[sarahw]

We had an offer on our house in the UK a couple of weeks ago and things are moving well usual UK house selling pace (even though we stipulated that we wanted to exchange within 4 weeks & that was a condition of us taking the house off the market)!

Eek! We went out this weekend around Whitby, Paramata, Plimmerton & Papakowhai to look at some houses and see what we could afford and what kind of houses & streets we liked. We had a strict agreement before we went out that because we'd rented our property for 6 moths that we were not going to look seriously for a house yet & until the money from the UK is in the bank its not worth putting an offer in.

We went round quite a few open homes and guess what? We've absolutely fallen in love with a gorgeous home - it has got some downsides like its at the top of a very high hill so the section is steep - but there are decks (but nestled low enough to be sheltered from the winds) - but there are major pluses like... its on the top of a very high hill (so the views are fabulous!)

Has anyone else that is in the process of selling their house in the UK put an offer in on NZ property? or gone through the selling in UK and buying in NZ process at the same time? Or should we be waiting rather than putting ourselves under a heck of a lot of stress that is unnecessary - well at least for a few months!

[eric_amanda]

We bought our house here in NZ, in October and are still waiting for the house to sell in the UK. We have nearly had two sales on it, but have both fallen through.

That said, initially we found the banks to be definate no way, until you have at least a 20% deposit (we had 15%) some even wanted 40%+. Depends if you have residency or not.

In the end we found a very nice lady at BNZ who was willing to negotiate. I had to do a full spreadsheet of our assets etc our projections on weekly expenditure etc. They wanted lots of bank statements, ISA statements, a written statement from the UK agent as to the houses market value, Eric's wage slips etc but in the end we got the mortgage and after making us suffer a little, :wah said they could probably have leant us more!!!! :nice1

Not only that but they paid half of the valuation fee and waived the fee of $2000 or so because we had a mortgage of over 80%. It was pushing it to ask for solicitors fees aswell!!!

So, go for it :nice1

Amanda

[sarahw]

Thanks Amanda,

Its good to hear about your situation & encouraging to hear you 'went for it'! The housing market in the UK isn't what it was & we certainly don't want to count our chickens. We've got PR & quite a large deposit (tied into the house in the UK) so we should be right - I've spoken to the ASB today & they were willing to negotiate on the fixed interest rate (which I find quite funny - can you imagine a UK bank willing to (and suggesting to) negotiate the interest rate?!) Mind you that said the interest rates are way higher than UK!

[sarahw]

Eek! We put an offer in on the house last night!!! Someone else did at the same time so we won't know until later today what is happening but OMG!!! :eek :eek :eek

[eric_amanda]

Hi Sarah

:hopeso for you.

BNZ negotiated our interest rate also. And they were able to vary the term etc. They gave us the first 12 months interest only. We paid the 15% deposit and then the rest of our capital will come from the house sale in the UK and we will be able to pay more off the loan when that sells. :hopeso It sells soon though. We have one guy who wants to put an offer in but is waiting to get offers on his first. Trouble is with the snow in the UK it seems to be putting people off at the mo! :wah

Let us know how you get on.

Amanda

[MB]

All the best, Sarah! And I was just PMing you about something else, not knowing all this is on your mind! :oops: Sorry!

Matt and family.

[Moorf]

Ooohhh how exciting Sarah.. keep us posted and GOOD LUCK :hopeso

Did you do a valuation and house check before you put in your offer or did you put in the offer subject to valuation and check?

Moorf

[sarahw]

Thanks guys,

We didn't get the house :wah Someone put in exactly the same offer as us but could complete in 3 days - our house is going to take some 4 weeks to sell in the UK - doh! Oh well, plenty more houses out there - right?!

Hi Moorf,
We didn't have a valuation or house check - we put that as one of the conditions... (Ian being a surveyor everything has to be done to the letter!!!) :laugh