Hoping seller hasnt cost me chance at buying

dantheman2010

We had agreed to buy our first house 6 weeks ago and got the valuation completed (costing me £350.00) and had the mortgage offer. We were over the moon.

However, the seller he hadnt sent his paperwork back to his solicitors to have the contracts drawn up. Each week he came up with a new excuse (sickness, holiday etc) as to why he hadnt sent them off but promised he would do it. Then last week he pulled out of the sale. The reason - turns out his partner didnt own the house she was selling, her son did, and he didnt want to pay capital gains tax and therefore she couldnt get her half of the money she needed to go with the money our seller was raising! (I would have thought you would find all of this out prior to deciding to buy a house together).

We were totally gutted, we had lost out on our perfect home, we had lost out on the £350.00 spent on the valuation being carried out and were back to square one. Welcome to world of buying a house I suppose but I still annoyed it has cost us money and not cost the seller a penny! Also other houses have come and gone in the time we were going through the process with him (all before the MMR).

We have now found another property and had an offer accepted but now we are worried and hoping that the new MMR wont affect what we can borrow. We only need an extra £1k worth of borrowing from the previous mortgage offer (which is still £20k less than the maximum they would lend us on the mortgage promise) but still concerned the new rules may affect this.

Has anyone had any experience of having to start the buying process again post MMR introduction? Have you had any issues that you didnt have pre-MMR?

Thanks

kingstreet

Do you have any issues which were ignored pre-MMR, which will be taken into account now?

Halifax?

If so, you'll get valuation promise, money back from first valuation when new purchase completes.

dantheman2010

Hi its with Lloyds. They have said i do need to pay valuation fee again.

There was no issues that i am/was aware of. The mortgage consultant doesnt think there will be any issues but has said all info will need to be keyed in again on the MMR system.

Just want £950 more which is still £20k less than max they would lend pre-MMR.