waiting...what's happening?

Dooley

hi all
I'm getting fed up of this selling/buying business!!

I accepted an offer on my house in feb. My offer on my new house got accepted in march.
and I've still not moved!!

This week I found out that my seller's next property is a new build (I was under the impression they were buying off someone else...). Anyway, their mortgage fell through, something to do with a NHBCC cert and something being architect funded. So now they're trying to get a new mortgage.

I/my sol has asked if they'll break the chain and move out of their house. (presumably renting somewhere else or moving in with others)

I'm hoping they say yes. But if not, I guess I'll just have to wait.
Anyone know anything about this whole architect funded problem with mortgages? what does it mean?

I don't really want to find a new house, because apart from really wanting that one, I'd have to pay sols fees for everything on a new house (searches and that) wouldn't i? So my sols fees would double. I can't afford that.

My buyers are being really patient fortunately, but when them and me are ready to move, my sellers should really move out! (in my opinion anyway, haha)

00ec25

:wall: frustrating isn't it. Welcome to the chain gang, may your sentence be short . Be wary though, it happened to me once, I asked the seller to rent, 3 weeks later they withdrew the property from the market and 18 months later still live there !

Doozergirl

If there is no NHBC warranty or no architect's certificate then the house is unmortgagable.

Every new build needs a 10 year guarantee for people to be able to raise a mortgage on it. If there is an issue with one mortgage lender, I'd worry that there is an issue with many more than just one lender.

Dooley

Really? you're making me think things are even worse than I originally thought then.
Do you think it will all fall through? (I know there's no way anyone can know of course, but still, I'm interested in any opinions!!)


It's not good is it, that I'd lose all the money for my solicitor, for what they've done on that property? through something that's not my fault!! I hate all this!

Doozergirl

Sorry, I'm not trying to scare you - 'something to do with an NHBC certificate and being architect funded' isn't a great deal to go on, admittedly.

What I have said is correct, whether it applies to your vendors or not, I can't really say!