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Should we pull out of house buy
Comments
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Hmmm, that may just be the IFA trying to protect some of his income. I would speak direct to Nationwide. Do you have copies of whatever you signed? What did you agree to, in writing?No reliance should be placed on the above! Absolutely none, do you hear?0
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I went through everything we actually signed yesterday and couldn't see anything which said that they had the right to keep the 'reservation fee'.Hmmm, that may just be the IFA trying to protect some of his income. I would speak direct to Nationwide. Do you have copies of whatever you signed? What did you agree to, in writing?
The fact it is called a reservation fee instead of an arrangement fee does make me think they do plan on keeping it though...0 -
Hope you get the fee back, but even if you lose it, it seems like a very lucky escape to me.
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I agree... It is kind of a blessing in disguise I think.
I think keeping our capital of £20k in the bank while we rent, rather than spending it all now and losing maybe £40k or more on the house is going to allow us to live a much happier life.
I think I have been blinded by wanting to buy for so long, and just as we are able to, all of this economical nightmare occurred.
I am very grateful to everyone who has posted here
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I agree... It is kind of a blessing in disguise I think.
I think keeping our capital of £20k in the bank while we rent, rather than spending it all now and losing maybe £40k or more on the house is going to allow us to live a much happier life.
I think I have been blinded by wanting to buy for so long, and just as we are able to, all of this economical nightmare occurred.
I am very grateful to everyone who has posted here
I think you made the right choice Chris, you can now sit back and relax a bit!!
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I hope you don't mind me interfering, Chris, but I phoned Nationwide on 0800 30 20 10. (Heck, it was free!) I spoke to a very nice lady called Elizabeth Curry in the Nationwide Direct Mortgage Centre, who assured me that reservation fees are refundable if you choose not to go ahead. I pointed out that it is not on the website, and she said that it has changed in the last few months. I suggest that you speak to them, then discuss it with your IFA.No reliance should be placed on the above! Absolutely none, do you hear?0
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Hey,
Just browsing the board and thought i'd mention that my mortgage broker told me to add any fees with the mortgage to the actual mortgage. It means that you only end up paying it if you actually move in as it were. Then you make an overpayment to the amount of the fees on day one, and avoid any interest. Just a tip for next time!
Also not surprised OPs offer 6% below asking got accepted. In my area people are accepting 17% below asking on properties up to 300k. Addmitedly some of those may be over priced in the first place but many aren't.
HRiding out the receession.........0 -
Thanks very much for doing that GDB! That is a great help and a weight off my mind to help me sleep tonight! It will help my case greatly when I speak to the IFA I can pretty much demand the money backI hope you don't mind me interfering, Chris, but I phoned Nationwide on 0800 30 20 10. (Heck, it was free!) I spoke to a very nice lady called Elizabeth Curry in the Nationwide Direct Mortgage Centre, who assured me that reservation fees are refundable if you choose not to go ahead. I pointed out that it is not on the website, and she said that it has changed in the last few months. I suggest that you speak to them, then discuss it with your IFA.
If needs be I will phone Nationwide myself if the IFA doesn't agree!
I think you're all right, not going through with this will allow us to relax and just enjoy the baby until a good time to buy comes along again in a few years!0 -
I think you're all right, not going through with this will allow us to relax and just enjoy the baby until a good time to buy comes along again in a few years!
I suggest reviewing the position in 18 months time.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Well I've just rung the solicitors to find out how much we would owe them if we decide to pull out. The ball is rolling now but I'm hoping it won't be anymore than the £300 deposit we gave them!
I'm just waiting for them to call back and let me know...0
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