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thinking out pulling out of sale... help
podpody
Posts: 4 Newbie
hi ive just signed up but ive been a long term reader...
firstly i'll let you know where i am now...
i have had an offer accepted on a house i want(ed) to buy on a freehold mortgage..
i had a mortgage in principle accepted and the lender has now requested documents to complete a fully application...
i am now getting cold feet thinking it may not be the right property at the right price due to the amount of "modernisation" i will need to do to it..
im thinking about pullout of the sale... and keep looking
now heres my question whats the best thing for me to do should i carry on with the the full application so i know i have secured the money or do i not bother and just tell the lender I'm dropping out. (this is via a l&C broker)
i think im paying to much for the amount of work that needs to be done, i was originally up for the challenge but im now having 2nd thoughts.
any advice would be great!
firstly i'll let you know where i am now...
i have had an offer accepted on a house i want(ed) to buy on a freehold mortgage..
i had a mortgage in principle accepted and the lender has now requested documents to complete a fully application...
i am now getting cold feet thinking it may not be the right property at the right price due to the amount of "modernisation" i will need to do to it..
im thinking about pullout of the sale... and keep looking
now heres my question whats the best thing for me to do should i carry on with the the full application so i know i have secured the money or do i not bother and just tell the lender I'm dropping out. (this is via a l&C broker)
i think im paying to much for the amount of work that needs to be done, i was originally up for the challenge but im now having 2nd thoughts.
any advice would be great!
0
Comments
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You need to make your mind up, there is no point in paying for the lender's survey to go round and survey the property if you have already decided that you are not going to proceed with the sale.I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.0
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no point proceeding with the full application on the basis you raise, i.e. to secure the funds.0
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Will this effect future applications presuming my status doesn't change?0
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no, you can change your mind.0
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Once you've made a final decision, you should pull out straight away IMO. I understand that people change their minds for all kinds of reasons, but spare a thought for your vendors.
Good luck whatever you decide.0 -
Moonraker71 wrote: »Once you've made a final decision, you should pull out straight away IMO. I understand that people change their minds for all kinds of reasons, but spare a thought for your vendors.
Good luck whatever you decide.
Well it's a mutual agreement.. I'm getting cold feet due to cost. I think my offer was to high based on the refurb costs0 -
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Thrugelmir wrote: »Revise your offer.
All I can do is try lol0
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