Urgent - buyers pulling out!!

LallyHay

andie_303 wrote: »

Thanks GM I have read online tonight that Natwest allow 90 days from sale to port, I assume the clock starts ticking from the day they make you the mortgage offer. If that's still true than we could have approx 6 weeks left.

I have just read our document from Woolwich and it is 30 days from when the charge on original property is paid and when the new charge (ported mortgage) is applied to the purchased property. So with that we could have completed on our sale and then within 30 days completed on our purchase. Maybe yours is 90 days between the 2 transactions?? I know our mortgage offer lasts 6 months which is different to the time frame for porting...so you may be lucky and have 90 days?

missile

Have you considered a bridging loan?

dtaylor84

What good would a bridging loan do? They need to sell first, not buy.

LandyAndy

andie_303 wrote: »

Thanks GM I have read online tonight that Natwest allow 90 days from sale to port,



I assume the clock starts ticking from the day they make you the mortgage offer. If that's still true than we could have approx 6 weeks left.;) x

The 90 days starts on the day you complete the sale of your existing house. So, you have 90 days from then to buy the new property (ie until earlyApril)

moneyistooshorttomention

andie_303 wrote: »

I'm definitely taking the light bulbs with me for this x

:rotfl: Sorry. I shouldn't laugh - but I admit to bursting out laughing thinking "So taking the lightbulbs is code for 'dear buyer, you turned out to be a b*****d' is it?:rotfl:

Well, that's an easy one then....hopes my buyers are such that I walk out leaving the lightbulbs behind for them.

Dreams about having buyers good enough that I walk out leaving a bottle of champagne and welcome card for them:cool:. Must try not to raise my hopes at all that I will be doing that...

penguingirl

moneyistooshorttomention wrote: »

Dreams about having buyers good enough that I walk out leaving a bottle of champagne and welcome card for them:cool:. Must try not to raise my hopes at all that I will be doing that...

Our vendors left us a revolting bottle of rose (and I find most things drinkable)- I think that was their passive aggressive way of communicating something...

OP it sounds like you need to ring your bank and see what flexibility you have, and if you possibly can consider at least exchanging (that way your buyers can feel secure that you are going to sell)

andie_303

moneyistooshorttomention wrote: »

:rotfl: Sorry. I shouldn't laugh - but I admit to bursting out laughing thinking "So taking the lightbulbs is code for 'dear buyer, you turned out to be a b*****d' is it?:rotfl:

Well, that's an easy one then....hopes my buyers are such that I walk out leaving the lightbulbs behind for them.

Dreams about having buyers good enough that I walk out leaving a bottle of champagne and welcome card for them:cool:. Must try not to raise my hopes at all that I will be doing that...

Yep taking light bulbs is my little way of saying you were an !!!!!!

andie_303

penguingirl wrote: »

Our vendors left us a revolting bottle of rose (and I find most things drinkable)- I think that was their passive aggressive way of communicating something...

OP it sounds like you need to ring your bank and see what flexibility you have, and if you possibly can consider at least exchanging (that way your buyers can feel secure that you are going to sell)

Thanks Penguin I have just spoken to them and they say if the sale goes through on Monday we would pay the early redemption fee but if we port within 90 days of Monday that money is immediately refunded when our solicitor draws down the mortgage funds.

So whilst totally not ideal it seems there is a chink of light at the end if the tunnel.

pimento

My vendor prepared me a box with a welcome bottle of champagne and stuff and then took it with her.

It's a long story.

andie_303

pimento wrote: »

My vendor prepared me a box with a welcome bottle of champagne and stuff and then took it with her.

It's a long story.

I'm intrigued now.....;)