should I be worried?

bumgum

Hi all.

Long story, short version.

We accepted an offer on our house in April from an investor.
We had our offer accepted on a house we love in May.
This is roughly how I see it, so bear with me!!
.
Our investor is part financing our house with another house he bought outright with cash & is renting it out. He has just been refused a buy to let mortgage by the Halifax because (we think) he has only owned it since April & needs to own it for more than 6 months for his offer to be accepted...is that true?

Also his solicitor is contesting that descision & is trying to get it overturned, because the money involved is a very small amount.

If his mortgage offer is withdrawn, we'll probably lose our dream house as I can't see the vendors hanging around until September.

Will it get sorted out?, or do I start looking at bridges to jump off!!

any help is more than welcome.

Thrugelmir

He has just been refused a buy to let mortgage by the Halifax because (we think) he has only owned it since April & needs to own it for more than 6 months for his offer to be accepted.

Correct.

Not sure why his solicitor is involved.

Put the property back on the market. The investor is wasting your time.

G51shopaholic

maybe spinning you a yard to get you to agree to drop your selling price to meet his shortfall.

ie he says he £4000 short and will you drop the price so he can complete?

Old trick to wait till near completion to try and get extra discount.

bumgum

Thrugelmir wrote: »

Correct.

Not sure why his solicitor is involved.

Put the property back on the market. The investor is wasting your time.

Is there any way round this? or are we !!!!!!ed.

Thrugelmir

bumgum wrote: »

Is there any way round this? or are we !!!!!!ed.

Seeing as the offer was made in April and its now July. That's long enough if the buyer was seriously interested.

Personally I would have put back on the market after 3 weeks if no finance was in sight. Your purchasers issues are not your concern.

bumgum

Thrugelmir wrote: »

Seeing as the offer was made in April and its now July. That's long enough if the buyer was seriously interested.

Personally I would have put back on the market after 3 weeks if no finance was in sight. Your purchasers issues are not your concern.

I'll admit, somethings not right - this issue with the (6 month) buy to let mortgage is ridiculous, his financial advisor, his solicitor, his EA & himself didn't know about it!!! !!!!!!??

Help!!!

experience08

G51shopaholic wrote: »

ie he says he £4000 short and will you drop the price so he can complete?

Old trick to wait till near completion to try and get extra discount.

Just as some vendors used to ask for more at the last minute aka gazumping

JonnyTwoToes

G51shopaholic wrote: »

maybe spinning you a yard to get you to agree to drop your selling price to meet his shortfall.

ie he says he £4000 short and will you drop the price so he can complete?

Old trick to wait till near completion to try and get extra discount.

Exactly!

Same happened to my folks. They were gullible enough to 'help' the guy out - he was bringing up a whole manner of excuses based on his extensive portfolio.

The price you have set is the price he should buy. His 'problems' (if they actually exist) are his problems, not yours.

Stay strong.