Race to be in before Summer

brock-cruse

Oh king! How absolutely bloody awful.....I do know how you feel...had it happen to us last time a week before exchange our vendor pulled out to sell to daughter and ftb didnt have deposit (all this after 7 months since offer accepted)..it just shouldnt be allowed! Thats the reason why im so keen to exchange now...I was distraught so you have my sympathies....do you think you could sell again quickly? Your agent should now be working overtime for you..mine sold ours again in 3 weeks..doing a let to buy is complicated as that is what my buyer is doing!! Would it easily rent out as you could be responsible for 2 mortgages...dont make rash decisions just yet...what does your agent advise??
Sending you big hugs!

angel_eyes_3

Kingkano I am so sorry for you. Absolutely devastating. Hope you find another buyer very quickly. (((HUGS)))

kingkano

cheers guys. I typed a big reply earlier and the post failed grrr. I'll copy this one before I click ha!

I agree - bring in the scottish/australia/european system. Anything is better than the current one! His reasons just got more bizarre the more the EA challenged him. He first said tenants were lined up to move in on 13th and he had needed the week between to decorate etc. And they got more barmy from there to be honest. He seemed to have a timetable that nobody else knew (not even his own solicitors its apparent now).

I think we would sell quickly. A few weeks depending on the price. And also depending on the other flat nearby that I mentioned. It'd be handy if that sells soon so we dont compete so to speak. But we would lose the house we have worked towards for 9wks. They will remarket and because they are basically nice honest people, if somebody else gets a survey done and starts moving, I doubt they will come back for us leaving them out cold. Which I respect.

Our agent wanted to relist it immediately, but to be perfectly honest, we have lost faith in them. The first buyer they found us they advised HIM not to do anything at first. Then they found this guy and seem to not have worked the case very well IMHO. We would prefer to change agents I think.

Right when I say let-to-buy, we might not actually let the property (certainly not initially). We would remortgage as a let-to-buy but then see if we can sell it quickly. We won't use a dodgy lender lol. probably a mainstream lender will do it for us. What it will let us do though is to break the chain and finish our purchase. Move out at leisure, redecorate the flat a little more (nothing expensive) and then market it as vacant possession to get a quick sale (says he hopefully). The downsides are as you say the 2 mortgages running side by side. We could afford this for 6mths or so comfortably (we both just got raises and bonuses) after which we'd take a view and make a decision what to do then (let or quick sell to a company I guess).

The important thing would be the house. Don't worry we won't take this decision lightly and we need to consider our options, the costs etc carefully for a few days. And see how we feel when the reality bites in.

I hope everybody else has better news today though!?

samminich

KingKano

So sorry to hear your news. Hate this whole system. Due the the top of the chain now buying (well if they find anywhere!) I am expecting that our chain will collapse soon. The middle of the chain is getting restless and I have to say what options do we have at the moment. 10 weeks in and money spent, don't want to start again, so we are hanging in for a while. Its so unfair that other people can basically stop you getting the home of your dreams.

Fingers crossed that you sort something.

I'm working on my sister in laws theory that if it doesn't happen it wasn't meant to be and something better will come along!! However in her case it did.

kingkano

Thats basically it samminich. If its meant to be we'll find a way, and if it doesnt work out then thats the way it goes eh.

michjoe

I'm so sorry king, I hope it all works out for you.

We are still waiting to exchange, we signed contracts on Monday thinking they would be exchanged the same day but yesterday after our EA chasing the buyer for us all day we discovered that he needed to get buildings insurance arranged, he didn't know he had to do this apparently! The thing I can't understand is our sol's and his sol's don't seem to be able to communicate it is our EA agent that rings the buyer and gets all the info.

We are still hoping for the 20th for completion and moving, keep your fingers crossed all please.

michjoe

samminich wrote: »

KingKano

So sorry to hear your news. Hate this whole system. Due the the top of the chain now buying (well if they find anywhere!) I am expecting that our chain will collapse soon. The middle of the chain is getting restless and I have to say what options do we have at the moment. 10 weeks in and money spent, don't want to start again, so we are hanging in for a while. Its so unfair that other people can basically stop you getting the home of your dreams.

Fingers crossed that you sort something.

I'm working on my sister in laws theory that if it doesn't happen it wasn't meant to be and something better will come along!! However in her case it did.

I agree with that. It is just what I said when we lost our first buyer. We had had an offer accepted on another house and because we lost our buyer the house we wanted went back on the market, we then got another buyer and found a newbuild which I love even more than the first house.

brock-cruse

Well it now works out my buyer has had a loft conversion in her current house (one she is renting out) that has no building regs! So broker sorted out indemnity insurance yesterday that has now got to be approved by the lender and the sol is waiting for this approval before releasing monies. They are still hoping this will get to her purchase sols by tomorrow so we can exchnage but i think more like next week.....getting close! My sol has applied for monies and is waiting redemption figures from my building soc to tell me what we finally owe him. We have cleared funds for this waiting to pay by any means necessary. As my agent says its just one thing after another! If it wasnt for this remortgage of hers it would have been sorted ages ago!

angel_eyes_3

WE GOT THE MORTGAGE!!!

Well, sort of. It still has to be approved by head office so we will properly know by tomorrow evening. But whatever department it was referred to has said yes, so hopefully there isn't any reason for them not to approve the decision.

As soon as we know for definate, I'll get the other surveys the homebuyers' surveyor recommended us to do. Check drains (CCTV camera) and timber check. I also need to get quotes to get drainage and damp problem sorted (have rough idea of how much this will be but would like to get definate figures).

Then we go in and see the solicitor and find out what problems await us from there (it would be too much to hope that it will go smoothly from hereon in!).

Feel absolutely over the moon and so relieved. Everything else we can cope with.

WE'RE BACK IN THE RACE! :T :T :T

brock-cruse

OOOOHHHH angel eyes! Here's hoping everything else is ok for you!
Fingers, arms, legs crossed!