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If it could go wrong it has done
keithyreeves
Posts: 14 Forumite
Advice please.
We're having a hell of a time trying to purchase our dream property, and we're now thinking of jacking it all in and becoming homeless. What started off as an escape to the country moment is turning into the house purchase from hell.
To start off - because of previously poor credit we've had to look at the sub prime market for our mortgage. THe first broker we used failed miserably to carry out any of the work that was required for our current lender so we had no choice but to dump them.
We found a new broker who managed to find us a mortgage which was well within our means, however we've hit a number of hitches. The property we are selling used to be a shared ownership property. We staircased to 100% two years ago, however when it came to selling it we find out that our solicitors at the time 'forgot' to inform Land Registry that we owned the property outright. This was three weeks ago and was only discovered by our buyers solicitors in one of the searches. After many threats of legal action this has now been resolved, however it is now the purchase of our dream property that seems to be doomed.
The property was bought by a landowner and he had a barn converted for his parents. The property and land was in his name along with an additional farmhouse and further land. He sold off a portion of the land to Woodlands Trust and then put his and his parents properties on the market so they could then do a final move before retiring. We drove 400 miles to see the property as soon as it came on the market and put in an offer straight away.
However, now we're coming to completing and moving in before Christmas the problems are really starting to hit us.
Our mortgage company are now refusing to lend us the mortgage we want as the son has failed to inform Land Registry that the property and the land are a single title. For us to merge the titles will take five weeks at least and there is no guarantee that this will be done before our buyers say sod this and pull out. What can we say to our mortgage company to make them see sense and give us the mortgage we want for the property we want as they agreed at least two months ago?
HEEELLLLLLLLLLLLLLLLLLLLLLP!!!!!!!!!!!!!!
We're having a hell of a time trying to purchase our dream property, and we're now thinking of jacking it all in and becoming homeless. What started off as an escape to the country moment is turning into the house purchase from hell.
To start off - because of previously poor credit we've had to look at the sub prime market for our mortgage. THe first broker we used failed miserably to carry out any of the work that was required for our current lender so we had no choice but to dump them.
We found a new broker who managed to find us a mortgage which was well within our means, however we've hit a number of hitches. The property we are selling used to be a shared ownership property. We staircased to 100% two years ago, however when it came to selling it we find out that our solicitors at the time 'forgot' to inform Land Registry that we owned the property outright. This was three weeks ago and was only discovered by our buyers solicitors in one of the searches. After many threats of legal action this has now been resolved, however it is now the purchase of our dream property that seems to be doomed.
The property was bought by a landowner and he had a barn converted for his parents. The property and land was in his name along with an additional farmhouse and further land. He sold off a portion of the land to Woodlands Trust and then put his and his parents properties on the market so they could then do a final move before retiring. We drove 400 miles to see the property as soon as it came on the market and put in an offer straight away.
However, now we're coming to completing and moving in before Christmas the problems are really starting to hit us.
Our mortgage company are now refusing to lend us the mortgage we want as the son has failed to inform Land Registry that the property and the land are a single title. For us to merge the titles will take five weeks at least and there is no guarantee that this will be done before our buyers say sod this and pull out. What can we say to our mortgage company to make them see sense and give us the mortgage we want for the property we want as they agreed at least two months ago?
HEEELLLLLLLLLLLLLLLLLLLLLLP!!!!!!!!!!!!!!
0
Comments
-
Your lenders are right to be cautious and apart from taking out a "bridging loan" I doubt there anyhting you can do.
But given your credit record this is probably not an option.
You will just have to sit it out and hope things work out with your buyers.
On a positive note, at least your solicitors have done their job in sussing out the discrepencies in the titles of both houses.dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
Store your stuff and cut a deal with a local hotel, or if your 100% sure your buying arrange to rent the place off the current owner for a peppercorn rent until the paperwork is done.
If everyone stays civil and friendly these things are easy to sort out.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
we have moved four times and each time has never been an easy ride in fact most of my life seems to have mapped out like this (in all areas) some people get everthing work out for them and others have to rough it out hope yours is the first.
It is so disappointing when these problems happen but i now try to view them as a challenge because when you have no control over a situation thats the best you can do.
Good luck hope everything sorts its self outThe average woman would rather have beauty than brains,
because the average man can see better than he can think.
Many people's view of the world is down to their experience, perception and what they have been conditioned to,this isnt any old MSE reply this is a important and experienced MSE reply :rotfl:0 -
Phew what a cafuffle.....
latest update on this, we now have an offer, the estate agent in Wales forgot to mention to the owners of the property that he had put it back on the market, and had to do a complete retraction (oh how we laughed) and evrything is hunky dory with only three weeks to the move... thanks to all who gave their advice - Santashelper, you're right and I think the phrase is "Que Sa Raaa Sa Raaa"0
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