Someone please help me.

Dicky2K

Apparently as we have exchanged contracts we are now legally bound into purchasing the property. - but we don't swap keys basically until the 17th of January. Everything else is sorted and signed.
That's what I'm worried about, I want to get her off the paperwork, but obviously that will cause delays and compensation claims for delaying the process. Also I know I can afford the mortgage, but will a mortgage company see things the same way..?

Wh05apk

Get onto your lender ASAP, you may be able to get the mortgage re-underwritten, and the offer/mortgage reissued just in your name.

ValHaller

Dicky2K wrote: »

Valhaller. What do you want to know.

LTV, loan/income credit, anything relevant to the mortgage criteria

Dicky2K

Purchase price was 154,500. I put 24,500 down.
My income is approx 39-41k
I have credit cards paid off fully each month, with negligible balances. No other debts at all. However my car has just been flooded and if it's written off I have a guaranteed valuation of £21K for it, so if its written off ill have that extra in the bank.

ValHaller

Dicky2K wrote: »

Purchase price was 154,500. I put 24,500 down.
My income is approx 39-41k
I have credit cards paid off fully each month, with negligible balances. No other debts at all. However my car has just been flooded and if it's written off I have a guaranteed valuation of £21K for it, so if its written off ill have that extra in the bank.

That looks very affordable. 85% LTV, 3.25 x income, no debt or adverse history

In your position, I suggest 2 prongs to this. Lay the consequences down thickly for the ex just in case you need her signed up. And explore the consequences of a change to sole mortgage as suggested above and speak to your solicitor about the mechanics and consequences of getting the contract assigned to your name alone. With the lender, I would be tackling it as 'what if' on the basis that the partner has become nervous about the mortgage commitment - could you go it alone?

M0ney

I really feel for you mate, I will be watching this one in the hope that she doesn't manage to screw you.

holly_hobby

Dicky2K wrote: »

Apparently as we have exchanged contracts we are now legally bound into purchasing the property.

Thats correct, unless the vendor agrees for you to withdraw from the purchase, which will in turn depend upon the rest of the chain, which will determine the penalties etc.

From what you have said regarding your income, commitments, pch price and deposit, I would be very surprised if you failed a sole affordability assessment of the lender, so if you wish to continue with the pch in your sole name, I can't see any reason (from what you have said) why that wouldn't be possible - also baring in mind that (and I'm going by the book here) you should reveal the withdrawal of your partner from the pch to your lender in any event.

Hope this helps, whilst I'm sorry for the situation you find yourself in.

Holly xxx

p00hsticks

DUTR wrote: »

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,

You think wrong - the completion date (the point at which the property legally changes hands) is (almost always) agreed at the point of exchange of contract (the point at which there is a legally binding contract to buy and sell) but doesn't have to be the same date. It never used to be, and many would say that is much better to have at least a couple of weeks between exchange and completion, as you can then arrange funding, removals in in the knowledge that the purchase is legally bound to proceed and the buyer/ seller cannot pull out without difficulty / compensation.

Frugalsod

Thrugelmir wrote: »

Going through with completion then marketing the property for sale. Maybe the option with least financial downside.

I would consider taking in a lodger to help cover the costs. That way you will still have a home of your own but you can pick and chose who moves in with you. Also a lot cheaper than selling.

Thrugelmir

Frugalsod wrote: »

I would consider taking in a lodger to help cover the costs. That way you will still have a home of your own but you can pick and chose who moves in with you. Also a lot cheaper than selling.

My comment has been superceded by post #25.

As other avenues appear to be open.