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Moving Home - Problems.....Opinions Please

edited November 2009 in Not Sports Related
Right.......

My wife and I have finally sold our flat. It has been on the market since Feb 2008 (Shared Ownership on The Royal Arsenal). Have sold for well under the original valuation but with the market being the way it is, didn't really have much choice. Done well to make a small profit in my opinion.

We haven't made enough on this place to put down a decent deposit on the sort of property we are looking for so we have decided to rent for 18 months - 2 years.

The guy buying our place has said he wants to be in before Xmas. Things are moving along nicely, survey done no problems, contracts sent out to opposite solicitor - nothing queired yet, so hopefully things should complete without anys issue.

We have found the perfect place to rent, suprisingly there is a bit of a shortage of 3 beds houses at present. Well in SE9 there is. Made the mistake of taking my 5 year old daughter the first viewing and she is now in love with the idea of moving to the new place....

The letting agent has "kind of" agreed to hang on, if we can move in 4 weeks.

Having spoken to our solicitor today it looks like the sale might not complete till 2-3 week of January. Housing Association are dragging their feet.

Obviously, the letting agent will not wait that long.

Would you risk it all? I.E move out and into the new place?. We can afford to pay for both properties for a month, maybe 2, but after that things would be tight.

Having only ever bought - chain free - I have no experience of the selling process. At this stage what could go wrong?. I'm 99.9% certain the buyer wouldn't pull out.

What to do?.

Comments

  • No way move out IMHO.

    Dont trust anyone, anything could happen?
  • You could be in it deep if they do pull out. Another favorite by the buyer is reducing the offer at the last minute following the survey. (been there)

    I would request a non-refundable deposit of a few K if they want you to keep it for them as a safeguard.
  • Don't move out until you've signed, exchanged and completed.

    Too much can still go wrong.
  • [cite]Posted By: BDL[/cite]Don't move out until you've signed, exchanged and completed.

    Too much can still go wrong.

    Beat me to it ...,exactly what I think ... you cannot run the risk.
  • edited November 2009
    Clem, You'll always find somewhere else to rent.

    If it went the way of the pear then you're tied in to a xx month long contract on the rental place and there is always the possibility of the sale falling through.

    I sold my shared-ownership place in June after finding a buyer last Dec. It went on for 6 long months after everything looked fine from where I was. Nothing did go wrong, just solicitors not communicating, waiting on postal stuff, the buyer wanting this and that looked at. It all contributed to a protracted sale of a property with no chain at either end!

    IMO, sit tight and wait for the exchange before committing to renting somewhere. Best of luck.
  • We've ' jumped the gun' twice in our lives and came unstuck on both occasions when chains collpased. We had factored failure to sell into our financial planning so we were OK, but it took a further five months (and we had to take a much lower offer) and on the other occasion, nine months, to re-sell the property. If you can't afford more than one or two months double money, think moving out would be ill advised.
  • Would you risk it all? I.E move out and into the new place?. We can afford to pay for both properties for a month, maybe 2, but after that things would be tight.

    ...........

    I wouldn't, the risk of the sale falling through or rumbling on another few weeks will leave you out of pocket. Also bear in mind that your letting agent by agreeing to delay a month is doing so from a position of weakness rather than altruism, if he had another tenant lined up he'd let the place to them without a second thought, it might be that this property will still be available in a week or two's time. If not then there'll be others.

    All you can really do is go back to your solicitor, outline your problem and ask for the reason for the delay and get them to pull their finger out, and tell the letting agent that while you are still interested in this property that you can't commit until the contracts have been exchanged.
  • [cite]Posted By: BDL[/cite]Don't move out until you've signed, exchanged and completed.

    Too much can still go wrong.

    This man speaks sense.

    If it's meant to be then it's meant to be - but it's a risk!

    Hope it all works out buddy
  • So far, it seems everyone's giving the same advice. And I agree. Don't put yourself in a position where you end up paying rent on one place and you still own the other.

    Good luck!
  • [cite]Posted By: Stone[/cite]You could be in it deep if they do pull out. Another favorite by the buyer is reducing the offer at the last minute following the survey. (been there).

    Had this done to me, also wanted the washing machine. I was buying our new house from the brother in law, he had an old washing machine, I swapped it over and on the last day in the old house, I put it in a bedroom upstairs!
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  • It took me over 7 months from accepting the offer on a (chain free) flat to finally completing due to the total incompetance of both solictors conveying the sale and a useless estate agent.

    The best advcie I can offer is to start from the positon that everyone else involved in the process (the buyer, their solicitor, your solicitor, the mortage company and the surveyor, etc, etc) is a complete and utter twunt then base your decisions on that.
  • Cheers all, pretty much what we have decided to do. The place we want had another person view at the sametime. Letting agent said they would prefer us as we were looking for a long-term let (probably ballcocks).......

    Solicitors have been back on and have said they see no reason for things not to complete before Xmas. Letting agent is happy with that for the time being.

    Funnily enough another place has up come that will be available mid January. Is an extra £100 a month but would rather have that than be lumbered with mortgage + rent and rent!!!!.

    Anyone thinking of shared ownership, be warned. Affordable Homeownership my arse!. We'd have been better stretching ourselves with a big mortgage.

    Example of costs during this sale. Housing Association solicitor want £600.00 upon completion - basically for transferring the lease to someone else. Our solicitor contacted them to ask them for a couple of minor details. They wanted £86.25 just to answer the questions. Utter scam.
  • [cite]Posted By: BDL[/cite]Don't move out until you've signed, exchanged and completed.

    Too much can still go wrong.

    Spot on advice, stay put - if you miss out on the 3 bed house, there will be others.
  • And when you do move into your new place. Dont forget that there is a very good electrician here on charlton life :-)
  • All good advice above.

    Remember that it is also a good idea to make an offer on rented accomadation. I have never failed to get a reduction of around 5 - 10 %, if a property is empty it is not making money (that could be well over 1k a month), they want you and your money. You can rent wherever you like, politely make the agant aware of that, even if it is not entirely true.

    Also, much as it it is very hard to do, you give the orders to your children, not the other way round. Not saying that I am not a soft touch with the kids though :-)
  • [cite]Posted By: Clem_Snide[/cite]Anyone thinking of shared ownership, be warned. Affordable Homeownership my arse!. We'd have been better stretching ourselves with a big mortgage.

    Yes and No, Clem. I had my S.O property for 4.5 years and found it very affordable. I think it depends on which S.O company you buy through. Also, costs differ when you sell on but, to be honest, they'll all skim the cream off the top.

    I wouldn't go slating S.O. If it's right for you it's right for you.
  • [cite]Posted By: Elthamaddick[/cite]
    [cite]Posted By: BDL[/cite]Don't move out until you've signed, exchanged and completed.

    Too much can still go wrong.

    Spot on advice, stay put - if you miss out on the 3 bed house, there will be others.[/quote]

    Absolutely, although if i was really pushed I might after exchange,

    Key words here are that there will be others........
  • [cite]Posted By: Clem_Snide[/cite]=
    Anyone thinking of shared ownership, be warned. Affordable Homeownership my arse!. We'd have been better stretching ourselves with a big mortgage.

    Example of costs during this sale. Housing Association solicitor want £600.00 upon completion - basically for transferring the lease to someone else. Our solicitor contacted them to ask them for a couple of minor details. They wanted £86.25 just to answer the questions. Utter scam.

    Talk to many people - and they will be under the impression that Housing Associations are created as some benevolent non-profit making, charitable trust status organisation

    Housing Associations are big business - and they exist for one major reason = to make big profit.

    Huge government funding (taxpayers money) is readily available, and commonsense planning controls largely swept away. Like any big business, maximised profit is the thing.

    They are the social housing equivalent of Barretts or Wimpy Homes.
    And they won't develop any site unless it's hugely profitable.

    And one way or another, we all pay.
  • [cite]Posted By: BDL[/cite]Don't move out until you've signed, exchanged and completed.

    Too much can still go wrong.

    nothing to add to that
  • Agree with what is said above, no social housing anymore like it used to be, it might as well be called council housing and no way should you get yourself involved with shared ownership as it tends to be on properties that cannot sell on the open market.

    If you can move somewhere in the interim and have it lined up as your fall back option then go ahead with the move as it might be the thing that helps the chain to complete. But not if it your only option is to complete as you are putting yourself at the mercy of dodgy buyers and I would imagine there are plenty around. I would agree that you should ask for a guarantee from the buyer to take your property off the market.
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  • [cite]Posted By: Steve Dowman[/cite]no way should you get yourself involved with shared ownership as it tends to be on properties that cannot sell on the open market.

    Sorry Steve but that is utter guff. I know several people and myself that have sold S.O properties. If anything you have a guaranteed sale as people are shown the property rather than having to go looking for it and there are huge waiting lists in most London boroughs for S.O housing. The price it sells for is also a non-negotiable figure that you cannot make an offer on so if you get a decent valuation (like I did), then you can walk away with a very healthy amount of money (like I did).

    Like I said in my earlier post, it's horses for courses...
  • Until the money has hit your bank account(AS CLEARED FUNDS BY THE WAY)...nothing and I mean nothing is nailed on.
  • I'd echo what everyone's said. The housing laws in England are a complete effing disgrace. If I make a commitment to buy a bag of crisps (or anything) I could be sued for any losses that the seller suffers if I fail to do meet my commitment - except for a house, where I can merrily pull out before contracts are exchanged, landing the seller with thousands in legal fees, surveys on their new place etc. etc. Even after contracts are exchanged, I'm probably liable for less than I've cost them. It's a disgrace. The views of everyone on this thread are that people often act like complete scum in house purchasing: the law encourages them to do this (though personally I'd always offer to compensate the other party if my actions fked them over, sadly most folk lack personal integrity).
  • i've had a house fall though on contracts completion day mate and so has a friend of mine recently so echo BDL's commens
  • In Spain when you buy a house you must pay a 10% deposit before anybody proceeds/does anything. If the buyer pulls out, they lose their deposit. If the seller pulls out he pays back double the deposit. It seems like such a simple solution to a very painful and anxiety provoking process.
  • [quote][cite]Posted By: Cordoban Addick[/cite]In Spain when you buy a house you must pay a 10% deposit before anybody proceeds/does anything. If the buyer pulls out, they lose their deposit. If the seller pulls out he pays back double the deposit. It seems like such a simple solution to a very painful and anxiety provoking process.[/quote]

    Similar here in Queensland. You pay a small deposit and then once you have completed your survey and got finance (within 14 days of signing the original deal) you then pay your proper deposit (usually 10%) and if you pull out between then and settlement (which is normally 60 days from the original deal being signed) you lose all your deposit.

    It makes things much easier and stops all the wankers out there trying to screw you at the 11th hour.

    The UK property laws are a farce, its way too complex and leaves too many gray areas.
  • [cite]Posted By: Ormiston Addick[/cite]
    The UK property laws are a farce, its way too complex and leaves too many gray areas.

    It's evolved this way so a whole army of solicitors, lenders, administrators and others can leverage money from your pocket.

    Same with the taxation complexities.

    It's the system. And it's designed that way.
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