FTB - worried about circumstances

Lurkingtoposting17 · 13 July 2017 at 9:49PM

Hi all

Name explains that I've long lurked on MSE and gathered a lot of help from these forums, but I'm having the usual house buying anxiety along with some very specific fears that are making me wonder what to do.

I offered end of May, with mip agreed. Instructed solicitors and left everything to just run its course. Sellers want to sell ASAP and are not in a chain, going into rented accommodation.

At this point, we haven't exchanged contracts. I'm waiting for the solicitors to send me the paperwork etc, I need to review this. My mortgage is just me, and I'm borrowing the maximum they will lend me, with my parents lending me some cash as the property was a little more than I had as a deposit plus stamp duty. I said I would have funds by end of July.

Complications are;

1. One of my parents who is lending me money (neither has hefty savings and are tapping out what they do have to help) is no longer in a financial position to do so. I am therefore not sure I am willing to borrow right now, as it will place an unnecessary burden on my parent.

2.) My job has suddenly developed some uncertainty. Management have been very clear they think this is a phase and should resolve itself but have said if the next month doesn't improve there will be some difficult decisions made.

My biggest fear is I borrow money to exchange and then lose my job, and I lose not only all my savings, but my parents too. I've stayed at home for four years with my parents to save and these two events happening at the same time are really causing me anxiety.

To make up the shortfall of my dads money, I would need an additional months salary (coming in at the end of August) by which time the fears I have with my employment should have been resolved and hopefully my dad will be back in work and more solvent also.

My question is - do I try and naturally delay the sale (vendors are being very pushy via estate agents and solicitors even though I said from the start earliest would be end of July for me) or do I just be honest and come clean to everyone that I want to delay a month?

My friend also suggested saying if they want me to complete this month I can but I need the price lowered by £2k as I no longer will have access to those funds. I really don't want to gazunder them, especially as I did initially offer 3k less than I ended up paying - but I did tell them I was stretching myself when I offered that, but I didn't expect this to all happen at once.

I want the property and don't want to lose it, but I am also financially prudent and don't want to upset or stress out the vendors either. They are a nice family!

Any advice would be greatly appreciated as most things I have read on here have been sellers slowing down transactions rather than buyers.

Thanks for reading

glosoli · 13 July 2017 at 9:57PM

I think as much as the vendors won't like it, you have little option but to delay a month prior to exchanging. The last thing you want is the nightmare of being legally bound to purchase the property, only to find out that you no longer have a job.

gettingtheresometime · 13 July 2017 at 10:45PM

As a mum whose son is buying his first home I think I would advise my son, if he was in your position, to be honest with the sellers and say that unless they were prepared to wait until the position regarding your job was clearer you'd regretfully have to pull out.

you have to make the best decision up you can given the facts you've got rather than what ifs & maybes.

Yes they maybe very nice and yes they'll be gutted / annoyed but at times like this you have to be selfish & think of your own situation first

glasgowdan · 13 July 2017 at 10:49PM

Absolutely look after yourself here. You don't need to ever see the sellers.

Is pulling out and buying a cheaper place an option for you? I'd be nervous buying on a max mortgage on my own. I wouldn't do it.

Lurkingtoposting17 · 14 July 2017 at 11:09AM

glasgowdan wrote: »

Is pulling out and buying a cheaper place an option for you? I'd be nervous buying on a max mortgage on my own. I wouldn't do it.

Hi Dan

Sadly, not really. Due to property prices I made compromises on my wish list (don't we all) and manage to find this place I am really happy with. Due to low interest rates, and a relatively good deposit, the actual mortgage monthly cost is really affordable. My budgeting even includes savings, renovation and repairs fund and still leaves me with a healthy surplus each month. The money I am being given covers stamp duty and the little extra over for the delta between the mortgage offered and the price I offered for the property.

I had not wanted to borrow maximum mortgage, but I have stress tested it. I have tried waiting for a knight in shining armour to move in with me & share costs, but I only attract idiots in tinfoil :rotfl:

The property is priced well for the area, and has been well looked after so we aren't expecting any major repair or renovation costs in the immediate future. But my natural risk aversion means that I am cautious of placing any burden on my family.

I really want the property, and I just don't want to lose it over a months delay when I know the seller is ready to go. I read so many threads about sellers hating their buyers and I don't want to be that person. If anyone has any advice on how to approach this, I'd be grateful. Someone said to wait until I have even seen the contracts and take time to review them (as I haven't seen them yet!) as there could be queries in searches etc which provide delays, so no need to scare the vendors if the sale may naturally slow when I go back with any queries?

goodwithsaving · 14 July 2017 at 11:41AM

If it's causing you severe anxiety, pull out. It isn't worth the stress, especially if you don't have to move.

silvercar · 14 July 2017 at 12:54PM

Give clear instructions to your solicitor.

Someone said to wait until I have even seen the contracts and take time to review them (as I haven't seen them yet!) as there could be queries in searches etc which provide delays, so no need to scare the vendors if the sale may naturally slow when I go back with any queries?

This definitely. Just look after yourself. Sales are often delayed for a month or two for very minor reasons.

Lurkingtoposting17 · 14 July 2017 at 1:51PM

silvercar wrote: »

This definitely. Just look after yourself. Sales are often delayed for a month or two for very minor reasons.

Thanks Silvercar. I don't want to pull out at all, as someone else has suggested, the anxiety is caused by timing rather than any fear over the property and me being a general worrier at the best of times...!

Whilst I know transparency is important, I don't want to say "I need to delay" and the vendor decides to put the property back on the market (they couldn't sell/exchange/complete in the delay I am proposing so I hope they wouldn't)

I am sure my name is mud in their house - though we are only at week 8, so this doesn't seem particularly worrisome from my side as I have friends who have had chain free purchases take ~6 months!

glasgowdan · 14 July 2017 at 3:41PM

Try and stop worrying what the seller thinks of you!

Nagme · 14 July 2017 at 8:07PM

I would say be honest.

Communicate your position, to the EA or seller. The seller can then decide whether they are able to give you more time.

Having been through many sales and purchases, I'd say communication is everything. Yes, you could focus on yourself and delay the sale without reason, but personally I could never do that and feel like it was the right thing.

I can imagine it's stressful with things being uncertain right now, but nothing is certain really - I bought a flat, made one mortgage payment and got made redundant!

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FTB - worried about circumstances

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