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Sale fallen through. Gutted!
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We had no reason to suspect such a long chain below as our property is really first time buyer territory. We accepted an offer at £92.5k. OUr buyer sold theirs to their 'cash buyer' for £69k
I just can't believe that there are 3 more people below that in the chain!
If there are 3 people below that I would guess that one is "trading down". Otherwise you would get the lowest price house being sold for peanuts and I would suggest buying it yourself by increasing the mortgage you are taking on the new place and renting it out!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 -
Apologies to the OP for going slightly off topic and I am sorry to hear your bad news.
We are not cash buyers but have our mortgage set up and a large deposit as we sold our place while we had the chance and are now living with parents. EAs always get excited about our position and say we will be in a great position to get a bargain, but it has never worked!
As zaksmum said, we put offers in saying we can move fast but they are more interested in getting a higher price than a hassle free sale it seems. We were even bumped for a long chain for the sake of a few pounds!0 -
This happened to me 2 years ago. I feel your pain,i was heart broken! my house was packed, the children had moved school the week before for the new september term.. i was that gutted i took it off the market. It took me until this Feb to put it on the market again and only this afternoon have i been in teh loft to see how many boxs i still have..
So sorry
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I feel the pain. for me at least it wasn't that long drawn and they pulled out only one week into it... my buyers were too scared of the lease extension process, even though they were getting a bargain... back on the market I go..0
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I feel the pain. for me at least it wasn't that long drawn and they pulled out only one week into it... my buyers were too scared of the lease extension process, even though they were getting a bargain... back on the market I go..
Why don't you extend the lease now so that you are selling it with a long lease?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 -
You have my sympathy, for what it is worth. The same thing happened to me last summer. My buyer had sold to a cash buyer who then lost his buyer. What I did learn was to ask the EA for proof of finance before going into another sale.0
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so sorry for you. Think its time you cracked open a large bottle of wine and drowned sorrows. better luck next time.0
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Why don't you extend the lease now so that you are selling it with a long lease?
That is the plan. Take it off the market, rent it out while extending the lease.
There are 9 flats in the block and we are going to try a block extension or even buying share of the freehold, depending on costs, to make it easier...0
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