Buying a home and don't know how anything works

[Elpenor]

Completing on a day other than Friday will likely mean cheaper removal costs if you’re not moving yourself as they’ll bring in casual stuff (my brother does some casual removals work on Fridays as he doesn’t work that day in his regular job).

Also theoretically whoever doing your conveyancing is more available and can do the final bits quicker ..:

 

[steveseagull]

Exchange or complete?

People like to complete on a Friday as it gives them the weekend to get settled. However, if something goes wrong, it can leave you homeless for three days.

Complete but the place is empty and I am on a rolling week contract in some rented digs

 

[danski]

We completed/moved on a Thursday which gave a longer weekend and reassurance that if there were issues, they could still be dealt with before the weekend

 

[Puddy_Tat]

hmm

the times i've moved, i've tended to allow a bit of an overlap to allow for moving / cleaning / any work that needed doing / in case anything went wrong, and regarded the extra week or two's rent as a cost of the process.

although i've never done a 'chain' sale / purchase, moved from rented flat to buying house, then moved somewhere temporary rented, then rented, then bought the place i was renting.

may not be an option for everyone...

 

[moonsi til]

I completed & exchanged on same day & a Friday & thankfully nothing went wrong.

 

[muscovyduck]

while we're on the topic of completing and exchanging, this is probably the worst one I've heard about

 

[Boudicca]

I've mentioned it here before, but I was due to complete on a Friday and my buyers solicitor decided to take the day off. Apparently no-one else could check that the money had been transferred and I was sat outside with a removal truck full of furniture.

Fortunately the estate agent got hold of the seller who gave him permission to give me the keys.

Anyway, I won't be completing on a Friday again.

 

[Elpenor]

Well my offer has been accepted.

Now for the hard bit.

 

[Leafster]

Well my offer has been accepted.

Now for the hard bit.

Congratulations!

 

[moonsi til]

Congrats Elpenor , hopefully you will be mowing upwards by July.

 

[Saffy]

Well my offer has been accepted.

Now for the hard bit.

Good news!

 

[baldrick]

Good luck Elpenor hope it all goes smoothly

 

[Elpenor]

Almost a week in and I’ve got the solicitor sorted, memo of sale etc. Mortgage is next up.

Trying not to get too excited until I hear that the chain is complete.

 

[Artaxerxes]

Mortgage offer has come through from bank so feels like it’s very close now.

Not heard a lot from the solicitors (we went all in with a broker and agency so it’s all together) so I’m chasing up who to forward lifetime ISA details so we can use it for deposit

 

[steveseagull]

Still dragging with mine. Backwards and forwards over minor details.

The Estate Agent sent an email to everyone involved last night to tell them to sort their shite out and is demanding a completion date to be set.

I like the Estate Agent. He takes no shit.

 

[A380]

So inside five days of putting my family house of 26 years on the market had two offers at the asking price. Accepted one this morning and have cancelled the four viewings at the weekend. Getting close to the point of no-return now. Feels a bit like a cross between being in a minor car crash and coming back from a great first date...

Lots can go wrong between here and there...

 

[UnderOpenSky]

Oh bugger. Everything is taking ages. Which I can live with, I'm lucky enough to have somewhere to live.

Except we couldn't do the mortgage on just my income. Close but just a few grand a year short. My OH got a new job and it sailed through. Except she's hating it. She's in probation and is worried they are going to sack her. Even if they don't she just wants to quit. It's pretty grim, I'm having to say just hang in there until it goes through, but it's just so slow. And maybe she's right and they will ask her to leave. Which won't be a great place to be in.

 

[UnderOpenSky]

It seems even worse then I thought. I'm going to try and speed thing along tomorrow (ha!), but realistically if OH does get the push in the next few days, what are the chances of the bank finding out, seeing as we have the offer?

 

[baldrick]

You're basically relying on there being no fuck ups with anything, nothing forgotten, all due diligence completed. I don't know I'd be willing to risk it. Plus you'd be committing fraud, I'd be too nervous about that tbh.

 

[Epona]

You're basically relying on there being no fuck ups with anything, nothing forgotten, all due diligence completed. I don't know I'd be willing to risk it. Plus you'd be committing fraud, I'd be too nervous about that tbh.

If it was 20 years ago, the mortgage broker/advisor would be happily going "ok I'm just going to put you down as £30k annual income instead of £20k, we'll get you the offer sorted by close of play" - got a lot of people in financial trouble with repayments that they couldn't afford.

 

[UnderOpenSky]

Yeah it's pretty nerve racking. The prospect of losing is also pretty scary, especially if prices keep rising. When I was getting this place I hassled every step of the way, because my living circumstances weren't great. Wishing I'd done that now. Along with picking a solicitors I could just drive to.

Weirdly I'm less bothered about affording it, it's still not a huge mortgage and even if she just finds temp or part time work it would be ok.

 

[Epona]

Aye, I've got 5 years left on the mortgage here and next time I move (which will hopefully be in the next couple of years) I am going to make sure it leaves us completely debt free (other large debts are involved as well as mortgage). It's going to take a bit of organisation mind, but potentially if we manage it the right way it could be lifechanging (in a positive way).

 

[Elpenor]

Mortgage meeting tomorrow. 2 hours blocked in, hopefully it takes far less than that.

 

[Leafster]

If it was 20 years ago, the mortgage broker/advisor would be happily going "ok I'm just going to put you down as £30k annual income instead of £20k, we'll get you the offer sorted by close of play" - got a lot of people in financial trouble with repayments that they couldn't afford.

It wasn't only the brokers. The banks and building societies were just as bad. I remember going to see the Halifax about my first mortgage to see how much they'd lend me. They came up with a ridiculous amount which I knew I couldn't afford.

 

[Epona]

It wasn't only the brokers. The banks and building societies were just as bad. I remember going to see the Halifax about my first mortgage to see how much they'd lend me. They came up with a ridiculous amount which I knew I couldn't afford.

Yep same - I could technically afford the amount suggested at the time, it was later that the shit hit the fan.

 

[Thora]

Less than 20 years ago, a friend of mine was given a 105% mortgage to buy her first flat I think she was 19 and her boyfriend was early 20s.
Then house prices crashed and she couldn't sell it when they split up.

 

[Artaxerxes]

Stumped up first fees for solicitors.

It all gets very direct doesn't it; "pay TODAY so we can progress your application"

 

[5t3IIa]

Stumped up first fees for solicitors.

It all gets very direct doesn't it; "pay TODAY so we can progress your application"

We were happy to comply. Like, now they have the money they have to do the things lol. Right?

 

[Epona]

We were happy to comply. Like, now they have the money they have to do the things lol. Right?

I love your optimism

 

[Elpenor]

2 hour meeting with mortgage bloke. Declined his offers of life and income protection cover, the b&c insurance was also too high so a no. Eventually we agreed that I wanted the mortgage I knew I wanted before the meeting.

Still that’s taken care of now.