Is anyone moving now?

[Bam89]

Bam89 said:

First time buyer looking for advice!

We've got a few viewings booked in over the weekend, they're all priced as follows

Offers in excess of £575k / £550k / £525k - all 3 went live this week
Offers in excess of £575k - was reduced from OIEO £600k 6 months ago

We put an offer in on a house we viewed a few weeks ago that was priced at offers over £550k and went to best and final offers. The offer was 5% below asking, but the agent basically told us we were miles off which threw me a bit.

I'm just wondering about etiquette on offers - Is it bad form to go way below the line they've drawn with the OIEO line? We could stretch to £575k, but not much more, gut feel is that the first is probably the one we're going to like the best but I don't want to set myself up for disappointment if we definitely need to go over that amount, which is why we've gone for a couple that are lower priced.

Then there's the one that has been on the market for a while, which is probably our second favourite from the listing - given its been up for a while, is offering below £575k acceptable?

All responses appreciated

Just as an update on this, we viewed all 4 and as expected the one we liked best was newly listed at offers over £575k.

We made an offer of £560k, which is what we thought it was worth (very similar house on the same road sold for £520k 8 months ago), then got a call from the agent this morning saying it was going to best and final offers as there were multiple people offering.

We increased our offer to £575k, but were again unsuccessful as they apparently accepted a bid “significantly above asking price”.

Quite disappointed, we were practically picking out the furnishings once we left the viewing, probably going to pause the constant Rightmove visits for a while and come back to it in a few weeks

[guitarcarfanatic]

Bam89 said:

Just as an update on this, we viewed all 4 and as expected the one we liked best was newly listed at offers over £575k.

We made an offer of £560k, which is what we thought it was worth (very similar house on the same road sold for £520k 8 months ago), then got a call from the agent this morning saying it was going to best and final offers as there were multiple people offering.

We increased our offer to £575k, but were again unsuccessful as they apparently accepted a bid “significantly above asking price”.

Quite disappointed, we were practically picking out the furnishings once we left the viewing, probably going to pause the constant Rightmove visits for a while and come back to it in a few weeks

It's brutal at the moment - since completing on our property in Dec (offer accepted last Aug), we could easily list and sell with a 50k premium purely because the market is bonkers.

[essayer]

kiethton said:

Month into our purchase and on top of chasing employment documents we've found another issue.

After chasing for the sellers information pack and initial contract draft they've found an issue which means they haven't issued it - apparently the house had an error made on land registry documentation when the beneficial owner was changed a few years back - apparently their solicitor is trying to resolve this before issuing the draft contracts.....we need to complete before the end of the stamp benefit.....

LR resolved a similar issue within a week for us. Hopefully won’t take long

[gazapc]

So solicitors starting to make progress on both buy and sell which is good. AIP all accepted to full application in progress.

Mortgage valuation on the sell this week and on the buy soon.

Been quoted 4-6 weeks wait for a survey (level 2 or 3) from two independents. Is this normal? I guess it shouldn't hold things up in the grand scheme of things.

[Backagain]

gazapc said:

Been quoted 4-6 weeks wait for a survey (level 2 or 3) from two independents. Is this normal? I guess it shouldn't hold things up in the grand scheme of things.

Hold onto your hat.

[C70R]

kiethton said:

Month into our purchase and on top of chasing employment documents we've found another issue.

After chasing for the sellers information pack and initial contract draft they've found an issue which means they haven't issued it - apparently the house had an error made on land registry documentation when the beneficial owner was changed a few years back - apparently their solicitor is trying to resolve this before issuing the draft contracts.....we need to complete before the end of the stamp benefit.....

You'll already know this, but you're cutting that VERY fine, even for a completely bog-standard purchase.

I'd be preparing contingencies in your position.

[kiethton]

essayer said:

kiethton said:

Month into our purchase and on top of chasing employment documents we've found another issue.

After chasing for the sellers information pack and initial contract draft they've found an issue which means they haven't issued it - apparently the house had an error made on land registry documentation when the beneficial owner was changed a few years back - apparently their solicitor is trying to resolve this before issuing the draft contracts.....we need to complete before the end of the stamp benefit.....

LR resolved a similar issue within a week for us. Hopefully won’t take long

That's great to hear, here's to hoping! - as we'll be moving in with the MIL and sleeping on the sofa I am keen to minimise the TED!

[kiethton]

C70R said:

kiethton said:

Month into our purchase and on top of chasing employment documents we've found another issue.

After chasing for the sellers information pack and initial contract draft they've found an issue which means they haven't issued it - apparently the house had an error made on land registry documentation when the beneficial owner was changed a few years back - apparently their solicitor is trying to resolve this before issuing the draft contracts.....we need to complete before the end of the stamp benefit.....

You'll already know this, but you're cutting that VERY fine, even for a completely bog-standard purchase.

I'd be preparing contingencies in your position.

Indeed, its only a £2.5k difference but when your're shelling out near-£30k and you're already under the kosh every little makes a difference.

[C70R]

kiethton said:

C70R said:

kiethton said:

Month into our purchase and on top of chasing employment documents we've found another issue.

After chasing for the sellers information pack and initial contract draft they've found an issue which means they haven't issued it - apparently the house had an error made on land registry documentation when the beneficial owner was changed a few years back - apparently their solicitor is trying to resolve this before issuing the draft contracts.....we need to complete before the end of the stamp benefit.....

You'll already know this, but you're cutting that VERY fine, even for a completely bog-standard purchase.

I'd be preparing contingencies in your position.

Indeed, its only a £2.5k difference but when your're shelling out near-£30k and you're already under the kosh every little makes a difference.

Ah, ok. That's not so bad in that case.

I can imagine there are going to be some squeaky bums among sellers and buyers over the coming month and a bit.

[Blown2CV]

there will be far far fewer deal-breakings when people miss out on 30 sep as compared to 30 june. We are in a similar situation but we have budgeted for missing the deadline so if we hit it it's a bonus. Honestly if it comes down to a couple of grand between being able to afford a house or not, maybe you're overstretching yourself.

[ClaphamGT3]

I think I surprised our vendor yesterday by telling her she either stops c*cking about or the deal's off.

Having fallen into believing it's a seller's market and after endless silliness, Monday's wheeze was to slip into the fixtures and fittings schedule that she's taking the induction hob and the built in ovens.

Tiring of such muppetry I said fine; you can keep them in the current house because we won't be buying. Cue much wailing about how we can't do that, it's dishonourable, we know full well she's signed a contract on a rental and got her kids into a school in a different town for September.

Leave the appliances then love....

[talksthetorque]

I take it she didn't think it dishonourable to let you know after she'd accepted your offer that she would then tell you she'd take the ovens and hob that were mentioned specifically in the sales brochure.

[cayman-black]

talksthetorque said:

I take it she didn't think it dishonourable to let you know after she'd accepted your offer that she would then tell you she'd take the ovens and hob that were mentioned specifically in the sales brochure.

Unbelievable.

[cayman-black]

Bam89 said:

Just as an update on this, we viewed all 4 and as expected the one we liked best was newly listed at offers over £575k.

We made an offer of £560k, which is what we thought it was worth (very similar house on the same road sold for £520k 8 months ago), then got a call from the agent this morning saying it was going to best and final offers as there were multiple people offering.

We increased our offer to £575k, but were again unsuccessful as they apparently accepted a bid “significantly above asking price”.

Quite disappointed, we were practically picking out the furnishings once we left the viewing, probably going to pause the constant Rightmove visits for a while and come back to it in a few weeks

Sorry to hear this Bam , big offers are not uncommon right now but this will slow imo . On offers above i would probably go 5k-10k but no more.

[essayer]

ClaphamGT3 said:

Monday's wheeze was to slip into the fixtures and fittings schedule that she's taking the induction hob and the built in ovens.

Yeah that's bang out of order isn't it? I could maybe understand a range cooker but built in stuff.. unbelievable.

[ClaphamGT3]

essayer said:

ClaphamGT3 said:

Monday's wheeze was to slip into the fixtures and fittings schedule that she's taking the induction hob and the built in ovens.

Yeah that's bang out of order isn't it? I could maybe understand a range cooker but built in stuff.. unbelievable.

Just had a call from the agent. She cant believe we are bullying her like this apparently - don't we know what she paid for these appliances only two years ago.

No one's being bullied love; we haven't exchanged so you don't have to sell and we don't have to buy

[DanL]

ClaphamGT3 said:

essayer said:

ClaphamGT3 said:

Monday's wheeze was to slip into the fixtures and fittings schedule that she's taking the induction hob and the built in ovens.

Yeah that's bang out of order isn't it? I could maybe understand a range cooker but built in stuff.. unbelievable.

Just had a call from the agent. She cant believe we are bullying her like this apparently - don't we know what she paid for these appliances only two years ago.

No one's being bullied love; we haven't exchanged so you don't have to sell and we don't have to buy

This already seems like trouble - you sure you want to proceed with a seller that’s so clearly going to take everything that’s not nailed down (and some stuff that is!) when they move out?

I’d be worried about the state the place will be left in at this point…

[gfreeman]

ClaphamGT3 said:

Monday's wheeze was to slip into the fixtures and fittings schedule that she's taking the induction hob and the built in ovens....

I just cannot get my head around some peoples attitude - the fixtures and fittings list made me chuckle - of course I'm not taking the kitchen curtains!!! they are about 15 years old and ste! keep 'em! In fact none of the curtains/blinds fit and buggered if I am getting any altered that might fit the new place... In any event the new place ha all cutains/blind left in too...

Loads of petty stuff the buyer asked for confirmation on but did take the piss when he asked if I was leaving the cinema room kit that was described as Guest Bedroom and kit specifically excluded from the sale!

The seller of the one I am buying has a similar attitude to me luckily... He has paid for a skip, half filled it then asked me if I minded if he leaves a load of other knick nacks, fixtures and fittings as he cant be arsed to pay for packing and removal for stuff he doesn't think will fit in his smaller pad. He showed me the receipt for the paid for skip and has offered to leave it for my waste or any stuff he's left that I dont want.

As his wife is an interior designer the place has loads of cool bits and bobs dotted around that he intends to leave. Saves filling holes in walls and painting in the short term too!

[C70R]

I think a lot of vendors are in for a rude awakening over the next few months.

[Backagain]

C70R said:

I think a lot of vendors are in for a rude awakening over the next few months.

I think a lot of prospective buyers are too. If the surveyor working for the lender thinks the property doesn’t constitute worthwhile risk ( it’s overpriced for example). They will say so, and if they deem it to be so overpriced, or there’s something about it, that the surveyor thinks will take it outside of the lender’s lending criteria, the surveyors seem to be increasingly willing to put a zero value on properties at the moment ( effectively rendering it unmortgageable ). There seems to be an increase in jitters from mainstream lenders at present.