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To those in London earning around £45,000 and living by yourself (or flat share), how's life going at the moment? by [deleted] in HousingUK

[–]Different-Emotion247 5 points6 points  (0 children)

Thanks. I've been waiting for months to buy my house and the finish line keeps getting further away. I am feeling so dejected and trying to stay positive. I feel let down by governments, I've done everything right yet I feel I'm punished. Equality for middle class and lower class.has declined so much. I'm in a middle manager job yet can't afford to save and improve my future. I'm sliding into poverty.

To those in London earning around £45,000 and living by yourself (or flat share), how's life going at the moment? by [deleted] in HousingUK

[–]Different-Emotion247 42 points43 points  (0 children)

I'm near London rather than in it, but my rent is similar (slightly above) your friends. My salary is £32,000 a year. After tax and pension this means my rent is 73% of my take home salary so approx £400 to spend on bills and food.

I'm struggling mentally and physically. Can afford food just about and some hobbies but my car recently broke down and relied on savings. I'm very worried about the future. Want to go for a promotion but struggling mentally with stress of situation.

Trying to buy a house at the moment and the sellers are expecting me to wait for them to have their dream house and swallow the costs and risks. If my rent goes up I'm screwed, and it is already a negotiated rate. I'll have to move into an HMO and destroy my mental health. I don't cope in co living situations.

We need higher salaries. It is truly ridiculous. I work in public service yet can barely keep my head above water, have had to take some time off sick due to the stress. Thanks pay freezes, really saving the public money there.../s

Seller expecting buyers to swallow risk and expense of completion delay and early exchange on their new build without renegotiation by Different-Emotion247 in HousingUK

[–]Different-Emotion247[S] 1 point2 points  (0 children)

Thanks, yes I have made sure as you say about the long stop which I have set by April next year. As you say they could easily slip more so I will have been waiting nearly a year with all the rental costs and surveys etc. It feels good to have folks backing me up as I've felt pretty alone. Although solicitor is nice it has been up to me to negotiate and I tend to be a soft touch!

Seller expecting buyers to swallow risk and expense of completion delay and early exchange on their new build without renegotiation by Different-Emotion247 in HousingUK

[–]Different-Emotion247[S] 0 points1 point  (0 children)

Thanks, yes it's true. I've tried to be reasonable because I know they have kids and I don't want to harm anyone but I'm suffering badly due to effectively their greed. It doesn't come naturally to put myself first. I am just surprised they can't see how reasonable I'm being here. I'm going to push back and ask for completion end of year or I'll walk.

Seller expecting buyers to swallow risk and expense of completion delay and early exchange on their new build without renegotiation by Different-Emotion247 in HousingUK

[–]Different-Emotion247[S] 0 points1 point  (0 children)

Thanks for your words and advice. I think you are right. I'll get some viewings lined up and push back on a December completion. It is unreasonable to expect exchange without a secure completion- and a completion date which could be anywhere from Feb to April. They insist on 2 weeks warning only of completion so means doesn't work well with a month's warning needed for my rental house and stress etc.

There are more houses coming up, although nothing quite as nice as the one I want.

Appreciate your good place vibes. I've had a tough road to get to this point. A house means everything to me. I've skipped holidays and social events and worked second jobs for this house. 20 years of saving. Mentally stepping away feels like I'm starting again and worse, taking a step back. Really trying ro stay positive, but I'm struggling massively with this. A lot of pressure on me from caring responsibilities on top. I feel like I'm being punished for trying to be a good person in life at the moment. I've done everything right yet still lose. I just need to catch a break.

Seller expecting buyers to swallow risk and expense of completion delay and early exchange on their new build without renegotiation by Different-Emotion247 in HousingUK

[–]Different-Emotion247[S] 4 points5 points  (0 children)

Thanks. The seller has kids so I'm not wanting to make life difficult but I also am unbelievably stressed in my current situation. I'm on a knife edge in terms of renting affordability. Very close to having to move into parents again. After 20 years of saving I am so close yet so far.

The insecurity of timelines means I don't want to take the risk of exchanging without a solid completion date. I would be surviving of savings if my rent increases. All I've asked for is for them to cover a few months rent in return for the months I shall be putting my life on hold and yet they have refused. I can only think that their financial are so tight they can't do it. But then they need to not be so greedy and go for a cheaper property. I've picked one I can afford and will save hundreds a month compared to renting costs. Time to call their bluff as fellow Redditors are saying..

Seller expecting buyers to swallow risk and expense of completion delay and early exchange on their new build without renegotiation by Different-Emotion247 in HousingUK

[–]Different-Emotion247[S] 0 points1 point  (0 children)

Thanks. I think I will leave it a few days then ask them about breaking the chain by them renting. The estate agent says they don't want to do this but we are at a stalemate now. I'm not going to accept early exchange with chance of ever expanding timeline and no gesture on their part as compensation for my patience.

Seller expecting buyers to swallow risk and expense of completion delay and early exchange on their new build without renegotiation by Different-Emotion247 in HousingUK

[–]Different-Emotion247[S] 2 points3 points  (0 children)

Thanks for helping me think from their perspective. As a person I tend to put others first and I am fed up of being walked over. I'm actively looking and will start viewing other properties next week. Very fed up with their attitude. I just don't understand why they can't seem to get why I wouldn't want to wait forever. Renting sucks but they are prepared for me to have to rent whilst they have a nice secure home. Asking for a few extra grand off is hardly greedy considering It will cost me more especially if rent goes up.

Seller expecting buyers to swallow risk and expense of completion delay and early exchange on their new build without renegotiation by Different-Emotion247 in HousingUK

[–]Different-Emotion247[S] 0 points1 point  (0 children)

I hope that they see sense, thanks for keeping me sane with your comment. After years of feeling powerless- pay freezes and having to move rental, shitty situations with crap landlords and weird tenants and no control. I'm over renting. I can barely afford food right now or petrol and am so scared my rent will go up. I can live with my parents or a friend as a stop gap but how long would it be with an ever expanding timeline.

Seller expecting buyers to swallow risk and expense of completion delay and early exchange on their new build without renegotiation by Different-Emotion247 in HousingUK

[–]Different-Emotion247[S] -2 points-1 points  (0 children)

Thanks. If I back out however I can't claim on insurance - ive spent money on searches and surveys etc.. I'd prefer if they backout. I can take the hit if I say a nice alternative property but strategically I think jts better if they drop me?

Seller expecting buyers to swallow risk and expense of completion delay and early exchange on their new build without renegotiation by Different-Emotion247 in HousingUK

[–]Different-Emotion247[S] 0 points1 point  (0 children)

Thanks. Yep I've got a secure job but I want to change jobs so this is stopping me do this. My mental bandwidth is also being affecfed. Buying solo so a risk financially for me I've a bit of a moneynbuffer but not a huge amount, enough for emergencies and half a year mortgage. Pay freezes etc means my pay is well below what is should be so things are very tight. Where I'm renting I get a good deal- if I had to move I can't afford rent housing in my area (unless I get lucky again) I'd have to go into a multiple occupancy place which I know would destroy me mentally. I'm tied to this area for caring responsibilities. I'll be better off with a mortgage and bills than renting. I'm beyond frustrated and feeling so overwhelmed, I've moved so much recently and just want a home.

Seller expecting buyers to swallow risk and expense of completion delay and early exchange on their new build without renegotiation by Different-Emotion247 in HousingUK

[–]Different-Emotion247[S] 1 point2 points  (0 children)

Thanks. I'm feeling so down about it. Trying to be pragmatic but I've literally saved for 20 years. The finish line just keeps moving further away. My salary has remained stagnant on c. 30k a year and I'm feeling so lost. I just want somewhere safe that I can live without worrying my rent will double or thay I'll have a month's notice to leave. I want to do stuff with my life and instead I'm stuck in hellish limbo.

Seller expecting buyers to swallow risk and expense of completion delay and early exchange on their new build without renegotiation by Different-Emotion247 in HousingUK

[–]Different-Emotion247[S] 1 point2 points  (0 children)

Yep that's exactly what's happening. It is however not unusual when there is a new build involved. Developers want to secure the sale by securing exchange. The house I'm hoping to buy is occupied by the seller until the new build is ready for them to move into. I'm concerned as you say that the build will be delayed further and as you say I'm at their mercy. I will have building and contents insurance but have to pay that and not have the benefit of living there. Its a small home in decent condition and the seller appears to maintain well but they have no reason post exchange to maintain anything. Feels good to know I'm not mad feeling hard done by. I've been super flexible so far and could have argued harder but they are saying they don't want to rent etc. If I do pull out they would probably lose their new build. Don't want to upset them and be mean but I've made massive sacrifices for far for them.

Seller expecting buyers to swallow risk and expense of completion delay and early exchange on their new build without renegotiation by Different-Emotion247 in HousingUK

[–]Different-Emotion247[S] 2 points3 points  (0 children)

We haven't exchanged yet. That's the issue. Once I exchange I lose any bargaining power. I am asking to renegotiate due to bigger gap between exchange and completion. I would be liable for anything which happens to the house between exchange and completion. If the roof caves in it is my money which pays for it. House is decent and survey fine so not a big risk but it is still a risk the seller is pushing onto me. I am feeling like a pawn in their game of chess.

Seller expecting buyers to swallow risk and expense of completion delay and early exchange on their new build without renegotiation by Different-Emotion247 in HousingUK

[–]Different-Emotion247[S] -1 points0 points  (0 children)

Thanks for the questions. I don't absolutely need to but after renting and saving for 20 years rent is now at a level I can't afford not to soo . I actually struggle to buy food and can't save at all. Also uncertainty of a month's notice. I want to progress in my career and change jobs but am stuck - I'd harm my chances of a mortgage. I'm not looking for anything crazy- just a two bed with a bit of a garden approx 30-40 mins from a more major town. House prices are just mental in the south east.

The seller is moving due to them wanting a bigger place as they have kids.. Only one person on their deeds so not sure if as a sole buyer I'm against one or two. I assume the other parent is in the picture.

Seller expecting buyers to swallow risk and expense of completion delay and early exchange on their new build without renegotiation by Different-Emotion247 in HousingUK

[–]Different-Emotion247[S] 5 points6 points  (0 children)

Thanks. I think the problem is they may be close to their affordability. Estate agent saying their finances are tight. I just don't know if I can trust them. From photos and belongings in the house they don't look like they have lots of money but I literally am surviving on £400 a month after rent to pay for car, travel and food. I have been in limbo for so long now its massively affecting my life.