Is anyone moving now?

[irfan1712]

chain free purchase here. 10 weeks to the day from accepting my offer to getting the keys this morning. Was actually slightly. nervous this week with a handful of mortgages being revoked right at the last minute as noted above, pretty salty.

was as smooth as one could wish, and would have actually completed 3 weeks earlier had the seller actually emptied the house and initially had their documents in place - my solicitor waited 3 weeks for the contract pack.

quick enough to get the house on the market to grab a piece of the pie in terms of high asking prices, not so quick when it came to actually ensuring the house and docs were in place to sell it.

can't complain either way.

[skwdenyer]

irfan1712 said:

chain free purchase here. 10 weeks to the day from accepting my offer to getting the keys this morning. Was actually slightly. nervous this week with a handful of mortgages being revoked right at the last minute as noted above, pretty salty.

May I ask, do you actually know anyone this has happened-to? I've found no primary sources for this story, just people saying "I hear that..."

[sfella]

skwdenyer said:

May I ask, do you actually know anyone this has happened-to? I've found no primary sources for this story, just people saying "I hear that..."

An estate agent told me, just in general conversation when I asked how things are

[skwdenyer]

sfella said:

skwdenyer said:

May I ask, do you actually know anyone this has happened-to? I've found no primary sources for this story, just people saying "I hear that..."

An estate agent told me, just in general conversation when I asked how things are

Thanks. There’s no doubt but that it does happen from time to time even in ordinary times. But I’ve not heard any primary evidence of it happening especially now.

[irfan1712]

skwdenyer said:

sfella said:

skwdenyer said:

May I ask, do you actually know anyone this has happened-to? I've found no primary sources for this story, just people saying "I hear that..."

An estate agent told me, just in general conversation when I asked how things are

Thanks. There’s no doubt but that it does happen from time to time even in ordinary times. But I’ve not heard any primary evidence of it happening especially now.

If im honest, no primary evidence from me other than internet hearsay (it did appear on a few news outlets online last week, take that for what its worth though)

either way it did seem half plausible. I secured a 3.8% interest mortgage - by no means a good deal, but an excellent deal considering the day of completion the average mortgage rate was circa 7% so i felt it 'could' be an excuse for a lender to pull out. I think it would be more of a potential issue if someone had secured, say a sub 2% mortgage - which was one of the example stories i read last week, given the lender 'doubts' on what they are lending on the property. Bit naughty but thats the vague caveat that nearly all mortgage offers have, essentially highlighting they can pull out whenever they feel like right up to exchange.

[Dannbodge]

Had confirmation from our solicitors that our cases (sale and purchase) have been approved.

Hopefully looking to get completed the last week of October.

Should be a nice move as we're going into a vacant house.

[Mark Benson]

Slow going here, chain free vendors and buyers, we're the only ones needing a mortgage in the chain and we want to port our existing small mortgage (less than 1 x my salary) which should be simple, right?

Mortgage co. went silent on us early in the game with missed phone appointments etc.
When I initially spoke to someone and went through all the affordability questions over the course of 90 mins, he said he'd need to refer it to the underwriters and arranged a call for the following week....
....which didn't happen, so I called back the next day to be told that the underwriters were OK with my application, but we'd both need to speak to their mortgage 'adviser' who couldn't make a call for almost 3 weeks. Not wanting to have to break our existing (cheap) mortgage, pay the £4k early repayment penalty and look elsewhere for another (not so cheap) mortgage we had no choice but to agree.
That call was earlier this week and after another 90 mins of questions we finally have the forms to sign, but it's been 6 weeks duration just to get agreement to port a small mortgage with a further "4-8 weeks to process" it left to go.

I suspect the financial turmoil and the threat of margin calls on large amounts of mortgage debt has caused the delays, but it shouldn't be this drawn-out just to effectively change the address on a mortgage account.
We're lucky our (cash) buyers are in rented and really want the house, I just hope it stays that way for the next few weeks.

Ah well, at least the housing market hasn't crashe.......

[timberman]

Not trying to disillusion anyone but,

We are still in the process of buying after more than 3 months, with what should be the most straightforward buying process imaginable.

[Jcwjosh]

Mark Benson said:

Slow going here, chain free vendors and buyers, we're the only ones needing a mortgage in the chain and we want to port our existing small mortgage (less than 1 x my salary) which should be simple, right?

Mortgage co. went silent on us early in the game with missed phone appointments etc.
When I initially spoke to someone and went through all the affordability questions over the course of 90 mins, he said he'd need to refer it to the underwriters and arranged a call for the following week....
....which didn't happen, so I called back the next day to be told that the underwriters were OK with my application, but we'd both need to speak to their mortgage 'adviser' who couldn't make a call for almost 3 weeks. Not wanting to have to break our existing (cheap) mortgage, pay the £4k early repayment penalty and look elsewhere for another (not so cheap) mortgage we had no choice but to agree.
That call was earlier this week and after another 90 mins of questions we finally have the forms to sign, but it's been 6 weeks duration just to get agreement to port a small mortgage with a further "4-8 weeks to process" it left to go.

I suspect the financial turmoil and the threat of margin calls on large amounts of mortgage debt has caused the delays, but it shouldn't be this drawn-out just to effectively change the address on a mortgage account.
We're lucky our (cash) buyers are in rented and really want the house, I just hope it stays that way for the next few weeks.

Ah well, at least the housing market hasn't crashe.......

My buyer is porting his mortgage and he had the property valuation survery done around 4 weeks ago, i haven't received confirmation his mortgage is sorted which i need clarity on and have been chasing this week.

Pretty frustrating as this is now holding everything up due to him changing his solicitor halfway through the process.

Thing is i have received his queries and answered them yesterday not sure why everything is being done backwards here.

[skwdenyer]

Mark Benson said:

Slow going here, chain free vendors and buyers, we're the only ones needing a mortgage in the chain and we want to port our existing small mortgage (less than 1 x my salary) which should be simple, right?

Mortgage co. went silent on us early in the game with missed phone appointments etc.
When I initially spoke to someone and went through all the affordability questions over the course of 90 mins, he said he'd need to refer it to the underwriters and arranged a call for the following week....
....which didn't happen, so I called back the next day to be told that the underwriters were OK with my application, but we'd both need to speak to their mortgage 'adviser' who couldn't make a call for almost 3 weeks. Not wanting to have to break our existing (cheap) mortgage, pay the £4k early repayment penalty and look elsewhere for another (not so cheap) mortgage we had no choice but to agree.
That call was earlier this week and after another 90 mins of questions we finally have the forms to sign, but it's been 6 weeks duration just to get agreement to port a small mortgage with a further "4-8 weeks to process" it left to go.

I suspect the financial turmoil and the threat of margin calls on large amounts of mortgage debt has caused the delays, but it shouldn't be this drawn-out just to effectively change the address on a mortgage account.
We're lucky our (cash) buyers are in rented and really want the house, I just hope it stays that way for the next few weeks.

Ah well, at least the housing market hasn't crashe.......

We got AIP 3rd week of August for our purchase (re-confirming an earlier AIP). Expected to have signed documents from lender 3 ish weeks later. Everything went quiet, completely; felt like lender was waiting to see how close we were to end of days. So we waited... and waited... and finally got the formal mortgage offer 10 days ago. Still at the same rate we were offered in August, which is now *substantially* below what we could get in the market today. So all systems go, for now...

[Lady_Beefmaster]

Our house selling/buying saga continues - now at the 1 year anniversary.

Buyer pulled out last week, went back on the market right away, viewings that same weekend and had a lot of offers Monday morning (more than the two previous times we were up for sale - yes we’re now on buyers number 3 )

Now to wait for probate on our purchase and our new buyers to go through the usual stuff…..

[parakitaMol.]

Petrus1983 said:

MattyD803 said:

I've missed this until now. I own a BTL in the marina, albeit the older part, but barely 5 mins walk from that one you showed us.

The flat in question probably hasn't sold due an ongoing increase in anti-social behaviour in the dunes directly in front of the property, particularly in the summer. Basically kids coming down on mopeds, getting drunk, starting fires, big fights, vandalism of local balconies and loads of litter left strewn - check the Swansea Post and indeed local facebook for details. (There is an active marina FB group that covers this in detail, regularly).

As far as I understand they have thrown alot of policing at it with regular evening patrols to calm it down, but I suspect it still goes on.

I'm quite suprised they haven't accepted your offer, but I think you have done well to dodge a potential bullet there.

Always do your research.

If you want to be near the sea, I'd keep your search going in mumbles, I expect £400k will get you a nice little cottage up there, or indeed a larger property tucked up in Limeslade or Thistleboon.

Edited by MattyD803 on Thursday 6th October 14:50

thanks for taking the time to write all that - it’s very much appreciated!

I can't claim to know Swansea really well, but I spend 1 day there every 2 months with my dog (as my other dog goes to a specialist rehab clinic in Swansea - so we have to hang around all day)... we walk all around the Mumbles, different beaches, along the seafront, round the harbour and the town.
I have experienced a couple of incidents where I was concerned/intimidated by the behaviour of large drunk / drugged groups loitering around the dunes and harbour area... also in the town was a really horrible one where these people were tormenting a little puppy.... I had to comfort an old lady who was in floods of tears because she had tried to intervene and save the puppy. I now avoid it as these individuals often have their own status type dogs just left to their own devices and out of control. My son was at university there and said same. I would agree with above and to stick to the Mumbles area definitely.

[ooid]

Funny mentioning Wales and dogs.. I got my dog from a breeder about 4 years ago around in that area, and I remember a few other kennel registered breeders in Wales.

[parakitaMol.]

ooid said:

Funny mentioning Wales and dogs.. I got my dog from a breeder about 4 years ago around in that area, and I remember a few other kennel registered breeders in Wales.

Also it is very sadly the puppy farming capital of the UK

[simonjj67]

Finally completed last Tuesday after a few stressful weeks including our buyers going on holiday for the 2 weeks before the date we were due to exchange. The bonus is we have moved from a village just outside of the currently popular Stroud to a energy efficient new build in rural wales with no mortgage.

[skwdenyer]

simonjj67 said:

Finally completed last Tuesday after a few stressful weeks including our buyers going on holiday for the 2 weeks before the date we were due to exchange. The bonus is we have moved from a village just outside of the currently popular Stroud to a energy efficient new build in rural wales with no mortgage.

Well done! That sounds like a great way to feel somewhat smug in the current economic climate

[Patch1875]

Patch1875 said:

Patch1875 said:

We have been on the market 24h 2 viewings today and 3 over the weekend booked . One note of interest so far.

Been on for just over a week now 9 viewings in total so far, 2 notes of interest and 3 more booked for the next few days.

Suspect we will go to a closing date with one more note of interest.

We went to a closing date today. Ended up with 2 offers and accepted the lower one due to no chain. Offer was a few percent over valuation we certainly hoped for more but it’s definitely a rapidly slowing market here in Edinburgh.

[lizardbrain]

What would you normally expect, about 5-10% over valuation?

[Patch1875]

lizardbrain said:

What would you normally expect, about 5-10% over valuation?

That’s what the solicitor had hoped for. There was definite signs of slowing when we listed many are now going to a fixed price.

although disappointing we have made a good return on our time in the house.

[GT3Manthey]

I tend to dip in and out if this thread.

I live in the south and not seeing either much selling where I am but equally not that much coming to market either.

I’m finding the market a little confusing especially as I’m looking at listing my house early next year.

Plan is moving further out as part of the family is relocating.