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Hi TBeckett100,
Is there any other option for people with 100% mortgage or do all of them exchange and complete on same day?
Thanks vbmenu_register("postmenu_8605525", true);0 -
This shouldn't be a problem these days, with lenders not liking lending 100% any more it won't affect many people at all. People will have to come up with the deposit, like the good old days.0
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I am a bit confused here, I am a FTB with 100% mortgage and no deposit, so what happens at exchange regarding this 5% or 10% deposit you guys r talking about?
The sum paid over comes off the amount the seller's solcitors will need to be paid to them on completion but as 100% mortgage money will appear the costs SDLT etc get paid out of the surplus.
If not you either pay for a deposit guarantee policy (which is quite expensive for what it is) or exchange and complete on the same day. Usually the FTB with the 100% mortgage has nothing to lose by exchanging with a nil deposit a week or two before completion, but the sellers, if they are buying something else will be more windy about this because they stand to lose out more if something goes wrong.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Hi guys,
I am having a really stressful problem.
Basically seller wants to E&C on the 29th January. However, I am still awaiting mortgage offer. valuation was done on house on wednesday.
seller made it clear if E&C not complete they will pull out.
I will then lost my deposit.
Is there anything I could do to basically stop seller from pulling out?
Will I lost my deposit? Will I have to pay for the solicitors still and the mortgage broker?
It is stressing as I am also without a place to stay then as my current contract on the house I am renting is finished on the 31st January.
I will be grateful for any advices or past experiences.
Please HELP!0 -
Hi guys,
I am having a really stressful problem.
Basically seller wants to E&C on the 29th January. However, I am still awaiting mortgage offer. valuation was done on house on wednesday.
seller made it clear if E&C not complete they will pull out.
I will then lost my deposit.
Is there anything I could do to basically stop seller from pulling out?
Will I lost my deposit? Will I have to pay for the solicitors still and the mortgage broker?
It is stressing as I am also without a place to stay then as my current contract on the house I am renting is finished on the 31st January.
I will be grateful for any advices or past experiences.
Please HELP!
It is possible to do in the timescale you give. If you haven't paid a deposit then don't until you have your mortgage offer and are happy you can complete by a given date. Have you had the Survey report back yet as this may mean renegotiation with the seller?
If the seller pulls out they are not going to find anyone else to buy by the 29th January. If the seller does pull out then you will lose any money you have spent on a survey plus your solicitor will probably charge you for the work they have done upto date unless you negotiated otherwise.
How long has the process been going on for for the Seller to ask for a completion in a couple of weeks?0 -
i have forgotten to mention that it is a brand new place, i am buying off developer.
offer was accepted on the 14th December. valuation was only done on wednesday 13th January.
i am afraid that developer is keen to pull out as the asking price for a similar unit on the floor above is now fixed by +25k from my offer.
this is depressing!0 -
i have forgotten to mention that it is a brand new place, i am buying off developer.
offer was accepted on the 14th December. valuation was only done on wednesday 13th January.
i am afraid that developer is keen to pull out as the asking price for a similar unit on the floor above is now fixed by +25k from my offer.
this is depressing!
Where has the +25K come from?? Has it SOLD at + 25K? If that was the case the developer wouldn't be pushing you for a completion date he would be handing you your deposit back and your fees!!
Stick to your guns you can't make the bank move any faster and 6 weeks including Xmas / New year is stretching it really unless you had cash. I take it the property is completely finished?0 -
I personally could not understand why developer is being pushy. I have never agreed to exchange & complete on the 29th but mentioned I would like to exchange & complete as soon as possible. The apartment is completely finished and is empty since completion probably 2 years ago.
The similar unit on the floor above is on the market for a fixed price which is +25k of my offer. It is not sold yet though.
My head is playing games with me, all thoughts coming through like maybe developer been offered 100% cash buy or etc.
I am a FTB, been saving for so many years and been aiming the particular unit since it came out on the market. I suppose my luck is running out on me eh?
Thanks Millie for your time and thoughts.0 -
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What dates did you get in writing when you paid your holding deposit? The developer can't pluck an exchange nad completion date out of the air and withhold your deposit if you fail to meet these targets.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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