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Currently buying/selling a house? How is it going? READ MOD NOTE POST #1
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Just found this thread today...and can’t help asking for advice for a question had bothered us for a long time:
How to determine a closing date for selling current home and buying new home?
Some background:
We started buying/selling in Oct 2020, selling our current house and buying a new build. So far we had buyers signed contracts last week (went sale agreed in Dec 2020), and we are going to sign the contract for our new house (a new build, would be ready for snagging in 3 weeks and completion in the following week) next week.
We aim to move into the new home before giving the key of current home to our buyers. But we will need to fit the flooring to the new home after completion which will take 1 week at most.
On our new home sales contract it says the closing date will be 14 days later than the completion date.
Does anyone know that is it okay to fit the flooring to a new build house just after completion but before closing? as the flooring is not included in a standard contract of a new build.
But just as our solicitor pointed out that we will need the proceedings / funds from selling current home in order to pay the full price of the new home, so the solicitor would suggest we can rent somewhere else on a short term basis if we want to fit the flooring etc before we move in.
In the current lockdown, we’re reluctant to image that we will be moving all the furnitures including bulky beds / desks / chairs / evening in current house to a warehouse and finding 2 weeks rent accommodation.
Could anyone please give some advice here if had similar experience? any would be appreciated.
hi we traded up last year from an apartment to a house.
Closed sale of apt and purchase of the house on the same day.
This is what your solicitor should be advising you to to and it is one of their
roles to oversee such a transaction.
It is not unusual and they should be competent enough to work with all parties for the closing dates to align. Insist on it unless it really is unfeasible.
As other posters have said moving somewhere for 2 weeks and paying to move your stuff twice is poor advice and also unwise with the pandemic.
In my case which was typical they will close sale of your current home in the morning and sale of new home early afternoon. Meanwhile we were moving our stuff out. The delivery company were excellent and said this situation is common.
They even guessed correctly the time we would have keys to the house we were moving to (between 2-3 pm)0 -
*edit, q sorted0
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It took us just over 2 months to get our contracts from the vendors solicitor after we went sale agreed. There was a delay getting the deeds and that’s why it took so long. This seems to be the case for a lot of people at the moment. It took another month until we could sign as there was some back and forth and queries between the solicitors and now we’re still waiting to get the contracts back from the vendor signed. It’s a painfully slow process at times
Thanks Pinkspark, went sale agreed at the end of November, am still waiting for contracts from the vendor. Would have expected something by now. Christmas in the middle probably didn't help.0 -
sheepondrugs wrote: »hi we traded up last year from an apartment to a house.
Closed sale of apt and purchase of the house on the same day.
This is what your solicitor should be advising you to to and it is one of their
roles to oversee such a transaction.
It is not unusual and they should be competent enough to work with all parties for the closing dates to align. Insist on it unless it really is unfeasible.
As other posters have said moving somewhere for 2 weeks and paying to move your stuff twice is poor advice and also unwise with the pandemic.
In my case which was typical they will close sale of your current home in the morning and sale of new home early afternoon. Meanwhile we were moving our stuff out. The delivery company were excellent and said this situation is common.
They even guessed correctly the time we would have keys to the house we were moving to (between 2-3 pm)
Thanks Sheepondrugs. Today our solicitor got back to us saying our buyers are not willing to agreed to the closing date of end of Feb, and requested us to pay their one month rent from 15th Feb to mid march, because they are on rental accommodation and rent is paid monthly. And so we can get to stay on our current home until the closing date of our new home, which may be in the early March (new build cannot have completion date in guarantee).
This is based on the process that firstly they’ve requested the closing date of our current home to be 12th of Feb, and we said that’s too soon, as only went sale agreed in the mid of Dec, that would mean the whole period is only 8 weeks including Christmas delay; the better to be the end of Feb, and we can pay them 2 weeks rent from the end of Feb to mid March.
I am bit confused here, are we in a position to negotiate or just have to agree to the buyers requests? I’ve let our solicitor know that we would not agree to the closing date of mid Feb and would be willing to close current home and the new home on the same closing date which has to be early March, and not paying any rent to the buyers as we will not stay on current home after closing.
Our solicitor said if we cannot reach a closing date with the buyers, then they may pull out, that will be devastating to us.
How you guys determine a closing date with buyers if you are buying a new build at the same time? Our buyers are tough I have to say. I’m not sure what we can do if they insist what they requested.
Thanks.0 -
I would give a closing date that suits you.
Was your house on the market for long? It's a sellers market at the moment, I wouldn't worry too much0 -
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I think it’s a sellers market as well and I would be telling them a closing date that suits you. Sale agreed mid Dec, 3 months is perfectly reasonable. We’ve been sale agreed since end of July and still not gone.
In our sale /purchase process the terms are all coming from the house being sold.0 -
goingagain wrote: »I think it’s a sellers market as well and I would be telling them a closing date that suits you. Sale agreed mid Dec, 3 months is perfectly reasonable. We’ve been sale agreed since end of July and still not gone.
In our sale /purchase process the terms are all coming from the house being sold.
The buyers are cash buyers so they are keen to end rental accommodation. We can sell again, but we have invested a lot time and effort to the new build, eg ordered the flooring... and I think our buyers knew this well.0 -
The buyers are cash buyers so they are keen to end rental accommodation. We can sell again, but we have invested a lot time and effort to the new build, eg ordered the flooring... and I think our buyers knew this well.
Is it feasible for you to close the sale and then rent the accommodation they are currently in on month to month basis? Would be a few moving parts to line up but your sale gets closed, their landlord gets an immediate tenant in and gives them time to find a long term tenant.0 -
Is it feasible for you to close the sale and then rent the accommodation they are currently in on month to month basis? Would be a few moving parts to line up but your sale gets closed, their landlord gets an immediate tenant in and gives them time to find a long term tenant.
we’ve already agreed on a price under asking because they are cash buyer, and they living in renting accommodation is not our problem; ours is their second one went agreed, the first one didn’t go through after sale agreed.
We just want to close on a reasonable date for both sides. Not because we are not in a position to close in 8 weeks time then we need to pay rent for buyers until the closing date.0 -
We have had a very long house buying journey and we are still not there yet. We are sale agreed on a second hand property and our solicitor has discovered that the developer could have possibly gone bust and it looks like the council has not yet taken over the estate. The estate was built approx 2007. Our solicitor said he has to do a bit of digging around but if the developer has gone bust and the council has not taken over the estate the bank may not go ahead with the mortgage as there is no one responsible for repairing a burst pipe for example. We have never heard of this type of situation before. Can anyone offer any advice here?0
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We have had a very long house buying journey and we are still not there yet. We are sale agreed on a second hand property and our solicitor has discovered that the developer could have possibly gone bust and it looks like the council has not yet taken over the estate. The estate was built approx 2007. Our solicitor said he has to do a bit of digging around but if the developer has gone bust and the council has not taken over the estate the bank may not go ahead with the mortgage as there is no one responsible for repairing a burst pipe for example. We have never heard of this type of situation before. Can anyone offer any advice here?
You could ring the roads section of the council for a verbal confirmation if the estate is taken in charge. At least you'd know.0 -
Could someone with experience please explain the process of buying a new build?
Theres one in a development we really like, have registered our interest and provided proof of funds. Next step is deposit?
Is it a first come, first served thing with new builds? Is it as good as ours if we tick all the boxes and have the money ready to go? Could it fall through for some reason after paying the deposit?
Thanks0 -
The buyer was contacted by EA and he said pulling out due to porch. EA is livid as this is so late in the day and documentation was provided last September re complianceThat's awful, and seems unnecessary.
When we bought our house, the porch, which was mainly glass with a tile roof, had no planning permission, and was just about 3 square metres - one square metre over the 2 square metre exemption. It was over 7 years old.
It didn't matter to us - we were still happy to buy it.
But we still needed the mortgage, and the bank would only grant it if property is in substantial compliance with planning etc (since it effects the re-sale value of their security). We were nervous, but solicitor said not to worry - since it is exempt, and at worst you could just remove it before selling, the bank won't care. But the bank did insist on us getting confirmation from the council that it was not and had never been the subject of enforcement proceedings before we could close the sale.
Was there any indication at all that this was an issue, and why exactly it was an issue, in the correspondence between solicitors? It really should be surmountable.0 -
We have had a very long house buying journey and we are still not there yet. We are sale agreed on a second hand property and our solicitor has discovered that the developer could have possibly gone bust and it looks like the council has not yet taken over the estate. The estate was built approx 2007. Our solicitor said he has to do a bit of digging around but if the developer has gone bust and the council has not taken over the estate the bank may not go ahead with the mortgage as there is no one responsible for repairing a burst pipe for example. We have never heard of this type of situation before. Can anyone offer any advice here?
I had this situation on a house in a development in 2000. The estate size was about 800 houses in total and a decade or more being developed in stages. And I believe the main developer "went bust" in 2008.
The council did not "take charge" or whatever the term is until about 10 years or more after I moved in. The mortgage company didn't mention it.
The first I knew about it was driving to move in the day of completion, furniture truck was already ahead of me on the road and my solicitor rang and said something like " there is a clause blah blah blah but if you're happy to go ahead that's fine". It was never a problem and houses were getting bought and sold on the estate all the time prior to the council taking it over. Best of luck.0 -
Could someone with experience please explain the process of buying a new build?
Theres one in a development we really like, have registered our interest and provided proof of funds. Next step is deposit?
Is it a first come, first served thing with new builds? Is it as good as ours if we tick all the boxes and have the money ready to go? Could it fall through for some reason after paying the deposit?
Thanks
It's first come first served, eg we were the last come so we picked the last one...
After paying 10k booking fee and accepted, the developer would expect you to sign the contract with them as soon as possible, and then you just wait until they tell you to snag and the following 14 days (could be different on developers )to close.
If you have all the money and not in a chain, and be willing to wait if the construction delays, then it will be fine.0 -
Anyone in the know with what will happen with viewing restrictions that are due to be reviewed on the 31st? Hoping viewings can start again in line with the standard level 5 restrictions..0
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We have had a very long house buying journey and we are still not there yet. We are sale agreed on a second hand property and our solicitor has discovered that the developer could have possibly gone bust and it looks like the council has not yet taken over the estate. The estate was built approx 2007. Our solicitor said he has to do a bit of digging around but if the developer has gone bust and the council has not taken over the estate the bank may not go ahead with the mortgage as there is no one responsible for repairing a burst pipe for example. We have never heard of this type of situation before. Can anyone offer any advice here?
The main thing whether the developer left a bond with the council when the estate was being built. This is money the developer leaves so if council need to do any work, they have the money. In reality once a builder is finished with the estate, you’ll never get him back to finish anything. Which is why the bond is there. The council claim the bond to fix the works. The council will eventually taken over the estate road anyway. In the meantime usually a residence association is in place and people throw in money to pay for cutting of the grass.
Most estates built in 2007 won’t be take over yet - there is usually lists on the council website of estates that are next to be taken over.
I wouldn’t worry unless there is no bond. But when you buy a new built house, in closing proof of a bond In place needs to be shown so that’s very unlikely.0 -
Anyone in the know with what will happen with viewing restrictions that are due to be reviewed on the 31st? Hoping viewings can start again in line with the standard level 5 restrictions..
Was speaking to the an estate agent Thursday and he said they hope to start viewings again the 5th of march which is when the current restrictions are due to be renewed, you'd imagine they'll start no later than that date, otherwise the housing market is essentially at a stand still.0 -
The main thing whether the developer left a bond with the council when the estate was being built. This is money the developer leaves so if council need to do any work, they have the money. In reality once a builder is finished with the estate, you’ll never get him back to finish anything. Which is why the bond is there. The council claim the bond to fix the works. The council will eventually taken over the estate road anyway. In the meantime usually a residence association is in place and people throw in money to pay for cutting of the grass.
Most estates built in 2007 won’t be take over yet - there is usually lists on the council website of estates that are next to be taken over.
I wouldn’t worry unless there is no bond. But when you buy a new built house, in closing proof of a bond In place needs to be shown so that’s very unlikely.
Thanks we checked Kildare county council website and their list of estates to be taken over and can see the bond has expired in this estate. No idea what this means?
According to this list of estates, the council hasn’t taken over the estate but they monitor and maintain the infrastructure. And there is a residents association in place.0 -
Was speaking to the an estate agent Thursday and he said they hope to start viewings again the 5th of march which is when the current restrictions are due to be renewed, you'd imagine they'll start no later than that date, otherwise the housing market is essentially at a stand still.
The current restrictions in relation to viewing end tomorrow 31st. A decision will be made to either extend or revert back to standard level 5 viewing restrictions.0 -
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Thanks we checked Kildare county council website and their list of estates to be taken over and can see the bond has expired in this estate. No idea what this means?
According to this list of estates, the council hasn’t taken over the estate but they monitor and maintain the infrastructure. And there is a residents association in place.
If it’s on the list of estates to be taken over and a bond has expired, usually it means the Council has cashed in the bond in advance of taking it over or is in the processing of taking it over. This would make sense if they are monitoring it. A letter from the Council will confirm this.0 -
Thanks Sheepondrugs. Today our solicitor got back to us saying our buyers are not willing to agreed to the closing date of end of Feb, and requested us to pay their one month rent from 15th Feb to mid march, because they are on rental accommodation and rent is paid monthly. And so we can get to stay on our current home until the closing date of our new home, which may be in the early March (new build cannot have completion date in guarantee).
This is based on the process that firstly they’ve requested the closing date of our current home to be 12th of Feb, and we said that’s too soon, as only went sale agreed in the mid of Dec, that would mean the whole period is only 8 weeks including Christmas delay; the better to be the end of Feb, and we can pay them 2 weeks rent from the end of Feb to mid March.
I am bit confused here, are we in a position to negotiate or just have to agree to the buyers requests? I’ve let our solicitor know that we would not agree to the closing date of mid Feb and would be willing to close current home and the new home on the same closing date which has to be early March, and not paying any rent to the buyers as we will not stay on current home after closing.
Our solicitor said if we cannot reach a closing date with the buyers, then they may pull out, that will be devastating to us.
How you guys determine a closing date with buyers if you are buying a new build at the same time? Our buyers are tough I have to say. I’m not sure what we can do if they insist what they requested.
Thanks.
It seems at this point you are negotiating an original closing date only? No-one should be demanding a months rent at this point.
They could only ask for this if you had exceeded an agreed closing date and were looking for an extension to stay longer.
Remind them they already got a good deal on the house. The fact that they are renting is not your issue. They seem unconcerned you might have to rent for 2 weeks.
This is where you have room to manoevure, not later when the closing date is agreed.
Its stressful for sure- personally I really doubt they will pull out at this late stage over a few weeks.0 -
Thanks Sheepondrugs. Today our solicitor got back to us saying our buyers are not willing to agreed to the closing date of end of Feb, and requested us to pay their one month rent from 15th Feb to mid march, because they are on rental accommodation and rent is paid monthly. And so we can get to stay on our current home until the closing date of our new home, which may be in the early March (new build cannot have completion date in guarantee).
This is based on the process that firstly they’ve requested the closing date of our current home to be 12th of Feb, and we said that’s too soon, as only went sale agreed in the mid of Dec, that would mean the whole period is only 8 weeks including Christmas delay; the better to be the end of Feb, and we can pay them 2 weeks rent from the end of Feb to mid March.
I am bit confused here, are we in a position to negotiate or just have to agree to the buyers requests? I’ve let our solicitor know that we would not agree to the closing date of mid Feb and would be willing to close current home and the new home on the same closing date which has to be early March, and not paying any rent to the buyers as we will not stay on current home after closing.
Our solicitor said if we cannot reach a closing date with the buyers, then they may pull out, that will be devastating to us.
How you guys determine a closing date with buyers if you are buying a new build at the same time? Our buyers are tough I have to say. I’m not sure what we can do if they insist what they requested.
Thanks.
If they are cash buyers then 8 weeks is not that quick at all, that is the kind of timeline cash buyers would expect. You mentioned before you wanted a closing date of end of Feb and offered to pay their rent for March if it went over? They are just coming back to explain rent is due mid month so they want to close mid Feb or you pay for that month instead?
I would hold off on replying for a few days to see who holds the cards. If the restrictions on viewing houses is not lifted tomorrow you might have to go with their requests to keep your buyers and sale as it will be very very difficult to re-sell your house if people cannot view it, however if you do offer to pay their rent you might end up paying more than one month as if restrictions are not lifted then building sites will see a lot of delays.
However if restrictions are eased next week and viewings are allowed then the balance of power is back with you as you'll re-sell your house fairly quickly if you have to, however if you were to go down that route you wouldn't be closing in February or even March - could be looking at early April in a best case scenario - how does that fit in with your new build ?
I think you opened a can of worms by offering to pay rent for them for March to be honest.0 -
sheepondrugs wrote: »It seems at this point you are negotiating an original closing date only? No-one should be demanding a months rent at this point.
They could only ask for this if you had exceeded an agreed closing date and were looking for an extension to stay longer.
Remind them they already got a good deal on the house. The fact that they are renting is not your issue. They seem unconcerned you might have to rent for 2 weeks.
This is where you have room to manoevure, not later when the closing date is agreed.
Its stressful for sure- personally I really doubt they will pull out at this late stage over a few weeks.
Thanks Sheepondrugs. Yea this is only negotiating an original closing date. They proposed a 12th Feb first (on the contract they signed) and we said that's too soon and proposed the end of Feb to be the closing date and added that we are willing to pay them 2 weeks rent if we cannot close our new build on the same day so cannot move out after closing, given it's very possible that we can close the new build in the early March.
And then they got back saying they are not willing to agree to a closing date at end of Feb, and because we are not in a position to close by 12th Feb, so they requested us to cover their rent from 15th Feb onwards until the closing date, and so that we can get to stay on in our current apt until the closing date.
I'm confused about the closing date they referred to here, its our current apt or the new build, as we only got this info late this Friday evening, so I will ask our solicitor next Monday.
I was appalled to see their logic behind their request though.0 -
I'm reading that as the buyer is asking they pay their rent for a month; not the seller offering to do so. Not a chance I'd pay if the closing date
is not even agreed yet0 -
Yea, here is the point. When is the closing date? if they don't agree to our proposal of the closing date of end Feb. I'd wish we being tough just insist a closing date of early March without any offer of paying rent, ie moving out on that day no matter the new build ready or not. But if they dont agree then we will be dragged back.0
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ah ok you offered to pay 2 weeks rent.Thanks Sheepondrugs. Yea this is only negotiating an original closing date. They proposed a 12th Feb first (on the contract they signed) and we said that's too soon and proposed the end of Feb to be the closing date and added that we are willing to pay them 2 weeks rent if we cannot close our new build on the same day so cannot move out after closing, given it's very possible that we can close the new build in the early March.
And then they got back saying they are not willing to agree to a closing date at end of Feb, and because we are not in a position to close by 12th Feb, so they requested us to cover their rent from 15th Feb onwards until the closing date, and so that we can get to stay on in our current apt until the closing date.
I'm confused about the closing date they referred to here, its our current apt or the new build, as we only got this info late this Friday evening, so I will ask our solicitor next Monday.
I was appalled to see their logic behind their request though.
I wouldn't have done that, at least not so early in the game.
look not criticising you but think your solicitor could have been more astute. its stressful but you are nearly there.0 -
sheepondrugs wrote: »ah ok you offered to pay 2 weeks rent.
I wouldn't have done that, at least not so early in the game.
look not criticising you but think your solicitor could have been more astute. its stressful but you are nearly there.
I found dealing with our purchasers is stressful, not to mention they are estate agents. I knew we should not offer at first place, just like I listed a gadget on adverts, including something free, then someone would ask could it be cheaper if I don't need those freesomes.0 -
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If they are cash buyers then 8 weeks is not that quick at all, that is the kind of timeline cash buyers would expect. You mentioned before you wanted a closing date of end of Feb and offered to pay their rent for March if it went over? They are just coming back to explain rent is due mid month so they want to close mid Feb or you pay for that month instead?
I would hold off on replying for a few days to see who holds the cards. If the restrictions on viewing houses is not lifted tomorrow you might have to go with their requests to keep your buyers and sale as it will be very very difficult to re-sell your house if people cannot view it, however if you do offer to pay their rent you might end up paying more than one month as if restrictions are not lifted then building sites will see a lot of delays.
However if restrictions are eased next week and viewings are allowed then the balance of power is back with you as you'll re-sell your house fairly quickly if you have to, however if you were to go down that route you wouldn't be closing in February or even March - could be looking at early April in a best case scenario - how does that fit in with your new build ?
I think you opened a can of worms by offering to pay rent for them for March to be honest.
Thanks. True, we should not offer anything at the beginning. Just being scared by the vision of moving out find somewhere to rent during the lockdown.0
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