House buying woes

[Villers]

Well it was bound to happen. My house purchase has fell through. Its taken the valuation, search fees and my mortgage offer with it aswell. Fantastic. Absolute sickener that Ive got no comeback on anyone or anything and all Ive got to do is take it.

Ive heard in Scotland this wouldn't happen? If so then I would add this as another thing to the list of why England is a glorified shithole, if I could find the end of the list that is.

Anyway its back to the drawing board after 9 weeks of waiting. I feel like taking all my savings and spending them on a big eff off holiday and a new car.

I bet theres some horror stories out there about these things...???
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RS125 > CBR6 > SV650S > ZX636R > GSX1300RZ Hayabusa > 06 RSVR Mille > SV1000S > Street Triple 765 RS

[Fawbish]

Think of the 70 to 80 years we have as 70-80 pence to spend, then re-evaluate how important getting a house is.


Realising then how short this pitiful existence is actually going to be, spend your savings on a season of racing motorbikes.

Experience speed and thrills the like of which most mortals would not dare to endure.

And rent.
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"Oh....it looks like Average Joe's is forfeiting the match!" - "Yeah, its a risky strategy but lets see if it pays off for 'em Cotton."

[Bendy]

I'm in the lovely 'haemorrage money on fees, reports, evaluations whilst not actually having any guarantee they'll say yes' phase myself. Fucking bollocks it is.

Currently sat waiting for the 11.30 gas engineer's appointment, it now being 12.40 and not a peep. Of course, I already know that the boiler needs replacing and the cooker's coming out, but I have to pay a man in overalls to come round and tell me that, so the mortgage company can procrastinate a bit more and then probably tell me to fuck off.

Rinse and repeat tomorrow with an electrician.

[Phoenix]

Same thing happened to me when buying my house, I put the offer in August 2006, had the valuation, survey, searches (extra ones for coal mining too etc) and mortgage offer sorted and the sellers pulled out due to problems with their purchase. I decided I wasn't happy with this and the potentially large bill for nothing so kept hassling them directly and via the estate agents, it dragged on until March 2007, they'd changed their minds 3 times and it finally went through.

I was lucky in that my mortgage provider was willing to keep extending the deal on the same terms for 8months and even luckier as they took those 8 months off the 2yr fixed term so it was only actually fixed for 16 months, dropping me back to the standard variable just when rates started falling from my fixed rate of 5% all the way to the current 0.5%

Most of the time it probably can't be worked out but do what you can, be a right pain in the ass, kick up, nothing to lose.

[Villers]

Its bloody annoying

Thing is Im at the bottom end of the market and theres not many that come up where I live, theres simply not another house on the market at the moment that I would want to invest in or live in. Theres maybe about 5 new ones turn up every week, Im just searching and finding the same houses that were about 4 months ago when I started looking.

Been gutted all day but also been thinking. Im saving all the time and Ive got about 17k in savings. It goes up by a grand at least every month so waiting isnt really a bad thing. Maybe wait until Ive got another 5 or 6k and try again.
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RS125 > CBR6 > SV650S > ZX636R > GSX1300RZ Hayabusa > 06 RSVR Mille > SV1000S > Street Triple 765 RS

[Al]

Mines been dragging on for 5-6 months with no exchange date insight. Luckily the seller seems pretty cool and isn't really in a rush to sell even though the house has been empty since last oct.

Its every other fucker involved thats annoying me, I'm constantly calling them but its like a game of pass the buck, its always somebody elses fault and you never get a straght answer.
You'd think they'de be grateful of the few people still buying houses and keeping them in a job but they don't seem it.
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[Robby]

Buy a repo for a hell of a lot less trouble with the seller. They want to get shot of the things and recoup some cash, but you're buying from a bank so it's a completely unemotional transaction. Suited me down to the ground.

Can be harder to get a mortgage, but you have a big deposit there - I assume you're going for 15-20% deposit. My advice, from having just been through a bit of it, is to have a smaller deposit and keep a chunk back to do the place up if you get a repo. I had to gut my flat and start from scratch, which cost me about £3.5k and a hell of lot of work. Satisfying though.

For finding stuff - I found stuff on propertyfinder.com, the map search was the best way. My flat was going to go to auction, I had my offer accepted and they pulled the auction. It was going to go with https://mustbesold.com/ , and they had some temptingly low guide prices.

Must be a shitter having it pulled at the last minute. It was stressful enough waiting through a fairly textbook buying process. Lots of waiting for the mortgage company, the survey, the estate agents pissing around, the lawyers pissing around even more, then finally getting the keys and subjecting myself to lots and lots of work.

All worth it in the end though, and you quickly forget how shit the whole buying process is.

[Villers]

Thanks for that robby. Unfortunately I live in a small area, anything round here that gets repo'd wouldnt be worth having. They do have some auctions but its for places you wouldnt want your dog living in.

Im not very interested in having to gut a house and spend a fortune getting it up to scratch. I was only looking at spending around 120k, with a 10% deposit. This would leave me with a fair few K left over for knives, forks, towels, washing up liquid, sofa's etc

I was aiming for a higher deposit at first but when I looked at the extra I'd have to put in vs the savings on the interest rate it really didnt seem worth it, I'd rather intially have the cash in my pocket.

£107k mortgage = £706pm. Ouch.

Still looking for another house as we speak just in case something crops up
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RS125 > CBR6 > SV650S > ZX636R > GSX1300RZ Hayabusa > 06 RSVR Mille > SV1000S > Street Triple 765 RS

[Robby]

Gutting can be cheaper than you think. I spent about £3.5k to £4k sorting out a two bedroom flat, which included having a new bathroom put in (by builders) and a new kitchen put in (by me). Took just over two weeks, doing about 15 hours a day with lots of help from family and friends.

But, if the repo houses are falling down and in shit areas, that's no good. The solution, obviously, is to move to London.

[aaronb74]

That sucks, Villers. I hope you find somewhere else soon. Why did it fall through?

I'm currently in the process of buying up here in Scotland. Almost there, got an entry date at end of next month. I'm still paranoid something's going to go wrong though.

I thought about splashing out on a new car a little while ago, but the thought of starting my deposit saving near enough from scratch made me feel sick.

Good luck
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Current bike - 2006 ZX6R

[chris-red]

[Bendy]

[Villers]

[MarJay]

[Robby]

Should you need to find men with tools to fix house related thing, mybuilder.com was good for me. It seems builders and the like can get very competitive when they have no work to do.