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So many aspects to law that you would find some lucrative niche without too much aptitude. Always 100s of jobs available.

nah, really - lawyers make a fine art of being very good at winning arguments about things they barely understand

I can barely argue about things I really do understand - very frustrating!?!

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Surely not.

Patience is needed, 12 months from now could be very interesting, if the impatient ones have already spent their pot of brass I recon the rest of us will be finding the bargains (and the FTB's I hope).

honestly no.

12 months. no.

100 months more like it. this is slow

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I have noticed chains collapsing at the moment also.

Only the lawyers are enjoying it as they get paid several times for the sale of the same house.

They don't get paid several times and any charges for failed completions are generally a loss on the time spent. Lots of them have lost jobs over it. Most of it is fixed price these days and very difficult to make anything much out of it. The charges are usually about 20-25% of what the EA charges. Try France where it will 5% for a notaire run as a cartel.

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We're FTBs and our chain has just collapsed ...our fault. We've just forked out a grand so far and found out that the property we were planning to buy is full of asbestos! So we'll have to wait to raise that £1000 again before looking for another property. The whole buying/selling system is so dated, doesn't make it easy.

We are old fogey boomer cash buyers and we were out today looking in Kent where an overfriendly wide boy estate agent told us that 30% of chains arecollapsing lately. I took that to be an underestimate. By the way there is an awful lot of rubbish coming on to the market even for the dreaded 250000 Max buyer like us . We have even seen one or two that have upped their price. Oh well another day tomorrow . Does anyone know the advantage of being a cash buyer? I cant see one and have been looking for yonks.

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We are old fogey boomer cash buyers and we were out today looking in Kent where an overfriendly wide boy estate agent told us that 30% of chains arecollapsing lately. I took that to be an underestimate. By the way there is an awful lot of rubbish coming on to the market even for the dreaded 250000 Max buyer like us . We have even seen one or two that have upped their price. Oh well another day tomorrow . Does anyone know the advantage of being a cash buyer? I cant see one and have been looking for yonks.

Do things move a lot quicker as a cash buyer? That's the only perk I can see for a seller. You're less likely to have time mulling things over and will actually go ahead with the purchase, rather than have second thoughts and pull out!

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We are old fogey boomer cash buyers and we were out today looking in Kent where an overfriendly wide boy estate agent told us that 30% of chains arecollapsing lately. I took that to be an underestimate. By the way there is an awful lot of rubbish coming on to the market even for the dreaded 250000 Max buyer like us . We have even seen one or two that have upped their price. Oh well another day tomorrow . Does anyone know the advantage of being a cash buyer? I cant see one and have been looking for yonks.

I think the hardest part of an EA's job in the current climate is to convince cash buyers they have little advantage over everyone else. Cash buyers have so much power, but it needs to be applied correctly. Perhaps the EAs would rather not deal with them at all.

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I think the hardest part of an EA's job in the current climate is to convince cash buyers they have little advantage over everyone else. Cash buyers have so much power, but it needs to be applied correctly. Perhaps the EAs would rather not deal with them at all.

I'm trying to find out what percentage of current house sales are to cash buyers, I've combed the Acadametrics data but can't find anything. Based on anecdotals I'd guess that for the country as a whole it's currently about a third. In the Lymington area where I'm looking I'm pretty sure it's at least half.

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Well obviously our money doesn't grow on trees like yours obviously does! Idiot.

I think the gist of his argument is that if you take a significant amount of time to save up £1k, should you really be committing to such a large financial decision such as property? Have you applied any kind of stress test to your financial situation - what are the results?

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I think the gist of his argument is that if you take a significant amount of time to save up £1k, should you really be committing to such a large financial decision such as property? Have you applied any kind of stress test to your financial situation - what are the results?

Perhaps he has realised that if you are in debt the government will help you but if you are in credit they will steal from you?

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I'm trying to find out what percentage of current house sales are to cash buyers, I've combed the Acadametrics data but can't find anything. Based on anecdotals I'd guess that for the country as a whole it's currently about a third. In the Lymington area where I'm looking I'm pretty sure it's at least half.

hmm, tricky to do, especially as auction sales data is hard to come by. Seems to me like the situation is as you think, a significant fraction of sales are due to cash buyers.

Anecdotally, friends are exploring the possibility of buying (I know..) and in boom time they were offered £140k mortgage on £20k earnings, now earnings have risen slightly (probably just inflation tbh) and they are offered a quarter of that.

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I think the gist of his argument is that if you take a significant amount of time to save up £1k, should you really be committing to such a large financial decision such as property? Have you applied any kind of stress test to your financial situation - what are the results?

I don't need a significant amount of time to save £1k. Unless you class waiting until pay day a significant amount of time? lol! Just being sensible, put back in what's been taken out.

My original comment was a bit flippant ...just trying to fit in with you paupers. tongue.gif

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Do things move a lot quicker as a cash buyer? That's the only perk I can see for a seller. You're less likely to have time mulling things over and will actually go ahead with the purchase, rather than have second thoughts and pull out!

I was thinking about the benefits of being a cash buyer the other day; people think you can move quickly if you are in that position, but it is my experience that people with large mortgages lined up are much more willing to part with their money than those with large cash sums they might have worked hard to save. It appears to me, the more you are willing to borrow, the looser connection with the value you have and consequently those sorts of people are much more gung-ho in bidding for property (they are spending someone else's money and not their own).

I for one am not about to pump all my hard earned savings into an overvalued property but I know for sure, when I offer 20% below asking price that some numptie with a massive mortgage lined up is going to outbid me because they haven't a clue about the actual value of what they are putting on the table.

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I was thinking about the benefits of being a cash buyer the other day; people think you can move quickly if you are in that position, but it is my experience that people with large mortgages lined up are much more willing to part with their money than those with large cash sums they might have worked hard to save. It appears to me, the more you are willing to borrow, the looser connection with the value you have and consequently those sorts of people are much more gung-ho in bidding for property (they are spending someone else's money and not their own).

I for one am not about to pump all my hard earned savings into an overvalued property but I know for sure, when I offer 20% below asking price that some numptie with a massive mortgage lined up is going to outbid me because they haven't a clue about the actual value of what they are putting on the table.

I think there's something in that. Common sense dictates the opposite should be true given the uncertainty regarding your ability to meet the future payments, but it matters not it appears.

You just realise how much some are willing to compromise their long-term lifestyles in order to fund a purchase.

Edited by cheeznbreed
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I think there's something in that. Common sense dictates the opposite should be true given the uncertainty regarding your ability to meet the future payments, but it matters not it appears.

You just realise how much some are willing to compromise their long-term lifestyles in order to fund a purchase.

Well exactly, if you haven't worked hard to attain it why would you be bothered about the consequences of spending it? If people had more sense you'd be right in thinking people should be much more wary if they have to borrow huge sums - i know I would be - but it appears this isn't the case. I am always going to be outbid by someone willing to spend more borrowed money than I am; I'm just not willing to take the risk with my own dosh! Cash is not always King it seems!

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Well exactly, if you haven't worked hard to attain it why would you be bothered about the consequences of spending it? If people had more sense you'd be right in thinking people should be much more wary if they have to borrow huge sums - i know I would be - but it appears this isn't the case. I am always going to be outbid by someone willing to spend more borrowed money than I am; I'm just not willing to take the risk with my own dosh! Cash is not always King it seems!

equally, if you have had effortless regular work payrises and promotions (public sector) then you are likely to expect even large loans to be easier to pay down

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