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Open Contract
Comments
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I completly agree with everyones advice. I do not want an open contract.
I am just letting you know that my solicitor are now saying there is nothing they can do, we either have it or we dont. I am not saying I agree with this in any way.
As G_M mentioned this is off topic, but the seller would still purchase the newbuild as normal as the builder is taking their house as part exchange.0 -
I completly agree with everyones advice. I do not want an open contract.
I am just letting you know that my solicitor are now saying there is nothing they can do, we either have it or we dont. I am not saying I agree with this in any way.
As G_M mentioned this is off topic, but the seller would still purchase the newbuild as normal as the builder is taking their house as part exchange.
Ah yes... so it's just the builder who risks losing out money-wise (and your loss, too, of course!).
Jx2024 wins: *must start comping again!*0 -
The only thing the solicitor said they could do, is write an amendment in the contract to say that the sale would be on the condition of our mortgage. I.e. if it is after 28/02/2011 and we can not get a mortgage arranged, then I would not have to buy it.
With the above your solicitor has given you a "get of of jail free card" from an otherwise open ended contract. However you should have this amended to say that any mortgage after 28/02/2011 should be as affordable to the original mortgage offer. I.e you may not wish to proceed if the new mortgage rate is higher than the original and the affordability has changed.
It is still far from ideal. Personally I would push for the vendor to move into rented and set a fixed completion date well before your mortgage offer expires.0 -
Yes I suppose that is an option.
Although I was going on a variable rate with the hope that I would be saving enought before the predicted rate rises in October 2011. So the rate above the base rate is unlikely to change. But the chance the base rate will start increasing the longer this goes on increase.0 -
Our solicitor is now just saying sit on the contract until a date is given.
The original sellers solicitors have told the builders they are not going to exchange a contract without a completion date.
So currently it is looking like this could remain open until the builders decide to provide a date for both parties to exchange a contract.0 -
Deleted due to irrelevance0
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