escapedtonz

Woohoo!!!
Negotiated a very agreeable sale price on our house in the UK and as luck would have it, by the current tenants which just makes life a whole lot easier for all concerned
No chain on either side and cash buyers
Hoping for a short, trouble free process

Snap Shot

Sweet As !

With the current strong exchange rate for those buying NZD with sterling, let the good times roll !

Hope you complete the sale in a timely manner without a hitch too.

Will you be clobbered for tax under the new laws in Britain ?

BTW, just out of curiosity, where in Britain is the house ?

escapedtonz

Yes excellent timing, however we're not in any major rush as we've decided to stay where we are till at least next Feb as our rental is in the primary school zone. We can move away from it once the boy has enrolled next year.
Here's hoping we get a rate of 2.5. There's a good chance as we can book a currency contract for many months and hope it hits the mark even if it is momentarily.
The tenant is on a 12 month contract that ends 24th July, and I'd say they'll be looking to complete on or before that date so they don't have to keep forking out the monthly rent, however it's only a month away so unlikely to happen although I'd like to believe the process will be quicker since there's no chain and a cash sale. They also haven't served us any notice so they have to pay us till 24th August at the moment, unless the house becomes theirs

Shouldn't be any tax implications as we purchased in 2007 and up until 2012 it was our main home. We're also losing out on the deal as the sale price agreed is £25000 less than what we paid for it so they can't sting us for any capital gain as there isn't any. We've also not been in NZ 4 years yet so don't have to declare anything to IRD.

House is in Lancashire.

TommyLuck

You can do this with HiFx.

escapedtonz

Yep and a few others. Done it before using Moneycorp.

TommyLuck

Never mind me, I didn't read it right.

I missed the 'as' in the sentence I quoted.

MrsFychan

congrats, hope it all goes well and smoothly

Hazelnut

Congratulations, sending 'easy completion' thoughts your way

escapedtonz

Still all going well at this moment in time, however the goal posts have changed slightly as the buyers have now told our estate agent that they will need a small mortgage but have a large deposit.
We were led to believe they were cash buyers and had the money in the bank. Good job we didn't fall for that patter and declined their first offer based on that.
Just means there may be a short delay as the mortgage company will need a survey and valuation done - not that anything will come of them. They'll also have to have all the searches and reports completed through their solicitor but hey ho we'll get to the end I'm sure.
They're paying us a grand a month to live there anyway so any delay means they're paying more.

escapedtonz

So it's about 9 weeks down the line now after agreeing the sale of our uk house and we've still not exchanged contracts!!!
Jesus.....why does it take so damn long to sell a house in the uk?
As far as I know the buyer is also pulling their hair out over the process even though it's their solicitors daft questions to our solicitors that are delaying everything.
Seems our buyer has spat his dummy out and has demanded contracts are exchanged next week no matter what and no matter whether his mortgage company are on board or not so we'll see what transpires.

Just wish it was all over and done with.
At least we know there's nothing wrong with the house foundations or structurally that could halt the sale but we didn't count on solicitors being completely anal about every minute detail.

MrsFychan

well if its their solicitor they need to be getting their fingers out, tell your estate agent that if it is not completed next week then you want active viewings to begin again.

escapedtonz

Had another message last night.
Seems the buyer (who is also our tenant) is as pissed off as we are with all the delays and has stated he wants to exchange contracts next week regardless of what questions remain outstanding from his solicitor and regardless whether or not his mortgage company is on board......apparently the survey was only done yesterday.
Questions raised are complete nonsense in our opinion so we'll see what happens this week and wait for the next update.

Hazelnut

Really hope the solicitors manage to pull their fingers out their proverbials and complete for you.

MrsFychan

least as the tenant its highly unlikely that they will pull out of the deal.

escapedtonz

Yes we thought that. They want it all done and dusted ASAP as they are paying rent and September is due now so obviously they don't want to have to shell out another 1000 pounds. They want to own it before that payment has to be made.

The most up to date message we have is that the tenant/buyer emailed their solicitor beginning of the week and instructed them to exchange contracts ASAP, regardless of what issues were outstanding
So with that, their solicitor contacted the agent to state that his client is ready to complete....why the frig they can't just speak directly to my solicitor I dunno...idiot's.
Anyway, so I got a message off the agent saying they're all ready to go so I then contacted my solicitor and asked them to ring the other solicitor directly and to sort it out between them and exchange contracts ASAP.
That was on the morning of the 25th (UK time) and since then no further updates.

Getting there slowly