Buyer pulled out 1 day before proposed exchange date: should I go with 'We Buy Any Home.com'?

Sunshine_of_your_Dyf

socratez said:

@Sunshine_of_your_Dyf Where is the flat based? Someone on here might buy it if the price is right? Could you post the Rightmove advert?

Haha can't hurt I suppose! Here it is

https://www.rightmove.co.uk/properties/81000061#/

Thanks so much to everyone for their advice and support as well, I really appreciate it - our fingers are ever crossed!

mbugsy18

powerful_Rogue said:

Have you considered remortgaging to a 'Let to Buy' mortgage?

We did this via a broker when we saw the house we really liked and wanted to get an offer in asap. The LTB released enough money for the 20% deposit. We have since gone SSTC on our house, which will then clear the LTB mortgage. There will however be a £2000 early repayment charge, but a small price to pay to get the house we really wanted.

Hi, i have also just lost my buyer and was considering this option or a bridging loan. Did you actually have to rent out the house? How did you get a monthly rental quote for the mortgage application?
I have another buy to let but the rent is very low mainly because the tenant has been there for over 20 years so if I go the mortgage route I will have 3 mortgages. Not sure what that will do to my credit score. 

Yellow_mango

Looking at the listing (pure nosiness I'm afraid), there is no mention at all of the length of the lease or any maintenance charges. Especially given the issues you've had, it would seem worthwhile to be totally upfront about this on the listing details. It also looks like the type of property which could be attractive to a BTL purchaser, particularly at a knock down price, and so details of costs will be important for them to decide if they can make money from it. 

[Deleted User]

I suspect the kitchen size is another problem.., 2.m of cupboards for food and other kitchen items is very low.  Sorry.  Where is the fridge?

moneysavinghero

I suspect noise is another problem.., 6 track railway and busy A roads close by is not everyone's idea of fun. Sorry.

powerful_Rogue

mbugsy18 said:

powerful_Rogue said:

Have you considered remortgaging to a 'Let to Buy' mortgage?

We did this via a broker when we saw the house we really liked and wanted to get an offer in asap. The LTB released enough money for the 20% deposit. We have since gone SSTC on our house, which will then clear the LTB mortgage. There will however be a £2000 early repayment charge, but a small price to pay to get the house we really wanted.

Hi, i have also just lost my buyer and was considering this option or a bridging loan. Did you actually have to rent out the house? How did you get a monthly rental quote for the mortgage application?
I have another buy to let but the rent is very low mainly because the tenant has been there for over 20 years so if I go the mortgage route I will have 3 mortgages. Not sure what that will do to my credit score. 

When we got quotes from the EA, they also said the rental potential. Also looking online at what similar properties gain in rent. Our mortgage broker said that although it's a LTB, circumstances do change and you may wish to sell. The mortgage company seem happy with this as they gain from the ERC.

Speak to a Mortgage Broker, best thing we ever did.

Crashy_Time

Not bad, I`m liking the guitars in the third picture.

Sunshine_of_your_Dyf

moneysavinghero said:

I suspect noise is another problem.., 6 track railway and busy A roads close by is not everyone's idea of fun. Sorry.

That's a fair point, but then of course you get the convenience of a major central railway station at your doorstep. Honestly, once the windows are shut, you can't hear it massively. Road as well you can't hear either, if the windows are shut 

Sunshine_of_your_Dyf

Yellow_mango said:

Looking at the listing (pure nosiness I'm afraid), there is no mention at all of the length of the lease or any maintenance charges. Especially given the issues you've had, it would seem worthwhile to be totally upfront about this on the listing details. It also looks like the type of property which could be attractive to a BTL purchaser, particularly at a knock down price, and so details of costs will be important for them to decide if they can make money from it. 

A fair point, but a BTL Purchaser would surely be able to obtain this from the estate agent if they were curious? I don't see many flat listings with service charge amounts listed straight off the bat, particularly as these are subject to change, but it's worth a look perhaps.

Lease is 162 years from 2020 (I would assume that's a fair amount of time, and not a deterrent at all)

Don't worry about nosiness haha, that's why I put the link up

Sunshine_of_your_Dyf

deannatrois said:

I suspect the kitchen size is another problem.., 2.m of cupboards for food and other kitchen items is very low.  Sorry.  Where is the fridge?

I see your point, but I would argue that there's ample room for shelving (which is what we've done). We've never struggled for space actually, and the flat comes with two large storage cupboards, one of which we use as a larder. So space for food is never an issue

Fridge isn't in shot, but it's to the bottom right of the kitchen photo. This, along with the dishwasher, we would leave behind for the next buyer. 

It's suited our needs for two people over the years, so I'm sure a first time, single buyer would have no problems space-wise (but I guess everyone has their requirements)