Pulling out of a purchase for another property.

Amyb97

So I am a first time buyer.
We got accepted on a house in October 2021. Everything was running smoothly until our solicitors realised that the seller had originally bought it through the Right to Buy scheme less than 10 years ago and hadn't offered it back to the council. This has now put everything on halt as she has had to give the council first refusal. Long story short - the Council are interested in buying the property back so we are currently awaiting the Independent Valuer to make his decision. - This is all something that should have been dealt with before the property went on the market.

As we are expecting this not to go through, we have seen another property which we are interested in.
How do we go about putting in an offer as we don't currently have a Mortgage in Principle anymore? The Mortgage Agreement for the original house runs out at the end of this month.
My partner and I have agreed that if we were to get accepted on this new property, we would pull out of the original before hearing back from the Independent Valuer.

Thanks.

badger09

Amyb97 said:

So I am a first time buyer.
We got accepted on a house in October 2021. Everything was running smoothly until our solicitors realised that the seller had originally bought it through the Right to Buy scheme less than 10 years ago and hadn't offered it back to the council. This has now put everything on halt as she has had to give the council first refusal. Long story short - the Council are interested in buying the property back so we are currently awaiting the Independent Valuer to make his decision. - This is all something that should have been dealt with before the property went on the market.

As we are expecting this not to go through, we have seen another property which we are interested in.
How do we go about putting in an offer as we don't currently have a Mortgage in Principle anymore? The Mortgage Agreement for the original house runs out at the end of this month.
My partner and I have agreed that if we were to get accepted on this new property, we would pull out of the original before hearing back from the Independent Valuer.

Thanks.

Have you viewed the other property, or just seen it online? Is it with the same EA?

Under the circumstances, I don't think its unreasonable to view the 2nd property. If its with the same EA, they will already know your circumstances. If not, then assuming you still have your original MIP details, I would show those if necessary to secure a viewing. If you decide to go for it, make an offer. If its accepted, then its decision time. 

Although vendor should indeed have sorted this out before, its out of their hands now. I've no idea how long it could take, but please let them know as soon as you've decided. 

Good luck

canaldumidi

Speak to the EA for the other property? Make a offer? Then answer whatever Qs the new seller/their agent ask.

If your offer is acepted, instruct your solicitor accordingly.

I assume anyway your solicitor is on hold so that you don't rack up any more fees on the current purchase.

twoLou

canaldumidi said:

Speak to the EA for the other property? Make a offer? Then answer whatever Qs the new seller/their agent ask.

If your offer is acepted, instruct your solicitor accordingly.

I assume anyway your solicitor is on hold so that you don't rack up any more fees on the current purchase.

Totally agree with this.

As to the mortgage offer and a new aip:
It maybe best to ask on the mortgages and endowments board as that’s where the brokers/ advisors and people that know tend to be.

I’m sorry to hear you’ve come this far and now will maybe have to start again. The very best of luck whichever option you decide on.