"Cash" buyer doesn't have the cash

benood

I still think that the original puchaser probably appeared as a cash buyer within the scope of para 16b, PEPs ISAs could be liquidated in a few days to provide the requisite amount of real cash to do the deal - however, no one actually will liquidate ISAs unless they absolutely have to since the tax benefits would be lost - thus the need to get a mortgage on existing property. So quite possibly the EA isn't strictly at fault.

What raises the alarm is the fact that sols were dragging feet, there was no reason to wait for the mortgage before undertaking searches - your buyers are taking the mick a bit as having to get a mortgage shouldn't be on the critical path in my opinion.

I'd put my cards on the table and set them a deadline to exchange and also get the agent to see if the original people are still interested. You will still probably be better off staying calm and dispassionate as there is almost always a bit of stress in selling houses and even seemingly easy deals take longer than they should. Out of interest what discount did you agree for the "fact" they were cash buyers?

davemartin

Never mind all that - who can help me with a buy to let mortgage?

I found some good info on this site and also at http://buy-to-let-mortgage.moonfruit.com

Anyone find a better resource online?

Cheers

MissMotivation

davemartin wrote: »

Never mind all that - who can help me with a buy to let mortgage?

I found some good info on this site and also at http://buy-to-let-mortgage.moonfruit.com

Anyone find a better resource online?

Cheers

SPAM!!!!!!

Cardiffborn

Benood - "few days" - that would have been fine but its been weeks now. They only just got the re-mortgage approved. I am still waiting to hear from the idiots, sorry estate agents, as to what is happening now.

nrsql

Guess a lot of people are missing out then.
In the days of profitable buy-to-let Was a common thing for someone to remortgage their house to buy another property, mortgage that to buy another and so on.
Under the terms given these would all be cash purchases even though it could be dependant on mortgaging several properties and take quite some time. No dependancy on a mortgage of the property being bought though.

I wouldn't call someone a cash buyer if they needed to get a mortgage whether it was on the property being bought or another. Once they had the mortgage in place and had the funds then yes but until then the mortgage could be delayed or refused and is pretty meaningless.

irnbru_2

Cardiffborn wrote: »

They only just got the re-mortgage approved. I am still waiting to hear from the idiots, sorry estate agents, as to what is happening now.

Have you withdrawn the cash-buyer discount?

bandraoi

I wouldn't call someone a cash buyer if they needed to get a mortgage whether it was on the property being bought or another. Once they had the mortgage in place and had the funds then yes but until then the mortgage could be delayed or refused and is pretty meaningless.

I think that's the crux of the matter.

You're a cash buyer if you don't need to raise a mortgage on the house you're buying and you already have a mortgage approved and ready to go on another house to finance the sale.

In that case the cash is available, just awaiting your final say so. The mortgage isn't approval in principal, the bank is just awaiting the word to release the mortgage.

You're a non-dependant buyer if you're still awaiting final approval on your mortgage or you're a first time buyer with no chain.

Cardiffborn

Good news, told completion friday, exchange next week hurrah!!!!!