Getting out of property purchase - no move no fee

TRENT210

So this is a weird one (I imagine)

Im currently 6 months into the rigmarole of selling my house and purchasing another one.

There’s no chain as such. The local authority are cash buying mine and the house I’m purchasing is vacant. 

Easy peasy right ? 

However it’s taking a long time waiting for other people to produce documents, the councils solicitors want to know about every brick and nail in the house and quite frankly I’ve had enough and don’t really want to move anymore because home working is here to stay for me which gets rid of the reason for moving. (long commute)

The conveyancer im using has a no sale / no fee policy as long as it’s not my fault but I can’t find anything in their T&C’s as to what is classed as my fault and what isn’t.

As I’m borrowing another £40k from my lender, my idea is to tell my lender I’ve been furloughed in the hope they withdraw the mortgage offer and I can then go back to my conveyancer and be like “oh no, what a shame” and get away with not paying the fees. (I’ve already paid for searches up front) 

What do you think?

SDLT_Geek

TRENT210 said:

So this is a weird one (I imagine)

Im currently 6 months into the rigmarole of selling my house and purchasing another one.

There’s no chain as such. The local authority are cash buying mine and the house I’m purchasing is vacant. 

Easy peasy right ? 

However it’s taking a long time waiting for other people to produce documents, the councils solicitors want to know about every brick and nail in the house and quite frankly I’ve had enough and don’t really want to move anymore because home working is here to stay for me which gets rid of the reason for moving. (long commute)

The conveyancer im using has a no sale / no fee policy as long as it’s not my fault but I can’t find anything in their T&C’s as to what is classed as my fault and what isn’t.

As I’m borrowing another £40k from my lender, my idea is to tell my lender I’ve been furloughed in the hope they withdraw the mortgage offer and I can then go back to my conveyancer and be like “oh no, what a shame” and get away with not paying the fees. (I’ve already paid for searches up front) 

What do you think?

So you propose to lie to the lender??

TBG01

I'm assuming you'd take no umbrage with someone doing similar to get out of paying your wages? 

TRENT210

SDLT_Geek said:

TRENT210 said:

So this is a weird one (I imagine)

Im currently 6 months into the rigmarole of selling my house and purchasing another one.

There’s no chain as such. The local authority are cash buying mine and the house I’m purchasing is vacant. 

Easy peasy right ? 

However it’s taking a long time waiting for other people to produce documents, the councils solicitors want to know about every brick and nail in the house and quite frankly I’ve had enough and don’t really want to move anymore because home working is here to stay for me which gets rid of the reason for moving. (long commute)

The conveyancer im using has a no sale / no fee policy as long as it’s not my fault but I can’t find anything in their T&C’s as to what is classed as my fault and what isn’t.

As I’m borrowing another £40k from my lender, my idea is to tell my lender I’ve been furloughed in the hope they withdraw the mortgage offer and I can then go back to my conveyancer and be like “oh no, what a shame” and get away with not paying the fees. (I’ve already paid for searches up front) 

What do you think?

So you propose to lie to the lender??

Exactly, although I wouldn’t feel that guilty.
 They declined my initial additional borrowing application because my payslip showed £27 of furlough out of a £4200 gross.

In any case I’m not lying to get a mortgage, I’m lying to get out of the deal so whilst very underhanded I don’t feel any guilt

TRENT210

TBG01 said:

I'm assuming you'd take no umbrage with someone doing similar to get out of paying your wages? 

The difference is I earn my wages by doing a good job. If I don’t produce I’m out of a job within 2-3 months.

Unfortunately the conveyancing company is mandated by the company I used to sell my property and is one of the big “sausage factory” firms.  I’ve spoken to my conveyancer once in 6 months over the phone, getting a response takes days / weeks and it seems all the leg work is out outsourced to India.

Things are chased up by them once a month, documents are received and not processed for a couple of weeks.

27 weeks into the process with no end in sight …. Do you think I still consider my moral obligations?  

SDLT_Geek

TRENT210 said:

SDLT_Geek said:

TRENT210 said:

So this is a weird one (I imagine)

Im currently 6 months into the rigmarole of selling my house and purchasing another one.

There’s no chain as such. The local authority are cash buying mine and the house I’m purchasing is vacant. 

Easy peasy right ? 

However it’s taking a long time waiting for other people to produce documents, the councils solicitors want to know about every brick and nail in the house and quite frankly I’ve had enough and don’t really want to move anymore because home working is here to stay for me which gets rid of the reason for moving. (long commute)

The conveyancer im using has a no sale / no fee policy as long as it’s not my fault but I can’t find anything in their T&C’s as to what is classed as my fault and what isn’t.

As I’m borrowing another £40k from my lender, my idea is to tell my lender I’ve been furloughed in the hope they withdraw the mortgage offer and I can then go back to my conveyancer and be like “oh no, what a shame” and get away with not paying the fees. (I’ve already paid for searches up front) 

What do you think?

So you propose to lie to the lender??

Exactly, although I wouldn’t feel that guilty.
 They declined my initial additional borrowing application because my payslip showed £27 of furlough out of a £4200 gross.

In any case I’m not lying to get a mortgage, I’m lying to get out of the deal so whilst very underhanded I don’t feel any guilt

So you are lying so as to defraud your conveyancers?  

dil1976

TRENT210 said:

TBG01 said:

I'm assuming you'd take no umbrage with someone doing similar to get out of paying your wages? 

The difference is I earn my wages by doing a good job. If I don’t produce I’m out of a job within 2-3 months.

Unfortunately the conveyancing company is mandated by the company I used to sell my property and is one of the big “sausage factory” firms.  I’ve spoken to my conveyancer once in 6 months over the phone, getting a response takes days / weeks and it seems all the leg work is out outsourced to India.

Things are chased up by them once a month, documents are received and not processed for a couple of weeks.

27 weeks into the process with no end in sight …. Do you think I still consider my moral obligations?  

Pay cheap pay twice ring any bells?

sheramber

Do you really care what anybody on here thinks or do you just want somebody to agree with you?

TRENT210

sheramber said:

Do you really care what anybody on here thinks or do you just want somebody to agree with you?

I’m not looking for someone to give me moral support.

I really just want to know what knowledge people have about these no move no fee deals as the T&C’s are not very clear and I can’t exactly contact my conveyancer to fish for ideas 

TonyMMM

I suspect that not being able to get the mortgage would be classed as "your fault" by the conveyancer

steve866

Can't you sabotage your onward purchase? Tell them it is looking like another 9 months and they will remarket?