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when you make an offer it is with the proviso that they take the property off the market.

2p
But they may not, unless you off them what they are asking. Whether they will or not, depends on what they are actually expecting to sell for.

My flat is currently on the market. Each agent i had round to value it (despite me saying that I wanted it on the market at a price to sell) said 'put it on for x, and you should get x-5k'.

wtf? why not put it on for x-5k at the outset!

Anyway, if someone offers me anything between 5k below, and the asking price, i'd take it off the market, because I'd accept the offer :)
 

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Our Mortgage is largish, but still a lot less than it would cost to rent the same property, so I guess I'd rather buy than rent, and end up with an asset of my own rather than buying a house for someone else.

That said, my house is my home. Making money wasn't the primary reason I bought it, I wanted somewhere nice for me and my family to live.
NB: you also need to make sure the neighbours are OK before you commit to purchasing a property.

;)
 

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Well, offer was very lowball, but we now basically know what they will accept, and the offer was rejected.

All we have to decide now is whether it is worth that. Annoyingly, it probably is. Even more annoyingly, it will stretch us further than I want to stretch, but it seems if you want to live either within or anywhere near the M25, you can forget about spending less than £250K. Which is a ridiculous amount of money, considering the bank won't give anyone a mortgage with less than about 20% deposit, maybe 15% if you are nice. 10% if you want to be bent over and have the interest rate forcibly inserted every month. Luckily that isn't an issue for us, but house prices seem to have just got to a point of utter madness.

I also have to have the patience not to go back and just offer them what we know they will accept and it is worth this afternoon. Because if we do that, they'll probably push for more.

I am particularly annoyed with people putting in offers, but they are unable to proceed. If my understanding is right, it means they are offering a price for the house, but don't have a chance of doing a deal any time soon. That's like me offering to buy your car off you for £50K and then telling you that I'll give you that some time in the next decade. If you can't buy, don't bid. It just wastes everybody else's time and makes a seller think their house is worth more than it is.

Digs.
Some estate agents have this about right. Others, sadly, have got it all wrong.

My original estate agent advised me to accept an offer on the basis that i was unlikely to get a better one, and the purchaser had a bige deposit (£70k), and a mortgage in principal (outright lie).

Our sellers estate agent would not take the house we are (still) trying to buy until he'd had confirmation that we had a mortgage in principal. As it was, we had a 'mortgage promise' which was confirmation enough for them.

My current estate agent has a policy of not moving purchasers forward until they have finance confirmed, as does the estate agent my parents are buying from. Their seller, though has no such policy.

My own view is that purchasers should not be making offers that they have no right making. I can offer anything i want for a house, but i have no right making that offer unless I have got funding in place, at least in principal (i.e subject to a survey), to back it up.

Hope it goes smoothly, Digger!
 

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The estate agent will be the worst.

My first one was a lying barsteward who wouldn't have known the truth if it had slapped his arse.

The second one is OK, but as soon as an offer is accepted, they hand it all over to a 'move manager' whose sole purpose seems to be to call both sets of solicitors and email an update or send a chasing email on a weekly basis.

I doubt she knows one end of a 'Deed of Variation' from the other.

Good luck, Digger & Amy.... but I think a month is more than a little ambitious.

I'd bet on it being 2, and is provided everyone puts your file on the top of their pending
 

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Huh. Was that Lou & C Removals Inc., perchance?

We wouldn't need removals, so that's not really cheered me up - we're only going half a mile down the road. One big van and several estate cars plus beer and pizza for mates will be our removals...

Which reminds me, must start stockpiling boxes. Anyone know where to get hold of decent size / strength ones for not much money (or rather, free)? Our supermarket only seems to have wine boxes these days which are piss all use for most things apart from as a cat toy.
I should be done with mine shortly - or at least some of them.
 

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Oh dear - last time it actually was just us, but that wasn't what I was thinking of. The time before we used real removals people and they were very good.

Buy the boxes! Go to a storage place and get a moving pack from them and you get a bunch of boxes all the same size and the right strength. Perfect.
We went to Big Yellow, and got their mixed box, that allegedly has sufficient to hold the contents of a 1-2 bedroom home. Obviously, I have more than the average amount of crap, as I've used twice that amount!
 

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Something to remember is who is paying the estate agent. Mostly it us the seller, therefore he works in the sellers best interests. If he knows that the buyer will have no option but to screw the seller over at some point, then hes not doing his job right.

Beware of the 'move manager' or whatever title they give them. Their job is to chivvy things along, but they seem to know diddly squat other than a few terms, like 'contract', 'exchange', mortgage etc. Give them something more complicated, they become even more useless and make stuff up, in the hope you don't understand either.
 

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Why do you think the estate agent would tell you about the surveyor?

The estate agent is the vendors' agent.

The surveyor is your contractor / your bank's contractor.

It actually isn't anything to do with the estate agent. They would be informed and tell the vendor, but you should know yourself from your mortgage provider or from arranging the survey.
That is the way it was for us too - and seems to be the normal way of things.

Our mortgage provider told us when it was happening on the house we are buying, and my estate agent told me when the appointment was made to do the one on the flat.

I'd like people to do some 'omming' over the next day or two please, so we can get ours wrapped up, then Digger and Amy can have our boxes! :)
 

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As the buyer, that is one reason I want to be there when they do the survey.

I am surprised at the approach, thought that surveyors could be sued if they miss obvious stuff as they go around the property - if for example there is damp and they fail to pick it up then you can sue them for the cost of fixing something they have failed to see (and could reasonably have been expected to) - or similar obvious issue, I guess that is all they are covering. Perhaps a dodgy surveyor (no issue for you as a seller, obviously) or something.

Digs.
They can, and that is where you need to be clear about what you have paid for.

If you have paid for what is essentially a valuation (the minimum that lenders want) then all they do is look, and make sure nothing is obvious. They don't look any further than the paint on the walls, and i don't think they even move furniture. They look, and decide of the amount you are asking to borrow is reasonable in terms of the LTV. TBH, I suspect that valuations are done by people who know the property market, not necessarily how a building should be constructed.

If you have paid for a full structural survey, then they are supposed to look very carefully. Whether they do or not depends on the credibility of the surveyor.
 

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I think I've worked out why there isn't an official regulator for Estate Agents. They'd be so busy taking complaints they would never have the time to actually fix anything.

Digs.
There is an ombudsman though. However, i suspect it has no teeth. I wanted to make a complaint to them about my estate agent, but apparently I have to attempt to get the issue resolved by the estate agent first.

I'll be starting their complaints procedure as soon as i have finally moved.
 

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Just to pass the time while we wait for everybody else in this process to do their thing, I am now taking bets on the date we actually get to move in to the new house. My current bet is week commencing 30th August 2011.

For a helpful guide, our offer was accepted 2 weeks and 1 day ago. Our solicitor has just been sent the draft contract, and the sellers have started putting stuff in boxes. We haven't put any stuff in boxes, because Morag hasn't moved house and given us her boxes yet :) Survey happened today.

Place your bets. Closest bet wins a prize. No idea what prize yet. Pick a week between now and 2012.

Digs.
That makes 8 weeks from offer to completion, or 6 weeks from preparation of the draft contract.

I accepted an offer on my flat on 25th May. Our solicitors sent the draft contract on 6th June.

We should be completing next week, which would make 9 weeks from the offer, or just over 6 weeks from the draft contract going.

This is with no chain, and all three parties wanting it shifted as soon as possible.

So I reckon you might be right, unless it all goes smoothly, and all the solicitors figure that sitting on a document for a week without looking at it is not reasonable.
 

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Our solicitors won't be sitting on it, but then we can't control their solicitors really - so they could sit on it for a week, but the sellers seem pretty keen.

If we can be in before the end of August I think I'd see it as a success. If we can get exchanged within 2 weeks we'll have hit 28 days from offer to exchange. Which was a pipedream a few weeks ago and I'd consider a personal achievement :)

Digs.
If you exchange in 2 weeks, you'll be really lucky. AFIUI, all the work happens before exchange, and the wait between the two can be a short or as long as the parties need/want. It took 2 weeks for some of our searches to come through.
 

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Well, I am now officially adding Solicitors, and the sellers to the list of people who are utterly useless and preventing things from just happening.

We have now been told that the surveyor thinks that some of the work in the house require building regs approval. This was in the report included with all the other doom, gloom and misery they'd suggested, but because their report is so filled with doom, gloom and misery, you miss important details that will actually stop your house sale from going through.

So, the solicitor hasn't said anything about this throughout. Not a mention. He has, it seems, been repeatedly asking the same question from the sellers, and they have repeatedly been telling him that their builder said they didn't need building regs.

The solicitor will not proceed with exchange unless they have it signed off, or unless we get an Indemnity Policy to cover the risk of the local authority taking action against us about it. Except you can't get those policies if the work was carried out in the last 12 months. The work was carried out about 9 months ago.

So, basically we are screwed. They have to get retrospective building regs for the work. Which could take weeks.

I have no idea why the solicitor didn't say anything about this when I repeatedly asked if there was anything to stop us exchanging.

I have no idea why the sellers just accepted that rebuilding their cupboard into a toilet wouldn't require some paperwork.

All sensible suggestions and ideas welcome on how we can still exchange as planned on Monday. Because I don't see a way for that to happen.

Digs.

Go to the council, cry in reception and tell them that you absolutely must move by xx/xx/xx because you are getting married, and can they please do the paperwork 'as a matter of urgency'.
 

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Unfortunately, the people who would be responsible for changing the system are the ones currently making a good living with the system we have, so there is little incentive to change it.

I always thought (until recently) that if a solicitor gave an undertaking, and another agreed to accept that undertaking, that it was as set in stone as it could be. However, it seems that solicitors can change their minds about relying on another solicitors undertaking. If solicitors can't trust each other, where does that leave the ordinary person, apart from up shit creek?
 
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