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Is there anything we can do?

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Comments

  • Yorkie1
    Yorkie1 Posts: 12,239 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Lisa1978 wrote: »
    Good idea on checking when mortgage expires, however we are in negative equity (bought apartment in 2008) therefore not any options out there!

    I referred to the expiry of your mortgage offer and not your existing mortgage.

    If you are buying the new place with the benefit of a mortgage, the mortgage offer will only last until a certain date. You'll either need to ask to extend it if you haven't completed by that date (no guarantee the lender would agree) or start again. This is a useful bargaining tool if the delay to the purchase continues.
  • freedax
    freedax Posts: 11 Forumite
    Hi

    I'm in the same boat as the original poster here. I am buying from a couple who are splitting up, but neither can afford to buy each other out so are forced to live together. Personally that would have made me want to move quickly, but the woman doesn't want to sell. We are now at the pre-contract enquiries stage and she's refusing to sign anything! Neither was answering any calls from the EA so he went around to see them and tell they're going to lose the sale. I'm hoping this will get things moving now.

    My EA assures me it will happen eventually because they have no choice but to sell, but it is infuriating. I've got the house at a good price and from looking around I'm not going to get any better within my budget.
  • freedax wrote: »
    We are now at the pre-contract enquiries stage and she's refusing to sign anything!

    So, they obviously aren't serious about selling any time soon then :p
    If you do decide to go ahead with these vendors, they WILL give you grief. A lot of grief, stress and agro. Do you want this?
    freedax wrote: »
    My EA assures me it will happen eventually

    You mean their EA assures you :p
    Of course he will say that. He wants the commission...... Don't be daft man!
    Back off man, I'm a scientist. ;)

    Daily Mail readers?
    :naughty:
    Can you make sense of the Daily Mail’s effort to classify every inanimate object into those that cause cancer and those that prevent it ?
  • freedax
    freedax Posts: 11 Forumite
    If I had the choice I'd find somewhere else, but there's really very little choice in the area on my budget. Its basically this or nothing.
  • Husband might be trying to see it he can spit the wife, so she loses the property she wants, or just find a way of funding buying the other half off her, and is stalling, whilst he investigates the market.

    A couple near us split up and the house was on the market at about 10% more than the market would stand, because she refused to accept that they had negative equity, and it took 3 years to sell. If you look on Rightmove they sold it for exactly what they paid for it 6 years earlier. (Before the crash)
  • Lisa1978
    Lisa1978 Posts: 317 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    saverbuyer wrote: »
    I can't believe this poster is taking on even more debt. They are already in 40k in negative equity on two properties and they want to take on another.

    I would see this as a sign to rethink your idea.

    How do you expect to pay three mortgages when rates go up? You didn't even save the deposit, it was an inheritance.

    Even using the 25k “deposit”, you still have negative equity. Will your bank even grant you consent to let?

    This plan is crazy.

    Woo we've got a right nosey one here! Seems you've went back through all my threads to find out my financial standing! All I wanted was an answer to THIS thread, not an investigation on your thoughts on my financial status.

    Anyway, I do not believe this plan to be crazy. As I see it, we will have 2 properties being let out, paying for themselves while we will be out of our cardboard box and living in our dream home, raising our child in better surroundings. Come back and ask me in 10years time how we are doing as we will do our damnest to make it work. We both have good jobs and on top of paying our mortgages have a lot left over every month. Over the last 3 years we have got engaged, married, had a baby and am on SMP otherwise we would have a lot of savings. I am returning to work next week and will our savings pot will increase again = negative equity will decrease :)

    How rude of you to state 'you didn't even save the deposit up, it was an inheritance'!!!! What does it matter how we got the deposit! Yes over the years we've paid over the odds on two properties but it will even out eventually. If I hadn't made the decision to move 6years ago from a home that I was unhappy in then i'd still be there, I took the risk, let the house out and it's paid off, the tenants haven't missed a payment yet and are paying off my mortgage for me! For info - We can afford all 3 mortages a month if needed too - even if rates increased.

    I hope that satisfied your nosiness :):)

    Freedax - I really hope you get sorted. It is very frustrating but patience shall prevail. Good luck :):)
  • freedax
    freedax Posts: 11 Forumite
    Is there any way to try to claim back the cost of search and survey fees if you've been messed around like this by sellers?

    My sellers told their EA yesterday that they'd sent all the papers back to their solicitor, but it turned out to be lies. They're not answering or returning any calls and the EA is calling around to tell them I'm pulling out of the sale unless they do something. However, I'm of the opinion that I don't want to proceed with these people who behave in such a way. My main concern now is to find out if I can get back any of my losses.
  • Small Claims Court is usually the best way to recover costs like that. No solicitor fees, minimal risk. Just make sure you have paperwork and other evidence and go for it.
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