Buying a home and don't know how anything works

[Zapp Brannigan]

You know the First thing you should do on moving in is to "christen" every room.
Enjoy.

Way ahead of you. So far I've farted in the living room, kitchen, garage and utility room.

 

[Zapp Brannigan]

Looking forward to BBQ photos from your lovely garden.

Soon!

 

[hash tag]

Way ahead of you. So far I've farted in the living room, kitchen, garage and utility room.

The place must stink. And to think you have only just moved in

 

[5t3IIa]

Opinions please: might someone with children actively prefer to actually move during half term?

Like, with kids at school they are out of the way (huge advantage) But then one must also drop them off/pick them up etc (disadvantage). If they are at home they can ‘help’ lol or go to friends or family and it’s slightly more gentle to leave one house in the morning and come home to a different one…?

Idk. I’m just helplessly speculating about what my seller might be plotting

 

[Cat Fan]

Opinions please: might someone with children actively prefer to actually move during half term?

Like, with kids at school they are out of the way (huge advantage) But then one must also drop them off/pick them up etc (disadvantage). If they are at home they can ‘help’ lol or go to friends or family and it’s slightly more gentle to leave one house in the morning and come home to a different one…?

Idk. I’m just helplessly speculating about what my seller might be plotting

Depends on the age of the kids I would say. If they are older then yes, probably?

 

[5t3IIa]

Depends on the age of the kids I would say. If they are older then yes, probably?

They are 10 and 11, and the older is ND so not old enough to be left to their own devices. Oh, it doesn’t really matter, I just want a date to work with

 

[Cat Fan]

They are 10 and 11, and the older is ND so not old enough to be left to their own devices. Oh, it doesn’t really matter, I just want a date to work with

The uncertainty is the most frustrating part for me, definitely.

If I was them I would rather complete sooner rather than later, half term or not. But it's probably pointless trying to get inside someone else's head.

 

[WouldBe]

Opinions please: might someone with children actively prefer to actually move during half term?

Like, with kids at school they are out of the way (huge advantage) But then one must also drop them off/pick them up etc (disadvantage). If they are at home they can ‘help’ lol or go to friends or family and it’s slightly more gentle to leave one house in the morning and come home to a different one…?

Idk. I’m just helplessly speculating about what my seller might be plotting

When my parents moved I was 12 and went to school and had to find my own way to the new house. Can't remember what happened with my younger sister.

They are alot stricter these days about time off during term time so might be worth checking with the school if them having the day off would cause problems.

 

[Zapp Brannigan]

At the risk of an Urban75 exclusive double entendre, I have two sheds in the garden

 

[WouldBe]

At the risk of an Urban75 exclusive double entendre, I have two sheds in the garden

Did you invite him or kidnap him?

 

[5t3IIa]

The uncertainty is the most frustrating part for me, definitely.

If I was them I would rather complete sooner rather than later, half term or not. But it's probably pointless trying to get inside someone else's head.

You’re right I need to relax. We are in the final stretch and just need to wait a tiny bit longer

 

[Thora]

All contracts and documents are signed and ready
Mortgage is ready, insurances all ready
Our solicitor has our deposit
My ISA money has left my account (yesterday) and ISA people say it should be an almost instant transfer to my solicitor.

So, I called my solicitor to see if we can exchange today. She's not sure Not sure if they have received the ISA money, not sure what the reference would be, going to 'write a note' for the accounts department. Oh, and she finishes work at 2.30pm

What's the betting we actually exchange today?

 

[hash tag]

Holding breath for you Thora .

 

[Boudicca]

All contracts and documents are signed and ready
Mortgage is ready, insurances all ready
Our solicitor has our deposit
My ISA money has left my account (yesterday) and ISA people say it should be an almost instant transfer to my solicitor.

So, I called my solicitor to see if we can exchange today. She's not sure Not sure if they have received the ISA money, not sure what the reference would be, going to 'write a note' for the accounts department. Oh, and she finishes work at 2.30pm

What's the betting we actually exchange today?

I'm not sure how an entire profession can be so out of sync with their customers. People are going through one of the most stressful events in their life and they are "writing notes".

"Phone the accounts department NOW and call me back in 10 minutes"

 

[5t3IIa]

All contracts and documents are signed and ready
Mortgage is ready, insurances all ready
Our solicitor has our deposit
My ISA money has left my account (yesterday) and ISA people say it should be an almost instant transfer to my solicitor.

So, I called my solicitor to see if we can exchange today. She's not sure Not sure if they have received the ISA money, not sure what the reference would be, going to 'write a note' for the accounts department. Oh, and she finishes work at 2.30pm

What's the betting we actually exchange today?

Holy shit. This is why people go and sit in solicitor’s receptions with their arms folded until stuff gets done innit I’d assume the reference is your ISA account number?

 

[Thora]

Holy shit. This is why people go and sit in solicitor’s receptions with their arms folded until stuff gets done innit I’d assume the reference is your ISA account number?

It’s a quite specific non round amount of money too so surely the combination of the amount, the date and it coming from AJ Bell would make it easy to spot?

 

[5t3IIa]

It’s a quite specific non round amount of money too so surely the combination of the amount, the date and it coming from AJ Bell would make it easy to spot?

YES! Can you kick up a fuss? I think I’d be spoiling for a ruckus myself, when it got down to it

 

[Cat Fan]

Curious what people's experiences have been of timing to move through the conveyancing process?

We are selling and buying at the same time. Both cases are now in the enquiries stage, with searches and draft contracts done. Mortgages approved.

The solicitors are being very vague about when we might be able to exchange.

We started the whole legal process on 18 March. Am I being unreasonable in thinking it's moving a bit slowly?

 

[Thora]

Based on my experience this year, quickest was maybe 10 weeks, slowest 5.5 months (offer to exchange). None of those actually completed though

 

[5t3IIa]

Cat Fan I think the whole thing is generally accepted as a slow process but can be expedited if everyone is motivated and talks to each other a lot (buyers, sellers, solicitors etc). That’s my understanding, but as a first time buyer myself it’s not been my experience. I could, however, have been on the phone every other day to chase things, kick arse and take names if I’d chosen to. I’ll admit that my partner and I have both been slightly scared of what we are doing and that, coupled with being a bit lazy (for both the chasing and the packing/actual mechanics of the shifting of the stuff), means we’ve just let it go on without wanting to push.

Have you done a lot of research into the process? I’ve read this 18 times Step by Step Guide to Buying a Home- HomeOwners Alliance We are on Step 13

 

[Thora]

Have you exchanged now 5t3IIa ?

 

[hash tag]

Many years ago, I was involved in offer on big property to completion in a little over a week, including sorting a mortgage from scratch. That must have been over 20 years ago and was for an employee of our parent company. Money talks

 

[Thora]

YES! Can you kick up a fuss? I think I’d be spoiling for a ruckus myself, when it got down to it

I've accepted we're not exchanging today, but I have Monday off so I will be ensuring it happens then

 

[5t3IIa]

Have you exchanged now 5t3IIa ?

No, god sorry, I misread it We are supposed to be signing contracts next week, all being well. The solicitor said “We will review the file early next week…” and I said “You don’t have to over-promise, next week anytime is fine” in a Tone Of Voice. I’m laying the groundwork to kick off on Wednesday

 

[Cat Fan]

Cat Fan I think the whole thing is generally accepted as a slow process but can be expedited if everyone is motivated and talks to each other a lot (buyers, sellers, solicitors etc). That’s my understanding, but as a first time buyer myself it’s not been my experience. I could, however, have been on the phone every other day to chase things, kick arse and take names if I’d chosen to. I’ll admit that my partner and I have both been slightly scared of what we are doing and that, coupled with being a bit lazy (for both the chasing and the packing/actual mechanics of the shifting of the stuff), means we’ve just let it go on without wanting to push.

Have you done a lot of research into the process? I’ve read this 18 times Step by Step Guide to Buying a Home- HomeOwners Alliance We are on Step 13

There's also the other possibility of creating loads of stress for yourself by calling every day unnecessarily and not actually managing to speed things up at all.

We are just coming up to Step 12. My main worry is that either the buyer or seller will get cold feet. But sadly I don't think there is anything I can do about that if it does happen!

Seller is selling chain free and the buyer is a first time buyer, which helps (in theory). But it's still a chain.

 

[Elpenor]

Nice one Zapp Brannigan enjoy the Tour de Farts in the new pad

Hope the exchange goes through Monday Thora

Sounds like you’re preparing nicely 5t3IIa

Still no news my end. Survey is on Monday so if I’ve not heard from my solicitor or estate agent by the time I have the survey report, I’ll chase the house chinny up. Been a bit hectic with work so not been thinking too much about move.

 

[Red Cat]

I don't think anyone on the thread has been in a best and final situation?

We have to move due to our neighbours, we need to move ASAP and have been looking for 6 months. We found a house that ticks enough boxes, it's more of a sideways move and not more space which we'd like ideally, but that's fine, we want to stay in the same area, and priority is moving. It's gone to best and final.

Although everyone is talking about houses going well over, apparently, from something I read yesterday, the stats show the majority still go for around asking or just 1-3% over. We're in Birmingham, so demand is high and I'm certain some do go well over, and quickly, but others seem to languish for ages.

I'm thinking that we should offer an amount that is 50% ltv rather than a higher offer and smaller ltv.

Its a horrible situation . I don't want to offer something that we don't need to, or be caught up in the pressure to outbid, but don't want to lose out over a few thousand pounds either. Compared to London prices, its fuck all really, but obviously want to feel that we're getting value for what we're buying, and to not lose out if we decide we're ready to move somewhere bigger in 2 years time.

I know there's no advice other than pay what you think its worth, but agggghhhhh!

 

[platinumsage]

I don't think anyone on the thread has been in a best and final situation?

We have to move due to our neighbours, we need to move ASAP and have been looking for 6 months. We found a house that ticks enough boxes, it's more of a sideways move and not more space which we'd like ideally, but that's fine, we want to stay in the same area, and priority is moving. It's gone to best and final.

Although everyone is talking about houses going well over, apparently, from something I read yesterday, the stats show the majority still go for around asking or just 1-3% over. We're in Birmingham, so demand is high and I'm certain some do go well over, and quickly, but others seem to languish for ages.

I'm thinking that we should offer an amount that is 50% ltv rather than a higher offer and smaller ltv.

Its a horrible situation . I don't want to offer something that we don't need to, or be caught up in the pressure to outbid, but don't want to lose out over a few thousand pounds either. Compared to London prices, its fuck all really, but obviously want to feel that we're getting value for what we're buying, and to not lose out if we decide we're ready to move somewhere bigger in 2 years time.

I know there's no advice other than pay what you think its worth, but agggghhhhh!

Will either side of 50% LTV affect your mortgage rate or not? If not, don't fixate on that number, I know most lenders don't offer better rates below 60% LTV.

I know it's hard but try and imagine various offers and stress-test them getting accepted or declined, and then imagining how you'd feel afterwards. Do you feel relief, or that you got cheated by overpaying, gutted to have missed out etc..

 

[Red Cat]

Will either side of 50% LTV affect your mortgage rate or not? If not, don't fixate on that number, I know most lenders don't offer better rates below 60% LTV.

I know it's hard but try and imagine various offers and stress-test them getting accepted or declined, and then imagining how you'd feel afterwards. Do you feel relief, or that you got cheated by overpaying, gutted to have missed out etc..

It probably won't, it just seems a 'solid' number. We're not going for something at the top of our budget, so we have some flexibility. I know that 'best' isn't always the highest though.

I am a good and clear decision maker in my work but in my personal life, it's a lot more difficult, I am a terrible whatiferer.

 

[pbsmooth]

If it's important to your wellbeing and you can afford it without over stretching yourselves then I'd try and work out what you really think it will go for and then add 1%/a couple of grand (whichever is smaller). Your happiness is more important.