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Solicitor wants updated offer from broker who I have paid already
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You really have to help yourself. You were advised a month ago to negotiate a £0 rent for the next 4 months, and sale thereafter at the full price. That would be 1 month in by now, plus the time for the LL to readvertise and find a new buyer would be at least 4 months. So you'd be in the exact position you wanted with a 'normal' mortgage no gifted depsoit. The LL would be in the same position ie £8k discount and sale in the same timeframe.
Did you even ask the LL that last month?
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I completely understand what you are saying, but you are working on the assumption I can save £2000/month.
My rent is £1000/month and quite often I can save £500/month with overtime but my overtime options have dried up lately so I would be more likely to save £200/month. That would only be £1200/month and would take 7 months to save the £8000. If I were still getting regular overtime I reckon I would have enquired.
I appreciate what you are saying, I will have a very long and hard look to see if there is a way I can bridge the gap, or at least get 7 months down to 5.
As it is right now, the house is live on the market and I have been handed a Section 21.
I still haven't given up on other options yet too. I noted there was a Gable Mortgages that now does 100% mortgages. If I could make an offer that is 5x salary, I could pitch in a very similar offer, and if the mortgage lender accepted local searches that are barely over 6 months old, the LL might go for a quick sale. I was thinking there really wouldn't be too much to do. If the LL was wary of me, I could make the offer allowing the LL to keep the house on the market until exchange or contracts. But crucially only key workers qualify for 5x salary. I read the criteria and a (Complex) Care Assistant does not qualify for them as a key worker. I will contact them first thing to see if there is any leeway, if I don't qualify as a key worker but they will be acceptant of the local searches, I could still make an offer for 4.5x salary.
Right now I am looking at 5K deposit mortgages, again it is trying to budge up from 4.5x salary to 5x0 -
Having wrote all that, I did just get offered some overtime. Plus I realised I will get paid five times in the next four months (get paid every four weeks).
I pitched the idea to the landlord to let me stay here rent-free and asked if we could do a signed written agreement to supersede the Section 21.
Thank you for promoting the idea that was previously given to me.0 -
DaffyDuck316 said:I completely understand what you are saying, but you are working on the assumption I can save £2000/month.
My rent is £1000/month and quite often I can save £500/month with overtime but my overtime options have dried up lately so I would be more likely to save £200/month. That would only be £1200/month and would take 7 months to save the £8000. If I were still getting regular overtime I reckon I would have enquired.
I appreciate what you are saying, I will have a very long and hard look to see if there is a way I can bridge the gap, or at least get 7 months down to 5.
As it is right now, the house is live on the market and I have been handed a Section 21.
I still haven't given up on other options yet too. I noted there was a Gable Mortgages that now does 100% mortgages. If I could make an offer that is 5x salary, I could pitch in a very similar offer, and if the mortgage lender accepted local searches that are barely over 6 months old, the LL might go for a quick sale. I was thinking there really wouldn't be too much to do. If the LL was wary of me, I could make the offer allowing the LL to keep the house on the market until exchange or contracts. But crucially only key workers qualify for 5x salary. I read the criteria and a (Complex) Care Assistant does not qualify for them as a key worker. I will contact them first thing to see if there is any leeway, if I don't qualify as a key worker but they will be acceptant of the local searches, I could still make an offer for 4.5x salary.
Right now I am looking at 5K deposit mortgages, again it is trying to budge up from 4.5x salary to 5x0 -
Hey no, thanks for pushing me! I probably wouldn't have asked if you hadn't.
I think it may be all a moot point now as the property was listed for sale on Monday but it is now listed as Sold STC. My Mum thinks maybe they accepted my request, but I only made it a few hours ago, so it seems highly unlikely.
But I think there was no harm pushing to try and find a way to stay while simultaneously looking elsewhere.0
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