Buying a Flat!

I know it has been radio silence over here for so long now. Part of that is because life has been so busy I really haven’t had time to do anything with this blog – every time I try to start writing, I have such a small amount of time to fit it in that what comes out is rushed and of such low quality I can’t do anything but throw it out and mourn the wasted time!

But ALSO I’ve had a lot of really exciting things in the works for months, and I didn’t want to share them until completely official. And the first one finally is so here we go…

We’re buying a flat! In South East London (where we’ve always lived), right next to Crystal Palace Park, and the commute will be fantastic, and it’s got two floors and three bedrooms and two bathrooms. And it’s finally official!

Did you know buying a flat in the UK takes an average 6 month to complete? Because I certainly didn’t, and when our offer was accepted back in June I expected to be in end of August at the latest. Very naïve, I have since learned.

Buying a flat in the UK is also different to the states in that it’s not legally binding until the very end. Meaning you can get months in and right before you expect it to be official (and after paying lawyers fees), you can be “gazumped”.

Per Google: Gazumping occurs when a seller accepts a verbal offer on the property from one potential buyer, but then accepts a higher offer from someone else. It can also refer to the seller raising the asking price or asking for more money at the last minute, after previously verbally agreeing to a lower one.

Basically it’s all verbal up until you exchange contracts, which doesn’t happen until the end of the process. Our offer was accepted in June and then July – October our lawyers sorted out the legal stuff, and we finally exchanged October 23rd, which made it all legally binding. We will then “complete” on November 4th, which is the day we get keys and officially own the house.

Another major difference between buying a flat in the UK vs the US are chains. The system here is legally set up so it’s not just your one purchase, but the sellers forward purchase, and so on, down the chain until you find someone “chain free” – ie moving to rented accommodation, moving abroad, or not buying for another reason. Depending on how long your chain is, it adds so much time. For example, we have been ready to exchange with our sellers for about a month, but there was an issue between their negotiations with their sellers which held things up. Then we were meant to all exchange on the 22nd, but the contract hadn’t been received from the people our sellers were buying from, so we had to wait on that. Nothing to do with our purchase, but legally it all happens on the same day. We were lucky in that our chain was just the three of us – the people our sellers are buying from are moving to rented accommodation. But there can be chains of 6 or 7 people, and if one of the purchases falls through, it delays completion for months for the entire chain. As such, a friend’s home purchase took over 12 months. And statistically, an accepted offer only leads to a completed sale 2/3 times in the UK (I’d imagine this is even closer to 50/50 in London).

We’ve been anxiously awaiting exchange – as desperate as we are to move in, we were more desperate to know nothing would fall apart last minute and no gazumping would transpire. And it has all finally happened! We’ll be in so soon – and with enough time to plan and host Thanksgiving!

We want to do a lot of work on the place but have very limited funds at the moment. So I’ll share photos of the “before” and then slowly share the “after”. We currently have a bed and an old, dilapidated sofa a friend has kindly bestowed upon us, and otherwise virtually no furniture. What a fun and expensive and terrifying adventure this will be!

2 thoughts on “Buying a Flat!

Leave a Reply