Is anyone moving now?

Author
Discussion

Calza

1,994 posts

115 months

Thursday 14th July 2022
quotequote all
When's the right time to talk to a mortgage broker?

We've not sold our existing flats yet (doing so) but would like to at least start firming up our potential budget.

edc

9,235 posts

251 months

Thursday 14th July 2022
quotequote all
Calza said:
When's the right time to talk to a mortgage broker?

We've not sold our existing flats yet (doing so) but would like to at least start firming up our potential budget.
Before you start viewing. You need to validate what you can afford, what's out there and any estate agent is going to want to know you are half way serious.

Toaster Pilot

14,619 posts

158 months

Thursday 14th July 2022
quotequote all
Calza said:
When's the right time to talk to a mortgage broker?

We've not sold our existing flats yet (doing so) but would like to at least start firming up our potential budget.
Not sure there’s a wrong time! You can get a feel for affordability etc without actually applying for anything.

pb8g09

2,334 posts

69 months

Thursday 14th July 2022
quotequote all
C70R said:
If it's the one for sale with F&C, it's a fair way outside of the areas I know, so I can't judge the price very well.

One thing I will say is that including the (large) garage in the floorplan calculation is distorting the value a little. I'm paying 850k for 3500sqft and an acre in a desirable part of East Anglia. You're asking for offers over 780k for 2700sqft on less land, with a front door on the street.

If it's not the one I'm describing, ignore everything I said.
If you’re right that’s nice lurking.

Amazing how much more you get for £800k in East Anglia compared to Bournemouth/New Forest way…

C70R

17,596 posts

104 months

Friday 15th July 2022
quotequote all
Toaster Pilot said:
Calza said:
When's the right time to talk to a mortgage broker?

We've not sold our existing flats yet (doing so) but would like to at least start firming up our potential budget.
Not sure there’s a wrong time! You can get a feel for affordability etc without actually applying for anything.
Agreed. If they are a decent broker, they will be happy to give advice before they actually commit to setting up a mortgage. That's why they are often called "mortgage advisors".

C70R

17,596 posts

104 months

Friday 15th July 2022
quotequote all
pb8g09 said:
C70R said:
If it's the one for sale with F&C, it's a fair way outside of the areas I know, so I can't judge the price very well.

One thing I will say is that including the (large) garage in the floorplan calculation is distorting the value a little. I'm paying 850k for 3500sqft and an acre in a desirable part of East Anglia. You're asking for offers over 780k for 2700sqft on less land, with a front door on the street.

If it's not the one I'm describing, ignore everything I said.
If you’re right that’s nice lurking.

Amazing how much more you get for £800k in East Anglia compared to Bournemouth/New Forest way…
I've got a good friend who has settled by the coast down there, picked up a berth in Poole marina etc. He has been working hard to convince us to buy closer to him, but I just don't think it's particularly great value at all.

beanoir78

352 posts

101 months

Friday 15th July 2022
quotequote all
C70R said:
bad company said:
C70R said:
bad company said:
Han Solo said:
Sold our house without it even getting on the market.

Went to view one the same day it came on the market and it sold over asking, another one came on yesterday and essentially sold.

These are traditional houses with land in North Wales, so not exactly an affluent area.
We’re in a 500+ year old, 5 bedroom house in East Anglia. Been on the market since March, we’ve had 5 viewings and one derisory offer.
As someone who has been watching the property market in nicer parts of Norfolk for 2 years, that can only mean the agent has overpriced it.

I lost out in a number of bidding wars before I secured the place we're buying. Good property hasn't been hanging around at the right price, and even marginally overpriced stuff has moved fairly swiftly.
We had 3 valuations, other similar priced homes locally are also not moving. We’re not far from Sudbury, Suffolk priced at £780,000.
If it's the one for sale with F&C, it's a fair way outside of the areas I know, so I can't judge the price very well.

One thing I will say is that including the (large) garage in the floorplan calculation is distorting the value a little. I'm paying 850k for 3500sqft and an acre in a desirable part of East Anglia. You're asking for offers over 780k for 2700sqft on less land, with a front door on the street.

If it's not the one I'm describing, ignore everything I said.
If it is, I think it looks about right from a valuation. It’s also in Essex, not Suffolk - so is it the right house?

Ours sold, in that area with F&C and if a similar vintage. It didn’t sell quick. I think, particularly at the £600K+ bracket, that houses aren’t selling as quick generally and if it’s a an old listed building then it’s a very narrow market with buyers being incredibly fussy.

Again, for comparison ours sold after around c.25 viewings back in Feb time and interestingly, the buyers had been looking since September last year.

C70R

17,596 posts

104 months

Friday 15th July 2022
quotequote all
beanoir78 said:
C70R said:
bad company said:
C70R said:
bad company said:
Han Solo said:
Sold our house without it even getting on the market.

Went to view one the same day it came on the market and it sold over asking, another one came on yesterday and essentially sold.

These are traditional houses with land in North Wales, so not exactly an affluent area.
We’re in a 500+ year old, 5 bedroom house in East Anglia. Been on the market since March, we’ve had 5 viewings and one derisory offer.
As someone who has been watching the property market in nicer parts of Norfolk for 2 years, that can only mean the agent has overpriced it.

I lost out in a number of bidding wars before I secured the place we're buying. Good property hasn't been hanging around at the right price, and even marginally overpriced stuff has moved fairly swiftly.
We had 3 valuations, other similar priced homes locally are also not moving. We’re not far from Sudbury, Suffolk priced at £780,000.
If it's the one for sale with F&C, it's a fair way outside of the areas I know, so I can't judge the price very well.

One thing I will say is that including the (large) garage in the floorplan calculation is distorting the value a little. I'm paying 850k for 3500sqft and an acre in a desirable part of East Anglia. You're asking for offers over 780k for 2700sqft on less land, with a front door on the street.

If it's not the one I'm describing, ignore everything I said.
If it is, I think it looks about right from a valuation. It’s also in Essex, not Suffolk - so is it the right house?

Ours sold, in that area with F&C and if a similar vintage. It didn’t sell quick. I think, particularly at the £600K+ bracket, that houses aren’t selling as quick generally and if it’s a an old listed building then it’s a very narrow market with buyers being incredibly fussy.

Again, for comparison ours sold after around c.25 viewings back in Feb time and interestingly, the buyers had been looking since September last year.
We looked at this place when it first came to market, which has a lot in common with the F&C property, before deciding that the area wasn't right for us. It was also G2 listed and in a Conservation Area, which put us off somewhat.

It sold for over asking within a couple of weeks according to the agent.

https://www.rightmove.co.uk/properties/118865753

Calza

1,994 posts

115 months

Friday 15th July 2022
quotequote all
Appreciate the broker advice, will start reaching out here!

Was there a chap on here that was recommended?

Flooble

5,565 posts

100 months

Friday 15th July 2022
quotequote all
Calza said:
Appreciate the broker advice, will start reaching out here!

Was there a chap on here that was recommended?
Sarnie

GreatGranny

9,128 posts

226 months

Friday 15th July 2022
quotequote all
Han Solo said:
Sold our house without it even getting on the market.

Went to view one the same day it came on the market and it sold over asking, another one came on yesterday and essentially sold.

These are traditional houses with land in North Wales, so not exactly an affluent area.
North Wales has become really popular in the last 5-10 years from what I've seen.

The popular seaside areas have had an influx of buyers who have maybe been priced out of the more expensive areas down south.
There's also the WFH buyers who are moving out of the cities and, again taking advantage of lower prices.

Llandudno/Rhos on Sea is somewhere my wife and I may be moving to in the future.
Used to holiday on the Llynn Peninsula as a kid and if you ignore Abersoch it's still pretty much as it was back then.

RC1807

12,531 posts

168 months

Friday 15th July 2022
quotequote all
Completed on a BTL about October last year and the land registry updates still aren't in place. Is this normal or due to staff WFH for so long?

ghamer

602 posts

155 months

Friday 15th July 2022
quotequote all
Sold in April/May trying to complete in August.Trying the pestering tactics as really need to move to secure a school place.Constantly calling for updates every week.Being a pest basically.

Flooble

5,565 posts

100 months

Friday 15th July 2022
quotequote all
ghamer said:
Sold in April/May trying to complete in August.Trying the pestering tactics as really need to move to secure a school place.Constantly calling for updates every week.Being a pest basically.
Think that is highly optimistic. It feels to me as if Conveyancers now see 16 weeks as a target, not as a maximum.

ghamer

602 posts

155 months

Friday 15th July 2022
quotequote all
Flooble said:
Think that is highly optimistic. It feels to me as if Conveyancers now see 16 weeks as a target, not as a maximum.
Unfortunately I think you may be right😡

CornishRob

256 posts

134 months

Friday 15th July 2022
quotequote all
Sold our house a few weeks ago. Open day, best and final offers etc and went straight away (Surrey).

Now struggling to find somewhere to buy. Need to move down to the coast in Hampshire for work!

Wildfire

9,789 posts

252 months

Friday 15th July 2022
quotequote all
So for the third time we have reached the proposed exchange date, we've sold 3 times (with contracts signed an in place), and yet again our vendors have failed to move past the same stage. Their estate agent is not answering anyone.

As we now have a full idea of the chain (not the 2 families as we were told by the agent), this time all the other 7 parties are ready. But their onward purchase has lost the building control certificate for their 2 year old house and the solicitors have finally decided that they may have to apply for a duplicate. I suspect that this hasn't been done as quickly as they have said it has.

We sent contracts back on the 5th of July and their solicitor told them that they were still waiting and the delay was with us. We produced delivery receipts and "suddenly" they arrived within 10 minutes of the email in the post, that day! What are the chances? Our sellers have been waiting a week for contracts to sign and they "must have been lost in the post.."

I suspect someone will drop out soon.

Jefferson Steelflex

1,440 posts

99 months

Friday 15th July 2022
quotequote all
They should agree to indemnity insurance for these sorts of things, lost paperwork is a pain but a pragmatic buyer will agree to proceed if they have insurance in place.

Edited to update, by lost paperwork I mean things like building control certs and the like.

Flooble

5,565 posts

100 months

Friday 15th July 2022
quotequote all
Wildfire said:
So for the third time we have reached the proposed exchange date, we've sold 3 times (with contracts signed an in place), and yet again our vendors have failed to move past the same stage. Their estate agent is not answering anyone.

As we now have a full idea of the chain (not the 2 families as we were told by the agent), this time all the other 7 parties are ready. But their onward purchase has lost the building control certificate for their 2 year old house and the solicitors have finally decided that they may have to apply for a duplicate. I suspect that this hasn't been done as quickly as they have said it has.

We sent contracts back on the 5th of July and their solicitor told them that they were still waiting and the delay was with us. We produced delivery receipts and "suddenly" they arrived within 10 minutes of the email in the post, that day! What are the chances? Our sellers have been waiting a week for contracts to sign and they "must have been lost in the post.."

I suspect someone will drop out soon.
For a two year old place will they not be able to get the certificate online?

Petrus1983

8,699 posts

162 months

Friday 15th July 2022
quotequote all
Oh wow - I’ve exchanged bounce

I have the opportunity to be mortgage free - but that’s dependent on a large chunk from my parents. Is there anything I can put in place to make them feel more at ease - a charge against the property?