Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

We are now nearly 6 mos waiting to complete. It’s really starting to annoy me. The executer took nearly 4 mos to send over initial contracts & notwithstanding covid-19 complications we also needed 2 queries regarding clauses clarified one being a VAT questionnaire that was sent to the executer 3 weeks ago. This is for a vacant site that was on the market for nearly 3 mos before we made a bid. I’ve bought property before but good grief this is painstakingly slow, almost as if no one really gives a toss. Not sure if I should be asking for a reduction now.

So we bought a semi D house in a new housing estate, with a price tag of 260k and signed contracts. The construction was put on hold due to Covid-19, but it is going quick now.

Is it possible to negotiate the price now? According to the contract the house is supposed to be ready July and if its not, do we get any compensation?

The 5% from HTB scheme has been paid to the builder on the above price.

We haven't withdrawn funds from our approved mortgage.

Thanks

Ok, thank you.

[Deleted User] wrote: »

If the contracts are already signed, then you have your answer.

Today was the last day we could draw down the mortgage (after the months extension) Just got a text saying the mortgage has just been sent through.

Moving in tomorrow. The most stressful two weeks of my life. Genuinely, all I’ve been thinking about is the poor people that have been refused because of the covid payment. Especially those have lost deposits. I really hope the government will do something for them.

Gavin shels wrote: »

We're approved with a exemption, been advised we won't get an extention to our AIP with our exemption as Banks won't be offering them for the rest of the year...

yea they are pulled for the rest of the year with all lenders and i imagine it would be hard to get even approved ones over the line as i heard of 2 people having them pulled between AIP and completion. But obviously its a case by case basis,

Hey all, we're 'in the process' of buying at the moment and considering a couple of houses but we do have a preferred house. It's in a commuter belt area and the builder had put the price of this phase up substantially (this row is due for completion end of year).

I'm wondering has anyone put a reduced offer in on a new build and had any luck with it yet?

Target addressable market for the developers is going down day by day as the banks tighten up and the number of people able to take out a mortgage goes down further and further.

If I myself was a builder, I'd be taking any 'decent' offers that come in and locking them down to secure the sale.

Tilikum17 wrote: »

Today was the last day we could draw down the mortgage (after the months extension) Just got a text saying the mortgage has just been sent through.

Moving in tomorrow. The most stressful two weeks of my life. Genuinely, all I’ve been thinking about is the poor people that have been refused because of the covid payment. Especially those have lost deposits. I really hope the government will do something for them.

Best of luck with the move. Exciting times for you.

We're still in a bit of Covid payment limbo (but got our deposit back - thank god!) and we're hoping that we can get sorted out with a different lender soon.

masterboy123 wrote: »

So we bought a semi D house in a new housing estate, with a price tag of 260k and signed contracts. The construction was put on hold due to Covid-19, but it is going quick now.

Is it possible to negotiate the price now? According to the contract the house is supposed to be ready July and if its not, do we get any compensation?

The 5% from HTB scheme has been paid to the builder on the above price.

We haven't withdrawn funds from our approved mortgage.

Thanks

We are in the same situation and have decided to go ahead without the complications of trying to hash out a new deal. have called our solicitor today for her to start the drawdown as the snags are done . As for it being finished in July - I know in our contracts it stated that the contractors had a year from when we signed to get it finished although we already knew our house was near completion.

MattS1 wrote: »

Why would anyone willingly enter a contract such as that? Completely stupid.

This clause only became popular after the crash most vendors wouldn’t entertain it prior to the crash.

It’s at the vendors discretion weather they accept this clause or not.

If I was selling a property I wouldn’t be keen on its insertion. When you sign contracts the vendors needs certainty and the contracts have to be binding.

What’s stopping the buyer going into the bank and telling the bank they no longer require the mortgage etc.

stayback wrote: »

You can pay your solicitor all the money and they can hold it in their client and when the money is due they can pay it out..

Or else you can just give your solicitor the money when the deposit is due and give them the balance when you want to close.

Usually these sales tend to be quicker than mortgage draw down .
Make sure you bargain hard with the EA tell them your a cash buyer and there won’t be any delays ..

Thank you, I'll chat to my solicitor and see what they want. We purchased the place with the condition that a quick sale was achieved. Sale agreed one day, survey done the next 😂

Mon1239 wrote: »

Hey all, we're 'in the process' of buying at the moment and considering a couple of houses but we do have a preferred house. It's in a commuter belt area and the builder had put the price of this phase up substantially (this row is due for completion end of year).

I'm wondering has anyone put a reduced offer in on a new build and had any luck with it yet?

Target addressable market for the developers is going down day by day as the banks tighten up and the number of people able to take out a mortgage goes down further and further.

If I myself was a builder, I'd be taking any 'decent' offers that come in and locking them down to secure the sale.

We are sale agreed, booking deposit paid since early February. Had been awaiting contracts and they just arrived the week the schools closed. When full lockdown was announced we approached the EA in regards to possibly renegotiating price and they said everything on hold and to wait and see how market reacts. Had not heard from EA since, so emailed today offering 9% less. Got a snotty email back stating there was no evidence to suggest a drop in prices and suggested that costs were increasing because of Covid and builder may be increasing prices and there would be no altering of the price. Not entirely sure they even bothered to contact the builder to be fair.

No entirely sure where to go from here, probably should have just gone direct to the builder.

Hey, could anyone advise, do you sign the bank loan offer at the same time as signing house contracts with your solicitor ? Or are these signed separately by yourself and returned to the bank ?

blowin3 wrote: »

We sold a house over a month ago now. The money has been transferred into our solicitors client account. But the solicitor won't release till all proper searches registration are done. The solicitor is blaming government offices being closed for the delay are anyone else experiencing this?

That doesn’t sound right. The offices were closed but a back open with about 3 weeks and those searches should have been done prior to closing. I’d contact the solicitor again via email and if you get no joy straight to the law society.

Looks like he is messing you around. I’ve heard some horror stories over the years.