Is anyone moving now?

[oblio]

Our house went 'live' on Saturday and we got our first viewers yesterday who offered the full asking price, which we accepted. We got the price we wanted so are happy with the speed it went for as I find it a right PITA having to hang around for months waiting for the property to sell.

Happy days.

We have a week away planned next week to go house hunting.

[lizardbrain]

LuckyThirteen said:

Confirmed how?
Did you ask exactly what proof has been provided.

Over the years you'd be surprised, I've heard of edited bank statements, down to the agent just being told on the phone and presenting that as fact.

Do be careful.

What more can an Agent reasonably do than get screenshots of bank statements?

[-Ad-]

lizardbrain said:

What more can an Agent reasonably do than get screenshots of bank statements?

We had a good one as a buyer, having just pulled out of one house (vendors were lying and messing us around) and we're staying at my parent's.

- Made an offer (a bit low obvs).
- They just kept telling us to come up but wouldn't counter.
- Eventually they came down 5k and we then said here's our final offer (came up to just under reasonable comps for the house and area).
- They said we need to come up more, but want copies of both our bank statements, P60s to show last year's earnings for us both and both our work contracts.......

They also didn't understand how we could have a fully agreed mortgage, as it should only be an "agreement in principle".

We moved on swiftly, pulled out of another house (quite the ridiculous story), then bought another from the same agent who were fed up of their client messing us around as qualified and ready to go buyers.

I miss the Scottish system!

[lizardbrain]

-Ad- said:

We had a good one as a buyer, having just pulled out of one house (vendors were lying and messing us around) and we're staying at my parent's.

- Made an offer (a bit low obvs).
- They just kept telling us to come up but wouldn't counter.
- Eventually they came down 5k and we then said here's our final offer (came up to just under reasonable comps for the house and area).
- They said we need to come up more, but want copies of both our bank statements, P60s to show last year's earnings for us both and both our work contracts.......

They also didn't understand how we could have a fully agreed mortgage, as it should only be an "agreement in principle".

We moved on swiftly, pulled out of another house (quite the ridiculous story), then bought another from the same agent who were fed up of their client messing us around as qualified and ready to go buyers.

I miss the Scottish system!

I guess if you've applied for a mortgage then you likely have most of these docs handy.

However the most i've ever given an estate agent is a screenshot of by bank balance from my phone.

Scottish system isn't really that different when you get down to the nitty gritty, except that solicitors will generally dump you as a client if you mess about too much.

The seller providing the home survey does help a lot

[milkround]

I heard back from the mortgage broker today.

The lender now wants a full structural engineers report. And a timber and dampness survey! I know the house is structually fine. And I know it has some damp. I was going to sort that myself.

I've asked the estate agent if the seller will foot the bill. As it seems like I could pump thousands into a house and then the sellers could simply change their minds. At least if they paid for the reports they can use them if i pull out. I know it's cheeky but I don't want to pay out more for something I might not own.

P.S - random question. Can I contact the mortgage company directly not through the broker and ask why they want this stuff? And specifically ask what they want?

[Unreal]

milkround said:

I heard back from the mortgage broker today.

The lender now wants a full structural engineers report. And a timber and dampness survey! I know the house is structually fine. And I know it has some damp. I was going to sort that myself.

I've asked the estate agent if the seller will foot the bill. As it seems like I could pump thousands into a house and then the sellers could simply change their minds. At least if they paid for the reports they can use them if i pull out. I know it's cheeky but I don't want to pay out more for something I might not own.

P.S - random question. Can I contact the mortgage company directly not through the broker and ask why they want this stuff? And specifically ask what they want?

You'll find lenders all want their own survey, even if another one was done by another surveyor last month. There's also a potential conflict of interest with a seller commissioning a survey that you or your lender is required to rely on. Would you trust it? Would you even trust an HPI check the seller was showing you?

Why would you ask the lender not the broker?

[milkround]

Unreal said:

You'll find lenders all want their own survey, even if another one was done by another surveyor last month. There's also a potential conflict of interest with a seller commissioning a survey that you or your lender is required to rely on. Would you trust it? Would you even trust an HPI check the seller was showing you?

Why would you ask the lender not the broker?

But they are just asking me to upload a report. So they wouldn't know if I commisioned the report or not. Unless I am missing something.

I'd ask the lender as it's like pulling teeth with the broker. I have gone over things over and over again with them. Only for them to come back asking for the same stuff. They have lost my wifes driving licence. They couldn't even get my name right on the application! For some reason they gave me my wifes mainen name. You get what you pay for. And it's a free national broker. But I am not overly impressed.

[Unreal]

milkround said:

Unreal said:

You'll find lenders all want their own survey, even if another one was done by another surveyor last month. There's also a potential conflict of interest with a seller commissioning a survey that you or your lender is required to rely on. Would you trust it? Would you even trust an HPI check the seller was showing you?

Why would you ask the lender not the broker?

But they are just asking me to upload a report. So they wouldn't know if I commisioned the report or not. Unless I am missing something.

I'd ask the lender as it's like pulling teeth with the broker. I have gone over things over and over again with them. Only for them to come back asking for the same stuff. They have lost my wifes driving licence. They couldn't even get my name right on the application! For some reason they gave me my wifes mainen name. You get what you pay for. And it's a free national broker. But I am not overly impressed.

In my experience you would be better asking the broker or the lender about the specifics. You may be happy with their answers. However, be anything less than honest or appear to be deceptive and expect the deal to be pulled. If the broker is as useless as you say, phone the lender and ask them whether they will accept a report from the seller, then try and get the seller to pay for it. I cannot see why they would but there is nothing stopping you contacting whoever you like and asking for whatever you want.

[Seventyseven7]

How much is everyone paying for solicitors?


Just had my first quote on our house sale, and they want a fixed fee of £1,600+vat. Happy to go with them, but just checking this isn't a crazy price?

[Seventyseven7]

LuckyThirteen said:

Seventyseven7 said:

Cash buyer has the cash in the bank, has been confirmed by my estate agent. They are currently renting, having moved back to the Uk from the states.

Confirmed how?
Did you ask exactly what proof has been provided.

Over the years you'd be surprised, I've heard of edited bank statements, down to the agent just being told on the phone and presenting that as fact.

Do be careful.

This is from my estate agent, not sure what else I can ask for really:

Offer: £700,000 + £6k for the furniture - she can fit with your timelines.
Financials: Full cash buyer and we have seen proof of funds

[Mr Whippy]

milkround said:

But they are just asking me to upload a report. So they wouldn't know if I commisioned the report or not. Unless I am missing something.

I'd ask the lender as it's like pulling teeth with the broker. I have gone over things over and over again with them. Only for them to come back asking for the same stuff. They have lost my wifes driving licence. They couldn't even get my name right on the application! For some reason they gave me my wifes mainen name. You get what you pay for. And it's a free national broker. But I am not overly impressed.

The report we I’ll be created on behalf of someone, and that person will then be exposed to the professional indemnity in case the report isn’t up to scratch.

I’m not sure many surveyors would be allowed by their indemnity insurer, or even industry practices, to create generalised reports.


You could ask the seller to pay for your report, but then they’d say what if you’re the one who pulls out?
Or why are they paying to satisfy your lender’s criteria?

[Unreal]

Seventyseven7 said:

LuckyThirteen said:

Seventyseven7 said:

Cash buyer has the cash in the bank, has been confirmed by my estate agent. They are currently renting, having moved back to the Uk from the states.

Confirmed how?
Did you ask exactly what proof has been provided.

Over the years you'd be surprised, I've heard of edited bank statements, down to the agent just being told on the phone and presenting that as fact.

Do be careful.

This is from my estate agent, not sure what else I can ask for really:

Offer: £700,000 + £6k for the furniture - she can fit with your timelines.
Financials: Full cash buyer and we have seen proof of funds

Next question - what's their timescale then? I'd expect no more than six weeks subject to searches. That should flush out whether the 'cash' is liquid or not and how serious they are. Next - their survey to be done next week or confirmation they will not require one at any time in the process. Not having a survey would be a warning sign and delaying it would make me question their liquidity and preparedness to move.

All they done so far is hook you and put themselves at the head of the queue, which is a common tactic. Now make them commit.

[SunsetZed]

Unreal said:

Seventyseven7 said:

LuckyThirteen said:

Seventyseven7 said:

Cash buyer has the cash in the bank, has been confirmed by my estate agent. They are currently renting, having moved back to the Uk from the states.

Confirmed how?
Did you ask exactly what proof has been provided.

Over the years you'd be surprised, I've heard of edited bank statements, down to the agent just being told on the phone and presenting that as fact.

Do be careful.

This is from my estate agent, not sure what else I can ask for really:

Offer: £700,000 + £6k for the furniture - she can fit with your timelines.
Financials: Full cash buyer and we have seen proof of funds

Next question - what's their timescale then? I'd expect no more than six weeks subject to searches. That should flush out whether the 'cash' is liquid or not and how serious they are. Next - their survey to be done next week or confirmation they will not require one at any time in the process. Not having a survey would be a warning sign and delaying it would make me question their liquidity and preparedness to move.

All they done so far is hook you and put themselves at the head of the queue, which is a common tactic. Now make them commit.

Why would not having a survey be a warning sign? We didn't have a survey on the house when we bought it.

[Unreal]

SunsetZed said:

Unreal said:

Seventyseven7 said:

LuckyThirteen said:

Seventyseven7 said:

Cash buyer has the cash in the bank, has been confirmed by my estate agent. They are currently renting, having moved back to the Uk from the states.

Confirmed how?
Did you ask exactly what proof has been provided.

Over the years you'd be surprised, I've heard of edited bank statements, down to the agent just being told on the phone and presenting that as fact.

Do be careful.

This is from my estate agent, not sure what else I can ask for really:

Offer: £700,000 + £6k for the furniture - she can fit with your timelines.
Financials: Full cash buyer and we have seen proof of funds

Next question - what's their timescale then? I'd expect no more than six weeks subject to searches. That should flush out whether the 'cash' is liquid or not and how serious they are. Next - their survey to be done next week or confirmation they will not require one at any time in the process. Not having a survey would be a warning sign and delaying it would make me question their liquidity and preparedness to move.

All they done so far is hook you and put themselves at the head of the queue, which is a common tactic. Now make them commit.

Why would not having a survey be a warning sign? We didn't have a survey on the house when we bought it.

Because most people do if spending £700K in cash. Like all signs, you can put as much weight on them as you like. I have had surveys done on some purchases, not all.

The point I am trying to make is that the vendor should now test the buyer who has put themselves at the head of the queue to avoid heartache later. Getting a survey done quickly is an obvious tangible sign of commitment and one possible indicator of their intention to move quickly. Same as a speedy exchange of communication between solicitors. Confirming they aren't going to want a survey later down the line removes a potential stalling tactic. Requesting they do one or the other is perfectly reasonable. As a seller, you've put them at the head of the queue. What's in it for you? Presumably you only put them there because you perceive you'll get a quick, trouble free sale. So let's get on with it.

[SunsetZed]

Unreal said:

SunsetZed said:

Unreal said:

Seventyseven7 said:

LuckyThirteen said:

Seventyseven7 said:

Cash buyer has the cash in the bank, has been confirmed by my estate agent. They are currently renting, having moved back to the Uk from the states.

Confirmed how?
Did you ask exactly what proof has been provided.

Over the years you'd be surprised, I've heard of edited bank statements, down to the agent just being told on the phone and presenting that as fact.

Do be careful.

This is from my estate agent, not sure what else I can ask for really:

Offer: £700,000 + £6k for the furniture - she can fit with your timelines.
Financials: Full cash buyer and we have seen proof of funds

Next question - what's their timescale then? I'd expect no more than six weeks subject to searches. That should flush out whether the 'cash' is liquid or not and how serious they are. Next - their survey to be done next week or confirmation they will not require one at any time in the process. Not having a survey would be a warning sign and delaying it would make me question their liquidity and preparedness to move.

All they done so far is hook you and put themselves at the head of the queue, which is a common tactic. Now make them commit.

Why would not having a survey be a warning sign? We didn't have a survey on the house when we bought it.

Because most people do if spending £700K in cash. Like all signs, you can put as much weight on them as you like. I have had surveys done on some purchases, not all.

The point I am trying to make is that the vendor should now test the buyer who has put themselves at the head of the queue to avoid heartache later. Getting a survey done quickly is an obvious tangible sign of commitment and one possible indicator of their intention to move quickly. Same as a speedy exchange of communication between solicitors. Confirming they aren't going to want a survey later down the line removes a potential stalling tactic. Requesting they do one or the other is perfectly reasonable. As a seller, you've put them at the head of the queue. What's in it for you? Presumably you only put them there because you perceive you'll get a quick, trouble free sale. So let's get on with it.

That I agree with, thanks for the clarification.

[milkround]

Unreal said:

In my experience you would be better asking the broker or the lender about the specifics. You may be happy with their answers. However, be anything less than honest or appear to be deceptive and expect the deal to be pulled. If the broker is as useless as you say, phone the lender and ask them whether they will accept a report from the seller, then try and get the seller to pay for it. I cannot see why they would but there is nothing stopping you contacting whoever you like and asking for whatever you want.

The sellers have agreed to pay for the reports! They have already booked in the damp and timber and are getting quotes for the structural engineers report. It was a rental and is now empty so I think they are keen to get it sold asap so maybe that is working in my favour. I just hope the mortgage company do take the report now.

[Unreal]

milkround said:

Unreal said:

In my experience you would be better asking the broker or the lender about the specifics. You may be happy with their answers. However, be anything less than honest or appear to be deceptive and expect the deal to be pulled. If the broker is as useless as you say, phone the lender and ask them whether they will accept a report from the seller, then try and get the seller to pay for it. I cannot see why they would but there is nothing stopping you contacting whoever you like and asking for whatever you want.

The sellers have agreed to pay for the reports! They have already booked in the damp and timber and are getting quotes for the structural engineers report. It was a rental and is now empty so I think they are keen to get it sold asap so maybe that is working in my favour. I just hope the mortgage company do take the report now.

That's great news Fingers crossed for you that the lender accepts it. If they've just asked you to upload it then do just that, no more and no less.

[LuckyThirteen]

Seventyseven7 said:

This is from my estate agent, not sure what else I can ask for really:

Offer: £700,000 + £6k for the furniture - she can fit with your timelines.
Financials: Full cash buyer and we have seen proof of funds

Personally,

And this is from 30 years in the sector. I'd want their solicitor to confirm the same. Or at the very least I'd be asking the agent what proof they've seen.

You'd be surprised how often 'seen proof of funds' turns out to be 'they emailed us and said they've a bank account full of cash'. Or indeed 'proof of funds' turns out to be proof that they recently sold a house.

I really wish I didn't sound so cynical, but if you'd heard the stories I have over the years you'd understand.

[LuckyThirteen]

Oh, and absolutely get it in writing that they have no intention of bringing a mortgage in later.

It's not uncommon to show proof of say £780k for the £750k house and then a month before completion (ish) you get told 'they've now decided to have a small mortgage to fund renovations'.

Cue now needing a new survey, etc etc etc.

Then they suddenly start browsing £980k houses and pull out of buying yours 'they found a home that more suited their needs'.

[Greshamst]

So, hopefully completion and keys today!

Not a great start when we haven’t been able to get a hold of the estate agent the past few days, to finally be told today “he’s no longer with the business” and not much else.

Shouldn’t effect the process, but doesn’t help with the stress of it all.