We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
*** Urgent Advice - Dream Property is back on the market
Io07
Posts: 363 Forumite
We were interested in buying our dream house from Mr A for 500k, but got gazumped by Mr & Mrs B who were prepared to buy the house for the same price of 500k.
Hence Mr & Mrs B exchanged immediately by paying a 10% deposit of 50k with a completion date 6 weeks later.
Now the estate agent has called saying that Mr & Mrs B’s mortgage lender is not prepared to lend the whole amount to them and they are struggling to get the remaining 90% of the purchase amount. The completion date has already lapsed. The seller’s solicitor has even given Mr & Mrs B an extra 14 day period after the due completion date which has also elapsed.
We definitely think the property is worth the full 500k.
So am I right to proceed with the purchase of the property if the seller’s solicitor is going to send me the draft contracts.
Any advice would be much appreciated
Thanks
Hence Mr & Mrs B exchanged immediately by paying a 10% deposit of 50k with a completion date 6 weeks later.
Now the estate agent has called saying that Mr & Mrs B’s mortgage lender is not prepared to lend the whole amount to them and they are struggling to get the remaining 90% of the purchase amount. The completion date has already lapsed. The seller’s solicitor has even given Mr & Mrs B an extra 14 day period after the due completion date which has also elapsed.
We definitely think the property is worth the full 500k.
So am I right to proceed with the purchase of the property if the seller’s solicitor is going to send me the draft contracts.
Any advice would be much appreciated
Thanks
0
Comments
-
Do you know why the B's couldn't get the mortgage? Is it because of their personal circumstances or because the lender doesn't think the place is worth £500k?
Will you be needing a motgage?0 -
Yes we would be needing a mortgage.
I have been informed by the Estate Agent that "Mr & Mrs B are self employed and hence the mortgage difficulties. Nothing to do with valuation of the property".
Obviously I do not know how much of that is to be believed.0 -
What a terrible shame for Mr & Mrs B. Well, you won't be exchanging contracts before you have your funds in place, will you? So, you'll find out what the survey says before committing yourself.
Prices are down a bit in recent months, the vendors have pocketed £50k from the original sale, so what will you be offering?
BTW, do you know who Mr & Mrs B are? Can you contact them direct?No reliance should be placed on the above! Absolutely none, do you hear?0 -
Mr A must be rubbing his hands together with the money from failed buyers.
You pay what you think its worth, try him a bit lower than £500k0 -
If the contract has been returned by the previous buyer's solicitor, there's nothing wrong with the vendor's solicitor now passing it on to yours. I would ask for written confirmation the sale to the previous buyers has been cancelled and there will be no more second chances.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
-
What was their solicitor thinking? No-one in their right mind would permit exchange in these circumstances.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
-
does this mean they have lost their 50k?
I can't believe our system.0 -
-
If it were me I'd offer £460k (still gives the vendor £10k in hand from the failed sale) and maybe agree to settle on perhaps £475k. I certainly wouldn't offer the full £500k in the circumstances.If you feel my comments are helpful then I'd love it if you 'Thanked' me!
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards