Buying a house - first steps

Just ranting and complaining to vent

Summary

At the beginning of Jan we were told that a moving date for the 29th had been agreed so we started prepping everything, packing, cleaning, cancelling utilities, arranging utilities in the new house, booking time off work, all the stuff you have to do. We’re told everybody in the chain has confirmed the date for completion and will be ready to exchange contracts the Monday before. That Monday came and I was annoyed at not having heard anything by about 2pm so I get onto the solicitor to ask what’s going on and get a response back where he cryptically says the move now won’t be happening on Friday any more. We were pissed off at that and alarmed at having no wider context, so eventually by emailing everybody we have the details of (because obviously nobody actually picks up the phone ever) we get the news that the house that was presumed to be the top of the chain is actually trying to buy a house themselves now, despite having originally said they’re moving into rental and will be top of the chain. (Context on the chain here; we’re the bottom so think of us as Party 1, we’re buying from Party 2, they’re buying from Party 3, who in turn are buying from Party 4 and they’re the dickheads who said they were top of the chain but are now buying.) The estate agent we’re buying from tried to get in touch with Party 4’s estate agent to say they better move into rental like they said otherwise this chain falls through and they don’t get their sale. Because Party 4 are using a shitty online non-estate agent called Strike who are notoriously useless (also the property they’re selling is like half a mil so it’s not as of they’re hard up and need to cheap out, just fucking rich people being tight with their massive bank balances as usual), we got a week of the enquiries being ignored and fobbed off. Meanwhile we’re here living out of the small amount of stuff we had not packed for the 4 days between packing over the weekend and the intended move date, taken all our furniture to the tip and whatnot. Eventually yesterday we hear that Party 4 have said no they won’t move into rental because it’ll be fine this purchase will be done soon and then we can all move just keep your hair on, but by the sounds of things they’re still getting all the searches done and shit like that so it’s nowhere near ready. They’d agreed to complete on Friday 29th because they’d just assumed their purchase will be done by then… They’ve not answered anybody’s questions about how much longer this makes the chain. So Party 3 have said they’ll try and find rental accommodation to move into before the end of March so the chain below can move before stamp duty freeze ends and our mortgage offer expires, but that’s dependent on Party 4 agreeing to knock the price of of their rental off the purchase price, and those dicks are not co-operative. So yeah maybe we will move soon and maybe we will not, just fucking sat here like a dickhead stressing out and being frustrated. I really don’t want to lose this house, it’s perfect for us and we’ve been waiting so long for this. Also p pissed off that I closed down my help to buy ISA and sent the solicitor the money ready for a January completion, but if it gets to March then that’s 2 more lots of £200 I could’ve stashed in it, meaning I could’ve got about £100 of government bonus there which would’ve been a big help seeing as we have to buy pretty much all new furniture when we move. Luckily my work have been quite understanding about banking 10 days annual leave for this and having to cancel it 2 days before it would kick in which is good of them, but it’s going to cause them a big scheduling headache if I don’t get a concrete move date fucking soon.

Really, really sorry mate, they don’t call moving house one of the most stressful things you’ll ever do for nothing.

When I bought I had no chain, seller had no chain (was going to take the cash to go travel America). I had to be out my rental flat on certain date because the owner was selling. Made a moving date a condition of the offer, which I was told the seller agreed to. I made sure that I kept reiterating the date to the estate agents and my lawyers. Week before the date I asked again to make sure we were fine and was told ‘oh no that won’t happen, the seller doesn’t have anywhere to move to’. :exploding_head::exploding_head::exploding_head: Then they said that I could put all my furniture and belonging in his SPARE ROOM and stay in a hotel while he looked for somewhere. I told them to fuck off and get out on the date we’d all agreed on (they did)

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You telling them to get fucked and them doing it was an extremely vicariously satisfying thing for me to read.

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I feel like there should be penalty clauses built in to stop people doing what your lot have done

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That sounds bloody awful, but the main thing you need to do is keep your eye on the prize and make the smartest decisions for you personally. Not easy, but keep your cool as much as possible and look for the opportunities to get what you want when they arise.

Good luck.

They had a young kid and the toilet seat was encrusted with fossilised piss so reckon they were the types to flush all sorts.

Pfft, you could get a four-bed terraced house with a garden round here for that

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I’m a big fan of how the estate agent lens has fucked up their pool table.

[Also the holding cell in the basement]

Further to my frustrations about the plumbing, the old owners have taken the Open Reach optical network box off the wall so we won’t be able to get a proper internet connection until March unless they return it. Absolutely fuming.

Tearing my hair out a bit. Progress on our purchase of a flat has basically stalled for three months. Our solicitor is completely uncommunicative, replying with short sentences to the effect of ‘no update yet.’

Our only source of information has been via the sellers’ estate agent who told us that the hold up is a land registry issue which the sellers’ solicitors needed to update and as far as we can tell, is now resolved, but still no update. Getting mighty close to the end of the stamp duty relief window, with a lot of money to spend and planning to do between now and then, and I’ve got no idea how I can get more clarity on when things will get moving. Just feels like we’re completely at the mercy of people telling us ‘we’ll let you now when we hear something’.

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Solicitors are always unhelpful IMO and don’t really care about the speed. It’s generally best to use the EA’s to speed things up and get further information. Pressure your EA to get details on the chain and work out what’s happening.

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There isn’t a ‘Buying the next house - first steps’ thread, so i’ll have to drop this mega naive question here:

You use the money you sold your current house for to pay a big chunk / deposit for the new one right? eg:

Sell current house for 300k
Buy next place for 450k
Use that 300k (-fees) as deposit for the new place
Fresh 150k mortgage / port current 100k mortgage with 50k bolt on…

That’s only if you own the place outright…

Thinly veiled I’ve got 300k :joy:

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Only if your lender has waived the 100K you currently owe on your mortgage

Sell current house for 300k
100k remaining on the mortgage means equity of 200k
Use 200k as the deposit, and to calculate the LTV of the new 450k place.
Port across the current mortgage (100k) + 150k bolt on OR get new 250k mortgage and use 100k to pay off the first mortgage

Is the current mortgage portable? More than likely it is, also when does (if there is one) the current deal end and what is the rate. What can you get elsewhere if you look at a brand new deal from the another provider (i.e will a reduced rate be financially beneficial if you could save enough to cover any penalties?).

Wouldn’t you have to pay the early repayment fees if you use one mortgage to pay of another mortgage?

You might do, if you’re still within the period of a fixed rate mortgage.