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Selling home with ERC
tom2007
Posts: 1 Newbie
We're selling our home which has been on the market for over a year now.
On Friday we got a buyer with the condition we're out before the end of July,due to the buyers' wife being heavily pregnant with twins.
We don't have anywhere to go ourselves but can stay with the in- laws until we find something suitable.
After speaking to our mortgage provider regarding the new mortgage,we were told we couldn't settle until the end of August,or we incur a £3500 ERC.
We obviously don't want to lose the sale,but we don't want to be rushed into buying, or pay £3500.
Any advice please
On Friday we got a buyer with the condition we're out before the end of July,due to the buyers' wife being heavily pregnant with twins.
We don't have anywhere to go ourselves but can stay with the in- laws until we find something suitable.
After speaking to our mortgage provider regarding the new mortgage,we were told we couldn't settle until the end of August,or we incur a £3500 ERC.
We obviously don't want to lose the sale,but we don't want to be rushed into buying, or pay £3500.
Any advice please
0
Comments
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Offer to rent somewhere for the buyer for a month, or offer them a further reduction if they hold off until August.
If your mortgage is portable and you intend to port it then you may well get the ERC credited back. Speak to the lender.I am a Mortgage AdviserYou 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.0 -
Just take your time with the sale.
A few days delay here and there. Time soon disappears.0 -
Both good responses above.
Tell your solicitor to go slow and have your move "fall through" a couple of times.
You're unlikely to lose a buyer for the sake of four weeks.0
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