends and thus although they may theoretically have 5% equity in reality the price they have paid is 10% or more higher than it should be (because of the artificial pressure). Which means that after Stamp Duty comes back and the pressure is released, prices may drop back. And suddenly the 5% equity is now 5% negative equity. Trapping people in their starter home and all the other things we've seen before.

Yep that’s about right.