lenders

Hello123_2

GMS wrote: »

Usually the EA would say nothing in my experience. To tell you then refuse to give details makes no sense.

Have you not been told you need to see the EA mortage broker?

A distressed sale will almost certainly have been at way under market value with the purchaser then looking to make a quick profit. The fact that the land registry doesn't show new owner means it is pretty recent.

Is there not another property you could go for? Why struggle to get this one and potentially have to pay a higher rate, if you can get any mortgage at all?

Sorry if i havnt made myself clear.. the house has actually sold stc to another person (!!!!) but the EA warned me it may not go through as that persons lender may not lend as its not yet been owned for 6 months..,.and as the ea/company know im seriously interested and the company want a quick sale/exchange in 28days then theyre more likely to come back to me than wait for that person to find a lender who will lend, start application process again etc.

I suppose im just trying to gain info so i can act quick should it come back on. My current lender (abbey) wont lend.

EA cant tell me who the company are just as they couldnt tell you a vendors name (?) he said its to avoid people going to them direct.

I love the house and will go to any lengths to get it! Thanks

GMS

If the seller has owned for less than 6 months then you will encounter the same issues as any other buyer.

Sounds like typical EA waffle to me.

Hello123_2

GMS wrote: »

If the seller has owned for less than 6 months then you will encounter the same issues as any other buyer.

Sounds like typical EA waffle to me.

Nevertheless, it's still a fact that some lenders wont lend if the property hasnt been owned for 6 months - a simple google search shows this.

I'm just trying to find out which lenders do not have this condition and hope someone can help!Thanks

GMS

I know it is a fact. My point was you say the property is sold stc but the EA have asked you to exchange within 28 days. The same applies to you or the other buyer.

You need to get on the phone to lenders and see if they woudl entertain it but as the current owner is not even registered with Land Registry you will struggle.

Hello123_2

GMS wrote: »

I know it is a fact. My point was you say the property is sold stc but the EA have asked you to exchange within 28 days. The same applies to you or the other buyer.

You need to get on the phone to lenders and see if they woudl entertain it but as the current owner is not even registered with Land Registry you will struggle.

Sorry meant the buyer needs to complete in 28days. Will get on phone to lenders. Wonder how cash investers or houses bought for refurb/quick turn around get around this problem.

Do you think £149,950 is about right if it was £190 inn2009?

Thrugelmir

Hello123 wrote: »

current sale price is £149,950 and exchange needed in 28days.

Suggests cash buyers.

GMS

Hello123 wrote: »

Sorry meant the buyer needs to complete in 28days. Will get on phone to lenders. Wonder how cash investers or houses bought for refurb/quick turn around get around this problem.

Do you think £149,950 is about right if it was £190 inn2009?

Cash buyers will refinance after 6 months if keeping the property, generally investors for rental.

It is possible to refinance within 6 months but based on purchase price plus some if the refurb costs.

You are not an investor. This is for a residential purchase so you need to make sure a lender will accept the scenario.

If it is difficult to secure don't let your judgement be clouded by emotion.