Flat Sale fell through :(

diet_pepsi

This is more of a vent really!

I own a flat with my ex, bought as a newbuild at the peak. We had a buyer (a small loss), and everything was progressing nicely.

We were all due to exchange on Friday, then it suddently came to light that our buyer's buyer can't get a mortgage. Apparently he left his nice secure job and went self employed, and didn't think the mortgage company would notice/mind!

IDIOT!

Anyway, nothing I can do, our buyer still really wants it (he was paying with cash from his sale), but he now needs to find a buyer for his house again.

The EA has already got us 6 viewings, so my fingers are crossed one of them likes it enough to buy it.

Just as I thought there was life at the end of the tunnel, and I was soon to be rid of my ex, I'm now stuck struggling to pay my half of the mortgage again on an empty property.

Anyway, I guess it could be worse i.e. OUR buyer pulled out and no other viewings, so I'm trying to stay optimistic.

I just want my control freak ex out of my life.

Any sympathy and advice on how to stay sane?

klolav

Bundles of sympathy, advice on staying sane-no. I'm nowhere near sane due to our 6 mth house sale, which is still going on!
What I would say is, how the hell were you all looking to exchange on Fri, when their buyer didn't have a mortgage?? How did that get missed?
Sounds like a good amount of viewings and I would say out of 6 viewings you would expect an offer or 2!
Good luck with them and best of luck with getting this all wrapped up asap and moving on with your life. It must be v frustrating and upsetting! Hang on in there

diet_pepsi

klolav wrote: »

What I would say is, how the hell were you all looking to exchange on Fri, when their buyer didn't have a mortgage?? How did that get missed?

Apparently he DID have a genuine mortgage which was all based on his job, all approved etc... then he thought he'd go self employed later on down the line, and just assumed it wouldn't matter as he already had the mortgage. Idiot.

Am trying to stay positive. My ex is arrogant, awkward and a control freak, and made my life a misery. EVERYTHING has to be on his terms, and if I try to say otherwise, he digs his heals in even more.

He won't accept any less than the price we'd sold it for, we can't let it out as he's no longer employed (he's travelling) and I only work part time so my salary wouldn't be enough to guarantee a BTL mortgage.

On the plus side, he has a huge amount of savings, so at least he's still paying half the mortgage.

The 6 month council tax exception also ends at the end of this month, just to add to the woes.

GDB2222

Why doesn't one of you move back in?

fannyanna

I sympathise with you.

Our sale fell through the other week.

Focus on the positives. Your buyer is still interested (just can't progress) and you have 6 viewings lined up.

We lost our buyers and have been on the market for a week with no interest at all.

diet_pepsi

GDB2222 wrote: »

Why doesn't one of you move back in?

I live with my OH, our 1 year old and a dog in his house. The flat wouldn't be suitable for a dog unfortunately, and dog and OH have been together 12 years!

The ex has no intension of moving back to the UK. He was supposed to pay rent and stay there until it sold, given he refused to sell it when we split up (his choice), but decided to move the goalposts and as usual, did what he wanted to do.

GDB2222

I'd be inclined to stand up to him and insist he agree to reduce the price so it sells, as otherwise you'll go on strike and refuse to pay the mortgage. Or else, just let it out without telling your lender (which is very common). But be aware that it is harder to sell a place that has a tenant in.

diet_pepsi

GDB2222 wrote: »

I'd be inclined to stand up to him and insist he agree to reduce the price so it sells, as otherwise you'll go on strike and refuse to pay the mortgage. Or else, just let it out without telling your lender (which is very common). But be aware that it is harder to sell a place that has a tenant in.

Unfortunately that won't work.

He has no intension of living in the UK again, and knows that me and my OH would love to buy a family home, so by stopping paying the mortgage it would only jeapodise my own future and not his.

He won't agree to lower the price either, although saying that, the offer we received was £5k over that, and we did receive 3 other offers prior to that all over the asking price - he just wouldn't accept.

Ultimately, he has me over a barrell as I need him to cooperate, otherwise things could get even more difficult if he chooses to dig his heals in.

I've bent over backwards to try and keep him onside, and was SO looking forward to telling him where to go once the sale had gone through!

GDB2222

How does this all work, if you are making a small loss on the sale price? Do you still have equity in the property?

caeler

Hang in there! It took me 18 months to sell my martial home and such sweet relief when a sale finally stuck. Ex insisted on keep the sale price really high which just prolonged the agony. Just about broke even too which was a relief. I hope one of your 6 viewings ends in success!

diet_pepsi

GDB2222 wrote: »

How does this all work, if you are making a small loss on the sale price? Do you still have equity in the property?

There's just over 25% equity, which will be split 50/50, so about £25k each after fees.

Bought with a 10% deposit (5% loaned from my parents and already paid back), but we overpaid the mortgage regularly due to pay rises, hence a reasonable amount of equity.

Caeler - thanks for the kind words! Me and ex split up almost 3 years ago. Flat went on the market last May then he moved out and abroad in July.

My life has moved on no end, I'm no longer a manipulated door mat (I have a lovely OH who loves me for being me!), but I can't have closure with my ex until the flat is sold, and joint bank account closed.