So have finally sold the house.....next stop a Moneypit

TMP · 03-11-2010, 09:35 AM

House went back on the marktet end of Jan, only got 2 viewers but both came back for a 2nd viewing and recevied a fair offer this weekend

.
I would say we are quite luckly, cos the market is still fecked, and it was on the market for over a year before, but I took it off last Sep when baby 2 was about to arrive.

BUT, I hate the English house buying system, the buyer can pull out at anytime before contract and leave us up the creek......

Having not done this for 5 years, any recent experiances on how long is it taking to exchange contracts ? No chain as they are first time buyers with mortgage approved.

We have three houses we are viewing again tomorrow and all are going to cost quite a bit more. However thee one we both like (typical!) is going to be a real Moneypit

and I do mean moenypit, so that means my car change plans are defo on hold

zltm089 · 03-11-2010, 09:58 AM

Hmmm it took me about 3 months for exchange and complete ...and I was a cash buyer with money sitting in my bank account!....solicitor's searches took a bloody long time!....duno why....

Hows the house prices in Cheshire?...and hows Cheshire as an area to live in?....I'm looking to move out of London!...

creepy coupe · 03-11-2010, 10:16 AM

Back in December I sold an empty bungalow, first offer we accepted had four in the chain and the agents suggested 12 weeks, but that did include the Christmas holidays, anyway that fell through and I've just accepted an offer with no chain and funds in place and have been quoted six weeks, but we shall see.

NathanJT · 03-11-2010, 10:32 AM

Bought our current house (new build) and sold our old one all in 7 weeks.

You HAVE to set expectation with the soliciter. And if they say they can do it in that timeframe keep on at them to make sure they do, otherwise they "claim" things are taking longer than expected.

Be a b*stard, they are!

TMP · 03-11-2010, 10:47 AM

Quote:

Originally Posted by zltm089

Hmmm it took me about 3 months for exchange and complete ...and I was a cash buyer with money sitting in my bank account!....solicitor's searches took a bloody long time!....duno why....

Hows the house prices in Cheshire?...and hows Cheshire as an area to live in?....I'm looking to move out of London!...

3 months too long.....I reckon but bet thats the norrm!

Cheshire is awesome, well the bit I live in is - kinda Gtr/South Manc. Best bits of a big city with countryide, lol. Its not cheap, but cheaper than London. I moved up from Cambridge thinking I would buy a whole street....had a major shock

Quote:

Originally Posted by creepy coupe

Back in December I sold an empty bungalow, first offer we accepted had four in the chain and the agents suggested 12 weeks, but that did include the Christmas holidays, anyway that fell through and I've just accepted an offer with no chain and funds in place and have been quoted six weeks, but we shall see.

That's what I am worried about...but at least no chain as of yet.
6 weeks better

Quote:

Originally Posted by NathanJT

Bought our current house (new build) and sold our old one all in 7 weeks.

You HAVE to set expectation with the soliciter. And if they say they can do it in that timeframe keep on at them to make sure they do, otherwise they "claim" things are taking longer than expected.

Be a b*stard, they are!

Lol, good plan

jjbirch · 03-11-2010, 10:50 AM

brought my first house in 06, had to change over in 6 weeks,and a 20k depoist first, then the rest after the 5 weeks,all went ok, had a letter from the agents saying they wish everyone else was like this, they framed the letter and put it on the wall

beemerbird · 03-11-2010, 02:38 PM

Definitely agree with you Tim about the flaws in the English house buying system!

Things are starting to pick up but certainly not as it was pre-credit crunch and it does seem to be area specific.

The money pit property sounds great lol. Mind you if you can make it a lovely family home for the long term, then why not.

Exchanging contracts and completion all depends on the size of the chain, how efficient the Local Authority is with searches, whether you need flood searches, how quick each mortgage lender is at sorting out the mortgages, how on the ball the estate agents are and finally how efficient and knowledgeable the solicitors are.

I can let you know how much Land Registry fees are for official searches, official copies, SIMS and registration fees oh and the dreaded stamp duty land tax

TMP · 03-12-2010, 02:59 PM

Thanks Helen, would have thought you would be able to get me the land reg info free

So the Money pit vendor is holding out for more cash...alot more. Will leave her to sweat it out over the weekend, and if it goes for the high price she wants, so be it.

Did see another house we liked, but it has been previously Underpinned (i had to Google). Seems that this may impact getting house insurance, unless the Vendor can transfer to us and provide full survey proof - anyvody had any experience of this?

Skid · 03-13-2010, 01:33 AM

I sold my house a couple of year ago to first time buyers.

There was no chain involved but it still took over the quoted 12 weeks.

You need to keep onto your solicitors at least every week to find out what's going on.

I only found out in the last two weeks that what was holding mine up was that their solicitors wanted the planning permision for next doors extension.
Some confusion over house numbers because mine was built on land to the side which origionally belonged to next door.

Anyway I ended up phoning the council for the plans and they sent them to me as a pdf free of charge.
Why the hell was I paying solicitors ffs. They should have done this for me.

So just keep onto them and make sure they are doing their job. Its who shouts loudest I'm afraid.

Good luck with the sale, they say it's one of the most stressfull times.

NFS · 03-13-2010, 02:26 AM

It can be done in 6 weeks, but usually 10-12 weeks.

As first time buyers, be wary that they may not understand the process. I've had 2 situations where people in the chain have pushed to 'exchange' and 'complete' on the same day.

This is absolute lunacy as the entire chain would be packed up ready to move on the day of completion with no-one contractually obliged to proceed with the sale.

Push for early exchange and only set a completion date once you get there. That way you get to keep the buyers deposit if they default.

TMP · 03-29-2010, 04:47 PM

So guess what?

Yes you guessed it

The buyer pulled out

But, it does sound genuine a reason as they had the paid survey done last week - one of them has been made redundant and they cant get the mortage now.

We also found the ideal house as well. I didnt go with the moneypit after an architect assessed it and told me my budget was (I will use cars as the metric here) an M3 + a 330d + a used mini cooper short

So i was right on the moneypit

Infact, by going for this other house, I thought....hmmmm if I got an M3 I am still saving......

But the M3 is still a long way off as now looking at renting out my current house and still progressing the move.....gulp BIG RISK, but may just work......

Fecking economy, recession, house market

mowflow · 03-31-2010, 08:03 AM

I've just sold my house and I think it's going to take about 5 weeks to be finalised. I remember when I bought it it only took about 1 week. Currently trying to buy something and it's proving really difficult. We don't need to be out until end of July but the trouble is that we've got a baby due end of September.

The market is different up here in Scotland but it's starting to look more and more like the chain problem down south. We looked at a house a while back which actually prompted us to put ours on the market. Before ours sold someone made an offer on the one we liked and we were told it had gone. About a week later the owner of that house called us up and told us that they had pulled out of the sale as the house they wanted to buy had gone so they were taking their house off the market.

We proceeded with marketing our place and got the offer we wanted so accepted in the hope something else turns up for us to buy. Next thing we know the owner of the house we liked has called our estate agent and said that they would really like to sell to us and would accept an offer of X amount. So I go round to their house on Sunday and talk figures with them and get it near enough agreed. Sunday night we get a phone call saying they are now not so sure they want to sell so we agree to have a few days to think about it before we contact any solicitors etc. Last night they call up and say that they have decided to accept the offer and tell us to make it official so this morning we contact our solicitor and 1 hour later this utter C@NT that is selling the house phones us up and says they don't think they can go through with it.

I'm just about ready to go round their house and kick their down down. I don't really care if I get their house or not but what the hell is the deal with contacting us about buying it then messing us around with all this mind changing. I"M SO ANGRY RIGHT NOW.

03-11-2010, 09:35 AM	#1
TMP Brigadier General 349 Rep 3,022 Posts Drives: M6 Join Date: Nov 2008 Location: Cheshire iTrader: (0)	So have finally sold the house.....next stop a Moneypit House went back on the marktet end of Jan, only got 2 viewers but both came back for a 2nd viewing and recevied a fair offer this weekend . I would say we are quite luckly, cos the market is still fecked, and it was on the market for over a year before, but I took it off last Sep when baby 2 was about to arrive. BUT, I hate the English house buying system, the buyer can pull out at anytime before contract and leave us up the creek...... Having not done this for 5 years, any recent experiances on how long is it taking to exchange contracts ? No chain as they are first time buyers with mortgage approved. We have three houses we are viewing again tomorrow and all are going to cost quite a bit more. However thee one we both like (typical!) is going to be a real Moneypit and I do mean moenypit, so that means my car change plans are defo on hold __________________ M2 Arrived! Family 5er
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03-11-2010, 09:58 AM	#2
zltm089 Banned 244 Rep 7,690 Posts Drives: 335i SE Coupe Space Grey Join Date: Nov 2008 Location: LONDON iTrader: (0) Garage List 2006 BMW 335i [10.00]	Hmmm it took me about 3 months for exchange and complete ...and I was a cash buyer with money sitting in my bank account!....solicitor's searches took a bloody long time!....duno why.... Hows the house prices in Cheshire?...and hows Cheshire as an area to live in?....I'm looking to move out of London!...
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03-11-2010, 10:16 AM	#3
creepy coupe Lieutenant General 1867 Rep 13,043 Posts Drives: BMW M340I G20 Join Date: Aug 2007 Location: UK iTrader: (2) Garage List 2015 BMW 435d [0.00] 2009 335i [0.00]	Back in December I sold an empty bungalow, first offer we accepted had four in the chain and the agents suggested 12 weeks, but that did include the Christmas holidays, anyway that fell through and I've just accepted an offer with no chain and funds in place and have been quoted six weeks, but we shall see.
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03-11-2010, 10:32 AM	#4
NathanJT Techie Geek 37 Rep 681 Posts Drives: 330d M Sport Manual Join Date: Jan 2007 Location: Derby, UK iTrader: (0)	Bought our current house (new build) and sold our old one all in 7 weeks. You HAVE to set expectation with the soliciter. And if they say they can do it in that timeframe keep on at them to make sure they do, otherwise they "claim" things are taking longer than expected. Be a b*stard, they are! __________________ 330d M-Sport \| Sapphire Black \| Black Dakota \| Nav Pro \| iDrive \| Bluetooth \| PDC \| Xenons \| Hot Seats \| Tracker \| Blacklines
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03-11-2010, 10:50 AM	#6
jjbirch Banned 75 Rep 2,927 Posts Drives: E60 530D M SPORT Join Date: Feb 2006 Location: england iTrader: (0) Garage List 2006 320d m sport [0.00]	brought my first house in 06, had to change over in 6 weeks,and a 20k depoist first, then the rest after the 5 weeks,all went ok, had a letter from the agents saying they wish everyone else was like this, they framed the letter and put it on the wall
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03-11-2010, 02:38 PM	#7
beemerbird Major General 172 Rep 7,953 Posts Drives: Merc diesel Join Date: Oct 2007 Location: Yorkshire iTrader: (0) Garage List 2010 TTRS [9.00] 2007 Audi S5 [0.00] May 2007 Porsche 99 ... [0.00] March 2007 Porsche ... [0.00] Sep. 2007 E92 335d SE [0.00] July 2006 E90 330i ... [0.00]	Definitely agree with you Tim about the flaws in the English house buying system! Things are starting to pick up but certainly not as it was pre-credit crunch and it does seem to be area specific. The money pit property sounds great lol. Mind you if you can make it a lovely family home for the long term, then why not. Exchanging contracts and completion all depends on the size of the chain, how efficient the Local Authority is with searches, whether you need flood searches, how quick each mortgage lender is at sorting out the mortgages, how on the ball the estate agents are and finally how efficient and knowledgeable the solicitors are. I can let you know how much Land Registry fees are for official searches, official copies, SIMS and registration fees oh and the dreaded stamp duty land tax
	Appreciate 0 Quote

03-12-2010, 02:59 PM	#8
TMP Brigadier General 349 Rep 3,022 Posts Drives: M6 Join Date: Nov 2008 Location: Cheshire iTrader: (0)	Thanks Helen, would have thought you would be able to get me the land reg info free So the Money pit vendor is holding out for more cash...alot more. Will leave her to sweat it out over the weekend, and if it goes for the high price she wants, so be it. Did see another house we liked, but it has been previously Underpinned (i had to Google). Seems that this may impact getting house insurance, unless the Vendor can transfer to us and provide full survey proof - anyvody had any experience of this? __________________ M2 Arrived! Family 5er
	Appreciate 0 Quote

03-13-2010, 01:33 AM	#9
Skid First Lieutenant 7 Rep 384 Posts Drives: It's a Mini Adventure Join Date: Jun 2009 Location: Midlands iTrader: (0) Garage List Dec 2010 Mini One D [0.00] 2007 E90 325d M Sport [0.00]	I sold my house a couple of year ago to first time buyers. There was no chain involved but it still took over the quoted 12 weeks. You need to keep onto your solicitors at least every week to find out what's going on. I only found out in the last two weeks that what was holding mine up was that their solicitors wanted the planning permision for next doors extension. Some confusion over house numbers because mine was built on land to the side which origionally belonged to next door. Anyway I ended up phoning the council for the plans and they sent them to me as a pdf free of charge. Why the hell was I paying solicitors ffs. They should have done this for me. So just keep onto them and make sure they are doing their job. Its who shouts loudest I'm afraid. Good luck with the sale, they say it's one of the most stressfull times.
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03-13-2010, 02:26 AM	#10
NFS Major General 275 Rep 9,218 Posts Drives: M340i Join Date: Jul 2006 Location: UK iTrader: (0)	It can be done in 6 weeks, but usually 10-12 weeks. As first time buyers, be wary that they may not understand the process. I've had 2 situations where people in the chain have pushed to 'exchange' and 'complete' on the same day. This is absolute lunacy as the entire chain would be packed up ready to move on the day of completion with no-one contractually obliged to proceed with the sale. Push for early exchange and only set a completion date once you get there. That way you get to keep the buyers deposit if they default.
	Appreciate 0 Quote

03-29-2010, 04:47 PM	#11
TMP Brigadier General 349 Rep 3,022 Posts Drives: M6 Join Date: Nov 2008 Location: Cheshire iTrader: (0)	So guess what? Yes you guessed it The buyer pulled out But, it does sound genuine a reason as they had the paid survey done last week - one of them has been made redundant and they cant get the mortage now. We also found the ideal house as well. I didnt go with the moneypit after an architect assessed it and told me my budget was (I will use cars as the metric here) an M3 + a 330d + a used mini cooper short So i was right on the moneypit Infact, by going for this other house, I thought....hmmmm if I got an M3 I am still saving...... But the M3 is still a long way off as now looking at renting out my current house and still progressing the move.....gulp BIG RISK, but may just work...... Fecking economy, recession, house market __________________ M2 Arrived! Family 5er
	Appreciate 0 Quote

03-31-2010, 08:03 AM	#12
mowflow Colonel 62 Rep 2,472 Posts Drives: Golf 7R Join Date: Feb 2010 Location: Glasgow iTrader: (2)	I've just sold my house and I think it's going to take about 5 weeks to be finalised. I remember when I bought it it only took about 1 week. Currently trying to buy something and it's proving really difficult. We don't need to be out until end of July but the trouble is that we've got a baby due end of September. The market is different up here in Scotland but it's starting to look more and more like the chain problem down south. We looked at a house a while back which actually prompted us to put ours on the market. Before ours sold someone made an offer on the one we liked and we were told it had gone. About a week later the owner of that house called us up and told us that they had pulled out of the sale as the house they wanted to buy had gone so they were taking their house off the market. We proceeded with marketing our place and got the offer we wanted so accepted in the hope something else turns up for us to buy. Next thing we know the owner of the house we liked has called our estate agent and said that they would really like to sell to us and would accept an offer of X amount. So I go round to their house on Sunday and talk figures with them and get it near enough agreed. Sunday night we get a phone call saying they are now not so sure they want to sell so we agree to have a few days to think about it before we contact any solicitors etc. Last night they call up and say that they have decided to accept the offer and tell us to make it official so this morning we contact our solicitor and 1 hour later this utter C@NT that is selling the house phones us up and says they don't think they can go through with it. I'm just about ready to go round their house and kick their down down. I don't really care if I get their house or not but what the hell is the deal with contacting us about buying it then messing us around with all this mind changing. I"M SO ANGRY RIGHT NOW.
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