Owning your own home

Not possible, everything is agreed on the exchange of contracts, so I'd have no way of doing that.

That's crazy, the London market has softened off a lot - but if we don't get into transition talks by December then the banks will all flee and our economy will take a big dive.

You might be committing to buying a house that has lost 100k before you ever get the keys.

Which I am sure is what the seller wants to insure against - by getting you to buy before the market (potentially) tanks.

That's crazy, the London market has softened off a lot - but if we don't get into transition talks by December then the banks will all flee and our economy will take a big dive.

Well, the legal aspect isn't crazy - contract exchange is the agreement and you agree what you agree. Etc.

What is crazy, is for the sellers to expect Hovis to bend over and accept them up to their wrist.

As long as you've maxed out ya ISAs and whatnot...

There's a separate funnel going into ISAs, but that's on visio, not excel

Yes, I wasn't commenting on the legal side, more the situation.

I guess Hovis could exchange if he had a legal mechanism to cover the potential negative equity situation, but that itself strikes me as a hugely risky endeavour.

@chrisbmx116 why you not considering E10 or E11 if E17 is out? but you thought poplar was a good shout?

I don't get it.

takes me 32 mins to get to my office in Holborn from E11 through the Olympic and Victoria parks.

it is glorious.

Not possible, everything is agreed on the exchange of contracts, so I'd have no way of doing that

I'm sure it would be technically possible to agree the sale on a floating index (house price indices certainly exist). They definitely won't agree to it mind.

Appreciate that as a buyer you'd risk forfeiting your deposit if you pulled out after exchange - but what would the seller risk if they did the same (between exchange now and completion in March).

I can't imagine they'd lose that much, so the risk in this situation is seems very asymmetric. You should, at least, demand a premium for that (possibly in the form of rent or your own deposit from them). Again, they won't agree to this either.

I would definitely want a penalty in the contract for them if they pulled out after exchange. I don't see why it shouldn't be the same penalty as I would endure.

you would also need to get your solicitor to draft a rider to the contract of sale (its a page stapled to the back essentially) about them taking reasonable care of the place post exchange given how long they will be staying for and what happens if they fail to vacate when they are meant to - to include your abortive and associated costs etc..

Again, they won't agree to this either.

They might. I don't think this has been put in front of them. It's possible that they are idiots, and when explained to them how shitty their ask looks from Hovis's perspective, they might be open to some kind of negotiation.

But if not they are just dicks.

It's really ducking simple though, you explain that your offer was based on the information you had at the time and the assumption you'd be in before Christmas. Which is reasonable.

And take it from there. It might be that you can still be in before Christmas because they want to sell and most of the evidence presented suggests they do.

Yeah, need to looks at all options really... E10/E11 Leyton/Leytonstone? Could be an option, I dont mind the idea but I think the misses thinks its grim out there.

Thought Poplar was a good shout because its 5 mins from my current place (Victoria park).

Problem is I dont have the money for the property I want in the area I want to live in...

My question is, what risks are we exposing ourselves too if we exchange contracts 2 months before completion.

I think the main exposure is that you'd still be liable for the EA & solicitor fees if it all fell through after exchange of contracts. But I'm no expert.

If you love the house, I'd have your EA find out more about their emmigrating situation. Is it nailed on, have they got Visas sorted, or are they dependent on a job offer etc etc. Cos if they are waiting on something that is not 100% sorted, and don't get it, you could end up waiting 5-6 months for nothing.

My question is, what risks are we exposing ourselves too if we exchange contracts 2 months before completion.

You can buy insurance against this, IIRC

Buy it. Move in anyway. With them in the house. Walk around naked. Change the locks.

If they saw me naked they would never want to leave.

Give it three months, trust in Mays incompetence

by bike its about 8-10 minutes from where you are at the moment or 2 stops on the tube.

and some of it is grim but most of the houses that the period properties are in are fine and no better nor worse than the medway conservation areas etc in e3.

been quoted 725 notes for a full fat survey on a 3 bed with extensions. sound about right?

Surely you'd get the Lord of Light round?

a full fat survey

y? y not the basic one? given the place is recently done.

which is exactly why i want the diamond service. who knows what corners the current owner cut when he was tarting the place up. besides - any problems and we use them as a reason to knock the price back. Pays for itself in the long run.

Not sure this falls within the Strawberry Blonde from Beyond's remit. And he's a busy man these days.

Have you had a valuation yet?

a valuation on what and by whomb?

I may be wrong but a full fat one risks it being undervalued .. correct me.

No idea, but let me know how you get on as we will also be looking to get the full works on a 3 bed with extensions and recent tarting.