Deleted
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Post by Deleted on Feb 7, 2022 16:20:15 GMT
What do I know, but if I really wanted the house I would go and pay for another independent valuation. And then depending on the result I'd either suck it up or I would attack the lender with it.
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Post by bromptonaut on Feb 9, 2022 8:24:55 GMT
After discussion with his Solicitor he's reduced the offer by £15k.
Vendor has accepted.
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WDB
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Post by WDB on Feb 9, 2022 9:44:51 GMT
Result!
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Post by EspadaIII on Feb 9, 2022 12:28:11 GMT
So the valuer was right...! Excellent.
I do hate valuing below the client's expectations, but if there is enough evidence to justify it, the valuer shoudl stand their ground and in the case of a new purchase, advise the purchasers that the valuation is ammunition to get the price reduced.
Sighs of relief around the Bromp household no doubt.
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Post by dixinormus on Feb 9, 2022 22:27:54 GMT
Maybe a bit fortunate that the vendor caved in so quickly? Great news!
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WDB
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Post by WDB on Feb 9, 2022 23:28:21 GMT
Seller may have reasoned that if one lender’s valuer thought that, so might others. (If there is more than one in that area.) So it might be a choice between a long wait for a more cash-rich buyer and a timely deal at a reduced price. They may have had an onward deal they didn’t want to jeopardise, so time took precedence over money. Or something.
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Rob
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Post by Rob on Feb 10, 2022 1:17:02 GMT
Good result. As said one mortgage company valuing the property lower means another might too. A win-win I guess. Hope it completes quickly.
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Post by bromptonaut on Mar 25, 2022 12:58:32 GMT
So....
The transaction has gone ahead with simultaneous exchange and completion today. Son has a LWB Mercedes Sprinter van hired for the weekend and he, g/f and g/f's Mother are packing up his rented flat.
Conversation with (a) Estate Agent and then (b) vendor about collecting keys.
Vendor drops bombshell that she didn't realise they needed to be out today!! Her conveyancer has been slack throughout, suspect it's a factory type outfit and I wonder if they properly communicated the effect of simultaneous exchange/completion.
She and son have agreed that she'll be out by 3pm tomorrow (after initially suggesting a date in April!). His solicitor however is waffling about 'steps to protect his interests. I'm wondering if a delay to completion is on the cards. Their is a chain albeit short. Son is FTB and person his vendor is buying from are going into a new build.
If she's going to be liable for costs it could be a big bill!!
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Deleted
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Post by Deleted on Mar 25, 2022 13:31:06 GMT
*popcorn emoji*
Hope your lad doesn't get turned over, Brompters. Blimey.
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Post by EspadaIII on Mar 25, 2022 13:53:42 GMT
Sounds like a nice claim against the vendors law firm if your son is out of pocket because he can't move in when he should be able to. Also he needs to protect his position via his own lawyer and get them to write to the vendors lawyer with a very stiff comment about breach of contract etc etc.. That should be your son's first call - to his lawyer!
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Deleted
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Post by Deleted on Mar 25, 2022 16:43:34 GMT
Wot Espada said.
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Rob
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Post by Rob on Mar 25, 2022 18:39:57 GMT
The vendor sounds pretty ignorant to the process of selling a house - i.e. completion means it is not yours any longer and you need to be out.
I agree your son's solicitor needs to be on to them and it sounds like they possibly already are with you saying 'waffling about steps to protect his interest'. It's more than waffle they are doing. He has given their solicitor the deposit and now the test of the money and now owns the property but the vendor is still in the house. What happens if the house is damaged in the meantime.
I think compensation is due. .
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Post by bromptonaut on Apr 3, 2022 19:53:31 GMT
She was eventually out by Monday 28th. As above, I don't think that the facts of simultaneous exchange/completion and completion meaning it's not yours now had impinged. At one stage she was telling The Lad he'd assumed they'd be out on Friday!!
Anyhow we've been up there this weekend. It's a really OK first time buy house. Structurally sound but needs a lot of tidying and decorating. He's got the paperwork from the Land Registry which will tell the whole history but it's on an estate of what I guess are inter-war semis and terraces - his is a semi - originally Liverpool Council housing. Most are now owner occupied but they're intermixed with places with identical replacement roofing and windows and all the same chimney pots which I guess are still rented from the Council.
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