Supposed to be exchanging on repo tomorrow!!

devon007

karenthemummy79 wrote: »

Please dont tell me they will try to gazump!!! We are supposed to be exchanging tomorrow!!! Surely we are too far down the line now for them to accept another offer!!!

Nope, you are not, not until you exchange. The Lender has a "duty to mitigate it's losses" on a repossession property - in plain English to get the best price obtainable in the circumstances. Which means that if someone came and offered a substantially increased amount from your offer they would have to look at the circumstances of that buyer quite closely to see whether it would be beneficial at this very late stage to accept that other offer. TBH any buyer coming along at the 11th hour would have to be a cash buyer able to proceed to exchange within literally days for their offer to be attractive (bird in the hand etc etc) AND if the Agent or Solicitor are aware of serious negotiations with any other person there is a duty to let you or your Solicitor know.
As I keep saying on here, be guided by your own solicitor/conveyancer,. that is what you are paying them for. Provided they are local - talk to them about your house sale - they will have good local knowledge of prices achieved.

karenthemummy79

I feel like screaming!!!! :mad: Now there is yet another spanner in the works!!!!

My solicitor has just discovered there is no NHBC certificate with the property so she says it MUST of had an architectural plan which nobody has so she has had to go to my lender to see if we can proceed or not!!!

If this falls through because of this I will be SO angry because it has cost me LOTS of money to get this far and on the day that me and my Grandad went in with our offer, he was asking about the NHBS and the EA was 'unsure'.

I just said to my solicitor that the more things that are cropping up, the more I am wanting to renegotiate the price but she wont talk about 'ifs' she cant confirm that we can proceed so doesnt want to talk about price as it may not be relevant.

My god can anything else happen!!!

Gwhiz

Auctions are not for the feint hearted or for beginners! I feel for you BUT you are taking some huge risks in a not particularly good market.

Oh.. and you "borrow" money, not "lend" and I wouldn't HAVE panicked

devon007

If you want to try and help yourself and have the time, given the planning officer a call at your local authority and see if you can go in and have a look at the planning papers - you may find the architects details on those papers/plans! Taken pen and paper and note the details down. Give the architect a ring and gently explain your position without pushing, and see if they can get their old file out and look for a Certificate. If they can, ask if you could pay for a copy of it, to pick it up and deliver it to your solicitor.
I would not normally suggest this but time seems to be of the essence to you and it's only a suggestion But don't just go down to planning - they need to find their file first and if you just popped in they may well send you away.

karenthemummy79

The only other thing I can think of is going to the man that lives in the house next door as he has lived there since it was built so surely he will know if he has any guarantee and be able to point us in the right direction?!

There are 4 properties the same but 2 of them, I think, have been finished off by a different builder so I guess that the builder may have had financial problems and had to sell them off but that is a guess!

I am feeling really diheartened now because the house is really perfect for us and I know we can make it a gorgeous family home but the more things that are cropping up are really starting to stress me out!!!

I am not overly worried about not having guarantees because I think with the property being 5-6yrs old, there would probably be too many exclusions to be able to claim on anything anyway!! I have read on another thread though that C&G are particularly strict on having the appropriate guarantee which is just great!!! They are my lender!!!!

Oh and I apologise for my grammar and I cant believe I got the lend/borrow thing mixed up!!! I am always correcting people on that one!!!! My public school education obviously hasnt done its job!!!

karenthemummy79

Oh and GWhizz - we didnt win the house at auction! It has gone through an EA! And - I know we are taking big risks but sometimes in life I think we need to if it is a way of getting something that we, otherwise wouldnt be able to afford!

Believe me we pondered for days over what to do but we werent expecting all this!!!

pawpurrs

In all my time selling repos, I didnt have any that were gazumped the bank normally wanted to stick with the original purchaser, bird in the hand and all that, the only time they changed was when it went weeks over, through the buyers own fault. So try not to worry.
These things are all normal crap that come with house buying, hopefully you are nearly there.

Gwhiz

karenthemummy79 wrote: »

Oh and GWhizz - we didnt win the house at auction! It has gone through an EA! And - I know we are taking big risks but sometimes in life I think we need to if it is a way of getting something that we, otherwise wouldnt be able to afford!

Believe me we pondered for days over what to do but we werent expecting all this!!!

I stand corrected!! In that case I just wish you he best of luck!!

karenthemummy79

:mad::mad: Anybody want to come and borrow my 2 children - a 1yr old and a 3yr old while I am sorting all this out!!!!! Poor children!!!! Mummy is a stresshead!!! :mad::mad:

socrates

As you say you are getting a bargain - so just drop yours to the point where you can find a serious buyer who will move quickly.

In a falling market where you are trading up that would be seen as common practise

You can cheekily try to drop the price - citing all the problems you have had - even £500 is a result

Good luck