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House Sale Fallen Through Cash Buiyer?
mrsveasey
Posts: 1 Newbie
Hi, this is my first post so not sure if I am doing it right! I have a baby due in 3 weeks and we are all packed up a week away from completion date and my buyer has just pulled out of the sale meaning we are back to square one! My estate agent is next to useless and there have since been three other properties on my house go up for sale since mine went up all exactly the same asking for less than the offer we recently agreed on.
We can't afford to drop our price below what they are asking as we need the equity in the house (they don't!) for the deposit for the new house. We have a mortgage in place and can afford up to £200,000. We considered a part-exchange from a developer, unfortunately our mortgage lender requires a 20% deposit for a new build as apposed to the 10% agreed on a normal sale. (apparently if someone has lived in the property even for 6 months then it's not classed as a new build and the 10% would revert)
We desperately need more space 1 permanent kid and 2 step kids on a weekend) in a 2 bed semi and baby due to arrive any day now.
We have thought of loft conversion or extension which would make it viable for us to live there and transform our situation, unfortunately again the mortgage lender will only lend us up to 80% LTV which is less than what our mortgage is. Improvements would cost us £35k we can realistically get our hands on £15k.
I can't see any solution to this. Ideally if I wasn't about to go on maternity leave we could keep the existing house to rent it out and buy another but with no guarantee of rent we would be stretching ourselves over the next 12 months!
Arrrggghhhh please can anyone suggest anything else that I haven't tried yet.
Am at the end of my tether...
We can't afford to drop our price below what they are asking as we need the equity in the house (they don't!) for the deposit for the new house. We have a mortgage in place and can afford up to £200,000. We considered a part-exchange from a developer, unfortunately our mortgage lender requires a 20% deposit for a new build as apposed to the 10% agreed on a normal sale. (apparently if someone has lived in the property even for 6 months then it's not classed as a new build and the 10% would revert)
We desperately need more space 1 permanent kid and 2 step kids on a weekend) in a 2 bed semi and baby due to arrive any day now.
We have thought of loft conversion or extension which would make it viable for us to live there and transform our situation, unfortunately again the mortgage lender will only lend us up to 80% LTV which is less than what our mortgage is. Improvements would cost us £35k we can realistically get our hands on £15k.
I can't see any solution to this. Ideally if I wasn't about to go on maternity leave we could keep the existing house to rent it out and buy another but with no guarantee of rent we would be stretching ourselves over the next 12 months!
Arrrggghhhh please can anyone suggest anything else that I haven't tried yet.
Am at the end of my tether...
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