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Help and advice needed by confused First Time Seller
Comments
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Nothing has been paid yet so that's irrelevant. If somebody makes and offer 15k lower and you accept, you are within your rights (in this country at least) to pull out. Then they can offer 10k more and you can accept. The value isn't fixed by anyone, if somebody agrees to sell at a certain price and somebody agrees to buy at the same price that's the value.PasturesNew wrote: »Because it is not the price agreed, nor the price actually paid.
We do some mortgage lenders accept this then if it is illegal?PasturesNew wrote: »Lying on the forms is.0 -
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All i'm saying here is vendor gifted deposits are fine. As long as the selling price is low enough under the valuation to cover it.
We are receiving a vendor gifted deposit on the house we are buying now. Alright, it may be a little underhanded doing it retrospectively, but how honest are everybody else in the property game?0 -
If they differed so vastly though, nobody would ever get mortgages as the selling price and surveyor valuation would be miles out.
I really do not understand your point - I can put my house on the market for £200k - the valuer comes round and values it on the lenders behalf and it is determined for mortgage purposes at £150k.
What I think my property is worth is irrelevant.
I truly believe in this case the buyer is a waste of time0 -
I got 3 quotes from local E. A.s which came in at £170,000, £165,000 and £160,000. I picked the middle one because this agent is also selling the house we want to buy.Did they just pluck this out of the air? or did they get some people round to value their house?
Thankyou.
Martha Scrubbit0 -
I really do not understand your point - I can put my house on the market for £200k - the valuer comes round and values it on the lenders behalf and it is determined for mortgage purposes at £150k.
What I think my property is worth is irrelevant.
I truly believe in this case the buyer is a waste of time
That's exactly my point. If everybody's EA came round and said their houses were worth 50k more than the mortgage valuers valued them, how would any buyer get a mortgage?0 -
The question is really what the buyer's solicitor is going to do about it. He will have a professional duty to inform the mortgage lender of the gifted deposit unless the lender clearly says in its paperwork that this is not necessary. If it doesn't say that he must tell them. OP's solicitor should make sure he does because otherwise they will be a party to a mortgage fraud.
In my view if the lender will allow a gifted deposit then there's no problem in telling it that there is one, but also in my view that lender should be classed as toxic and denied any government help. It is because lenders were so anxious to grab market share that they indulged in practices like allowing gifted deposits - and now where are most of them?
On the other hand if the lender doesn't know and there have been some shady goings on with the mortgage brokers then the sooner all this is discovered, the sooner OP can put the place back on the market.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 -
As a seller, as long as you are being open and honest about what you are doing, I don't see a problem. You are saying you want a net figure of £150k, how the buyer's solicitor, lender and valuer dress this up is not your problem. If they are all happy to gild the lily it is not your issue.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
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