Houses

[Umbungo78]

On 05/02/2022 at 11:59, Ian Nacho said:

This would come through the searches though I guess?

The searches wouldn't highlight any specific works, all they do is identify if the property is what it's supposed to be and if its at risk of floods, mining, or its built on land that could impact the integrity of the property. Repairs are down to the freeholder wanting to keep their cash cow at max value 

[FoxFromCoalville]

On 09/02/2022 at 13:23, Ian Nacho said:

Turns out the lender has already been and done a valuation; not a full blown survey but it would highlight any major issues which none came up. 

A lenders valuation and a survey are poles apart and shouldn’t be compared 

[djskydiver]

We're first time buyers and in the middle of buying a house. We had our offer accepted in August but the vendors are still trying to find an onwards property. 6 months seems an awfully long time to wait. Not sure what to do, no guarantee if we found somewhere else we'd be in a better position. 

[Mickyblueeyes]

On 05/02/2022 at 11:59, Ian Nacho said:

This would come through the searches though I guess?

No it will be in your long term lease mate which is being assigned to you on completion. With it, it will have key clauses - particular attention and questions you ask should be on Ground Rent and review (how/if/when it goes up) and service charge - that will be how and for what you’d be billed on for the works the freeholder undertakes per year. Resi leases usually have a sinking fund which means they collect a sum from you each year (for no works and place it in a fund for bigger works). 
 

sometimes there is no service charge but take that as being unusual. If that is the case, ask your solicitor to confirm who looks after the structure and common parts (I.e. the foyer etc) and how if there is a “common items” clause. 
 

checking the structure of the building is a good idea. However, your solicitor should raise a query (if they haven’t already had answers) as to whether any major works are planned by the landlord in the next 5 years. It’s also worth asking if any major works have been carried out since the conversion - that will give you a better idea if there is likely to be any works coming up. 

[Ian Nacho]

10 hours ago, FoxFromCoalville said:

A lenders valuation and a survey are poles apart and shouldn’t be compared 

Agreed. But at the end of the day it’s a 3 room flat and I’m certainly not getting value for money with a full blown survey. A valuation would highlight anything majorly wrong, and that’s the only thing that would stop me from buying. 

[FoyleFox]

9 hours ago, djskydiver said:

We're first time buyers and in the middle of buying a house. We had our offer accepted in August but the vendors are still trying to find an onwards property. 6 months seems an awfully long time to wait. Not sure what to do, no guarantee if we found somewhere else we'd be in a better position. 

Six months does seem an awfully long time. And starting to move beyond reasonable imo. However, if you were to pull out, have similar properties significantly increased in value? Would you still be able to buy what you'd like? Prices are rising faster than incomes so would you be worse off? Or is it a unique property that'll be worth the wait? 

 

Are you living at home and saving extra with the delay or renting and spending far more unnecessarily? 

 

I'd have a good look to see if there's anything else on the market you like for a comparable price and have a chat with the agent. It's one thing to be patient with the vendor but how long do they expect you to wait? 

[chuck'em]

We put our house on the market last week and got 2 offers this morning so should be sold by the weekend. We're viewing a house on Saturday that we really like from the pictures on right move. It's on at offers over 300k but has been on since August. If we like it is it worth offering less than this with it being on the market for so long? I know we wouldn't have sold for less than our offers over price, but we only did one round of viewings before the offers. 

[Wolfox]

26 minutes ago, chuck'em said:

We put our house on the market last week and got 2 offers this morning so should be sold by the weekend. We're viewing a house on Saturday that we really like from the pictures on right move. It's on at offers over 300k but has been on since August. If we like it is it worth offering less than this with it being on the market for so long? I know we wouldn't have sold for less than our offers over price, but we only did one round of viewings before the offers. 

Offers what you believe it to be worth…. The EA is required to pass on any offer and they can only say no!

[FoyleFox]

2 hours ago, chuck'em said:

We put our house on the market last week and got 2 offers this morning so should be sold by the weekend. We're viewing a house on Saturday that we really like from the pictures on right move. It's on at offers over 300k but has been on since August. If we like it is it worth offering less than this with it being on the market for so long? I know we wouldn't have sold for less than our offers over price, but we only did one round of viewings before the offers. 

If it's been on since August it's definitely worth making an offer. Is it over priced compared to similar sold properties in the area? Or does it need a lot of work compared to those? Do some research if you're going to offer lower to support your offer. 

 

Our sellers had valued their own, based on it being an 'immaculately presented' property. We offered £25k under their offers over price due to our needing a new kitchen, bathroom and completely refurbishing! 

[FoyleFox]

Something to be aware of if you are buying anytime soon - there could be a major road scheme your search won't reveal.

 

https://propertyindustryeye.com/homebuyers-left-vulnerable-as-new-road-schemes-hidden-from-searches/

[Rob1742]

On 10/02/2022 at 23:00, djskydiver said:

We're first time buyers and in the middle of buying a house. We had our offer accepted in August but the vendors are still trying to find an onwards property. 6 months seems an awfully long time to wait. Not sure what to do, no guarantee if we found somewhere else we'd be in a better position. 

There is something wrong here. Nobody takes 6 months to find a house once they have sold theirs. 

[Jon the Hat]

4 hours ago, Rob1742 said:

There is something wrong here. Nobody takes 6 months to find a house once they have sold theirs. 

Maybe they are buying new build and trying to string it out.

[MPH]

 

make sure there’s no Russian property owners in your buying chain. 
 

 

 

 

[rachhere]

14 hours ago, Rob1742 said:

There is something wrong here. Nobody takes 6 months to find a house once they have sold theirs. 

It didn't take us much less than that. It was just a super competitive market. During that time we visited a multitude of houses, put on several serious offers, but if you are putting in offers over £30k above the asking price and are still losing out to cash buyers who offer even more there is not much you can do about it. 

[djskydiver]

21 hours ago, Rob1742 said:

There is something wrong here. Nobody takes 6 months to find a house once they have sold theirs. 

A lot has happened since I posted originally, we've unfortunately withdrawn our offer; the vendors had come back saying that they had found a new build but wouldn't be ready until November and would not go into rented to exchange/complete asap. On top of this they had the cheek to ask for another £15k! - Even the estate agent was telling us to withdraw our offer, I think they'd had enough of dealing with them.... Needless to say they've took the property off the market.

[Footballwipe]

12 hours ago, djskydiver said:

A lot has happened since I posted originally, we've unfortunately withdrawn our offer; the vendors had come back saying that they had found a new build but wouldn't be ready until November and would not go into rented to exchange/complete asap. On top of this they had the cheek to ask for another £15k! - Even the estate agent was telling us to withdraw our offer, I think they'd had enough of dealing with them.... Needless to say they've took the property off the market.

 Even the estate agent is sick of them clearly. Good decision and remember whilst there may be roadblocks in the future, but sellers aren't all chancers like these two.

 

I bet they're asking for £15k more because their budget has been busted by the price rises. But if you've been keeping someone waiting for six months you have some friggin gall to do it with a straight face.

[Leicester_Loyal]

20 hours ago, djskydiver said:

A lot has happened since I posted originally, we've unfortunately withdrawn our offer; the vendors had come back saying that they had found a new build but wouldn't be ready until November and would not go into rented to exchange/complete asap. On top of this they had the cheek to ask for another £15k! - Even the estate agent was telling us to withdraw our offer, I think they'd had enough of dealing with them.... Needless to say they've took the property off the market.

Utter willy pullers. 
 

Goodluck, plenty out there still. 

[fox_favourite]

A month after we sold our house, still looking. Still haven’t found the right one yet. Went for two and one was sold to a cash buyer without the estate agent knowing and another was a bidding war. Not getting involved in that!

 

Charnwood area is hard place to get somewhere for the right price and location. The search continues. 

[Rob1742]

On 01/03/2022 at 14:42, rachhere said:

It didn't take us much less than that. It was just a super competitive market. During that time we visited a multitude of houses, put on several serious offers, but if you are putting in offers over £30k above the asking price and are still losing out to cash buyers who offer even more there is not much you can do about it. 

Horrible, but that’s folk for you unfortunately. Not a consideration for anyone else. 

 

I put an offer in once that was accepted. About 6 weeks after when it was all going through and surveys done etc the seller said someone had offered them another £10k so we needed to go £10k more else it was off. 
 

I said it’s off, but they said they felt guilty and so they said they would agree to pay the solicitor fees that we incurred, which I thought was good of them.

 

When the sale went through and I asked for the solicitor fees, they just said they had changed their minds.

 

That is one reason folks I am wary of most people, as this was a couple, and both had devices twice to do something I would never have done to anyone else. 

[grth2004]

Has anyone got an idea on how long it takes for the solicitors to get the house registration sorted. 
six months moved in and we still haven’t got it sorted. The excuse is because of Covid backlog 🙄

[Nalis]

57 minutes ago, grth2004 said:

Has anyone got an idea on how long it takes for the solicitors to get the house registration sorted. 
six months moved in and we still haven’t got it sorted. The excuse is because of Covid backlog 🙄

Our sale took about 4-5 months between completion and registration with land registry. Think a lot of the delay is with HM land registry to be fair

[grth2004]

48 minutes ago, Nalis said:

Our sale took about 4-5 months between completion and registration with land registry. Think a lot of the delay is with HM land registry to be fair

Ok 👍 thanks 

Normal situation going on not just my unbelievably bad solicitors for a change. 

[FoyleFox]

2 hours ago, grth2004 said:

Has anyone got an idea on how long it takes for the solicitors to get the house registration sorted. 
six months moved in and we still haven’t got it sorted. The excuse is because of Covid backlog 🙄

Ours was also a few months. 

[The Year Of The Fox]

Trying to persuade my apprentice who’s got a nice sum of money saved already at 19 to stick it on a house rather than replacing a car that he’s done 1800 miles in in 18months. 
 

His dad had already stated he’d think about going halves with him on something they can rent out. 
 

It sounds boring at 19 doesn’t it. ‘Buy a house not a car’ but I’d like to think he’d pay more attention to me, given our age proximity and that I have one that I rent out myself. 
 

A pointless post perhaps, but I’m just having a moan. Kids’ll never listen though 😅

[Jon the Hat]

7 hours ago, The Year Of The Fox said:

Trying to persuade my apprentice who’s got a nice sum of money saved already at 19 to stick it on a house rather than replacing a car that he’s done 1800 miles in in 18months. 
 

His dad had already stated he’d think about going halves with him on something they can rent out. 
 

It sounds boring at 19 doesn’t it. ‘Buy a house not a car’ but I’d like to think he’d pay more attention to me, given our age proximity and that I have one that I rent out myself. 
 

A pointless post perhaps, but I’m just having a moan. Kids’ll never listen though 😅

Buying a house at 19??  Sounds like Kirstie Allsop was right, and young people just need to move somewhere cheaper!