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Hi there, Looking for some advice from people with more experience than us... We are an engaged couple (both 33yrs old) planning to buy a house together; one of us is a First Time Buyer and one of us has owned a flat as his main residence for 7yrs. We are selling the flat, had one offer on 13th June which fell through on 21st Sept due to the low lease (which is now being extended). We got a mortgage illustration on 25th August 2022 (3.6%), just before the interest rates went crazy. We put in an offer on a house which was accepted on 8th August, 2022. We notified the Seller that we were chain free, as we planned to buy the flat irrespective of selling the flat first (which was naïve!). We have now had the mortgage deal accepted and have until 31st March 2023 to complete the purchase of our house. The seller was also keen to sell as fast as possible as she had already had a sale fall through. She moved out into rented accommodation in October 2022 (against the advice of the estate agent) and has since been chasing us to exchange. We told the seller that we were just waiting on the survey, which arrived on 17th Nov 2022. A new offer was accepted on the flat (from another FTB) on 18th Nov 2022, and solicitors have been instructed. Given how close we were to completing the previous sale, our solicitors have all of our documents on file and are ready to go. QUESTIONS: Can we risk waiting until the new sale of the flat is completed (basically creating a chain)? What is the likelihood that we would lose the house purchase and more importantly our mortgage deal? The advantage of creating a chain would be saving £5,376 in capital gains tax, which seems unavoidable if we purchase the house whilst the flat is still in our possession. We would also not have to pay the higher rate of stamp duty (£5,000 rather than £15,500), although we are aware that we would be able to claim most of this back when the flat sells. We would appreciate any advice on this situation from people with experience! TL;DR how much risk is our house purchase at if we create a chain when the seller is ready to complete?
Hi All, I could really use your input on this situation. I'm in the process of buying a semi-detached house that was built in the 1920-ish. The first floor landing slopes to one side (very noticeable was you stand on it) that makes me quite concerned. The vendors have said they've had a RSJ beam installed in place of a wall that was removed on the ground floor, below the first floor landing and have said that the slope is not an issue. We have a Level 3 building survey being carried out on the property in a few weeks but the surveyor says they won't be lifting carpet/floor boards etc. and that they will recommend other contractors to do an intrusive survey if they deem necessary. What steps should I take in order to make sure I have a definitive answers as to what why the first floor may be tilted and how to get it fixed? I have always assumed having a Level 3 survey is the best next step but as it's none-intrusive, is there a better option? Obviously none of these things are cheap and I understand that I'd need to pay to get these answers but I don't want to have to pay people just to be told to speaker to (and pay) someone else. Thanks for any input or experience with this you may have. Philip.
I'm planning to buy a house with my husband and will be putting in deposit of £30 grand on a £330 grand house ( from my savings). I'm a stay at home mum, whereas my husband has a good income and, you'd think, should always have a job. His health however is not great and he does get sick quite often. We also have a two year old.I don't know how much of what I've written here is relevant but my question is basically should I put half of the house in my name, or is it better to leave it all in his name (perhaps just sign some contract whereby in the event of separation he will owe me my deposit)? I'm just concerned that should something happen I will not be able to pay the mortgage and might be left with a big debt. I was earning pretty much a minimum wage before we had a baby. I also have a flat ( in my sole name) and don't want the bank to go after it if say il end up with debt on the house.
hi everyone I wondered if anyone had been in this position before we had our offer accepted on a house on the 30th November. we have a mortgage in place. a survey has been carried out. So things were moving really quickly and we were hoping to be in by the end of January. it has come to light that the sellers still haven't found a house to move in. Our mortgage quote runs out in July so we have 5 months but with the long process that's not long at all. I wondered if anyone had any advice Thank you x