Someone please help me.

Thrugelmir

kingstreet wrote: »

Can the solicitor complete, knowing one of the purchasers may/does not wish to complete the transaction?

Does solicitor report to lender? Lender position?

On the assumption that contracts have been exchanged, there's more than just the loss of the deposit at risk.

kingstreet

Breach of contract suits, claims for compensation from other members of the chain etc.

Yes. I know. The question I am asking is, can the solicitor allow completion to take place if one party no longer wishes to proceed, regardless of the consequences and what is the lender's position, if the matter is reportable?

It would be dangerous to assume the transaction can simply be completed and sorted out afterwards. This hasn't happened to me in 30 years, so I'm asking genuine questions about this.

holly_hobby

If she is a joint applicant and especially if her income was utilised and needed as part of the lenders affordability assessment, and as you have not yet completed, you must advise the lender, as this is a significant material change to the original basis of your mge application and the terms under which the formal mge offer was issued.

Affordabilty will be re-assessed on your sole income, with the current mge offer withdrawn, and if sole income ok, a new revised offer issued - of course if your income is insufficient then you'lll have no mge, and be up the creek without a paddle, but then why continue when it may be financial suicide if you're going to struggle to manage on your sole income from outset.

I would also pursue her for half if not all, of any penalties incurred as a result of withdrawing post exchange - but concealling this change from the lender, would technically be cited as fraudulent (although it is obvious that you did not originally submit your application on joint salaries, with the intention to de-fraud ie knowing from outset that the other applicant would not reside there or contribute post completion.

Hope this helps

Hollly

DigForVictory

Phone/fax/email Your sol NOW!
It's messy, so standby to add legal advice to your costs.
All the best.

ValHaller

holly_hobby wrote: »

I would also pursue her for half if not all, of any penalties incurred as a result of withdrawing post exchange - but concealling this change from the lender, would technically be cited as fraudulent (although it is obvious that you did not originally submit your application on joint salaries, with the intention to de-fraud ie knowing from outset that the other applicant would not reside there or contribute post completion.

I go with the above, but it does offer a rather brutal option for going forward, which is to advise partner of the consequences of pulling out as they apply to her - that you will indeed sue her for the consequent costs if she does not pitch in - and that she cannot get away from this scot free.

That may keep her on board for long enough to get a completion. (But don't do a deal where an explicit condition is that she can bail out after completion)

Thing is now to do an analysis of the consequences of the 2 basic options

• To tell the lender of the split and have the deal fall through and the costs arising
• To keep the partner on board for long enough to complete and perhaps not be able to keep the mortgage up

and make a choice of the least damaging option.

Dicky2K

Thank you to everyone, I already have a lodger on board, however I am on quite a good income and can afford the mortgage on my own anyway..
I would still like the house.
And we have exchanged contracts for completion on the 17th.

ValHaller

Dicky2K wrote: »

Thank you to everyone, I already have a lodger on board, however I am on quite a good income and can afford the mortgage on my own anyway..
I would still like the house.
And we have exchanged contracts for completion on the 17th.

OK, perhaps you would like to run through the basic stats of your mortgage and we can see whether you are likely to get the mortgage approved anyway? And perhaps suggest alternatives to cover any weak points?

DUTR

Dicky2K wrote: »

Hi guys. Hope you've all had a better Christmas than me.
Basically I've just completed a purchase of my first house with my partner, we signed contracts to exchange keys on the 17th of January.
For one reason or another my partner has now decided she doesn't want to be with me any more, we've been together for 6 years, we are not married and have no children or dependants.
I put £25k down on the house, and covered ALL the expenses. She hasn't put a penny down, but the mortgage is in a joint name, as is the house.
I really have no idea where I stand now so I hope someone on here has a head that's a little strainer than mine at the moment and can help me out.
Many thanks in advance.
Richard.

See your solicitor before contracts are exchanged, get the property in your name, fingers crossed you will manage the mortgage on your own, in a few years, you will wonder what you were worrying about.

Dicky2K

DUTR. They're already exchanged.
Valhaller. What do you want to know.

DUTR

Dicky2K wrote: »

DUTR. They're already exchanged.
Valhaller. What do you want to know.

I'm confused... slightly, what is the completion about then? Having purchased 2 houses in my time, thought the completion was at the time of the exchange, in any instance the guy needs to get the indesisive one off the paperwork if he is going to fund it, he will have new totty round before this time next year, and could do without someone trying to make claim to his hard earned rewards.