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Diary of a house purchase


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We've gone and done diddly done it. We've bought the house. Had to pay £400K to secure it. The seller wasn't budging. However we've trimmed our budget by £20K and can definitely (and easily) crea

We have the house.  Spent an hour walking around it on Thursday afternoon wondering if we'd lost our tiny minds. Then spent the rest of the day and the whole of Friday lifting carpets, strip

I've posted on here before but every single time I put an offer in on a place in the UK, a higher offer amazingly appeared from nowhere. I would start with the assumption the estate agent is a ly

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leonardratso

i remember darley mill - overpriced tat, then sudden closure back in 2017, then delapidation thereafter, dunno what happened to it, probably a bit big and commercial for your needs (and expensive+restoration costs), but if you like water wheels and river rats then its ideal;

https://en.wikipedia.org/wiki/Darley,_North_Yorkshire

Im really wasnt surprised when it conked out, there was never anyone in it, except for me shoplifting, and i still felt ripped off as i left.

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17 hours ago, Sasquatch said:

Mill race

IMG_2267.thumb.JPG.1c94780e2eed3ed18605289489e76764.JPG

I'm trying to remember where that property is - I believe the wheel would be a lot of work to repair but there are people who have done it.

And at least I don't think it has a S106 with three years prior working in the locality to contend with.

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Sasquatch
1 hour ago, eek said:

I'm trying to remember where that property is - I believe the wheel would be a lot of work to repair but there are people who have done it.

And at least I don't think it has a S106 with three years prior working in the locality to contend with.

This property is not in Yorkshire or Cumbria.

Classic money pit project if one was brave enough to take it on....

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8 minutes ago, Sasquatch said:

This property is not in Yorkshire or Cumbria.

Classic money pit project if one was brave enough to take it on....

As I said I recognise where it is but can't remember (it's the sort of project I look at when being totally stupid).

And as I said not subject to an S106 agreement which I've been told you wouldn't qualify for.

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crashmonitor
On 20/10/2020 at 15:05, Sasquatch said:

This property is not in Yorkshire or Cumbria.

Classic money pit project if one was brave enough to take it on....

I assume not this one in Lincolnshire either as it was sold before you completed.  Stockwith Mill 600k with a few acres. I know it well. Immortalised by Tennyson's poem the Brook..." Men may come and men may go, but I go on forever."

 

http://www.rightmove.co.uk/s6p/70775206

Edited by crashmonitor
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leonardratso

the rightmove advert doesnt show the crowd pulling shitter, what a potentially market thwarting advert, id give £600K just for the shitter alone.

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Sasquatch

Viewed another house this week. Another money pit!

Downloaded the land registry details and along with the mortgage lender, there were also three individual names on the charges register. Asked the agent who then asked the vendor and apparently it's a private matter. Sounds like a complex matter to me. Will look into it more if we remain interested. Anyone come across this?

 

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spygirl
3 hours ago, Knickerless Turgid said:

Stolen from hpc:

https://www.mumsnet.com/Talk/property/4064793-mortgage-valuation-massively-lower-than-agreed-purchase-price

aka why won't my bank allow me to overpay for this house and what can I do to lose more money?

Fuck me...

House was up for £320k & we had an offer accepted for £305k. Mortgage valuation has just come back and states it's only worth £270k!!!

How an earth can there be a difference of 50k from asking price?

Obviously we are going back to the sellers but do you think it's worth getting another valuation with another mortgage provider or do you think it would be similar? Our thinking is the valuer is independent so it is more likely to be the same.

 

How do these people go into town without being sold magic beans?

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13 hours ago, spygirl said:

House was up for £320k & we had an offer accepted for £305k. Mortgage valuation has just come back and states it's only worth £270k!!!

How an earth can there be a difference of 50k from asking price?

Obviously we are going back to the sellers but do you think it's worth getting another valuation with another mortgage provider or do you think it would be similar? Our thinking is the valuer is independent so it is more likely to be the same.

 

How do these people go into town without being sold magic beans?

Because for the last 30 years* house prices have only ever gone up- so it was impossible to over pay (at worst you paid next year's price rather than that years).

Which means now the market, has turned a lot of people don't have a clue what to do and don't use the valuation as the means of knocking the price down - and it's really not difficult to cause pain here - you knock the price down to the valuation whilst forwarding the document on then the seller has a choice,  accept the lower price, or reject the offer and pray for a miracle and risk of moving.

* down south- up north prices haven't changed in 15 years.

 

 

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14 hours ago, Sasquatch said:

Viewed another house this week. Another money pit!

Downloaded the land registry details and along with the mortgage lender, there were also three individual names on the charges register. Asked the agent who then asked the vendor and apparently it's a private matter. Sounds like a complex matter to me. Will look into it more if we remain interested. Anyone come across this?

 

It shouldn't be an issue provided the money is in the price to pay everyone - but does add complexity and complexity means it could all go wrong at any stage.

 

Mind you,you probably freaked out the estate agents by pulling up the land registry details - I suspect they've never seen such details revealed by a prospective purchaser before and panicked.

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Sasquatch
49 minutes ago, eek said:

It shouldn't be an issue provided the money is in the price to pay everyone - but does add complexity and complexity means it could all go wrong at any stage.

 

Mind you,you probably freaked out the estate agents by pulling up the land registry details - I suspect they've never seen such details revealed by a prospective purchaser before and panicked.

The agent did look like a rabbit in headlights. The red line is also wrong and an outbuilding is included with the house but not on the land registry plan.

I think they will struggle to sell this one....

Nice house though!

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spygirl
1 hour ago, eek said:

Because for the last 30 years* house prices have only ever gone up- so it was impossible to over pay (at worst you paid next year's price rather than that years).

Which means now the market, has turned a lot of people don't have a clue what to do and don't use the valuation as the means of knocking the price down - and it's really not difficult to cause pain here - you knock the price down to the valuation whilst forwarding the document on then the seller has a choice,  accept the lower price, or reject the offer and pray for a miracle and risk of moving.

* down south- up north prices haven't changed in 15 years.

 

 

No quite.

Pries fell in South from 90 -> 96ish. Then they rose.

In the North the market was on its arse during 90s, only doubling (genius Brown) 199->2002) then its been stuck since ~2004.

Its incredible really, Northern real prices are lower than they were in 1989.

Chuck in interest payments and most Northern areas have nothing to show.

AFAICT and I dont track London/Se, London prices have been falling ~5 years.

 

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Sasquatch

Viewed a house yesterday. Estate sale - I think the elderly parent had recently died (although the house has been on the market for at least 12 months with 3 price drops already)

Pretty overgrown garden which is no big deal but we were a bit surprised when we walked into the lounge to see a large piece of plywood where the patio door used to be. When we ventured outside the said patio door was lying on the ground with smashed glass everywhere. Apparently some 'local kids' had been 'fooling around' and there was nothing to worry about. 

I'm amazed they allowed the viewing to be honest. 

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Democorruptcy
30 minutes ago, Sasquatch said:

Viewed a house yesterday. Estate sale - I think the elderly parent had recently died (although the house has been on the market for at least 12 months with 3 price drops already)

Pretty overgrown garden which is no big deal but we were a bit surprised when we walked into the lounge to see a large piece of plywood where the patio door used to be. When we ventured outside the said patio door was lying on the ground with smashed glass everywhere. Apparently some 'local kids' had been 'fooling around' and there was nothing to worry about. 

I'm amazed they allowed the viewing to be honest. 

Sounds promising. They might be skint and desperate for a sale. Hefty discount and spend some of it on a gatling gun in case the local kids come back.

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Green Devil
20 minutes ago, Democorruptcy said:

Sounds promising. They might be skint and desperate for a sale. Hefty discount and spend some of it on a gatling gun in case the local kids come back.

Twenty viewings and sealed bids then! Good luck with that, it'll go to an EAS mate. 

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Sasquatch

The young, friendly but quite naive agent showing us around blurted out that they had had 18 viewings in 12 months and no offers. That's priceless information for a potential buyer. I suspect her boss and the owner would be less impressed....

It's a rare property on a 1.5 acre site but needs stacks of work.

25% drop so far from original asking price (which was extreme kite flying)

If we were interested (I'm not sure we are), we would take another 25% off. 

I'm almost annoyed that the owner is trying to extract this much money from the house. 

However, I would like to put in the low offer just to get the reaction! 

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Green Devil
17 minutes ago, Sasquatch said:

The young, friendly but quite naive agent showing us around blurted out that they had had 18 viewings in 12 months and no offers. That's priceless information for a potential buyer. I suspect her boss and the owner would be less impressed....

It's a rare property on a 1.5 acre site but needs stacks of work.

25% drop so far from original asking price (which was extreme kite flying)

If we were interested (I'm not sure we are), we would take another 25% off. 

I'm almost annoyed that the owner is trying to extract this much money from the house. 

However, I would like to put in the low offer just to get the reaction! 

If the EA thought there was a cat in hells chance of it selling for 25% less it'd already be sold to his mate! Sounds like a vendor not selling it for its worth but what he thinks it's worth. Don't waste your time. Just say its overpriced and leave it. 

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Andersen
4 hours ago, Sasquatch said:

Viewed a house yesterday...  we were a bit surprised when we walked into the lounge to see a large piece of plywood where the patio door used to be. When we ventured outside the said patio door was lying on the ground with smashed glass everywhere. Apparently some 'local kids' had been 'fooling around' and there was nothing to worry about. 

I bought a "renovation project" (in estate agent speak, a total wreck in general parlance), got the keys and when I got there the kitchen pantry window was smashed (it was ok when I viewed a week earlier). Vendor claimed it was an accident when he was moving the fridge out. Soon after I moved in the neighbors let me know it was done by the local druggie who lived 6 doors away (when he wasn't await visiting HRH. Never a dull day :/

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Andersen
3 hours ago, Sasquatch said:

The young, friendly but quite naive agent showing us around blurted out that they had had 18 viewings in 12 months and no offers. If we were interested (I'm not sure we are), we would take another 25% off. 

However, I would like to put in the low offer just to get the reaction! 

If you have proof of funds available, put a low offer in writing - be prepared to either have the offer accepted or told they never want to speak to you again :D PM sent in case you need some slave labour ;)

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Andersen
On 30/10/2020 at 18:02, Sasquatch said:

Viewed another house this week.. Downloaded the land registry details and along with the mortgage lender, there were also three individual names on the charges register... Anyone come across this?

 

I used to work with the mortgage dept of a well known building society, rules there were if they couldn't put first charge on a property they wouldn't lend on it (when the place sells, first charge on the property is repaid, any surplus goes to second charge, third charge has no chance!)

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wherebee
On 31/10/2020 at 20:46, Sasquatch said:

The agent did look like a rabbit in headlights. The red line is also wrong and an outbuilding is included with the house but not on the land registry plan.

I think they will struggle to sell this one....

Nice house though!

What you do there is a nice letter to the estate agent, by registered post, and a nice letter to the owner, registered post, setting out all these legal minefields.  In your letter you remind them of the legal obligation to inform any future purchaser of all the known issues with a property, and that you are offering on that basis - put a very lowball offer in.

Now here is the tricky part - you don't want to be open to a charge of extortion, but you DO want them to know that you will be giving a copy of the letter to any new owners.  So, you put in your letter - "if this offer is not suitable I will resend this letter to the address every six months to see if you are interested in selling at that time".

They are stuck between selling to you, or having the risk they sell to someone at the price they want by hiding stuff, only you come along and leave them open to huge legal action.

at the very least the estate agent will have a shitty month.

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