Buying a home and don't know how anything works

[Riklet]

Fingers crossed for you it'll happen this week!!

If you need a bit of leeway, spareroom is good as you can look up short-stays there, probably better value and more comfortable than a hotel.

Im sure a lot of solicitors are busy trying to get stuff through by 30th June which is over 250,000.. as otherwise some of those sales may fall through. Probs means you're being a bit passed over though.

 

[miss direct]

Yeah I've been wondering what they could default on. Services are on a pre paid meter. Maybe council tax? I already know they didn't pay the service charge/ground rent.

I really wonder how people manage to get into such financial difficulties...I mean this was two people, living in an owned council home under right to buy..

 

[hash tag]

It might not be just the first mortgage, it could also be a second mortgage/secured loans or even domestic disputes.

 

[miss direct]

Oh, right, so they could have bought it under right to buy and then later remortgaged because they needed money? There was nothing in the home that indicated high levels of spending...I'm just nosy and obviously it affects me at the moment.

 

[cybershot]

Worth ensuring you do all the necessary stuff after you've moved in to ensure you don't end up with a bad credit rating because of your address.

 

[platinumsage]

It should be on the copy of the Title Register from the Land Registry that you solicitor should have given you, alongside the boiler stuff. My guess if they didn't pay the boiler people and that was secured on the property, is that they went down the sub-prime remortgage and secured loans route.

 

[Looby]

There could be loads of things they owe money for and lots of reasons why. People get into financial trouble and it doesn’t necessarily mean they’re feckless and irresponsible.
Companies will go for charging orders on properties if the debtor is cash poor and that’s the best way to secure their money. Sometimes they’ll have a payment plan and will remove the charge once the debt is paid.

Also, before the financial crash and regulations around lending being tightened, literally anyone could get a mortgage. It means a lot of people were given mortgages who were very high risk borrowers and lots of those were RTB.

 

[miss direct]

I don't mean to say they are irresponsible, I just have little idea of how these things work. I am so used to scrimping and being super cautious that it's hard for me to fathom.

My solicitor has done an estimated final payment for me, which will help speed things up from my end at least. So I'm going to send my final payment.

 

[Elpenor]

My gut feeling now is exchange (and completion) will be on Friday. The solicitor will sort out the last bits on Thursday after the stamp duty deadline has passed.

 

[miss direct]

Final email of the day starts "I regret to inform you..." and ends by recommending I find someone to stay with until they've heard back.
I'm really glad I told them I would be homeless by the end of the month. Slight white lie but it does seem to have instilled a sense of urgency in my people at least!

 

[bellaozzydog]

Estate agent shouting at me, solicitor shouting at other solicitor, stamp duty break coming to an end tommorow and the fucking banking system collapsing with the excess workload

Whole chains could face collapse as stamp duty deadline looms - claim - Property Industry Eye

Whole chains could face collapse as stamp duty deadline looms - claim - Breaking news for estate agents and the residential property industry. Independent, unbiased, and factual reporting. A forum for discussion and debate of topics of the day. Subscribe for our free daily newsletter.

propertyindustryeye.com

Fucks sake this is the gift that keeps giving

 

[hash tag]

Final email of the day starts "I regret to inform you..." and ends by recommending I find someone to stay with until they've heard back.
I'm really glad I told them I would be homeless by the end of the month. Slight white lie but it does seem to have instilled a sense of urgency in my people at least!

In fairness to the sellers solicitors, they may have uncovered a big can of worms which they were not told to expect and are having trouble unravelling them.

 

[moonsi til]

i don’t really understand the redemption figures -is this unpaid leasehold fees? If so it could be agreed to be deducted from the profit. If it’s council tax /utilities why would that affect your purchase as you would not be liable.

Whatever it is will get sorted -this really is the final hurdle.

 

[miss direct]

moonsi til from what I understand (which isn't much) is that these unpaid things have been placed as charges on the property itself. So they need to work out how much is owed (which will vary depending on the completion date).

Lets hope they pull their fingers out tomorrow.

 

[miss direct]

Woken up with a phone call again. Not good news though. Unlikely to happen today. And the person dealing with my file is on leave for the rest of the week after today.

 

[hash tag]

Of course there is no one else there that can help!
Just soooo frustrating and annoying. The biggest purchase of your life goes on hold because one member of staff goes on leave.

 

[miss direct]

Well I was told others are aware and will deal with it but not sure thats how it goes in reality.

 

[Leafster]

Well I was told others are aware and will deal with it but not sure thats how it goes in reality.

I can't remember the exact sequence of events but during my conveyance, just at the critical time, the person dealing with me left. They gave me the details of the person who would deal with it to completion but they didn't answer their emails and phone calls just went to voicemail! Fortunately, it was a larger firm and there was a conveyancing partner so I contacted her directly to have a moan. That seemed to work!

Perhaps, there's someone more senior in the firm of solicitors you're dealing with that you can "prod" to get things moving.

 

[hash tag]

 

[cybershot]

I'm getting the feeling the boiler company is not the only company with a charge on the property, and figuring out the final oweings on certain dates is probably complicated if you need every one of them to provide the details, one of them misses the date (or doesn't supply numerous dates of what the oweing will be on X Y Z) then it's probably a minefield.

 

[miss direct]

Can barely even be bothered to get out of bed at the moment. Just feeling really down about everything. Not just the home.

I think I was told there is only one figure they're waiting for. Can't really remember because I keep being called early in the morning and getting woken up so can't take it in properly.

 

[miss direct]

It's my birthday in late July, not even convinced I'll be in there by then.

 

[prunus]

Can barely even be bothered to get out of bed at the moment. Just feeling really down about everything. Not just the home.

I think I was told there is only one figure they're waiting for. Can't really remember because I keep being called early in the morning and getting woken up so can't take it in properly.

Hang in there. It is frustrating, and annoying, and depressing, but it almost certainly will work out, and you'll feel a lot better.

It is the sad truth that property transactions in this country are just fucked - it's almost always at least as bad as this, and really yours is no worse than I think more than the majority. Not much comfort really, but perhaps a crumb.

The lack of visibility and control, and depending on and waiting on the actions of other people who don't seem to care about the upset their lack of action is causing you, is all very stressful. The system should be repaired, but in reality it won't be while it's as cheap as it is (compare conveyancing costs in France, or the US, for instance (I don't know about other countries)) - they simply can't put the time in to sufficient fixed-cost conveyancings to both make them go smoothly and make a living.

But hang in there. And keep chasing...

 

[bellaozzydog]

Busiest BACS transaction day of the year and these clowns get their shit together 7 hours before I breach contract and 4 1/2 hours before end of office hours



The only thing stopping me burst an ulcer is that there is absolutely nowt I can do to change this situation or move it forward

 

[bellaozzydog]

1828 !!! That’s leaving to the last minute…

started the process in October finished it 5 hours before the deadline

its fucking gruelling stuff



Solidarity and hang in there to everyone still in the process, it will work itself out eventually….like a kidney stone

it’s given me chest pains today

 

[cybershot]

1828 !!! That’s leaving to the last minute…

started the process in October finished it 5 hours before the deadline

its fucking gruelling stuff



Solidarity and hang in there to everyone still in the process, it will work itself out eventually….like a kidney stone

it’s given me chest pains today

congratulations.

 

[miss direct]

Excellent bellaozzydog
I think there will be many people like you today.

As for me, I just realised something. My solicitor has already told me that in order to complete on x day, it would be necessary to have the go ahead from the other solicitors by lunchtime on the previous day. So if I haven't heard by lunch time tomorrow, I deduce that this won't be happening until Monday at the very earliest.

Tuesday is the day I should move out of my current place. So I guess tomorrow I need to talk to my landlord. It would make my life a lot easier if I could just stay here until things are sorted so let's hope I didn't jump the gun by handing my notice in. Flatmate says no one has been to see the room and it's not on the spare room website (which is where I found it in the first place) so hopefully will be ok to stay a bit longer. Sigh.

 

[ddraig]

Your landlord might probably/hopefully be waiting for you to move out before advertising/viewing?

 

[miss direct]

Well I heard nothing today unsurprisingly. Have actually had a really lovely day doing other things. I messaged my landlord and he said no problem to two extra weeks.

 

[miss direct]

Ah this whole saga just gets more ridiculous. Emailed the estate agent for an update and was told:

I have been advised this morning that the solicitor dealing with the file on behalf of the vendor has now left the company and the file has been passed onto another member of the team, which is very frustrating.

They have still not received the final redemption figure and are still chasing. I will keep chasing and I have asked the vendors to give them a chase too.