rjw63 Posted March 10, 2021 Share Posted March 10, 2021 9 minutes ago, Xela said: Where you moving to? Should I say? Might drive property prices down. Anyway, not got a solid date yet, quelle surpreeze. Our place is pretty much sold, just need the onward to bugger off. Might have to spend a month at least renting our own house off the new owner. Not ideal but could be worse. 1 Link to comment Share on other sites More sharing options...
darrenm Posted March 11, 2021 Share Posted March 11, 2021 Moved today. My god I'm utterly wrecked doing it all myself. I severely underestimated how much stuff we have. I've saved myself £600 ish but it's been 2 days of hard, hard work. 2 Link to comment Share on other sites More sharing options...
Seat68 Posted March 12, 2021 Share Posted March 12, 2021 6 hours ago, darrenm said: Moved today. My god I'm utterly wrecked doing it all myself. I severely underestimated how much stuff we have. I've saved myself £600 ish but it's been 2 days of hard, hard work. Congratulations on the move. 1 Link to comment Share on other sites More sharing options...
Rds1983 Posted March 12, 2021 VT Supporter Share Posted March 12, 2021 Having agreed a sale in December our buyers announced at 4:55pm last night that they want to get a home buyers survey done. Why have they waited so long? There goes any chance of us completing by end of March as most surveyors are on 2 week lead times. Link to comment Share on other sites More sharing options...
Demitri_C Posted March 12, 2021 Share Posted March 12, 2021 52 minutes ago, Rds1983 said: Having agreed a sale in December our buyers announced at 4:55pm last night that they want to get a home buyers survey done. Why have they waited so long? There goes any chance of us completing by end of March as most surveyors are on 2 week lead times. Really annoying to be honest sounds like delay tactics. Im not sure how desperate you are but id advise them unless there is progress after the survey your going to put the house back on the market. Obviously if your happy to wait then not much more you can do. I booked a survery literally a week after my offer was accepted. People that take this long usually are just trying to delay things. Link to comment Share on other sites More sharing options...
Rds1983 Posted March 12, 2021 VT Supporter Share Posted March 12, 2021 52 minutes ago, Demitri_C said: Really annoying to be honest sounds like delay tactics. Im not sure how desperate you are but id advise them unless there is progress after the survey your going to put the house back on the market. Obviously if your happy to wait then not much more you can do. I booked a survery literally a week after my offer was accepted. People that take this long usually are just trying to delay things. We think they've been waiting to have the mortgage 100% confirmed so that they're not out of pocket in case they didn't get it. Although that was sorted weeks ago (they've done a buy to let on their existing which delayed it slightly). Apparently they also had covid so maybe they forgot about the house for a while, not theat we got chance to whilst ill. Link to comment Share on other sites More sharing options...
stuart_75 Posted March 12, 2021 Share Posted March 12, 2021 1 hour ago, Demitri_C said: Really annoying to be honest sounds like delay tactics. Im not sure how desperate you are but id advise them unless there is progress after the survey your going to put the house back on the market. Obviously if your happy to wait then not much more you can do. I booked a survery literally a week after my offer was accepted. People that take this long usually are just trying to delay things. 20 minutes ago, Rds1983 said: We think they've been waiting to have the mortgage 100% confirmed so that they're not out of pocket in case they didn't get it. Although that was sorted weeks ago (they've done a buy to let on their existing which delayed it slightly). Apparently they also had covid so maybe they forgot about the house for a while, not theat we got chance to whilst ill. I had an offer accepted last August, took till December to get the mortgage offer formally to the solicitor. Only then did I instruct searches and a home buyer report. The risk of kicking everything off at once and possibly losing cash wasn't a path I wanted to go down. So it could of looked like I was stalling to the rest of the chain. Link to comment Share on other sites More sharing options...
Rds1983 Posted March 12, 2021 VT Supporter Share Posted March 12, 2021 (edited) 19 minutes ago, stuart_75 said: I had an offer accepted last August, took till December to get the mortgage offer formally to the solicitor. Only then did I instruct searches and a home buyer report. The risk of kicking everything off at once and possibly losing cash wasn't a path I wanted to go down. So it could of looked like I was stalling to the rest of the chain. I think it depends upon available funds and how quickly you want to proceed. With the stamp duty holiday only just extended this has put pressure on everything and we've been at risk of quite a large upfront payment being needed if we didn't complete by end of March. As such we paid for our survey straight away not to delay anything as we figured it's only £500 odd, the bigger risk was stamp duty and what's £500 when your spending hundreds of thousands buying a house. We agreed the sale on the condition that they'd do everything they could to complete by the end of March to save stamp duty and because our sellers property is sitting empty (they're pushing to complete ASAP) and delaying like this would have potentially cost them to hit stamp duty which is considerably more than a survey or for us to walk because they've delayed and we've now got a stonking bill to pay (and would be expecting corrections in the market down the line). I understand their decision but in the circumstances (stamp duty holiday) I don't agree with it. Edited March 12, 2021 by Rds1983 Link to comment Share on other sites More sharing options...
Genie Posted March 12, 2021 Share Posted March 12, 2021 My in laws agreed their sale/purchase early October, still not complete. Not even that close either. Link to comment Share on other sites More sharing options...
Demitri_C Posted March 12, 2021 Share Posted March 12, 2021 38 minutes ago, stuart_75 said: I had an offer accepted last August, took till December to get the mortgage offer formally to the solicitor. Only then did I instruct searches and a home buyer report. The risk of kicking everything off at once and possibly losing cash wasn't a path I wanted to go down. So it could of looked like I was stalling to the rest of the chain. Yeah never thought of that. In my case the mortgage was approved pretty quickly thankfully. @Rds1983are they 1st time buyers? If so they might be taking a bit of time now due to the extension of the stanp duty holiday so not rushing to complete before end of month I hope they dont extend it beyond june as it leaves sellers in limbo Link to comment Share on other sites More sharing options...
StefanAVFC Posted March 12, 2021 Share Posted March 12, 2021 We are still building. We had a huge delay due to COVID, essentially what it boiled down to was: My fiancee's dad bought a bigger plot of land. He is building 3 houses on it, one of which will be ours. To get the mortgage, we need both the division of the land and the permission to build on our names. Due to COVID, each time we needed permission it took roughly 7044389403x longer than it normally would do. Now we have the land on our name, we are just waiting the for permission to be moved. In the meantime, we started the building, but we can't keep funding it without the mortgage. Hoping for completion by June/July. We'll see! 3 Link to comment Share on other sites More sharing options...
Rds1983 Posted March 12, 2021 VT Supporter Share Posted March 12, 2021 7 minutes ago, Demitri_C said: Yeah never thought of that. In my case the mortgage was approved pretty quickly thankfully. @Rds1983are they 1st time buyers? If so they might be taking a bit of time now due to the extension of the stanp duty holiday so not rushing to complete before end of month I hope they dont extend it beyond june as it leaves sellers in limbo They're not first time buyers, they're converting they're current house in to a buy to let mortgage. They're from Burnley so judging by the football team they're probably just a bit odd. 1 Link to comment Share on other sites More sharing options...
Demitri_C Posted March 12, 2021 Share Posted March 12, 2021 2 hours ago, Rds1983 said: They're not first time buyers, they're converting they're current house in to a buy to let mortgage. They're from Burnley so judging by the football team they're probably just a bit odd. Thats why they are relaxed then as stanp duty holiday doesnt matter to them Best of luck hope all goes well with it Link to comment Share on other sites More sharing options...
Rds1983 Posted March 12, 2021 VT Supporter Share Posted March 12, 2021 1 hour ago, Demitri_C said: Thats why they are relaxed then as stanp duty holiday doesnt matter to them Best of luck hope all goes well with it They're buying a 2nd home, why wouldn't stamp duty apply to them? Surveys booked for Thursday so better turnaround then I thought. Link to comment Share on other sites More sharing options...
Demitri_C Posted March 12, 2021 Share Posted March 12, 2021 34 minutes ago, Rds1983 said: They're buying a 2nd home, why wouldn't stamp duty apply to them? Surveys booked for Thursday so better turnaround then I thought. The stamp duty discount. It only really saves you if your a 1st time buyer without a 2nd property Link to comment Share on other sites More sharing options...
Genie Posted March 12, 2021 Share Posted March 12, 2021 14 minutes ago, Demitri_C said: The stamp duty discount. It only really saves you if your a 1st time buyer without a 2nd property No it doesn’t? If you’re selling a house and buying another you’re (theoretically) saving the stamp duty on the house you’re buying. In reality there is no saving at all because it fired up the market and caused house prices to rise more than the saving. 1 Link to comment Share on other sites More sharing options...
Demitri_C Posted March 12, 2021 Share Posted March 12, 2021 3 hours ago, Genie said: No it doesn’t? If you’re selling a house and buying another you’re (theoretically) saving the stamp duty on the house you’re buying. In reality there is no saving at all because it fired up the market and caused house prices to rise more than the saving. Well when i was buying a house because my missus has a property under her name the stamp duty discount didint apply when i did it online. By not putting her down on the house my stamp duty went down from 38k to 7k Link to comment Share on other sites More sharing options...
Genie Posted March 12, 2021 Share Posted March 12, 2021 12 minutes ago, Demitri_C said: Well when i was buying a house because my missus has a property under her name the stamp duty discount didint apply when i did it online. By not putting her down on the house my stamp duty went down from 38k to 7k I believe it does apply to second homes too, you’d just have to pay the second home surcharge. Quote Does it apply to second homes? The good news is that yes, the stamp duty holiday does apply to second homes. The main driving force behind the change was to stimulate the housing market following the coronavirus pandemic. Due to uncertain economic times, the government wanted to provide relief for the hard-hit property market. And by including second homes, it has done just that. Until 31 March 2021, if you are buying a second property or a property on a buy-to-let basis, you will benefit from the raised tax threshold. However, you will still have to pay the stamp duty surcharge which applies to second homes. Link Link to comment Share on other sites More sharing options...
Demitri_C Posted March 12, 2021 Share Posted March 12, 2021 1 hour ago, Genie said: I believe it does apply to second homes too, you’d just have to pay the second home surcharge. Link Yeah but the surcharge kills alot of the discount. As you rightly said earlier alot of it is irreverent due to house prices going up so much Link to comment Share on other sites More sharing options...
jackbauer24 Posted March 26, 2021 Share Posted March 26, 2021 How insane is the market at the moment?! Is it always like this? I'm a late first time buyer but am now in a very healthy position and decided to finally get moving on this. Having a good budget, the deposit sorted and very stable jobs in no chain I thought we'd not find it too hard despite our quite particular requirements list. However, so far we're getting nowhere. Found a house... Did a drive by, phoned up Agents and price had risen by about 20%! A week later, find another house advertised on Saturday, phone Monday and it's Under Offer and no more viewings. Find another a few days later and again, 24hrs later they're not accepting viewings. Today, goes live at 3.30 (Rightmove), phone at 4.15 and viewings full and we're ninth in waiting list. I thought this would be the fun part before the paperwork/solicitors bit but I'm so disillusioned already. We've spoken to a few agents who know what we're looking for but they don't really seem to bothered to even send emails... Bar one who decided to book us into a viewing for a house while we were at work... For a house that was half our budget, in the wrong location and way smaller than we'd discussed. Is this normal or shall I just wait for the Covid/Stamp Duty bubble to disappear in June/Sept? Link to comment Share on other sites More sharing options...
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