Topic: The 'Eeeek...buying/saving for a house' thread

[Drinks Sangria]

So we offered on the property we liked that we viewed at the weekend, and we didn't get it. Third time not so lucky! We're going to give it a bit of an enforced break now because there's nothing on the market we'd consider. It's bizarre in our area, the only things for sale are £100k flats and terraces, then basically nothing until you're talking the massive £800k - £1m+ pads in the nicer villages.

It was one of the odder processes we've been involved in. We saw on Friday night, bid Saturday lunchtime and were told that they'd come back to us when they'd given the vendor the offer. Yesterday lunch time, I get a call saying we'd been unsuccessful and they'd accepted another bid. I said well I would like to increase my offer - I wasn't ever advised our first bid had to be best and final - and the estate agent literally said to me 'they've accepted an offer higher than yours and instructed us not to take any further offers. Normally we'd tell a client keep pushing the bids up and see how much you can get, but we've had to advise them that if the bidding goes any higher, the sale will fall through because it won't be valued at the agreed fee at survey. We don't want it getting out of hand.'

Never heard that one before!

A bit annoyed as we clearly weren't going to offer our best for our first offer, you expect some back and forth. We could've gone another £15k to £20k higher but never had the opportunity. It may be for the best if they're thinking it simply isn't worth those amounts, but based on the market at present and what comparable homes in the area have been sold for, I think it was priced about right. Strange times.

[stewy17]

So we offered on the property we liked that we viewed at the weekend, and we didn't get it. Third time not so lucky! We're going to give it a bit of an enforced break now because there's nothing on the market we'd consider. It's bizarre in our area, the only things for sale are £100k flats and terraces, then basically nothing until you're talking the massive £800k - £1m+ pads in the nicer villages.

It was one of the odder processes we've been involved in. We saw on Friday night, bid Saturday lunchtime and were told that they'd come back to us when they'd given the vendor the offer. Yesterday lunch time, I get a call saying we'd been unsuccessful and they'd accepted another bid. I said well I would like to increase my offer - I wasn't ever advised our first bid had to be best and final - and the estate agent literally said to me 'they've accepted an offer higher than yours and instructed us not to take any further offers. Normally we'd tell a client keep pushing the bids up and see how much you can get, but we've had to advise them that if the bidding goes any higher, the sale will fall through because it won't be valued at the agreed fee at survey. We don't want it getting out of hand.'

Never heard that one before!

A bit annoyed as we clearly weren't going to offer our best for our first offer, you expect some back and forth. We could've gone another £15k to £20k higher but never had the opportunity. It may be for the best if they're thinking it simply isn't worth those amounts, but based on the market at present and what comparable homes in the area have been sold for, I think it was priced about right. Strange times.

That's bizarre mate but perhaps the winning bid was so high that they just didn't expect anyone reasonable to get near. That happened to us once or twice when we weren't even asked for last and final offers, so thought we'd been successful or only bidder, only to find out the next day that someone offered £80k more than us. If they were saying the value might not get approved by mortgage company then I'm guessing the winning offer was idiotic.

[Jwils21]

Cheers guys for the tips! got 2 viewings tomorrow straight after each other and dragging a mate along, 2 pairs of eyes better than one i hope!

Best of luck, as someone who's currently going through the purchase process for the first time my advice would be to see a few - even if you have no interest whatsoever - just so you have a comparable. Mistake we made was getting our hearts set on the very first place we viewed, which in the end went for 15k over it's value. In the end the house we're now going through the motions with ticks far more boxes and is much better value. Fingers crossed for the valuation now...

I'd also say make sure you keep your house (pun slightly intended) in order as much as you can. If people are waiting on documents, ID's, payments etc make sure you keep on top of them. Hold ups are frustrating but at least you'll then have the peace of mind that you've done all you can.

Looking past the current decor is difficult. As long as the main bits are okay (kitchen & bathroom) or within your means to replace, don't pay too much attention to wall and floor coverings. It's an expense to change them, but it's about weighing up what would need immediately sorting and what's a "nice to have" longer down the line.

Best of luck!!

[clinical]

So we offered on the property we liked that we viewed at the weekend, and we didn't get it. Third time not so lucky! We're going to give it a bit of an enforced break now because there's nothing on the market we'd consider. It's bizarre in our area, the only things for sale are £100k flats and terraces, then basically nothing until you're talking the massive £800k - £1m+ pads in the nicer villages.

It was one of the odder processes we've been involved in. We saw on Friday night, bid Saturday lunchtime and were told that they'd come back to us when they'd given the vendor the offer. Yesterday lunch time, I get a call saying we'd been unsuccessful and they'd accepted another bid. I said well I would like to increase my offer - I wasn't ever advised our first bid had to be best and final - and the estate agent literally said to me 'they've accepted an offer higher than yours and instructed us not to take any further offers. Normally we'd tell a client keep pushing the bids up and see how much you can get, but we've had to advise them that if the bidding goes any higher, the sale will fall through because it won't be valued at the agreed fee at survey. We don't want it getting out of hand.'

Never heard that one before!

A bit annoyed as we clearly weren't going to offer our best for our first offer, you expect some back and forth. We could've gone another £15k to £20k higher but never had the opportunity. It may be for the best if they're thinking it simply isn't worth those amounts, but based on the market at present and what comparable homes in the area have been sold for, I think it was priced about right. Strange times.

I thought it was a legal duty of the agent to pass on any offers. There shouldn't be anything stopping you putting another offer in and that being passed onto the current owners. It's up to them if they accept or not and take the risk of it falling through.

[stewil007]

Looking past the current decor is difficult.

When my wife and I were looking, this was the biggest problem we had, there were some fantastic opportunities but because of dated or garish décor and in one instance, the smell of wet dog, we passed those up (well I didn't, but wifey was having none of it)

[Jwils21]

When my wife and I were looking, this was the biggest problem we had, there were some fantastic opportunities but because of dated or garish décor and in one instance, the smell of wet dog, we passed those up (well I didn't, but wifey was having none of it)

We looked at a house with Disney stickers on all the walls, a house with a corded telephone (without the reciever) drilled into the bedroom wall and another with glittery cladding on the bathroom walls.

[El Lobo]

I thought it was a legal duty of the agent to pass on any offers. There shouldn't be anything stopping you putting another offer in and that being passed onto the current owners. It's up to them if they accept or not and take the risk of it falling through.

and the estate agent literally said to me 'they've accepted an offer higher than yours and instructed us not to take any further offers. Normally we'd tell a client keep pushing the bids up and see how much you can get, but we've had to advise them that if the bidding goes any higher, the sale will fall through because it won't be valued at the agreed fee at survey

[clinical]

Point still stands. Said they'd go another £15k/£20k higher. It's a legal requirement of the agent to pass on any offer until exchange of contracts. The extra money may mean they'd take the risk of it falling through after all. I'm sure money on the table has changed people's stances before.

[Drinks Sangria]

I thought it was a legal duty of the agent to pass on any offers. There shouldn't be anything stopping you putting another offer in and that being passed onto the current owners. It's up to them if they accept or not and take the risk of it falling through.

Basically what Lobo just pasted above - the vendor basically closed off communication regarding any more offers. They did say they would keep our offer on file in case the other offer fell through and that we could increase our offer and then keep that on file, but I thought that was pointless, it would just mean us paying more if the prospective buyer's offer fell through.

That's bizarre mate but perhaps the winning bid was so high that they just didn't expect anyone reasonable to get near. That happened to us once or twice when we weren't even asked for last and final offers, so thought we'd been successful or only bidder, only to find out the next day that someone offered £80k more than us. If they were saying the value might not get approved by mortgage company then I'm guessing the winning offer was idiotic.

The market is getting wild if estate agents are actively advising vendors that it's getting out of hand. I'll be very interested in a few months to see what it went for - it won't be £80k more, that would be far too big a chunk of the property's value, but if you're in London/ South I can imagine that's not all that uncommon! I'm thinking yeah it must be bordering on a stupidly high offer. Can't compete with that and to be honest, I don't want to!

[Ziltoid]

One in the Fax, slight damage due to cultivating crops

https://metro.co.uk/video/lettings-agent-makes-property-tour-burnt-house-sale-2431905/?ito=vjs-link

[clinical]

Basically what Lobo just pasted above - the vendor basically closed off communication regarding any more offers. They did say they would keep our offer on file in case the other offer fell through and that we could increase our offer and then keep that on file, but I thought that was pointless, it would just mean us paying more if the prospective buyer's offer fell through.
The market is getting wild if estate agents are actively advising vendors that it's getting out of hand. I'll be very interested in a few months to see what it went for - it won't be £80k more, that would be far too big a chunk of the property's value, but if you're in London/ South I can imagine that's not all that uncommon! I'm thinking yeah it must be bordering on a stupidly high offer. Can't compete with that and to be honest, I don't want to!

Okay in that case it must be a legal requirement up until the vendor tells them not to. I was always under the impression they had to pass on any offers whatever.

[CraigDS]

Snip

Drove to it today, had a good look round outside and possibly peaked over the fence into the back garden. It looks well kept so from that assuming it won’t have been trashed inside.

Decided to just make an offer without viewing... they decided they won’t accept offers now without a viewing (even though we missed out on a place 2 weeks ago based on someone doing just that).

So we’re now having to wait until Thurs, hope one of the other two don’t say they want it, and then tick the box of saying we want it after viewing.

Like I saw.... estate agents are c*nts.

[reddebs]

Just had confirmation that we complete on the house next Wednesday 🎊🎉🥳🥂

[Drinks Sangria]

Just had confirmation that we complete on the house next Wednesday 🎊🎉🥳🥂

Great news, congratulations 

Drove to it today, had a good look round outside and possibly peaked over the fence into the back garden. It looks well kept so from that assuming it won’t have been trashed inside.

Decided to just make an offer without viewing... they decided they won’t accept offers now without a viewing (even though we missed out on a place 2 weeks ago based on someone doing just that).

So we’re now having to wait until Thurs, hope one of the other two don’t say they want it, and then tick the box of saying we want it after viewing.

Like I saw.... estate agents are c*nts.

How's this progressed Craig?

[CraigDS]

How's this progressed Craig?

Viewing at 4.30 today. I’m about to go and hand in a completed application with all the required evidence so hopefully as soon as we view we can ring and pay the holding deposit.

There are two viewings in the hour before ours though, but she told us on the phone that they only accept a deposit with a completed application so I’m hoping none of them have that ready and we can get in there.

[The G in Gerrard]

Hopefully this isn't impossible to answer but seen a nice 3 bed home new build. If I'm to keep my current property for rent I would need to pay between 12 to 15k on stamp duty for second home (it's a flat which had depreciated in value unfortunately). Is offering less on the new home eg by 20 to 30k just going to be laughed at?

[CraigDS]

Hopefully this isn't impossible to answer but seen a nice 3 bed home new build. If I'm to keep my current property for rent I would need to pay between 12 to 15k on stamp duty for second home (it's a flat which had depreciated in value unfortunately). Is offering less on the new home eg by 20 to 30k just going to be laughed at?

Depends on a few things - how long has it been on the market, is it over priced at its current price, is there high demand in that area for that sort of property, etc.

I mean going in with a lower offer is a good idea most times but can back fire if there are plenty of others wanting to buy.

[The G in Gerrard]

Depends on a few things - how long has it been on the market, is it over priced at its current price, is there high demand in that area for that sort of property, etc.

I mean going in with a lower offer is a good idea most times but can back fire if there are plenty of others wanting to buy.

Cheers mate.

Spoke to Estate Agents it was sold but whoever's offer was accepted has had issues and is currently trying to resolve them so in meantime it's back on sale & it's got open day Saturday to view but maybe pulled if said original offer is resolved.

In a quandary at the moment do I look for older properties and accept it won't be what we initially wanted or look for slightly bigger two bed flat until we save up for ideal home & keep current flat and possibly the two bed as rental options for the future.

[reddebs]

Congrats hopefully it went as smooth as possible!

Our side went perfectly but they had to change solicitors which delayed things a bit but 3mths from sale agreed to completion isn't bad really.

Thanks for helping out though Jake 👍

[gazzam1963]

Hopefully this isn't impossible to answer but seen a nice 3 bed home new build. If I'm to keep my current property for rent I would need to pay between 12 to 15k on stamp duty for second home (it's a flat which had depreciated in value unfortunately). Is offering less on the new home eg by 20 to 30k just going to be laughed at?

If it’s a new build is it a small builder who has built them as usually it’s not an estate agent who deals with it but the sales execs on site unless it’s the very last of the site . My missus is in new build sales and huge discounts are usually pretty rare as it can effect ongoing valuations so usually they will give you extras like carpets , blinds or a few upgrades as it will be a standing plot . Always worth asking the question though

[The G in Gerrard]

If it’s a new build is it a small builder who has built them as usually it’s not an estate agent who deals with it but the sales execs on site unless it’s the very last of the site . My missus is in new build sales and huge discounts are usually pretty rare as it can effect ongoing valuations so usually they will give you extras like carpets , blinds or a few upgrades as it will be a standing plot . Always worth asking the question though

Thanks. It was last one but I think I'm going to skip viewing that one for one abit closer to me that's just come up. Older property and on corner plot.

[Drinks Sangria]

We're in two minds about a house we've seen. Location is great, it's a decent house (3 bed detached, about 20 years old) and on at an okay (by current standards) price.

The issue is that it's configured really badly and has a massive conservatory, which neither of us are really fans of. We're weighing up whether to make a cheeky low bid (it's been on the market a while) and do some work ourselves, as that would hopefully add value and get it to being the house we want, with a much cheaper mortgage (though bigger cash outlay) than we would have on the other houses we've been looking at (it's about £50k less than our lower budget range).

It needs a kitchen wall knocking through to create a kitchen diner (new kitchen fittings too), then a stud wall going up between the dining room and lounge to create a separate, cosier lounge. The conservatory is brick base and then PVC sitting on the brick. We'd want this to be converted into an orangery-type room, actual brick columns and velux window or a skylight. There's only one toilet in the house as well so the needlessly big conservatory would house a small shower room with sink and toilet. It also needs part of the front lawn removing to make the drive double-width.

One the one hand I think it's promising on the other it worries me that the costs would spiral beyond the £25k - £30k that would potentially be available for such work. It could end up being much, much more expensive.

[BarryCrocker]

For a super cheap reno, put a couple of orange trees in your conservatory and you'll have yourself a proper orangery. 

We're in two minds about a house we've seen. Location is great, it's a decent house (3 bed detached, about 20 years old) and on at an okay (by current standards) price.

It needs a kitchen wall knocking through to create a kitchen diner (new kitchen fittings too), then a stud wall going up between the dining room and lounge to create a separate, cosier lounge. The conservatory is brick base and then PVC sitting on the brick. We'd want this to be converted into an orangery-type room, actual brick columns and velux window or a skylight. There's only one toilet in the house as well so the needlessly big conservatory would house a small shower room with sink and toilet. It also needs part of the front lawn removing to make the drive double-width.

[CraigDS]

That doesn’t sound like all that much work really.

[Elmo!]

For a super cheap reno, put a couple of orange trees in your conservatory and you'll have yourself a proper orangery. 

Not sure how much that would add to the the appeel.

[Crosby Nick]

Not sure how much that would add to the the appeel.

You taking the pith?

[reddebs]

We're in two minds about a house we've seen. Location is great, it's a decent house (3 bed detached, about 20 years old) and on at an okay (by current standards) price.

The issue is that it's configured really badly and has a massive conservatory, which neither of us are really fans of. We're weighing up whether to make a cheeky low bid (it's been on the market a while) and do some work ourselves, as that would hopefully add value and get it to being the house we want, with a much cheaper mortgage (though bigger cash outlay) than we would have on the other houses we've been looking at (it's about £50k less than our lower budget range).

It needs a kitchen wall knocking through to create a kitchen diner (new kitchen fittings too), then a stud wall going up between the dining room and lounge to create a separate, cosier lounge. The conservatory is brick base and then PVC sitting on the brick. We'd want this to be converted into an orangery-type room, actual brick columns and velux window or a skylight. There's only one toilet in the house as well so the needlessly big conservatory would house a small shower room with sink and toilet. It also needs part of the front lawn removing to make the drive double-width.

One the one hand I think it's promising on the other it worries me that the costs would spiral beyond the £25k - £30k that would potentially be available for such work. It could end up being much, much more expensive.

Do it mate as it sounds like everything else is exactly what you've been looking for so once it's done you've got the perfect set up in an a good area.

[Drinks Sangria]

For a super cheap reno, put a couple of orange trees in your conservatory and you'll have yourself a proper orangery. 

Orange you full of good ideas!

Do it mate as it sounds like everything else is exactly what you've been looking for so once it's done you've got the perfect set up in an a good area.

I think we're going to. The main cost is the kitchen, because the conservatory already has proper foundations and a brick base, it will only cost about 60% of if it were built from scratch which helps. The drive is just needing some tarmac and edging stones so I can't see that being more than £2k.

[Zlen]

We got a home.
Signing last papers this week and drawing down on the mortgage.

I'm pretty sure this is a bad investment, but in the short term it's a lifesaver. After a string of failed attempts, outbids, cash buyers rolling in, investment funds offering crazy money and all sorts of bank shannaningans imaginable - we finally managed to find an apartment we're ok with on the Dublin periphery. Paid well over 10% over the asking price as the situation is absolutely desperate here and you're competing against equally desperate families most times. In many, many ways it's a serious compromise from our early dreams and hopes - but the market turned even crazier in the last six months alone, so I'll take what I can. At the same time as we were still looking to close the deal, our landlord sold the apartment we're living in and started a campaign of passive-aggressive mind fuckery to get us out as soon as possible. This included 'bump' emails 'How's it going' with his solicitor CC'd. All this during Level 5 lockdown still in place. No words really for the landlords in Ireland - I'll gladly lose money on this apartment as long as these fuckers lose it as well.

So now, after we sign and it's a go - I need to actually face the reality of moving, especially in regards to my kid who'll be heartbroken to leave her school and friends. I simply didn't have the time to deal with any practicalities properly as it was such a mad rush to get it done somehow before we're evicted end of June.

[reddebs]

Orange you full of good ideas!
I think we're going to. The main cost is the kitchen, because the conservatory already has proper foundations and a brick base, it will only cost about 60% of if it were built from scratch which helps. The drive is just needing some tarmac and edging stones so I can't see that being more than £2k.

Thing is with kitchens especially, if it's not near enough brand new most people will invest in a new one anyway so you'd most likely have that expense wherever you buy.

Good luck!

[Elmo!]

You taking the pith?

Just amazed I pipped you to the post to make a pun.

[Drinks Sangria]

Some good news, we've agreed a price on the house that needs some work. Got it £25k under what it was originally listed for, in a good area we really like so we're pretty pleased. The tasks now are ensuring it all goes through and messing around with my current mortgage to turn it to a buy to let whilst potentially releasing some cash for the building work.

It needs a new kitchen, a wall knocking through to increase the kitchen size, the conservatory converting into an orangery/proper room, a small bathroom being installed downstairs, new carpets, fully decorating, driveway tarmacking, updating the upstairs bathroom and having a stud wall put in downstairs to segment off the lounge from what would be the new kitchen-diner.

Lots to be done, lots of money to be saved and spent! Will have a mate who's a builder come round and look at what needs doing, whilst getting a few different quotes. It's going to take a while but hopefully if all goes through we could have the work done by early-mid next year and then relax and breathe.

[rob1966]

Some good news, we've agreed a price on the house that needs some work. Got it £25k under what it was originally listed for, in a good area we really like so we're pretty pleased. The tasks now are ensuring it all goes through and messing around with my current mortgage to turn it to a buy to let whilst potentially releasing some cash for the building work.

It needs a new kitchen, a wall knocking through to increase the kitchen size, the conservatory converting into an orangery/proper room, a small bathroom being installed downstairs, new carpets, fully decorating, driveway tarmacking, updating the upstairs bathroom and having a stud wall put in downstairs to segment off the lounge from what would be the new kitchen-diner.

Lots to be done, lots of money to be saved and spent! Will have a mate who's a builder come round and look at what needs doing, whilst getting a few different quotes. It's going to take a while but hopefully if all goes through we could have the work done by early-mid next year and then relax and breathe.

Missus family is in the process of renting out the Mums house as she is now in a home and this will go towards the fees. Estate agent has said it'll be £1100 a month in rent and also valued to house at offers over £360k. Father in law paid £2k for the house in 1963.

[reddebs]

Some good news, we've agreed a price on the house that needs some work. Got it £25k under what it was originally listed for, in a good area we really like so we're pretty pleased. The tasks now are ensuring it all goes through and messing around with my current mortgage to turn it to a buy to let whilst potentially releasing some cash for the building work.

It needs a new kitchen, a wall knocking through to increase the kitchen size, the conservatory converting into an orangery/proper room, a small bathroom being installed downstairs, new carpets, fully decorating, driveway tarmacking, updating the upstairs bathroom and having a stud wall put in downstairs to segment off the lounge from what would be the new kitchen-diner.

Lots to be done, lots of money to be saved and spent! Will have a mate who's a builder come round and look at what needs doing, whilst getting a few different quotes. It's going to take a while but hopefully if all goes through we could have the work done by early-mid next year and then relax and breathe.

Superb news mate, best of luck with everything going through smoothly for you.

We've completed on ours this morning.  It feels a bit weird that it's no longer ours after 20 odd years but happy that that part of our lives is behind us and we can look forward to the next 20.

[Slippers]

Missus family is in the process of renting out the Mums house as she is now in a home and this will go towards the fees. Estate agent has said it'll be £1100 a month in rent and also valued to house at offers over £360k. Father in law paid £2k for the house in 1963.

I remember our old neighbour(he was in his nineties) telling me he paid almost £2k for his house when he moved down from Scotland.

He said he paid fifty quid more than he wanted to because he got into a bidding war with another buyer.

[Slippers]

Some good news, we've agreed a price on the house that needs some work. Got it £25k under what it was originally listed for, in a good area we really like so we're pretty pleased. The tasks now are ensuring it all goes through and messing around with my current mortgage to turn it to a buy to let whilst potentially releasing some cash for the building work.

It needs a new kitchen, a wall knocking through to increase the kitchen size, the conservatory converting into an orangery/proper room, a small bathroom being installed downstairs, new carpets, fully decorating, driveway tarmacking, updating the upstairs bathroom and having a stud wall put in downstairs to segment off the lounge from what would be the new kitchen-diner.

Lots to be done, lots of money to be saved and spent! Will have a mate who's a builder come round and look at what needs doing, whilst getting a few different quotes. It's going to take a while but hopefully if all goes through we could have the work done by early-mid next year and then relax and breathe.

Good to hear,I hope everything goes according to plan.

[CraigDS]

Missed out on the house 

Managed to find the landlord and it was a charity. Spoke to the CEO there who said he’d give us first refusal. Two others put an application in but the other two trustees went with another application despite the CEO pushing for ours.

So annoyed.

[reddebs]

Missed out on the house 

Managed to find the landlord and it was a charity. Spoke to the CEO there who said he’d give us first refusal. Two others put an application in but the other two trustees went with another application despite the CEO pushing for ours.

So annoyed.

Ah mate that's crap but hopefully there's something else out there for you. 

[CraigDS]

Literally fuck all on the market that comes close to matching what we're looking for in the area (even extended that quite a bit) we're looking.

Looks like we're going to have to try and persuade our currently landlord to let us stay on a month to month contract and hope something comes up soon.

[killer-heels]

Are any of the online house valuation guides close to accurate?