Houses

[Wrighty22]

Can anyone recommend and solicitors to do conveyancing for a purchase?

[FoyleFox]

1 hour ago, rachhere said:

Anyone know anything about electrics?! My husband was cooking this evening and suddenly noticed a really weird smell coming from one of our under cabinet lights. We have turned the relevant light switch off for the kitchen as well as a separate switch for that particular light. Any electricians who come across this thing with some potential diagnosis. I am wondering if we should turn the downstairs light switches off overnight at the mains as well, or is that just overkill. Thanks for a clueless female! 

I don't know very much about electrics but I'd turn the switches off at the mains. Basically, can't be too careful if you suspect anything with electrics not being right. And I'd rather do overkill rather than regret. 

[FoyleFox]

55 minutes ago, Wrighty22 said:

Can anyone recommend and solicitors to do conveyancing for a purchase?

We used Thomas Flavell. Can't compare them to anyone else but we had no issues and everything was completed electronically, which was super useful. 

[rachhere]

13 hours ago, FoyleFox said:

I don't know very much about electrics but I'd turn the switches off at the mains. Basically, can't be too careful if you suspect anything with electrics not being right. And I'd rather do overkill rather than regret. 

Thanks. That's the conclusion I came to. Hopefully can get someone in soon to check it out as it's not the best time of year not to have any lights downstairs (practice for any potential blackouts I guess!) 

[Ian Nacho]

Really complicated situation with my house buy at the moment. Everything on my end is done, we’re just waiting on the upward chain. Initially we were waiting for a completion date from the vendors solicitor, but now the vendor has decided they want to do extensive electrical work on the house they’re buying between exchange and completion. Additionally, the vendors solicitor at this late for some reason has raised more enquiries for the vendors house they’re buying. The problem is I have less than 6 weeks left on my mortgage offer and won’t be able to get another. 

[FoxFromCoalville]

12 hours ago, Ian Nacho said:

Really complicated situation with my house buy at the moment. Everything on my end is done, we’re just waiting on the upward chain. Initially we were waiting for a completion date from the vendors solicitor, but now the vendor has decided they want to do extensive electrical work on the house they’re buying between exchange and completion. Additionally, the vendors solicitor at this late for some reason has raised more enquiries for the vendors house they’re buying. The problem is I have less than 6 weeks left on my mortgage offer and won’t be able to get another. 

Up to your solicitor to explain this to the relevant parties in chain and highlight the fact that your purchase will be unable to be completed if it falls after a certain date. This should hurry them up.

[FoyleFox]

13 hours ago, Ian Nacho said:

Really complicated situation with my house buy at the moment. Everything on my end is done, we’re just waiting on the upward chain. Initially we were waiting for a completion date from the vendors solicitor, but now the vendor has decided they want to do extensive electrical work on the house they’re buying between exchange and completion. Additionally, the vendors solicitor at this late for some reason has raised more enquiries for the vendors house they’re buying. The problem is I have less than 6 weeks left on my mortgage offer and won’t be able to get another. 

Presumably your solicitor and the vendors solicitor are aware of the limit on your mortgage offer? Is getting another mortgage offer a definite no? And, if it is, they all know that if you don't complete imminently, you'll be unable to complete at all? This would leave the vendors starting from scratch to find a buyer and, given the economic instability of late, it would be a surprise (looking at the reductions on rightmove) if they received an offer equal to yours if they went to market again.

Your solicitor needs to be putting a rocket up them

[FoyleFox]

What is the general % charged by estate agents?

We used someone with a fixed fee when we sold last year, equivalent to 0.5%. I called them last week with a view to instructing them for another sale, but they've not returned my call. Contemplating using someone else, but it might be worth being patient and chasing if the cost disparity is significant.

[ketteringscott]

Just now, FoyleFox said:

What is the general % charged by estate agents?

We used someone with a fixed fee when we sold last year, equivalent to 0.5%. I called them last week with a view to instructing them for another sale, but they've not returned my call. Contemplating using someone else, but it might be worth being patient and chasing if the cost disparity is significant.

Generally around 1 to 1.5% depending on the agent. A lot are offering a bit lower now as the market is quiet

[Wolfox]

34 minutes ago, FoyleFox said:

What is the general % charged by estate agents?

We used someone with a fixed fee when we sold last year, equivalent to 0.5%. I called them last week with a view to instructing them for another sale, but they've not returned my call. Contemplating using someone else, but it might be worth being patient and chasing if the cost disparity is significant.

You can always cut a deal…. Mine was on a bonus if they got >£Xk

[FoyleFox]

4 hours ago, ketteringscott said:

Generally around 1 to 1.5% depending on the agent. A lot are offering a bit lower now as the market is quiet

Had a vague recollection of 1.5%, which would be £850 more than the fixed fee. If they went down to 1 or 1.1 It's up to £425 more, but I'd like to get a deal done before Christmas. Now we've decided to sell, we just want to get on with it.

[Raj]

Buyers for my dads house want a 15k reduction after getting their surveyors report. 

Told them we will reduce by 2k to 353k but no more.

They knew the house needed refurbishing and all they will do is gut it andxdxtemd it left right and middle.

Told the estate agents to remarket if they dont want to re-negotiste further...I'm not going from 355 to 340k.

 

 

[Leicester_Loyal]

4 hours ago, Raj said:

Buyers for my dads house want a 15k reduction after getting their surveyors report. 

Told them we will reduce by 2k to 353k but no more.

They knew the house needed refurbishing and all they will do is gut it andxdxtemd it left right and middle.

Told the estate agents to remarket if they dont want to re-negotiste further...I'm not going from 355 to 340k.

 

 

Ask what was in their survey report that warrants a 15k deduction. 
 

Two sides to this, bite the bullet (if there is a genuine reason for a 15k discount), and meet in the middle, say 347k. 
 

Or pull out and stick it back on the market, but will you be able to get the same price now the mortgage rates have gone up etc.

 

Also if there isn’t a genuine reason, they might pull this trick further down the line. 

[Raj]

5 hours ago, Leicester_Loyal said:

Ask what was in their survey report that warrants a 15k deduction. 
 

Two sides to this, bite the bullet (if there is a genuine reason for a 15k discount), and meet in the middle, say 347k. 
 

Or pull out and stick it back on the market, but will you be able to get the same price now the mortgage rates have gone up etc.

 

Also if there isn’t a genuine reason, they might pull this trick further down the line. 

The thing that p1ssed me off was this statement " it needs 50k worth of work to make it liveable"

NO, No it doesnt else why did you bid 355 when you viewed it TWICE!.

Think no matter what we came down to, they would try and discount further...oh well...

[Raj]

17 hours ago, FoyleFox said:

What is the general % charged by estate agents?

We used someone with a fixed fee when we sold last year, equivalent to 0.5%. I called them last week with a view to instructing them for another sale, but they've not returned my call. Contemplating using someone else, but it might be worth being patient and chasing if the cost disparity is significant.

Definitely  none which are 0.5% commission.

Most will be atleast 1%.

[fleckneymike]

1 hour ago, Raj said:

The thing that p1ssed me off was this statement " it needs 50k worth of work to make it liveable"

NO, No it doesnt else why did you bid 355 when you viewed it TWICE!.

Think no matter what we came down to, they would try and discount further...oh well...

Had the same when we first tried to sell. Report claimed roof tiles needed replacing. The report recommended that in its current state the house was worth 260k. The bidder had offered £260k and wanted £15k off for a new roof!

 

When I pointed out that their own report stated that even with the roof that allegedly needed replacing it was worth what they’d offered they were adamant they still wanted us to reduce. When we then refused for a final time they were incredulous. 
 

Re-listed it. Sold on first viewing for in excess of asking. 
 

Basically tell them to jog on. They’re probably buying it to flip or rent so have no emotional investment in it and will most likely continue to be dicks. 

[Nalis]

12 hours ago, Raj said:

Buyers for my dads house want a 15k reduction after getting their surveyors report. 

Told them we will reduce by 2k to 353k but no more.

They knew the house needed refurbishing and all they will do is gut it andxdxtemd it left right and middle.

Told the estate agents to remarket if they dont want to re-negotiste further...I'm not going from 355 to 340k.

 

 

If it helps at all in terms of perspective, I was on the other side of the fence and successfully got a reduction.

 

Our thinking in asking for a reduction was that there was totally unexpected work via the survey that we got a quote for one aspect for. Luckily they agreed but we didnt ask for anything else.

 

My thoughts are that the visible risk is on the buyer as a price is set for what is essentially visible, like a driveway in disrepair or visible damp, and the non visible expected risk depending on the age of the house was fair game for the buyer to take on too.

 

If they want a reduction and you still want to sell, ask for surveys and quotes etc and get your own quote too. But only on the unexpected items. Then as a starting point just offer to meet halfway as you arent seeing the  benefit of it.

 

That 50k to make it livable comment from them is a joke though. If they really just wanted a livable house they can buy one house in a less desirable area for a fraction of a price

Edited 5 November 2022 by Nalis

[Raj]

"We are looking at around £50k approx just to make the property a liveable standard as per the surveyors notes. 

We are still keen to buy the property but the cost of work to be done is much higher than anticipated.

Hence we want to revise our offer and make it to £340K."

The exact quote above.

I'm sorry dear but my dad WAS living in the house til August when he passed away, so it IS liveable...but may e not to your high standards!!!

 

If your on this forum dear buyer,you can get fecked!!!

[FoyleFox]

If the survey has picked up some fundamental issues, roof or damp etc, then in's not unreasonable to consider asking for a reduction. The buyer just deciding they will want to spend more on refurbishments is not justifiable. Assuming the house was priced accordingly in the first place?

 

Ours was listed as 'well appointed' but on viewing the kitchen and bathroom were actually falling apart and needed replacing. So our offer reflected that. If they had been in good condition, but we wanted to replace, we couldn't have justified the significant reduction that we did in our offer.

 

Are there any similar properties in the area that are fully refurbished and have sold recently on Rightmove? What is the price difference?

 

It very much sounds like they are chancing their arm, but as the market has changed in the last few weeks, is the agent confident you'll get the same asking price if you market again?

Edited 5 November 2022 by FoyleFox

[Wolfox]

3 hours ago, Raj said:

The thing that p1ssed me off was this statement " it needs 50k worth of work to make it liveable"

NO, No it doesnt else why did you bid 355 when you viewed it TWICE!.

Think no matter what we came down to, they would try and discount further...oh well...

Call their bluff…

[Raj]

https://www.seths.co.uk/property-for-sale-3-bedroom-house-in-wakerley-road-leicester

 

 

[WigstonWanderer]

I’m in the process of selling a house in Salisbury. We’ve just accepted an offer and now waiting on the long winded UK selling process. Fortunately the buyers are apparently first time and have a provisional mortgage lined up, so hopefully it will go through quickly.

 

We priced it on the low side deliberately as I’m more concerned that it should go through quickly than get top price. In the current environment with increasing interest rates and therefore prices on the way down, the danger is that over the time it takes for the selling process, the less attractive a proposition it appears to the buyer. If they pull out at a late stage you can end up chasing the market down and ending up with less.

[Raj]

Buying and selling at the moment  seems to be like playing roulette!

Good luck to anyone in the market either buying or selling.

[Leicester_Loyal]

1 hour ago, Raj said:

"We are looking at around £50k approx just to make the property a liveable standard as per the surveyors notes. 

We are still keen to buy the property but the cost of work to be done is much higher than anticipated.

Hence we want to revise our offer and make it to £340K."

The exact quote above.

I'm sorry dear but my dad WAS living in the house til August when he passed away, so it IS liveable...but may e not to your high standards!!!

 

If your on this forum dear buyer,you can get fecked!!!

Yeah that's a joke mate.

 

Speak to your agent, ask them if the property is relisted what they would expect to get now, the market has changed in the past couple of months.

 

Obviously you've got emotions involved, if it was my and it was my dad I'd be saying **** off I'd rather lose 30k to the next buyer, but as I'm not emotionally involved, I can say this easily from an outsiders perspective.

 

It might not be worth the hassle of relisting and going through it all again just for 7k or something (even less if you're splitting with siblings or other members of family).

 

We had this with my nanas house about 16 years ago, they waited until the very end and then said they wanted a few grand off it (it was only a 125k house at the time(, my mum was emotionally devastated, but after she split between her 3 sisters, only lost a couple of grand each at most. Sometimes time, effort and your mental wellbeing is worth more than money.

 

Lovely front driveway on the house btw.

[FoyleFox]

13 minutes ago, Raj said:

https://www.seths.co.uk/property-for-sale-3-bedroom-house-in-wakerley-road-leicester

 

 

Absolutely no way that needs £50k to be liveable (assuming no damp/roof issues). A lot of hard work decorating, new kitchen, bathrooms and carpets. £25K max.