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can anybody offer any advise..
kitkat81_2
Posts: 15 Forumite
We have today exchanged on our sale with completion due for Tuesday :j , the house that we are buying is taking a bit longer and have made arrangements to move in with my parents... last week we were told that the ex wife had put a charge on the house we are trying to buy, yesterday we were told she has agreed to remove the charge as it is they are making a 2k loss in the sale so there is no monetary gain... today I have just had a call from our solicitor as they are going into negative equity (2K) it is now upto the building soc on whether they are going to repo the house... we are so close everthing has been done our money and everything is all ready we were literally waiting for the charge to be removed from the ex wife and now this... if they do repo it how will we find out if it is back for sale arrrrgh I am gutted
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You can always offer to pay £2k more...
Why would they repo for just £2k, anyway?No reliance should be placed on the above! Absolutely none, do you hear?0 -
I know to be honest I was wondering that because of all the costs that would be involved... I was wondering if it was just a way of getting 2k more out of us.0
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they owe 97k to Building Soc, we are trying to buy house for 95k0
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They will also have estate agents and legal costs. Really this is their problem to sort out. The building society won't repossess unless there are arrears on the mortgage, which would be added on to the amount owed. The building society would normally block the sale (by refusing to release the charge on the property) if there isn't enough money to repay the mortgage.
The sellers need to borrow money from elsewhere to allow the sale to proceed. Their solicitor will have explained this to them weeks ago.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Yes, but would a rational lender actually block the sale? If they repossess, they will have all the sale costs themselves, plus they will probably get less for the property. All for £2k shortfall. Better to let the sale go through and pursue the vendors for the balance separately / convert it to an unsecured loan.
Of course, that's a rational lender. In practice, they have their rules....
Not much the buyer can do about it, though. If it does get repo'd, I expect the buyer will get another chance to buy, probably at a much lower price. It may come on with a different agent, though.No reliance should be placed on the above! Absolutely none, do you hear?0
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