re-assignment and mortgage and the process

iamauser

there is an opportunity to buy re-assignment for a new flat ready to move in with original price 1.1M for 865K.

the agency is pushing for its own solicitor (understandably as not all are familiar with the process), but also pushing for its own mortgage broker after when my broker asked for the original CML and the vendor's money origin...

I started to worry, shall I?

G_M

You only need to worry if you let them pursuade you not to use your own professionals.

iamauser

this seems exactly what they try to do: persuade me not to use my own professionals explaining this by tight timelines...

G_M

iamauser wrote: »

there is an opportunity to buy re-assignment for a new flat ready to move in with original price 1.1M for 865K.

You did your maths wrong.

30% off 1.1M is £700,000


http://news.bbc.co.uk/1/hi/business/7782939.stm

G_M

iamauser wrote: »

this seems exactly what they try to do: persuade me not to use my own professionals explaining this by tight timelines...

What have tight timelines got to do with it? You will be selecting and using reliable professionals who will work efficiently.


Of course, timelines can be shortened (by their professionals?) by cutting corners and taking risks.........

iamauser

well, this was 2008..
anyway - I am still wondering if an ask for the original CML and the vendor's money origin at this stage is something extraordinary that the agency refused to present, or is it a sign of a red flag?

iamauser

G_M wrote: »

What have tight timelines got to do with it? You will be selecting and using reliable professionals who will work efficiently.

the explanation given was that the closure needs to be done this year and that my reps are not familiar with the re-assignment may noty be able to fit the timeframe.

G_M

iamauser wrote: »

the explanation given was that the closure needs to be done this year and that my reps are not familiar with the re-assignment may noty be able to fit the timeframe.

whereas their reps will not waste time querying any of the dodgier aspects of the reassignment but will tell you to just acept it without question.........

G_M

iamauser wrote: »

well, this was 2008..

Ooops! Wrong link!


Try this one from today.........


https://www.bbc.co.uk/news/business-46377309

iamauser

LoL, at least we will have improved NHS as they promised...

on a serious note, do you know if asking for the original CML and the vendor's money origin at this stage is a legit move from my broker and potential lender?

eddddy

iamauser wrote: »

do you know if asking for the original CML and the vendor's money origin at this stage is a legit move from my broker and potential lender?

What do you mean by "the original CML and the vendor's money origin"?

(I assume you're referring to the Council of Mortgage Lenders.)

FWIW, none of the main stream mortgage lenders offer mortgages on assigned contracts.

You'll need a specialist lender - and perhaps it's best to use a broker with specialist experience in assigned contract mortgages.

And I suspect that the specialist lenders will be expensive.