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Should I make an offer?
louisera
Posts: 14 Forumite
Hi all,
Got a bit of a 'what would you do' question here...
My partner and I are relocating to another city, and in the process of selling our flat. We have a buyer in place but their mortgage is taking absolutely ages (two months and counting!) to be approved because the lender has questions upon questions about the cladding on our block (it's not ACM but we don't have all of the testing documents they're asking for).
Our current plan is to rent in the new city until we find somewhere else to buy. However, we viewed a beautiful house (for sale) recently that we feel is a good asking price and exactly what we're looking for, great location etc. We feel uncomfortable about putting in an offer while our sale still looks precarious, but also don't want to lose the opportunity.
In my mind, the main risk to putting in an offer is that our buyer has to pull out, and we then risk the vendor also pulling out in order to find a quicker sale. Could anyone tell me the financial implications of this?
Thank you!
Got a bit of a 'what would you do' question here...
My partner and I are relocating to another city, and in the process of selling our flat. We have a buyer in place but their mortgage is taking absolutely ages (two months and counting!) to be approved because the lender has questions upon questions about the cladding on our block (it's not ACM but we don't have all of the testing documents they're asking for).
Our current plan is to rent in the new city until we find somewhere else to buy. However, we viewed a beautiful house (for sale) recently that we feel is a good asking price and exactly what we're looking for, great location etc. We feel uncomfortable about putting in an offer while our sale still looks precarious, but also don't want to lose the opportunity.
In my mind, the main risk to putting in an offer is that our buyer has to pull out, and we then risk the vendor also pulling out in order to find a quicker sale. Could anyone tell me the financial implications of this?
Thank you!
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Comments
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Are you moving to Scotland, or to England & Wales?0
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We're moving to BristolDeleted_User wrote: »Are you moving to Scotland, or to England & Wales?0 -
Then there's not a lot of financial implication to pulling out before exchange. You would have already paid (and not be refunded for) things like searches, surveys or valuations (if you have them) and application fees for any mortgage, plus your solicitor will have done some work that you would be expected to pay for.
When you get quotes for a conveyancing solicitor (or a quote for the purchase part from your existing one), it will be the disbursements that you will cover.
In E&W, anybody can pull out at any stage prior to exchange at only minimal financial cost to themselves - annoying sometimes but that's just how it works. After exchange it gets a whole lot more expensive, so make sure you don't exchange on your purchase before you have exchanged on your sale!0 -
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Oop just seen this! The sale fell through
however - we put it back on the market and are now most of the way through the sale process with a cash buyer so no mortgage issues this time - fingers crossed! We decided not to put an offer in on the house in the end as there were more cons to doing so than pros. We have moved and are renting in a nice area and seeing what the market does for now! 0 -
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