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Bottom of chain has mortgage pulled AFTER exchange
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Just to say you have our sympathy and DO NOT lend any money to someone lower down the chain to complete the transaction. We lent the first time buyer, our buyers buyer, £3,000 some years ago to stop the chain collapsing, the loan was secured on the property. But when they split up and the property repossessed and sold by BS we got nothing!!!!! Even though the BS made a profit on the deal.0
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knightstyle wrote: »Just to say you have our sympathy and DO NOT lend any money to someone lower down the chain to complete the transaction. We lent the first time buyer, our buyers buyer, £3,000 some years ago to stop the chain collapsing, the loan was secured on the property. But when they split up and the property repossessed and sold by BS we got nothing!!!!! Even though the BS made a profit on the deal.
Second charges on property are not very good security, but you do still have the opportunity to pursue the two individuals for your £3k. Or do you think that's just throwing good money after bad?No reliance should be placed on the above! Absolutely none, do you hear?0 -
I have friends who can exchange and complete within a week.....................
but where is the profit?0 -
Trollfever wrote: »I have friends who can exchange and complete within a week.....................
but where is the profit?
A home is to live in, remember?
;)
Yield may be good as a BTL. 10% off a pre-agreed price may make it worthwhile. Maybe they'll try and chip a bit more...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 -
WOW... new update.
It seems the FTB at the bottom of our chain has managed to change the minds of her original lender, believe it or not, so it now looks like we're all set to complete next Thursday...:eek:
I don't think I can allow myself to include a jumping for joy smilie untill we're in with the door barricaded behind us though. Just got deja vu booking the removals firm for thurs, though this time it's with a cancellation fee waiver and it's not with the original firm as they charged us the full amount last time and could only stretch to a £100 discount this time!!! :mad:
Anyway, fingers crossed for Thursday now, can't cope with much more of this stress0 -
Good gracious! The twists and turns in this thing! I certainly hope that works out for you, as that's the best possible solution all round.
No reliance should be placed on the above! Absolutely none, do you hear?0 -
Keeping everything crossed for you Vexta:j I have a persecution complex. Everytime I pass a shoe shop they persecute me till I buy them:j0
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Good gracious! The twists and turns in this thing! I certainly hope that works out for you, as that's the best possible solution all round.
Yeah it's difficult to keep up with it, myself. It's been an excrutiating week but let's hope this is the light at the end of the tunnel. Absolutely no-one thought she'd be able to change their minds.0 -
Aaaargh!! can't stand this waiting...
All so quiet on the western front, doing everything I can not to phone my solicitor up just to check everything's still alright. Just three and a half days left now...:eek:0 -
Keeping my fingers crossed for you Vexta!
Just think happy thoughts and keep focused on putting the kettle on in your new home come Thursday evening!“Don't do it! Stay away from your potential. You'll mess it up, it's potential, leave it. Anyway, it's like your bank balance - you always have a lot less than you think.”
― Dylan Moran0
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