Crazy situation

samminich

We put in an offer in May which was accepted, what with one thing and another, chain and top breaking, then chain at new top breaking our situation is this. 5 months from offer still no house, we did get call last week from solicitor that completion was to be this Friday, and then today we find out top of chain has pulled out (aaaaaarrrgggggg!!!!!). Thinking about future options our mortgage offer was for 6 months, if we can't move in to this property in the next couple of weeks and the offer ends what our the options.

Can we extend it or can we move it to another property, if we look quickly.

Any help would be appreciated.

fox_2

speak to your mortgage lender quickly!
They wont want to loose your custom, so they should hopefully allow some flexibility. Get another quote in the meantime time on a price comparison website and see what the difference will be.. There are new offers all the time and maybe you won't have lost out that much if you need to move it.

If you want a free quote and advice fill out the form on my website (below) to see if there are any products that are competative with the one you already have.

ooobedoo

fox wrote: »

speak to your mortgage lender quickly!
They wont want to loose your custom, so they should hopefully allow some flexibility. Get another quote in the meantime time on a price comparison website and see what the difference will be.. There are new offers all the time and maybe you won't have lost out that much if you need to move it.

If you want a free quote and advice fill out the form on my website (below) to see if there are any products that are competative with the one you already have.

I am pretty sure this is against all the rules, I would ask one of the mods.

SquatNow

Chains are falling apart all over the place. Don't expect it to improve any time soon. Partly because people can't get morgages and partly because people who are already in chains have suddenly realised they are in a good place to start bargaining the price of the house they are buying down.

Sell up ASAP and move into rented accomodation. then you'll have cash and time to find the right house without any problems with chains.

samminich

We are renting, should give us the upper hand, nothing to sell, its the buying that is a pain.
Our top of the chain has pulled out again as they have found something else. The first time we agreed to wait whilst they sorted it, which they have done, and like I say 3 days before completion, on the day exchange was due they pull out. Previously they said if it wasn't possible to do it quickly they would move out and rent, but they won't do this now. This time we are not waiting for them as they just seem to keep changing their mind.
What doesn't make sense is if they don't move out whilst they buy the new one and we pull out, they won't be buying the new house and the chain will have crumbled.
The seller of the house we are buying is now trying to arrange to move as he doesn't want to lose the sale and he has also been waiting for the top to buy the new property.
If we do have to look again will only look at vacant houses, can't go through all this hassle again. Feels like 5 months of wasted time.

SquatNow

Give the seller a choice. Explain that if something better comes up before he gets out of your way you'll that instead.

He'll be out in 2 weeks.

clutton_2

your lender may well agree to extend the mortgage term as long as you agree to pay for a second mortgage valuation - they need to know that the house is still worth the same, or more than, it was 6 months ago.

samminich

Thanks for all your comments.
After looking at options we have decided not to extend the mortgage on this property, as at the moment in the area a lot have come up at around the same value, the market is slowing very quickly in the town we are looking at. If it doesn't happen in the next couple of weeks we will look at something else. Its a shame that its come to this and we will have to disappoint the person we are buying from but the person above them is just so unreliable.