Is anyone moving now?

[timberman]

nick30 said:

timberman said:

Yep
both my wife and I have recently retired,

now hoping to find a new place to live so we can relax and do the things we like without giving up too many of the conveniences we've gotten used to.

Sounds lovely. I love Devon but Somerset and Cornwall are amazing as is most of the south coast.

Devon and Cornwall are the other areas we've been looking, but the prices are making it difficult to find anything interesting,

so far Somerset seems to be a little bit more affordable for what we want,

we'd probably prefer to be nearer to the coast, but if looking more inland gives us a better chance of finding somewhere we can afford that suits us them I'm happy to compromise.

slightly concerned about flooding which I know affects parts of Somerset a lot, just not sure which bits to avoid.

[Flooble]

timberman said:

Yep
both my wife and I have recently retired,

now hoping to find a new place to live so we can relax and do the things we like without giving up too many of the conveniences we've gotten used to.

Yeah, understandable. When you get older you do find you need to use the conveniences more often.

[timberman]

Flooble said:

timberman said:

Yep
both my wife and I have recently retired,

now hoping to find a new place to live so we can relax and do the things we like without giving up too many of the conveniences we've gotten used to.

Yeah, understandable. When you get older you do find you need to use the conveniences more often.

on the list of requirements for our next house is to make sure it has several bathrooms plus a downstairs wc.

[cayman-black]

Hmmm difficult but the way i read it was that the neighbour was been helpful and advising that the garden is non-existent. Not only this but it is a good idea to meet your number one enemy before you live next door to them is it not?

[talksthetorque]

cayman-black said:

Hmmm difficult but the way i read it was that the neighbour was been helpful and advising that the garden is non-existent. Not only this but it is a good idea to meet your number one enemy before you live next door to them is it not?

Did you ask if any of his land is for sale? He might be a bit skint for all his many pastures.

[Rob.]

We've been getting a lot of pressure from the chain below us to complete by end of Sept, but our conveyancer has just informed the wife that from here (offer accepted, searches ordered) the purchase will likely take 12 weeks

[parakitaMol.]

talksthetorque said:

cayman-black said:

Hmmm difficult but the way i read it was that the neighbour was been helpful and advising that the garden is non-existent. Not only this but it is a good idea to meet your number one enemy before you live next door to them is it not?

Did you ask if any of his land is for sale? He might be a bit skint for all his many pastures.

they are definitely moving because of him.

However meeting neighbours is a good idea - the house we are selling has two lovely neighbours and they have offered to meet potential buyers because when we aren't able to be there. Which is actually a huge plus for us because they more charming and polite than us.

One is older and one has young kids so can probably answer questions we can't like bowling clubs and schools LOL

[CrutyRammers]

We're in the middle of things. Spent about 8 months looking, going further and further afield, lost out on a few, including a couple of projects which could have been amazing, but which ended up going for 75K over asking which was getting well into stupid territory. Things are utterly bonkers, seen several we missed out on come back onto the market. Found a lovely house and a bit of land in June, offered 10K over if they'd take it off the market immediately, which they did.
Told the neighbours we were moving, one of them offered to buy it 2 hours later, then another from down the road the next day. So that was nice. We know them quite well, and they want to rent it to her father as an investment, so it'll make the move easier as no downward chain.
All was going reasonably well, apart from taking more time than seems necessary, until this week when the solicitors are flagging up a (non) issue to do with the septic tank (per my other thread). Hopefully we can get to the bottom of that, it's pissed the seller off no end and caused needless stress to all concerned.
Really don't want it to fall through as it's a long way away and the missus starts a new job up there next month...

[Backagain]

I’m having a right old time of it at present. I’m trying to purchase a 1 bed flat, I’ve had mortgage offers in place, but the mortgage value surveyors keep finding game ending technical issues ( Ts and Cs issues in the leases mostly). The latest issue has come courtesy of the E.A. who was given the sale originally. I was forced to disengage the Conveyancing solicitors I was using, because I was told the sale was “never going to happen” by one of the mortgage brokers. This ( it transpires ) is not actually the case at all. I’ve found a mortgage provider, who have ‘in house’ valuation surveyors, and they tell me that they can’t understand quite what the problems were, and are confident that they can get it sorted ( it’s a very large banking corporation, not a backstreet loan shark ). I’m in regular contact with the vendor, and he’s happy for me to do the process slightly arse about face, in that I’m going to ( hopefully) get the mortgage in place, before re engaging the conveyancing solicitors, and he’s happy to wait for the process to go through (again). Anyway back to the new screw up point. The original E.A. have ( unbeknownst to the vendor ) re advertised the flat as for sale. I did let him know, he really wasn’t pleased . Hopefully it works this time.

[cayman-black]

CrutyRammers said:

We're in the middle of things. Spent about 8 months looking, going further and further afield, lost out on a few, including a couple of projects which could have been amazing, but which ended up going for 75K over asking which was getting well into stupid territory. Things are utterly bonkers, seen several we missed out on come back onto the market. Found a lovely house and a bit of land in June, offered 10K over if they'd take it off the market immediately, which they did.
Told the neighbours we were moving, one of them offered to buy it 2 hours later, then another from down the road the next day. So that was nice. We know them quite well, and they want to rent it to her father as an investment, so it'll make the move easier as no downward chain.
All was going reasonably well, apart from taking more time than seems necessary, until this week when the solicitors are flagging up a (non) issue to do with the septic tank (per my other thread). Hopefully we can get to the bottom of that, it's pissed the seller off no end and caused needless stress to all concerned.
Really don't want it to fall through as it's a long way away and the missus starts a new job up there next month...

How the f--k are people willing to pay £75k + over asking prices? This is why the market has gone mad. Yes i missed out on one which went for this amount over also.

[Frik]

Frik said:

Were in exactly the same position as you, albeit we've been under offer much longer. Hold your nerve, if your buyer drops out they won't find anything else and you'll easily be able to sell again.

We've got two properties lined up for viewings this weekend and early next week. Very similar but with strengths and weaknesses to both. Fingers crossed!

To follow up on this, the first property wasn't right, but the second one ticked all the right boxes.

Although we didn't think that at first. The agent advertising is better know for rentals, and indeed had been managing this house whilst it had been rented to the same family for the last 6 years. They hadn't been able to gain access to take photos in time for putting it on sale though and so had used the photos from the original advert. Needless to say after 6 years renting to a family who weren't big on redecorating it was in a very different state to the photos suggested. Also we were the first people (including the EA) to visit it since the renters moved out and the carpets had been cleaned the day before so the whole place smelled like wet dog! I'm sure this put a few people off.

The basics were there though. Saw it on the Tuesday, second viewing on the Friday and first to put an offer in later that day, £20k under asking. On Monday they asked us to increase our offer by £10k and took it off the market. Win.

Our buyer is in rented and has been waiting since April, and this one is obviously empty so hopefully it should be straightforward from here. Hopefully.

[nick30]

parakitaMol. said:

they are definitely moving because of him.

However meeting neighbours is a good idea - the house we are selling has two lovely neighbours and they have offered to meet potential buyers because when we aren't able to be there. Which is actually a huge plus for us because they more charming and polite than us.

One is older and one has young kids so can probably answer questions we can't like bowling clubs and schools LOL

They did seem very polite and I thought at the time it was kind he offered to let me see, I since worked out he took me round the back of an extension so actually the garden might not be so bad I think. I will see tomorrow properly with my family.

It’s either right or it isn’t. Neighbours are fine but yes I will be jealous of such space! Though saying that I would be over the moon to have more than I already do so that’s a massive part of it.

[Flooble]

cayman-black said:

How the f--k are people willing to pay £75k + over asking prices? This is why the market has gone mad. Yes i missed out on one which went for this amount over also.

FOMO. Same reason Tesla hit 2000 dollars a share. Also Londoners moving out to the country will have a vastly distorted sense of scale with regard to money. Some have been earning £100K p.a. since they graduated, more or less. To a couple sitting on a million or more in equity and pulling in £20K per month net salary, £75K is insignificant. Especially if they are also "suffering" from realising that for the price of their 3-bed flat in London they can buy somewhere that stands in its own grounds.

[johnnyBv8]

cayman-black said:

CrutyRammers said:

We're in the middle of things. Spent about 8 months looking, going further and further afield, lost out on a few, including a couple of projects which could have been amazing, but which ended up going for 75K over asking which was getting well into stupid territory. Things are utterly bonkers, seen several we missed out on come back onto the market. Found a lovely house and a bit of land in June, offered 10K over if they'd take it off the market immediately, which they did.
Told the neighbours we were moving, one of them offered to buy it 2 hours later, then another from down the road the next day. So that was nice. We know them quite well, and they want to rent it to her father as an investment, so it'll make the move easier as no downward chain.
All was going reasonably well, apart from taking more time than seems necessary, until this week when the solicitors are flagging up a (non) issue to do with the septic tank (per my other thread). Hopefully we can get to the bottom of that, it's pissed the seller off no end and caused needless stress to all concerned.
Really don't want it to fall through as it's a long way away and the missus starts a new job up there next month...

How the f--k are people willing to pay £75k + over asking prices? This is why the market has gone mad. Yes i missed out on one which went for this amount over also.

Probably because they perceive that prices are going to keep increasing. Paying £75k over valuation this year equating to having only paid £50k over valuation by next year etc etc. We bid on a couple of places that went for around £300k over valuation…the only way that makes sense is if the buyers are planning to stay in it for a very long time, so the purchase price becomes less important (as long as any repayments are affordable).

[MDUBZ]

johnnyBv8 said:

cayman-black said:

CrutyRammers said:

We're in the middle of things. Spent about 8 months looking, going further and further afield, lost out on a few, including a couple of projects which could have been amazing, but which ended up going for 75K over asking which was getting well into stupid territory. Things are utterly bonkers, seen several we missed out on come back onto the market. Found a lovely house and a bit of land in June, offered 10K over if they'd take it off the market immediately, which they did.
Told the neighbours we were moving, one of them offered to buy it 2 hours later, then another from down the road the next day. So that was nice. We know them quite well, and they want to rent it to her father as an investment, so it'll make the move easier as no downward chain.
All was going reasonably well, apart from taking more time than seems necessary, until this week when the solicitors are flagging up a (non) issue to do with the septic tank (per my other thread). Hopefully we can get to the bottom of that, it's pissed the seller off no end and caused needless stress to all concerned.
Really don't want it to fall through as it's a long way away and the missus starts a new job up there next month...

How the f--k are people willing to pay £75k + over asking prices? This is why the market has gone mad. Yes i missed out on one which went for this amount over also.

Probably because they perceive that prices are going to keep increasing. Paying £75k over valuation this year equating to having only paid £50k over valuation by next year etc etc. We bid on a couple of places that went for around £300k over valuation…the only way that makes sense is if the buyers are planning to stay in it for a very long time, so the purchase price becomes less important (as long as any repayments are affordable).

And they have a huge deposit or are cash buyers and they aren’t worried about the lenders valuation impacting their borrowing and giving them an unfavourable LTV.

[Gazzab]

johnnyBv8 said:

Probably because they perceive that prices are going to keep increasing. Paying £75k over valuation this year equating to having only paid £50k over valuation by next year etc etc. We bid on a couple of places that went for around £300k over valuation…the only way that makes sense is if the buyers are planning to stay in it for a very long time, so the purchase price becomes less important (as long as any repayments are affordable).

It depends on circumstances. I paid £150k over asking for a house because I wanted that house, wanted a family home in the right location etc. I didn’t care that it wasn’t necessarily a great investment. I could have made a lot more money over the subsequent 14 year period if that had been my objective. It wasn’t. Don’t ask what I then spent overhauling such a large 300 year old house that hadn’t really been touched for 25 years or more.

[CrutyRammers]

cayman-black said:

How the f--k are people willing to pay £75k + over asking prices? This is why the market has gone mad. Yes i missed out on one which went for this amount over also.

I've seen it a few times, with these projects. Old farmhouses where the owner has died, not really touched since the 60s, need complete renovation. That one also had 20 acres, 2 barns, and a separate (ruinous)listed cottage. Needed a lot of work, of course, but would be a dream when finished. It's really hard to value that sort of thing I suppose. To be fair, we were willing to go up to 50k over, but I'm probably glad we didn't as we'd have been living in squalor for a couple of years.

[kingston12]

johnnyBv8 said:

Probably because they perceive that prices are going to keep increasing. Paying £75k over valuation this year equating to having only paid £50k over valuation by next year etc etc. We bid on a couple of places that went for around £300k over valuation…the only way that makes sense is if the buyers are planning to stay in it for a very long time, so the purchase price becomes less important (as long as any repayments are affordable).

I don't think that paying 10% over asking price/value phases younger buyers under 40 who have never really seen anything other than house prices increasing.

An extra 10% is seen as buying it at next year's price, but you get the advantage of living in it for an extra year. Quite a different mindset from the previous generation, but totally understandable given what has happened.

[kingston12]

Flooble said:

FOMO. Same reason Tesla hit 2000 dollars a share. Also Londoners moving out to the country will have a vastly distorted sense of scale with regard to money. Some have been earning £100K p.a. since they graduated, more or less. To a couple sitting on a million or more in equity and pulling in £20K per month net salary, £75K is insignificant. Especially if they are also "suffering" from realising that for the price of their 3-bed flat in London they can buy somewhere that stands in its own grounds.

Indeed. Add in the realisation that the London flat is probably currently reducing in value whilst the house in the country is experiencing double-digit growth and it focusses the mind even more.

If we made the move that we were thinking about, the cost to change is somewhere in the region of £250k-£300k MORE than it was last year. Fortunately, we don't actually need to move so we'll stay put, but that could be life changing for some.

[Shnozz]

Gazzab said:

It depends on circumstances. I paid £150k over asking for a house because I wanted that house, wanted a family home in the right location etc. I didn’t care that it wasn’t necessarily a great investment. I could have made a lot more money over the subsequent 14 year period if that had been my objective. It wasn’t. Don’t ask what I then spent overhauling such a large 300 year old house that hadn’t really been touched for 25 years or more.

Jesus. £150k over in 2007 must have been some pad!