House Prices #5 Property market, buying and selling

[Jellycat369]

I did that and had to provide proof of contract/employment via an official letter to the lender, showing what salary I was returning to. I was in fact returning part time but they were happy to say full time

I was asked for a letter when we were trying to purchase a home in January but employer refused, said I could show my contract and that would be fine I've had a promotion since and will have had three pay rises come August and the only proof I have is a signed job description and can get a screen grab from our system to confirm my job title, fact the job isn't fixed term and confirm my salary. I'd hoped that would be enough but I'm guessing it won't
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Taken me a while to find this thread again. I’m a little nervous we’ve reserved our home this weekend. We are in a commuter belt area. It’s a new build - but it feels insane to spend so much money on a first home. Have two weeks to decide but it’s so exciting and nerve wracking at the same time. Older houses are essentially same as the price of this first home but sometimes a bedroom less or only one bathroom . Any advice how to get over the jitters.

I feel sick knowing this will take 30 + years to pay off and these current mortgage rates.

Currently living in a new build and it has been absolutely shite. We struggled for over three years to get our snags fixed and even then some haven't really been fixed. It was so bad we had to get lawyers involved which then led to a six-hour meeting with the regional director to run through the timeline and all the problems. We did get back all the money we paid for extras plus some compensation. Having said that we're looking to buy another new build. The convenience of having the part exchange option and a fixed cost is much more appealing than listing our house and having viewing while our crappy neighbours are being crappy and then having to go through the whole closed bid offers over saga we have in Scotland.

You're going to be in the same boat whether you buy preowned or new with regards to the mortgage. Unfortunately it's a necessary evil for the majority. We were never really given the opportunity to properly inspect the house before we were given the keys which put us on the back foot. Plus I was naive to think they'd check things like plumbing, electrics and gas and remove broken windows beforehand but that was all on us to list out and wait to get fixed.

 

[epl000]

Taken me a while to find this thread again. I’m a little nervous we’ve reserved our home this weekend. We are in a commuter belt area. It’s a new build - but it feels insane to spend so much money on a first home. Have two weeks to decide but it’s so exciting and nerve wracking at the same time. Older houses are essentially same as the price of this first home but sometimes a bedroom less or only one bathroom . Any advice how to get over the jitters.

I feel sick knowing this will take 30 + years to pay off and these current mortgage rates.

I think its normal to feel nervous, its such a big purchase. We didn't end up going through with our new build purchase as we ended up buying a nearly new build that met our needs slightly better in the end, but something that was recommended to me was getting a professional company to assist with snagging. It's an extra cost, but a professional will be able to see details that the untrained eye would miss completely.

The other thing that a few people had said was to try and negotiate for extras. As the market isn't great right now, and stuff generally seems to be taking longer to sell, its likely that reservations will be down. Whilst they probably wont negotiate on the price, you might be able to get them to throw in upgrades. I guess its the classic you don't ask you don't get, but probably worth a shot.

Another thing with new builds v older properties is that they will generally be better spec in terms of energy efficiency and more likely to have solar panels etc. Hopefully will be cheaper to run long term so that's always good to think about.

 

[Choco88]

I’ve had the survey back on a property im buying and it’s brought up a few things. Do I share this report with my solicitor and she contacts the sellers solicitor? I’m not sure how this works

 

[Upintheair83]

Hi guys so some advice is greatly needed.
We are in a small chain. Our buyer is a cash buyer, and the seller can move into his mums house.
We haven't exchanged contracts yet, but the buyer came by our house and has been trying to speed things along as things have been moving slowly. Last week the buyer said to Mt husband 'we are looking at the 19th' so we agreed and said we could do the 19th if that's when it needed to be. But since then no solicitor has even mentioned the 19th (there are still enquiries pending). Anyway, the buyer has been literally harassing my husband. He's been ringing anf texting demanding we are out by 19th. In reality it has given us 3 days to move. Its too late notice for removal so we have hired a van and storage and are trying to do it ourselves (with a toddler) mu husband is away with work on Monday so that means we have these 3 days to do it. But legally, I'm sure he can't make us move by then! Surely not? My husband is worried he will pull out if we don't try and placate him somewhat. But I think it's so unfair. In the chain we are the only ones who work and have a child. The others are retired and both have homes to fall back on. I'm so stressed out with this. Any advice?

 

[Notworthy]

You don't move out until you have the money and you won't have the money until the Solicitors have done their job so stick tight

 

[Upintheair83]

You don't move out until you have the money and you won't have the money until the Solicitors have done their job so stick tight

Thanks its really stressing me out. The whole thing seems so unfair. Literally trying to chuck us out when we haven't exchanged yet. And I'm worried this buyer will start coming round the house and putting pressure on that way too. Its so rude and so uncalled for to keep ringing my husband. Obv we don't want to lose the sale but at the same time we can't work miracles.

 

[whoareyouu]

Thanks its really stressing me out. The whole thing seems so unfair. Literally trying to chuck us out when we haven't exchanged yet. And I'm worried this buyer will start coming round the house and putting pressure on that way too. Its so rude and so uncalled for to keep ringing my husband. Obv we don't want to lose the sale but at the same time we can't work miracles.

I would stop taking his calls in all honesty and advise the solicitor of what is happening.

 

[Megansnarkle]

Hi guys so some advice is greatly needed.
We are in a small chain. Our buyer is a cash buyer, and the seller can move into his mums house.
We haven't exchanged contracts yet, but the buyer came by our house and has been trying to speed things along as things have been moving slowly. Last week the buyer said to Mt husband 'we are looking at the 19th' so we agreed and said we could do the 19th if that's when it needed to be. But since then no solicitor has even mentioned the 19th (there are still enquiries pending). Anyway, the buyer has been literally harassing my husband. He's been ringing anf texting demanding we are out by 19th. In reality it has given us 3 days to move. Its too late notice for removal so we have hired a van and storage and are trying to do it ourselves (with a toddler) mu husband is away with work on Monday so that means we have these 3 days to do it. But legally, I'm sure he can't make us move by then! Surely not? My husband is worried he will pull out if we don't try and placate him somewhat. But I think it's so unfair. In the chain we are the only ones who work and have a child. The others are retired and both have homes to fall back on. I'm so stressed out with this. Any advice?

You're partly to blame here as you aren't in a position to agree any date with him until all solicitors in the chain are happy. If there's any contact from him then refer him to the estate agent. Is the estate agent doing what they can to push along responses to the outstanding enquiries?

 

[Upintheair83]

You're partly to blame here as you aren't in a position to agree any date with him until all solicitors in the chain are happy. If there's any contact from him then refer him to the estate agent. Is the estate agent doing what they can to push along responses to the outstanding enquiries?

When I meant we agreed, I mean we said if that was a date we could all agree on we could do the 19th, but only on the signing of contracts and through solicitors. I don't mean like a gentleman's handshake. Don't know if that makes sense. We just said we were willing to aim for that date if everything was signed and sealed. Xxx

 

[WeepingCassandra]

We're not actively looking but seen a nice house in our village in the estate agents window, 5 bed, downstairs lounge, dining room, kitchen (bit weird as it's L shaped and the sink and the hob are in different bits), 4 good doubles upstairs and a decent enough single we could use as an office. No less parking, garden is slightly smaller but not too bad. Only things are it backs onto the main road into the village (a 30 but very busy so not great for our cats, even though they don't go out often - they don't have any road sense at all) and we think it's in a less than great area of the village (though tbf there's very few truly 'dodgy' parts of our village). 425K, which is a bargain tbh, and we'd probably get 325k for our current place, so the extra on the mortgage wouldn't be too out of reach.

 

[Jellycat369]

Probably a dumb question but I've never sold and bought a new property within the same transaction before, only ever bought from renting or sold and moved to renting. Any way, we currently don't have enough cash to cover all of the fees outright, can they all be added to the mortgage or will some need to be paid from the equity? Appreciate if we add them to the mortgage then we'll be paying interest on them.

 

[Choco88]

Has anybody had to get indemnity insurance before when selling? Was it expensive? We need it because we don’t have a fensa certificate for our windows

 

[Elle Woods]

Has anybody had to get indemnity insurance before when selling? Was it expensive? We need it because we don’t have a fensa certificate for our windows

No it’s not expensive, usually a lack of FENSA policy will be less than £100. Your solicitor will get a quote for you.

 

[Choco88]

No it’s not expensive, usually a lack of FENSA policy will be less than £100. Your solicitor will get a quote for you.

Great thank you