Any Advice\Help - failure to complete purchase - Scotland

nikkiandmidgets

As per UK007Bulldog am copying this into original post but not sure if people will read as got quicker response to new post than my update to this one earlier today....

Does anyone know a company that will grant a mortgage to someone with adverse credit, - some late payments to companies, and a default on a mail order debt in 2005 for £392? I plan to buy and sell quickly so not so worried about interest rates, just tie in and what would deposit be and wage multiple. My financial advisor had drawn a blank and there are so many applications he did - some to see if there were any better deals going while he had got agreement in principal from Birmingham Midshire, and others because it looked like we would get approved based on criteria. I did one too with Yorkshire last year while in my old job but they knocked me back once they saw a copy of my last contract because it said temporary weekly contract or somehting similar.

Any scenario in which this would work\limit my losses would be great.
Am desperate as would rather loose a smaller amount than everything I have by failing to complete.
Thanks for any advice etc

beecher

Do you have to complete by Friday? Weren't you given 14 days to come up with a mortgage, or have I misunderstood? Doesn't that mean that they'll be putting it back up for sale then and charging you the cost?

edit: this is the part of your post I'm referring to

My solicitor says I have a concluded bargain and that I cannot back out without incurring huge costs - she says she has told seller I will not complete in time and that by law they have to give me another 14 days to conclude the deal. I should have concluded the purchase on friday 22nd.

beecher

nikkiandmidgets wrote: »

Okay. Mo mortgage advisor got an agreement in principal from UCB and said it was prime, not sub prime. He had to wait for an advisor to get back to him. Was then told no because of a default at an old address. I have checked my credit file and asked CheckMyfile what its for and they say they cannot provide any further info than whats on the file but guess its a mail order company. Its for £392 dated mid 2005 at an old address. I moved in October 2004 and had my daughter Jan 2005 and then second daughter in November of that year. I cant think what its for - how am i supposed to guess\find out?! Does it make any different to my file if i can find out about what its for an pay it off?
i

Hi there, had a quick look at your older posts and noticed this from May07

Got a credit report recently and I have 1 item unpaid from several years ago. I can afford to pay it off - its a catalogue I forgot about when I moved house.

Is this the default they're talking about? Did you ever pay it?

silvercar

I would let your solicitor inform them that you are unlikely to complete. Let them resell the property, if they get a similar price you will be out of pocket only for the delay expenses. if they get less you could be liable for the difference and then have to come to an arrangement to pay this off.

Remember they can't get blood out of a stone. They also have a duty to mitigate their losses they can't sit back and do nothing. Ask your solicitor for guidance.

The other option is to try singingpig.co.uk to see if anyone on there has suggstions. Not saying they will, but someone might have an idea, so spreading your net wider may help.

nikkiandmidgets

Damn, yes I vaguely remember that - but marriage breakup and finding somewhere to stay for myself my mum and two toddlers cos our old house had sold, I forgot about it. Checkmyfile says it will be on my Experian report so will have to dig through all my paperwork and see if I have an old Experian report which will list this so i know who its with, failing that will have to request a new copy. But guess even when i do pay it will be too late anyway to fix this mess.

chappers

If you want to try to complete the purchase then i would keep on searching for a mortgage, try every broker you can.
Wait for their solicitor to contact yours, then tell them you are having problems sourcing a mortgage due to your changing circumstances and see what they say, if they serve anotice to complete or the scottish equivilent then so be it, but they may not and that might give you a bit of breathing space.

kunekune

Nikki, take a deep breath please. I can feel the panic in your voice. But you are running away with yourself, and have stopped seeing the wood for the trees.

"If this does all happen then i guess I get husband to rent me a pplace in Panama and I see how we get on and if we can slowly rebuild marriage"

Dont go back to DH unless you really want to. It will only turn out badly. And badly in Panama, away from everyone else in your family/life who can offer you support. If you really want to, that's different.

as alternative of declaring myself bankrupt and staying in a B&B until i get emergency housing doesnt appeal

What the counselling people would say is that this is 'catastrophising'. You are looking at the worst possible outcome is at several junctions in your future life, and imagining the worst. I know, I do it ... But it's not healthy. And almost always, it's not what happens either. You have already indicated that there are various other possibilities around. I hate to say it, cos I feel sorry for the vendors, but the best may well be to stay put and wait for them to sue you. Then negotiate. And if bankruptcy does happen, which is unlikely as the market in Scotland hasn't actually collapsed yet, it is survivable. Look on the boards here. Others have gone there.

and have to move out of my current private rental into a b&b with me and the two kids (Means I will have to give up work as currently my mum is full time childcare and my lift stays in same area cos I dont drive and stay 40 miles from the city with no decent public transport

What I want to do when I read this is give you a hug, cos it seems like no-one in the real world is offering you the support you need. You have been through a hell of a time, and I can see why there appears to be no way out, and everything is getting worse and worse. But it isn't. There is light beyond the tunnel even if we don't know where the tunnel ends. For example, have you checked out what tax credits you can get for childcare? You may find that you aren't much worse off at all.

Just glad I have kids or would have topped myself by now way I feel.

Can I make an out-of-line suggestion? Please go and see your doctor and tell him/her what you have told us? You may be suffering from depression, it wouldn't be surprising if you were, and it is treatable. Stuff all those reports in the papers last week: medication can and often does help. If you could see sunshine, you would have so much better chance of getting through this.

silvercar

good advise from kunekune.

sooner or later the vendors will remarket and sell, unless it is such a peculier property that no-one else will consider buying, you will be able to quantify your lossess (if any) and close the book on this one.

There is life at the end of the tunnel, don't crash on the way to it.

nikkiandmidgets

Was given suggestion by mortgage advisor that I could get someone to buy the house on a BTL. My sister is willing to do this and BM approved in principal but they only lend 110% of mortgage payment before interest which works out at 80% and my husband understandably is reluctant to lend me the extra cos my name wont be on mortgage. Suggested to advisor that I was willing to do joint application with my husband as he is on a very high salary but husband already has a house, and he says as both our credit history got tarnished when we split that this wouldnt help me, regardless of deposit we could put down. Would have considered buying to live in or as a buy to let - anything so I can complete the sale, and could have then looked into taking on as a residential in my name only once history cleaned up. Do mortgage companies always ask for employers references in present climate and what trouble would I be in if I 'neglected' to tell them I was in contract work and just told them I had changed jobs? I have money to cover payments so would be no risk of me defaulting and after June\July my work are hoping they can utilise me through in the IT dept as this is what I used to do a couple of years ago - and I would most likely be taken on permanent then. If not I would have a bit more time to get a permanent job. I am 35 and only extended time off has been for having my daughers, and then I was permanent employee - it was just after my part time return, my company didnt have any full time jobs, hence why I am contracting now....

beecher

Lying about your employment situation is certainly not an option at this stage, and the banks are unlikely to listen to what could possibly be the situation in the future. I think you have to look at, and deal with the situation as it is today. How much longer have the vendors given you to raise the money to buy their house? Have you told them you're unlikely to be able to complete?