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Bottom of chain has mortgage pulled AFTER exchange
Comments
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Thats great news, sounds like a good option as a back up. Although I don't see why you should pay your vendors rent, at the end of the day they are the only party who will really walk away with anything if the FTB can't get a mortgage in time.
CC debt at 8/7/13 - £12,186.17
Barclaycard £11,027.58
Halifax £1,158.59
5 year plan to live unsecured debt free and move home0 -
Fingers crossed it all works out vexta!“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 -
Thats good news, although not for the FTB if they will lose all their deposit.Pawpurrs x
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A cash buyer has stepped in who's keen to possibly buy our buyers flat!!! (at 90% original price) This buyer is aware of the process and that the FTB will still have 10 days to complete, if she can, after a notice to complete has been served.
Are these buyers like buses, none in sight then two come along at once!
Hope it works out, how did they find a cash buyer so quick?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 -
Hippychick wrote: »Thats great news, sounds like a good option as a back up. Although I don't see why you should pay your vendors rent, at the end of the day they are the only party who will really walk away with anything if the FTB can't get a mortgage in time.
The offer of a months rent is only if FTB can't complete and for them to wait briefly for this cash buyer to step in instead as they are saying that they'll have to rent their place out to cope with their costs of mortgage and rent0 -
The offer of a months rent is only if FTB can't complete and for them to wait briefly for this cash buyer to step in instead as they are saying that they'll have to rent their place out to cope with their costs of mortgage and rent
I wouldn't be the one to be seen to be flashing the cash to hold this chain together. You all have a shared interest in being patient, don't appear to be more needy than others.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 -
Are these buyers like buses, none in sight then two come along at once!
Hope it works out, how did they find a cash buyer so quick?[/QUOTE]
Hi
Believe it or not the buyer made himself known to me via this board. So it might prove out to have been the best thing I could've done, starting this post!! Just been on the phone to my solictitor who's trying to contact the other solictors to tell them of this plan. It seems that notices to complete will have to be served down the chain and the cash buyer will have to be ready to complete on the last of the 10 days before the contracts are recinded, just hope the solicitors can work together on this as it seems to be very intricately balanced.0 -
I wouldn't be the one to be seen to be flashing the cash to hold this chain together. You all have a shared interest in being patient, don't appear to be more needy than others.
No, I'm hoping we could club together as I know our buyer is every bit as desperate as us if not more to hold it together...0 -
Via this board, have they even see the property in question
Is it to be a BTL? Pawpurrs x0 -
Via this board, have they even see the property in question
Is it to be a BTL?
No, they are arranging to see it, as if by fate they're quite local. They deal in property and fixing chains is part of what they do. Presumably it would either be BTL or turned around for profit. Not bad if you've got the funds to buy at bottom of market and still get further 10% off!!!0
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