Is anyone moving now?

Author
Discussion

Toaster Pilot

14,615 posts

157 months

Saturday 8th October 2022
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princeperch said:
Have seen posts on social media about some lenders (Halifax/platform/Barclays) pulling mortgage offers post exchange when funds are requested.

It's getting messy out there now.
Can they actually do this without good reason? I thought the customer had to do something bad (like lose their job, take out additional credit, etc etc) for that to happen?!

Exchanging imminently on a new build purchase that won’t complete until April yikes

WyrleyD

1,883 posts

147 months

Saturday 8th October 2022
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Son-in-laws parents are looking to move and are cash buyers. Went to look at an individually built new-build bungalow but it had no garage. The house was up for £400k but prior to the viewing it dropped to £340k, they asked the builder to build a garage and they would have it but the builder declined but said that he would negotiate a further large discount should they wish to proceed. Not sure what will happen as the SILs dad is a right nasty old bu**er and blows hot and cold all the time, his current place is on a massive piece of land with outbuildings and looks like a Steptoes yard of old tractors, digger, dumper and various bits of farm gear and gets the hump when suggested that he should get rid of the crap.

skwdenyer

16,181 posts

239 months

Saturday 8th October 2022
quotequote all
princeperch said:
Have seen posts on social media about some lenders (Halifax/platform/Barclays) pulling mortgage offers post exchange when funds are requested.

It's getting messy out there now.
Have seen the same posts. All seem to be referencing others, but not seen any primary sources. Have you?

princeperch

7,911 posts

246 months

Saturday 8th October 2022
quotequote all
skwdenyer said:
Have seen the same posts. All seem to be referencing others, but not seen any primary sources. Have you?
I haven't. What I saw were two or three posts on twitt er from what seemed to be reputable sources within the mortgage industry - i.e brokers.

If I were a betting man I'd say any offer withdrawals have been for btl rather than residential. But if I see any further specifics will post.

And toaster - if you are exchanging soonish and completing in 7 months - check your lenders right to go back in and revalue before completion. You might face a margin call if things are still looking choppy then. Glad you've made progress anyway I remember things had gone up the pictures a bit for you a few months so hope things work out.

lonny

411 posts

242 months

Saturday 8th October 2022
quotequote all
Toaster Pilot said:
princeperch said:
Have seen posts on social media about some lenders (Halifax/platform/Barclays) pulling mortgage offers post exchange when funds are requested.

It's getting messy out there now.
Can they actually do this without good reason? I thought the customer had to do something bad (like lose their job, take out additional credit, etc etc) for that to happen?!

Exchanging imminently on a new build purchase that won’t complete until April yikes
6 months between exchange and completion? I’ve never heard of that long a gap. I’d be discussing this with the solicitor - I hope it wasn’t one suggested by the builders!

interstellar

3,232 posts

145 months

Saturday 8th October 2022
quotequote all
lonny said:
Toaster Pilot said:
princeperch said:
Have seen posts on social media about some lenders (Halifax/platform/Barclays) pulling mortgage offers post exchange when funds are requested.

It's getting messy out there now.
Can they actually do this without good reason? I thought the customer had to do something bad (like lose their job, take out additional credit, etc etc) for that to happen?!

Exchanging imminently on a new build purchase that won’t complete until April yikes
6 months between exchange and completion? I’ve never heard of that long a gap. I’d be discussing this with the solicitor - I hope it wasn’t one suggested by the builders!
That’s pretty common on new builds at the moment. Released 6 months from completion and exchange within 30 days is the norm in my area.

Sheepshanks

32,531 posts

118 months

Saturday 8th October 2022
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I've seen it suggested that on new builds you should get a term in the contact that says the deal's off if the mortgage offer is withdrawn.

No idea if developers will accept this. A friend of ours, who is a solicitor, got her new builld caught up in Covid etc and it was pretty well a year after exchange. She was raging about them having her deposit the whole time.

Toaster Pilot

14,615 posts

157 months

Sunday 9th October 2022
quotequote all
interstellar said:
lonny said:
Toaster Pilot said:
princeperch said:
Have seen posts on social media about some lenders (Halifax/platform/Barclays) pulling mortgage offers post exchange when funds are requested.

It's getting messy out there now.
Can they actually do this without good reason? I thought the customer had to do something bad (like lose their job, take out additional credit, etc etc) for that to happen?!

Exchanging imminently on a new build purchase that won’t complete until April yikes
6 months between exchange and completion? I’ve never heard of that long a gap. I’d be discussing this with the solicitor - I hope it wasn’t one suggested by the builders!
That’s pretty common on new builds at the moment. Released 6 months from completion and exchange within 30 days is the norm in my area.
I didn’t think it was unusual either, the house is just at foundations at the moment.

Interesting suggestion from another poster about asking for a contract variation to protect against loss of the mortgage offer, will ask the question.

interstellar

3,232 posts

145 months

Monday 10th October 2022
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Accepted an offer on my house today and only 3 parties in the chain so should be ok but it’s a poor system so am not celebrating until exchange.


Toaster Pilot

14,615 posts

157 months

Tuesday 11th October 2022
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Developer agreed to a contract variation that allows me to exit if I no longer have a valid mortgage offer - without a fight so I’m guessing I’m not alone.

Exchange imminent.

Jules Sunley

3,933 posts

92 months

Tuesday 11th October 2022
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Toaster Pilot said:
Developer agreed to a contract variation that allows me to exit if I no longer have a valid mortgage offer - without a fight so I’m guessing I’m not alone.

Exchange imminent.
Great result

NeilMick

151 posts

128 months

Wednesday 12th October 2022
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I finally exchanged today after accepting the offer on the 21st June!

Should complete on Friday, will be living with my parents as haven't found anything I like yet! Can only see prices going one way at the moment.

Thankfully I had cash buyers so no issues with a mortgage..

familyguy1

778 posts

131 months

Thursday 13th October 2022
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We finally completed and moved in last Friday, we sold back in April but then took a few months to find our new place. On completion day it was the typical hassle between solicitors, one saying they'd sent the money, others saying they've not received it blah blah, everyone wasted 4 stressful hours on one simple transaction, thank god it was a small chain.

bad company

18,484 posts

265 months

Friday 14th October 2022
quotequote all
familyguy1 said:
We finally completed and moved in last Friday, we sold back in April but then took a few months to find our new place. On completion day it was the typical hassle between solicitors, one saying they'd sent the money, others saying they've not received it blah blah, everyone wasted 4 stressful hours on one simple transaction, thank god it was a small chain.
We SHOULD exchange today for completion 28 October. I’m dreading the moving day.

spikeyhead

17,225 posts

196 months

Friday 14th October 2022
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As someone that's moved a lot in recent times, Throw or give away anything you don't need and isn't worth much, and sell anything that you're unlikely to use in the near to mid future. Then pay the removal company to do all the packing as well as moving.

eg, have a look at your bookcases. If you're not going to read it again...

C70R

17,596 posts

103 months

Friday 14th October 2022
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spikeyhead said:
As someone that's moved a lot in recent times, Throw or give away anything you don't need and isn't worth much, and sell anything that you're unlikely to use in the near to mid future. Then pay the removal company to do all the packing as well as moving.

eg, have a look at your bookcases. If you're not going to read it again...
Agreed.

MrsC and I have kept a storage unit full of 'stuff' that didn't fit (or was duplicated) when we moved in together. I'm in the process of emptying it into our new house, and I can't bring myself to do the maths and work out how many multiples of the contents' value we've spent on storage fees.

As we've started sorting through boxes, so much stuff has gone to charity or freebies on FB marketplace.

90% of that 'stuff' didn't belong to me, of course...

RizzoTheRat

25,085 posts

191 months

Friday 14th October 2022
quotequote all
C70R said:
I can't bring myself to do the maths and work out how many multiples of the contents' value we've spent on storage fees.
yes We planned to rent for a few months while looking to buy, so put loads in to storage....the "few months" turned in to almost 2 years, and we ended up throwing out quite a few things we'd been paying to store all that time.

I also second the removals company doing the packing. They sent a woman round to do a survey and work out how many cubic meters we had, and then 2 blokes showed up with a 20' iso container and blitzed the house in an afternoon, and apparently her estimate was spot on.

lizardbrain

1,939 posts

36 months

Friday 14th October 2022
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Moving companies are a blessing for sure.

Another trick that's useful for clutter, if you have the right kind of house situation and overlap, is to use courier companies for less valuable stuff. Everyday, you pack a big cardboard box full of stuff and have a budget courier company deliver it to your new address for about a tenner. I once moved countries this way and it worked surprisingly well.


Patch1875

4,893 posts

131 months

Friday 14th October 2022
quotequote all
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.


Jcwjosh

950 posts

111 months

Friday 14th October 2022
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I’m getting pretty frustrated with my purchase and sale at the moment. Waiting for our buyers searches to come back everyone else I think is pretty much waiting for replies to enquiries and then we can talk about exchange.

Why do we pay these absolute morons thousands of pounds to send one email a week. I ‘accidentally’ copied the buyers and purchasers solicitors into an email chasing my solicitor today and telling her what I expect to happen in the next 3 weeks and got told off for it. wkers