Diary of a house sale....post covid

[Sasquatch]

9 hours ago, goldbug9999 said:

All in all I feel I have payed the minimum money to get the sort of place I wanted, detached is mandatory for me as I am totally OCD about noise from neighbors and that is very limiting choice wise once you get under £300k. Am currently renting a semi and its driving me fucking nuts even though the neighbors arn't really too bad objectively. 

Well done. I'm sure a very sensible decision to buy and then do the sums on likely capital falls versus ongoing rental.

Like you, I am sensitive to noise. Last two houses have been detached. Next one has to be as well. We're in a Airbnb terraced house this week in Cumbria. As I type this I can here next door clanking away in the kitchen. Yesterday, it sounded like someone was trying to cut their way in through the party wall! God knows what he was doing. Obviously no issues as we are only here for a week but it's a good reminder.

[sleepwello'nights]

We were preparing to go tomorrow to view a property that had been listed on Rightmove on Monday. The agent called about half an hour ago to tell us that the vendor had accepted an offer from one of the two who had already viewed it!

We had our first viewing today. Lets see if we have a similar result.

[Sasquatch]

1 hour ago, sleepwello'nights said:

We were preparing to go tomorrow to view a property that had been listed on Rightmove on Monday. The agent called about half an hour ago to tell us that the vendor had accepted an offer from one of the two who had already viewed it!

We had our first viewing today. Lets see if we have a similar result.

Can you send some of your viewers over to us!

We do have a viewing Sunday morning....

[CVG]

I'm up to nine scheduled viewers on our house tomorrow. I'll not get excited until exchange!

Meanwhile, we swerved the IW (was afraid we'd be gazumped by all the other mainlanders coming over and also tarred with the same brush!). Instead we had an offer accepted on a property in the darkest depths of Devon (so properties are 'selling' from that perspective). I did have to push the 200K budget a little (but not that much Spy!) and I did offer over the value I placed on it, but still 10% off original asking.

[CVG]

Just engaged my solicitor for the conveyancing on my potential sale and purchase. They advised me that things are going bananas with many properties getting multiple offers and going to sealed bids. I know this is a temporary madness and wont last.

For my part I wont do sealed bids. Instead I will rank any offers by a) need for mortgage, b) need for sale, c) sum offered in that order.

[spygirl]

12 minutes ago, CVG said:

Just engaged my solicitor for the conveyancing on my potential sale and purchase. They advised me that things are going bananas with many properties getting multiple offers and going to sealed bids. I know this is a temporary madness and wont last.

For my part I wont do sealed bids. Instead I will rank any offers by a) need for mortgage, b) need for sale, c) sum offered in that order.

I'd guess these are idiots whove not got a guaranteed mortgage, using the daft web 'What well lend you' guides.

https://www.bbc.co.uk/news/business-53605531

UK banks are going to lend to anyonebut the solvent of the solvent until q2 2021.

 

[Shamone]

19 minutes ago, CVG said:

Just engaged my solicitor for the conveyancing on my potential sale and purchase. They advised me that things are going bananas with many properties getting multiple offers and going to sealed bids. I know this is a temporary madness and wont last.

For my part I wont do sealed bids. Instead I will rank any offers by a) need for mortgage, b) need for sale, c) sum offered in that order.

Seeing our solicitor today. Ours sold for asking to first viewers within a week. Complete madness.

[Popuplights]

4 hours ago, spygirl said:

Just engaged my solicitor for the conveyancing on my potential sale and purchase. They advised me that things are going bananas with many properties getting multiple offers and going to sealed bids. I know this is a temporary madness and wont last.

My mother is selling her cottage near Andover, which sits on a very large plot. She had an estate agent round last week who basically told her the same as above. The valuation given was way above what she thought it was worth. The value is in the land as a building plot I think, as the house is nothing special.

The next door neighbor, made an offer before the agent was engaged, of about 75% of the agents estimate. She was minded to accept it, but my brother and me have persuaded her to put it on the market. It's the only way to discover the true price.

She was not very happy with our intervention, because apparently the neighbors are "nice" !! 

The place is handy for the A303 if you need to drive to London, and you can get the train direct to Waterloo. Hopefully it will be bought by a rich white-flighter who is selling one of those ridiculous multi-milluon terraces linked up-thread.

[Popuplights]

On 29/07/2020 at 17:11, sleepwello'nights said:

Escape from London?

 

That's what I am hearing from my mother's agent in the Hampshire village of Stockbridge.

[CVG]

Another interesting update. I was going to get a mortgage arranged thru L&C but their systems kept failing and they didn't return calls. I tried 2 other large mortgage brokers. One failed to call back and the other couldn't speak for a few days. Eventually I just went to my own bank (doh!). They are also snowed under with applicants. They said that they could underwrite my application in a week but I couldn't speak to the final mortgage advisor until the beginning of Sept!!! Struth.

[sleepwello'nights]

1 hour ago, CVG said:

Another interesting update. I was going to get a mortgage arranged thru L&C but their systems kept failing and they didn't return calls. I tried 2 other large mortgage brokers. One failed to call back and the other couldn't speak for a few days. Eventually I just went to my own bank (doh!). They are also snowed under with applicants. They said that they could underwrite my application in a week but I couldn't speak to the final mortgage advisor until the beginning of Sept!!! Struth.

That could be encouraging for us then. We don't need a mortgage so some of the houses we like that have gone SSTC might come back on. We could buy without having to sell ours, but I'd feel uncomfortable having another house when there is a fear that there could be price drops on the way.

[CVG]

4 hours ago, sleepwello'nights said:

That could be encouraging for us then. We don't need a mortgage so some of the houses we like that have gone SSTC might come back on. We could buy without having to sell ours, but I'd feel uncomfortable having another house when there is a fear that there could be price drops on the way.

That's why I would give a buyer of your status top priority if I received multiple bids. But I doubt that all vendors will be as rational.

I could buy without a mortgage but it would mean using up a large proportion of my available capital and I want to keep some back in case shit happens. Having debt at 1.29% fixed for 2 years in the current climate is almost a no brainer especially if it is already covered.

If the worst happens and we end up owning 2 houses because our sale falls through then we'll rent the first out. I'll make sure that "Pets are Welcome" - especially multiple dogs - per Wight Flight. Spy needn't apply.

 

[Shamone]

Saw solicitor yesterday. Told us that houses moving so fast the estate agents aren’t even advertising and going straight to buyers. Allowing 80 percent furlough on the mortgage too

[crashmonitor]

11 hours ago, sleepwello'nights said:

That could be encouraging for us then. We don't need a mortgage so some of the houses we like that have gone SSTC might come back on. We could buy without having to sell ours, but I'd feel uncomfortable having another house when there is a fear that there could be price drops on the way.

Similar to you we could own both properties cash, the one we are selling and the one we are buying. Owning two properties would be our worst nightmare.  I think property will fall in price, plus the worry of having one empty/ unoccupied( and the maintaining of two properties). A holiday home would also not be for me for the same reasons.

Problem is slow conveyancing, lost our last sale because solicitors dragged it on into the Pandemic on a property further down the chain.

They are like the Quartermaster in the film Zulu dawn handing out ammo at regulation super slow when the battle is won or lost on speed, particularly where chains are involved. 11 weeks in now and yep it's going slow.

[spygirl]

12 hours ago, CVG said:

Another interesting update. I was going to get a mortgage arranged thru L&C but their systems kept failing and they didn't return calls. I tried 2 other large mortgage brokers. One failed to call back and the other couldn't speak for a few days. Eventually I just went to my own bank (doh!). They are also snowed under with applicants. They said that they could underwrite my application in a week but I couldn't speak to the final mortgage advisor until the beginning of Sept!!! Struth.

Jungle drums say banks are pulling out all the stops to avoid lending.

Im sorry, weve lost your application.

It dint arrive.

Im afraid that offer has ended. Youll have to reapply.

Seriously, anyone who thinks banks are going to lend much beyond 50% deposit  and sub 2x earnings is smoking crack.

BANKS ARE NOT LENDING MONEY TO PEOPLE UNTIL C19 CLEARS

 

[spygirl]

On 29/07/2020 at 23:11, sleepwello'nights said:

Escape from London?

 

To 'Escape from London' they have to 'Sell in London'

Not really happening.

[sleepwello'nights]

8 minutes ago, spygirl said:

Jungle drums say banks are pulling out all the stops to avoid lending.

Im sorry, weve lost your application.

It dint arrive.

Im afraid that offer has ended. Youll have to reapply.

 

BANKS ARE NOT LENDING MONEY TO PEOPLE UNTIL C19 CLEARS

 

That happened with my first application for a Bounce Back Loan. Asked to re-apply and I still haven't heard anything. 

Bastards. 

[spygirl]

4 minutes ago, sleepwello'nights said:

That happened with my first application for a Bounce Back Loan. Asked to re-apply and I still haven't heard anything. 

Bastards. 

I believe thats being handled by James, whos been self isolating fora few weeks.

Im sure he'll get right back to it when he gets back.

 

Seriously, people are being naive if they dont think banks are dodging as much lending as possible.

The punishment and cost they get for bad loans means they only want the prime of prime for any large lending.

 

[sleepwello'nights]

1 minute ago, spygirl said:

 

 

Seriously, people are being naive if they dont think banks are dodging as much lending as possible.

The punishment and cost they get for bad loans means they only want the prime of prime for any large lending.

 

Exactly the reason why they should prioritize my application and give me the loan I don't really need. 

[Popuplights]

5 hours ago, Shamone said:

Saw solicitor yesterday. Told us that houses moving so fast the estate agents aren’t even advertising and going straight to buyers. Allowing 80 percent furlough on the mortgage too

This is very interesting. Mother is meeting the agent on Monday to sign the papers and put hers on the market.

[Shamone]

5 hours ago, spygirl said:

Jungle drums say banks are pulling out all the stops to avoid lending.

Im sorry, weve lost your application.

It dint arrive.

Im afraid that offer has ended. Youll have to reapply.

Seriously, anyone who thinks banks are going to lend much beyond 50% deposit  and sub 2x earnings is smoking crack.

BANKS ARE NOT LENDING MONEY TO PEOPLE UNTIL C19 CLEARS

 

They are lending to our buyers, allegedly.

[spygirl]

9 minutes ago, Shamone said:

They are lending to out buyers, allegedly.

Wait n see.

50% deposit, well under 3x LTE - possibly.

[Shamone]

20 minutes ago, spygirl said:

Wait n see.

50% deposit, well under 3x LTE - possibly.

10% deposit 

[spygirl]

6 minutes ago, Shamone said:

10% deposit 

No chance. Seriously.

[DownwardSpiral]

My mother has sold her house in South Wales but the bank devalued the house by £3000 (and that was on top of my mother pricing it £10k under previous sale prices for the street). The banks are really not happy with 10% deposits. My parents have dodged a bullet because I seriously can’t see this bounce lasting long.