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Cash buyer turned in to mortgage buyer - still waiting
Comments
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Last I heard last week they said they'd be completing no later than 24th.
The agent says the buyer is known to them and they buys loads of properties all the time.0 -
Your EA is obviously not doing his job properly or is being economical with the facts.
I would insist that within the next 24 hrs he establishes exactly what the situation is.0 -
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AnotherJoe wrote: »Completing? So you'd be out end of the week?
What about exchanging?
What month were they referring to?
We're renting the property back off of them for 2 months at completion - since the house we're buying needs work doing. (It's all written into the contracts etc.).0 -
Unfortunately, as you have found, circumstances change and people can often be dependent on the timing of different things.I found a property straight away, but it fell through a month or so in and then found another straight away and within a month everything was sorted
On 31 January, as an example, tax payments have to be made and new Tax Calcs/Tax Year Overviews are produced and this can affect how someone might want/need to do something.
More often than not, a mortgage can be moved from application to offer in around two weeks, especially if it's a BTL application at 75% or less.
We often find during the conveyancing process, our mortgage offer secured within two weeks of the sale being agreed site for two months before it is actually needed.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Wow. That is a real issue only now coming to light. Practically every lender in the market requires unencumbered title and vacant possession on completion.We're renting the property back off of them for 2 months at completion - since the house we're buying needs work doing. (It's all written into the contracts etc.).
In this case, your solicitor is unable to offer such an undertaking to your purchaser's solicitor, reducing the lender options for your purchaser.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Wow. That is a real issue only now coming to light. Practically every lender in the market requires unencumbered title and vacant possession on completion.
In this case, your solicitor is unable to offer such an undertaking to your purchaser's solicitor, reducing the lender options for your purchaser.
Theyre a BTL investor theyre getting a BTL mortgage
The mortgage is apparently being ported from.a property completing on 24th0 -
Yes, if you were an existing tenant the BTL mortgage wouldn't be an issue.
However, this is a "sale & leaseback" as you are the owner. There is an additional level of regulation applied by the FCA and everyone has to dot more "is" and cross more "ts."I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Yes, if you were an existing tenant the BTL mortgage wouldn't be an issue.
However, this is a "sale & leaseback" as you are the owner. There is an additional level of regulation applied by the FCA and everyone has to dot more "is" and cross more "ts."
No idea but the vendor, estate agent and both sets of solicitors seem happy with it i assime someone knows what theyre doing
. 0 -
they have you buy the....
i can see gazunder in the wings0
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