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Stressed. First time buyer being pushed to complete. Thoughts please.


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Hi everyone,
I'm a 31yr old first time buyer getting really fed up with the house buying process at the mo. 

Earlier this year, I was close to buying a dream property unfortunately a lack of building regs and a bad survey meant that it would have been too expensive for me since house was top of my budget. 
I'm renting at the moment, a place that is very cheap but getting too small now. 
Soon after this house purchase fell through, we visited a house in the same village and put an offer on it as it was more in budget and we thought it ticked a lot of boxes. 
My plan was to try and overpay to the max to get the mortgage paid off in 8 years. 
But there are a few issues. It is local connection which we obviously knew about. But what we didn't know is that you can only rent it out for 12 months. This worries me as we are planning to move again in 5 years and I was hoping to rent it out if I wasn't able to sell. 

 We have also found out that the conservatory does not have planning permission. Restrictive covenants also means that we can't put a hedge or fence up to close off the garden. At certain angles the whole garden can be seen from the estate. A private garden is important to me. 

Another issue is that a planning indemnity policy is in place. We have asked why? The sellers say that they do not know...!? Their solicitor answered "don't know" to a lot of enquiries. They also refused to pay for the indemnity policy at first. 

Now they are saying they will pay the indemnity policy if we exchange and complete now. I'm not happy to move during kickdown. Work for me is incredibly busy. I'm a postwoman and it is busier than Christmas. Im finding the daily phonrcalls stressful. I don't want to be picking up my phone when I'm working as I have no handwashing facilities whilst at work. 
All the shops are closed. I wanted to replace carpets. They have three cats and I'm allergic asthmatic. I cannot move without getting all the stuff I need. Also the sellers are living with their daughter elsewhere but some of their stuff is in the house and garage. They are wondering if I move in now and they can pick their stuff up after lock down. No thanks! 
I'm very nervous as well about losing lots of money. My husband and I are planning to move on to his family's farm but for reasons I won't get into this won't happen for 5 to 10 yrs. I'm worried about buying a house that I can't sell easily or even rent out. 
To give you my financial situation. My husband and I are classed as essential workers so we still have our jobs. We earn over roughly 35k per tax joint income which I appreciate is not a great deal but house prices not too bad in the part of Cornwall that we are in. We have perfect credit scores and £56,000 savings including help to buy isa. 

I want to move forward in life but this is not an easily saleable house. I've told estate agents and solicitor that I want to wait till after lockdown but they keep pushing. 

 

Also they do not have a boiler installation certificate and do not have any inspection reports. 

I offered 160k. Guide price was 155 to 165 but estate agent said 160 was minimum.... I should have not been played.... 
Also haven't even had a homebuyers report yet. The surveyor is not available till 2 weeks after lockdown. 
 

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14 minutes ago, “Nasty Piece of work” said:

Run - you are being shafted and sacrificed to keep a completion.

If you are not committed to completing and have not spent a great deal of money on surveys etc, I would walk away.

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You don't need to run, you don't need to do anything.  As other posters have said just politely tell the seller that you are no longer interested.  If they get upset suggest you MAY consider it again in the future.  If they persist in harassing you then suggest they go and stick their head up a dead bears bum.

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Most new estates have some restrictions on hedges and fences and to be fair not all extensions need planning.  I would be telling them I want an answer on the policy question before going ahead.  After that its up to yourself, noone can be sure of a drop but if your willing to wait at the least you are unlikley to pay more or get a better choice of site or estate with less issues.  

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11 hours ago, Iamnotsure said:

Hi everyone,
I'm a 31yr old first time buyer getting really fed up with the house buying process at the mo. 

Earlier this year, I was close to buying a dream property unfortunately a lack of building regs and a bad survey meant that it would have been too expensive for me since house was top of my budget. 
I'm renting at the moment, a place that is very cheap but getting too small now. 
Soon after this house purchase fell through, we visited a house in the same village and put an offer on it as it was more in budget and we thought it ticked a lot of boxes. 
My plan was to try and overpay to the max to get the mortgage paid off in 8 years. 
But there are a few issues. It is local connection which we obviously knew about. But what we didn't know is that you can only rent it out for 12 months. This worries me as we are planning to move again in 5 years and I was hoping to rent it out if I wasn't able to sell. 

 We have also found out that the conservatory does not have planning permission. Restrictive covenants also means that we can't put a hedge or fence up to close off the garden. At certain angles the whole garden can be seen from the estate. A private garden is important to me. 

Another issue is that a planning indemnity policy is in place. We have asked why? The sellers say that they do not know...!? Their solicitor answered "don't know" to a lot of enquiries. They also refused to pay for the indemnity policy at first. 

Now they are saying they will pay the indemnity policy if we exchange and complete now. I'm not happy to move during kickdown. Work for me is incredibly busy. I'm a postwoman and it is busier than Christmas. Im finding the daily phonrcalls stressful. I don't want to be picking up my phone when I'm working as I have no handwashing facilities whilst at work. 
All the shops are closed. I wanted to replace carpets. They have three cats and I'm allergic asthmatic. I cannot move without getting all the stuff I need. Also the sellers are living with their daughter elsewhere but some of their stuff is in the house and garage. They are wondering if I move in now and they can pick their stuff up after lock down. No thanks! 
I'm very nervous as well about losing lots of money. My husband and I are planning to move on to his family's farm but for reasons I won't get into this won't happen for 5 to 10 yrs. I'm worried about buying a house that I can't sell easily or even rent out. 
To give you my financial situation. My husband and I are classed as essential workers so we still have our jobs. We earn over roughly 35k per tax joint income which I appreciate is not a great deal but house prices not too bad in the part of Cornwall that we are in. We have perfect credit scores and £56,000 savings including help to buy isa. 

I want to move forward in life but this is not an easily saleable house. I've told estate agents and solicitor that I want to wait till after lockdown but they keep pushing. 

 

Also they do not have a boiler installation certificate and do not have any inspection reports. 

I offered 160k. Guide price was 155 to 165 but estate agent said 160 was minimum.... I should have not been played.... 
Also haven't even had a homebuyers report yet. The surveyor is not available till 2 weeks after lockdown. 
 

Walk away. As you say you can't do anything at the moment because you haven't got a survey and as the seller is causing you stress it's not worth the hassle as you are never going to like living there.

Once the lockdown is finished I suspect there will be lot of other houses available at more sane prices - the market for local houses in Cornwall is going to be devastated by the lack of a tourist industry this year.

Equally if your dream house hasn't sold it's likely to be available again at a price that would make it sensible.

Edited by Houdini
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11 hours ago, Iamnotsure said:

Hi everyone,
I'm a 31yr old first time buyer getting really fed up with the house buying process at the mo. 

Earlier this year, I was close to buying a dream property unfortunately a lack of building regs and a bad survey meant that it would have been too expensive for me since house was top of my budget. 
I'm renting at the moment, a place that is very cheap but getting too small now. 
Soon after this house purchase fell through, we visited a house in the same village and put an offer on it as it was more in budget and we thought it ticked a lot of boxes. 
My plan was to try and overpay to the max to get the mortgage paid off in 8 years. 
But there are a few issues. It is local connection which we obviously knew about. But what we didn't know is that you can only rent it out for 12 months. This worries me as we are planning to move again in 5 years and I was hoping to rent it out if I wasn't able to sell. 

 We have also found out that the conservatory does not have planning permission. Restrictive covenants also means that we can't put a hedge or fence up to close off the garden. At certain angles the whole garden can be seen from the estate. A private garden is important to me. 

Another issue is that a planning indemnity policy is in place. We have asked why? The sellers say that they do not know...!? Their solicitor answered "don't know" to a lot of enquiries. They also refused to pay for the indemnity policy at first. 

Now they are saying they will pay the indemnity policy if we exchange and complete now. I'm not happy to move during kickdown. Work for me is incredibly busy. I'm a postwoman and it is busier than Christmas. Im finding the daily phonrcalls stressful. I don't want to be picking up my phone when I'm working as I have no handwashing facilities whilst at work. 
All the shops are closed. I wanted to replace carpets. They have three cats and I'm allergic asthmatic. I cannot move without getting all the stuff I need. Also the sellers are living with their daughter elsewhere but some of their stuff is in the house and garage. They are wondering if I move in now and they can pick their stuff up after lock down. No thanks! 
I'm very nervous as well about losing lots of money. My husband and I are planning to move on to his family's farm but for reasons I won't get into this won't happen for 5 to 10 yrs. I'm worried about buying a house that I can't sell easily or even rent out. 
To give you my financial situation. My husband and I are classed as essential workers so we still have our jobs. We earn over roughly 35k per tax joint income which I appreciate is not a great deal but house prices not too bad in the part of Cornwall that we are in. We have perfect credit scores and £56,000 savings including help to buy isa. 

I want to move forward in life but this is not an easily saleable house. I've told estate agents and solicitor that I want to wait till after lockdown but they keep pushing. 

 

Also they do not have a boiler installation certificate and do not have any inspection reports. 

I offered 160k. Guide price was 155 to 165 but estate agent said 160 was minimum.... I should have not been played.... 
Also haven't even had a homebuyers report yet. The surveyor is not available till 2 weeks after lockdown. 
 

You have steady jobs and savings. You can afford to buy 'perfect' Bearing in mind your situation look at it like a car - full dealer history, perfect bodywork etc 

In this context this isn't

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anything not 100% perfect on the survey or on the deeds, then run away. That's just common sense.

you may not think its a big deal, but it will deter a lot of people buying it off you in the future (and by the sounds of it, this is not your forever home).

ALSO, there is always another house, stop having tunnel vision on this house, its not now or never.

just keep saving and it will open up better houses, also for the sake of moving in 5 years, why not stretch and get something suitable forever, and you can pay back the mortgage as fast as you can in those 5 years?

is your job safe? personally im glad i dont need to make any big decisions right now, but you may find the market gets a lot warmer when this is over, and suddenly a lot is listed (deaths and delayed sales). So you might find something perfect.

it only takes about 5 years for inflation (true inflation not whats reported) to eat away like 20% of your purchasing power if not more, but the same applies when taking on a big mortgage. 

people on HPC dream of deflation, but when everything is bought in a currency that they will destroy to prevent deflation, its not going to happen.

as for now your better off in assets, and always will be, the mortgage is a horrible debt, and its unjust, but unless you have saved in gold and bitcoin, or made a killing in shares your always going to be on the losing end of the equation anyway.

might as well get something that will suit you for 15-20 years, and just bend over and take a big mortgage.

im 31 and bought a year or two ago, easily paid off a big chunk of the mortgage, and had some big exposure to gold, so basically is the system collapses or things go really bad and i lose the house, the gold will be an instant deposit for the next one, a bit of a win win.

Edited by jiltedjen
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The seller is pushing you. There may be a number of reasons why they are doing this but NONE of them are your problem. Though if you don't pull out it's very likely they will be.

I'm sure we'll see the survey report in due course in "Best Horror Stories of the Year, 2020."

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I will not tell you what to do, but help you think about it in better ways:

  • What happens is you delay your decision? Is someone going to show up and "snatch" the property from you?
  • You are about to make your biggest financial commitment to date in your entire life. Having perfect information regarding the survey is critical in your ability to proceed.
  • If you are trapped in this house for one reason or another, are you comfortable spending the next 15 years / rest of your life in this house?

 

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No one can really tell you as there’s so much more we don’t know. However going ahead sounds a terrible idea from what you’ve said.

Post us a Rightmove link to it.

if you still want it tell them the World has clearly changed so £140k take it or leave it max price. If they say no then it’s them that’s walked away not you so everyone’s a winner. If they say yes you might have got a bargain. Or at least a fair price. 

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sorry to hijack post, what sort of timelines do people think it will take to reach the new bottom, 3 months, 6 months, 18 months?

My Wife and I are both self employed with 130k savings, we could secure a 75% LTV mortgage now, and there is an empty house on our road and our Son will be attending local school for 5 more years.

Worth making cheeky offers on empty properties now, or will there be 2x, 3x more properties to choose from once the props have been removed? but again, what time frame are we looking at here?

Edited by luvadealme
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41 minutes ago, luvadealme said:

sorry to hijack post, what sort of timelines do people think it will take to reach the new bottom, 3 months, 6 months, 18 months?

My Wife and I are both self employed with 130k savings, we could secure a 75% LTV mortgage now, and there is an empty house on our road and our Son will be attending local school for 5 more years.

Worth making cheeky offers on empty properties now, or will there be 2x, 3x more properties to choose from once the props have been removed? but again, what time frame are we looking at here?

No one knows the answers. But I’m pretty sure youll have better options in a month or two. In 18 months this could all be behind us but that all depends on Corona. Nobody knows. I’m a cash buyer (large deposit, only small mortgage required and nothing to sell) and hoping I can buy within the next 6 months.

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