The nervous wait to exchange....

Soldato
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I also didn't consider we could be looking at vastly different house and contents value! Our house rebuild value is about £200k (purchase price is £250k-ish), contents £40k with £10k high risk. We don't have much stuff :)

Our rebuild was £230k and contents up to £70k we’re nowhere near that. Probably 30-35
 
Soldato
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After a year, selling our house twice, losing a house due to a vendor being a schlong and much back and forth I dropped our signed exchange docs off at the solicitors today.

Just waiting on funds to clear now, and we should complete mid-July. :D
 
Soldato
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The Moon
Just listed my house today online. Apparently had 3 queries withing 30 mins of going online so I'm hoping for a quick sale!

Hopefully the fact there is no chain, it's in a desirable area and is priced better than others in the immediate area means it gets a lot of genuine interest.
 
Soldato
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12,959
Just listed my house today online. Apparently had 3 queries withing 30 mins of going online so I'm hoping for a quick sale!

Hopefully the fact there is no chain, it's in a desirable area and is priced better than others in the immediate area means it gets a lot of genuine interest.

Gone by Saturday lunchtime I reckon.

We sold ours first time in 2 days with 5 offers, second time in 24 hours with about 8.
 
Soldato
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Completed today! Keys in our hands around 330. Later than expected but we’ve started moving in. Got until 12th to get it all over with. Will need a lick of paint but we’re happy.

Time line for anyone interested. :

Offer made 7th march

Completed 30th June.
 
Soldato
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Completed today! Keys in our hands around 330. Later than expected but we’ve started moving in. Got until 12th to get it all over with. Will need a lick of paint but we’re happy.

Time line for anyone interested. :

Offer made 7th march

Completed 30th June.
Congrats, very quick that! Needs pics tho =)
 
Soldato
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Lorville - Hurston
Lender came back with the valuation and as expected they devalued it by 30k lower then what we offered the place. However we offered 65k more than the asking price so at least the lender saw that the property was worth a bit more than the asking price.

We will try to negotiate with the seller and see if they accept the offer 30k lower than the original accepted offer and go from there.

I Hope they say yes...

Else we will try meeting in the middle somewhere and just pay an extra 15k.

Thoughts?

We doing the right thing?
 
Soldato
Joined
29 Jun 2004
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12,954
Lender came back with the valuation and as expected they devalued it by 30k lower then what we offered the place. However we offered 65k more than the asking price so at least the lender saw that the property was worth a bit more than the asking price.

We will try to negotiate with the seller and see if they accept the offer 30k lower than the original accepted offer and go from there.

I Hope they say yes...

Else we will try meeting in the middle somewhere and just pay an extra 15k.

Thoughts?

We doing the right thing?

Paying the extra £30k or £15k depends on time lines. If you're staying there for 20 years it's worth it. If you're planning on moving in 5 years then perhaps not worth it.

Somewhere in between 5 & 20 years you need to make a judgement call.
 
Soldato
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Lorville - Hurston
Paying the extra £30k or £15k depends on time lines. If you're staying there for 20 years it's worth it. If you're planning on moving in 5 years then perhaps not worth it.

Somewhere in between 5 & 20 years you need to make a judgement call.
If the current trend of pm house prices keep increasing at the same rate in that specific area, than in 12 months that properly would be valued near our offer price!

Even if it only increased by quertar each year then in 3 years we would break even.

We did apply for a 5 year fixed
 
Caporegime
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If the current trend of pm house prices keep increasing at the same rate in that specific area, than in 12 months that properly would be valued near our offer price!

Even if it only increased by quertar each year then in 3 years we would break even.

We did apply for a 5 year fixed

We offered 12k over asking 262 vs asking 250. And I was not comfortable with it. (5 Percent ish)

Why? This was Feb 2020 just before covid and I expected a house price crash. First House too. Not a long term plan to stay here

Had we offered asking wouldn't have got it. In hindsight it was a good call as it was hard to find a garden this big at that price (now impossible here). And prices have mooned.

Times are similar.. Predictions of a house price fall, top of the market.... Maybe!
 
Soldato
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As mentioned above we exchanged today. Over the moon.

Going from a 2 bed bungalow to a 4 bed semi detached. All 4 beds are on the same floor, so plenty of room to go upstairs into the loft and add a fifth.

Thinking of converting one of the bedrooms into a en suite and walk in wardrobe for the master bedroom.

I don't fancy making a loft bedroom the master bedroom if I have space on the middle floor.
 

taB

taB

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2 Apr 2009
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Signs of a slow down in the market around us. Houses that would be snapped up at silly prices hanging around on Rightmove for longer and a handful being reduced after a couple of weeks. Interesting to see.
 
Caporegime
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Llaneirwg
Signs of a slow down in the market around us. Houses that would be snapped up at silly prices hanging around on Rightmove for longer and a handful being reduced after a couple of weeks. Interesting to see.

Definitely.
Many many more appear on my old house search "reduced"

A month ago it was down to 1-2 per email. Now it's back to 2-6

My sister was worried about a house she got an offer on and being gazumped but I doubt this will happen. Feel it's just about on the turn to a buyers market.


Few people (including myself) getting down valuations too
 
Soldato
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14,056
We have to wait another week to get our mortgage decision. Let’s see if they downgrade our offer/valuation…

We’ve discovered a boundary issue that may delay matters — apparently it’s already underway with the Land Registry but reluctant to proceed until it’s rectified.

We got the seller’s pack and it all looks fine (except for the boundary). They’re going to leave loads of furniture which is nice.

Survey came back as well, nothing that we didn’t already know about so that’s reassuring. We already negotiated them down based on some of the work that needs doing.

Hoping to complete some time in September.
 
Soldato
Joined
7 Apr 2008
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20,492
Location
Lorville - Hurston
We have to wait another week to get our mortgage decision. Let’s see if they downgrade our offer/valuation…

We’ve discovered a boundary issue that may delay matters — apparently it’s already underway with the Land Registry but reluctant to proceed until it’s rectified.

We got the seller’s pack and it all looks fine (except for the boundary). They’re going to leave loads of furniture which is nice.

Survey came back as well, nothing that we didn’t already know about so that’s reassuring. We already negotiated them down based on some of the work that needs doing.

Hoping to complete some time in September.
You did the searches and surveyor before mortgage valuation?
 
Soldato
Joined
18 Oct 2002
Posts
14,056
You did the searches and surveyor before mortgage valuation?

Searches haven’t started yet, the seller highlighted the boundary issue as they are the ones trying to resolve it with the LR.

Our LTV is ~50% and the lender’s valuation would have to be significantly lower than the EA’s and our offer to make it problematic so we didn’t think it was worth waiting for. I’d be very surprised if we didn’t get the mortgage — this isn’t our first rodeo.
 
Soldato
Joined
29 Jun 2004
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12,954
I agree about the property downturn - there's a few houses in my area that are struggling to sell. They're in as good condition as mine when we sold back in February and are priced the same as mine.

Yet I sold mine in February with no problem and in July they're struggling to sell.

I sold mine within a week of being advertised on Right Move and the others haven't shifted after a month.

A sign of things to come.
 
Soldato
Joined
7 Apr 2008
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Lorville - Hurston
I agree about the property downturn - there's a few houses in my area that are struggling to sell. They're in as good condition as mine when we sold back in February and are priced the same as mine.

Yet I sold mine in February with no problem and in July they're struggling to sell.

I sold mine within a week of being advertised on Right Move and the others haven't shifted after a month.

A sign of things to come.
Depends. That hasn't quite reached our area we are looking, the good properties are being snapped up within 48h and with offers around 10 percent more than the asking price
 
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