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To pull the plug or not that is the question
wateva
Posts: 47 Forumite
Hi All,
I'm going to try keep this short. I live in a shared ownership where I own 75%. We listed the house for sale in May last year and we accepted an offer two days later. Problem is buyer's have got a mortgage approved with Islamic of Britain for 100% of the property on a leasehold basis but their ongoing enquires since last year means we have lost one house we liked and now may be facing the same situation again with a second house that we like and had an offer accepted on in October.
Estate agent is convinced we are near the end but I think otherwise as each week it feels though we move one step forward and then two steps backwards. Bearing in mind I have had to shell out on three costs of valuation extensions for our house, is it worth me pulling the plug and starting again but with that I risk losing our onwards purchase or do I stay put but then worry losing about the onwards purchase anyway because of how long things are taking?
I should also add our neighbours advertised their house in November last year and just moved a fortnight ago which also makes me think twice
I'm going to try keep this short. I live in a shared ownership where I own 75%. We listed the house for sale in May last year and we accepted an offer two days later. Problem is buyer's have got a mortgage approved with Islamic of Britain for 100% of the property on a leasehold basis but their ongoing enquires since last year means we have lost one house we liked and now may be facing the same situation again with a second house that we like and had an offer accepted on in October.
Estate agent is convinced we are near the end but I think otherwise as each week it feels though we move one step forward and then two steps backwards. Bearing in mind I have had to shell out on three costs of valuation extensions for our house, is it worth me pulling the plug and starting again but with that I risk losing our onwards purchase or do I stay put but then worry losing about the onwards purchase anyway because of how long things are taking?
I should also add our neighbours advertised their house in November last year and just moved a fortnight ago which also makes me think twice
0
Comments
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May 2015 - and you're still thinking about whether to pull the plug or no???
The answer is obvious to me - these buyers are taking way too long. My case is that this firm they are using have a lot more "hoops to jump through" to a more standard firm and this is the problem.
Isnt there some sort of "thing" about not being allowed to have a mortgage? Maybe that's what the problem is - as in they need a mortgage and are trying to find ways to get round that particular issue?
Dump - and find another buyer.0 -
Most sensible people would have had the property back re advertised by about July.0
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Just googled as to how to have a mortgage without "having a mortgage" iyswim and I guess this is the scheme involved:
https://www.alrayanbank.co.uk/home-finance/home-purchase-plan/
So - I'm assuming that these buyers are getting a mortgage that way (ie as "rent"....) OR they are avoiding having a mortgage and trying to get gifted money (whether permanently or temporarily) from family and that would also explain the delay.0 -
7 months have passed, your house is likely higher in value now. Increase the price or remarket to the buyers. You have waited long enough"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
I dont think the mortgage provider/ not mortgage provider is the issue. More than likely that is a red herring.
The issue is going to be the buyers. I would re-market.0 -
moneyistooshorttomention wrote: »Just googled as to how to have a mortgage without "having a mortgage" iyswim and I guess this is the scheme involved:
https://www.alrayanbank.co.uk/home-finance/home-purchase-plan/
So - I'm assuming that these buyers are getting a mortgage that way (ie as "rent"....) OR they are avoiding having a mortgage and trying to get gifted money (whether permanently or temporarily) from family and that would also explain the delay.
A 4.19 % on a two year fix, 80% LTV! Think I'll stay haram. But I am an infidel."Real knowledge is to know the extent of one's ignorance" - Confucius0
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