Buying house... 6 months and nothing

big_marco29

Has anyone experienced difficulties when buying a house with a shortfall?

We've made an offer in June this year, were promised to move in by the end of August, not to mention that we've had everything sorted out from our side within 4 days of making an offer (mortgage etc...). In September we were informed about a mortgage shortfall which is the reason for such a delay, since then we are being lied by everyone that it will only take a week, or two weeks, it will be finished next month etc...

Our mortgage offer expires in the middle of December, no one can tell us anything, vendors solicitor doesn't even respond to our solicitors emails, no one can give us any specific date... for the past 6 months we don't even know what we are waiting for, we can't go on holidays, we can't buy anything major, cause we don't know when we will be moving out... we have found a great house in a great neighbourhood but it became our nightmare and causes an enormous stress... we are even experiencing health problems due to all that, we had to move out from our current house, living in a rented room and we probably won't even spend Christmas in a decent place... cause all we have is one saucepan..everything else is packed in a storage....

Has anyone had a similar situation from hell?

RikM

Less severe, but yes. The vendor had legal problems, the process dragged out, then the sale fell through. Until it fell through, it was all "next week".

big_marco29

Problem is we will have to pay for the next valuation soon... all we do is just loosing money because of that:/ We are close to resign from it...

michelle2008

While I am not exactly sure what the specific problem is here, if I were in your shoes and the problem was with the other party I would set them a deadline and start viewing other houses.

House moves are stressful - but they shouldn't cause health problems

Mistral001

Looking at more houses when you have any offer on another house? What is the point as you would be looking at houses you could not put an offer on.


However, I assume that you can pull out of the other house purchase whenever your mortgage offer runs out and start looking at other houses then knowing that you will be able to put in an offer. Since you do not have a house to sell, you should be a welcome buyer for anybody else who is willing to sell.

michelle2008

Looking at more houses when you have any offer on another house? What is the point as you would be looking at houses you could not put an offer on.


I assumed the problem was with the vendor?? Have I picked this up wrong?

If it were me and the vendor had dragged their heals for this long I would already be looking - and I would let the vendor know.

I dont think you have to wait for a mortgage offer to expire - you just tell the mortgage company the sale is no longer proceeding. However that is just in my experience.

Only my opinion and happy to agree to differ!

big_marco29

thank you all,

yes, it's all gone bad from the vendors side, I've tried to phone an estate agents today who are dealing with this purchase (Reeds Rains by the way) , they told me they will come back to me (like every single time I call them) and as usual no one called me.... and it has been like that for months, every time I call them, they are telling me they will come back to me and after that there is silence only, till my next call.

It's like everything and everyone was saying "don't buy this house".

I'm calling tomorrow that I'm pulling off an offer on Friday, 6 months and nothing, that's enough...

SnowyOwl_2

Long time ago I spent 13 months in the purchase of a new home. The problem was that the vendor was on the brink of being declared bankrupt, there was a massive shortfall in the amount he purchased his place for and the amount he could sell it on for. In the meantime a woman was buying my flat and she hung on and hung on....and then her mortgage offer expired. In the end her mortgage offer was renewed.... it was very, very straightforward for her, it was basically another valuation and if memory serves me correctly I think I paid for it to keep her sweet and interested. Her lender wanted to be sure that the value of the property hadn't reduced.

Having said at that, I think that if I were in your position I'd be out looking at every house in my budget and area. You don't have a property sell, your mortgage is agreed in principal, you are ready to move quickly and therefore you are someone's dream purchaser.

If your heart is truly set on this house then have a chat with the bank and explain the situation. It probably isn't as bad as you think. It does sound to me though that the vendor is dragging his//her heels and that there is some sort of hitch with his/her finances or next house s/he doesn't want to tell you about.

big_marco29

SnowyOwl wrote: »

If your heart is truly set on this house then have a chat with the bank and explain the situation. It probably isn't as bad as you think. It does sound to me though that the vendor is dragging his//her heels and that there is some sort of hitch with his/her finances or next house s/he doesn't want to tell you about.

Yes, our hearts are really set on this house, however I have no idea for how long they will be since every patience has a limit...

The vendor all friendly and always supporting is not even responding to me any more...a bit weird.

Thank you everyone for your help and support, few days ago we've got all the remaining paperwork sent by vendors solicitor so that shortfall is the only thing that we are waiting for.

I'm really upset about one thing, that no one told me about this shortfall in the first place, cause I could be spending Christmas in my new house rather than in a rented room with one saucepan instead...

How horrific it is to have everything sorted and be ready to move in and still not being able to get your dream house:(