Mis advised- FURIOUS

Courtmill

We have had advice from my mother who is a trained solicitor and who was going to take on this exact same deal herself- but decided to buy a shiney new car on finance instead.

Is there somewhere I can get alternative, FREE, legal advice? If I've got to pay out an additonal £1500, then I can't afford to be paying a solicitor as well.

(Our solicitor who is nominated by Persimmon have been very helpful- and we used them so we could get reduced fees- £580 in total.)

Thrugelmir

Courtmill wrote: »

Thrugelmir

Yes we have had the valuation from Halifax and they have valued the property at exactly the asking price. Conveniently enough... even though initially the asking price was £10k higher...

So are you paying a £150k or a £140k for the property?

Courtmill

We're buying the house for £150,000.

The original asking price was £160,000.

Halifax have valued the property at £150,000... as "properties of this sort within the area are currently priced between £130,000 and £150,000"

Batchy

At what point did you think 5% of 150k was 6k?
You are not being overcharged, this is all a cashflow issue, the price hasnt gone up, you just misunderstood whether 5% was of 120k or 150k, you need to contribute 5% which is 7.5K. The fact 30k is held in another pot is irrelevant in all fairness.
5% is 5% and if you dont understand that... then i'll just stop talking, are you sure you will be able to afford the house when you have no pennies spare?

Thrugelmir

We have basically sat and looked through every document we've received with a fine tooth comb, and it came to our attention that on our KFI and our record of mortgage suitabilty, the total loan amount including fees was infact £112999 on the suitability record, and £112500 + £744 fees on the KFI.

Thats the £1500 difference. Only the lender can determine the actual mortgage advance. Irrespective of what you quoted at the outset this what the lender will advance in terms of a mortgage.

Didn't you read the mortgage offer before signing your agreement to it?

beecher2

Courtmill wrote: »

but how can we be given all the wrong information, and then not told about it until we were clever enough to notice?

It isn't 'clever' to read the KFI - it is common sense and something you should've done as soon as you received it.

jenny_13

Courtmill wrote: »

We can ONLY just afford it and would be in dire financial straights if this goes ahead.

If your having problems with the £1500 what would you do if something went wrong such as one of you lost your job? I don't want to sound horrible but it may not be the right time for you to buy.

ILW

If you think it so terrible, you have a perfect right to just walk away from the deal. (or at least threaten to)

poppy10_2

ILW wrote: »

If you think it so terrible, you have a perfect right to just walk away from the deal. (or at least threaten to)

Yep. And count your lucky stars that you managed to get away from such a sham of a deal.

michaelwr

Daft answer maybe but is stamp duty not 1% so for £150k that's the £1500.

Not sure if you said you are 1st timers or if new builds are exempt