What have I done?!?!?

Zammo

Just drop the price on your place so you can sell it and Gazunder the vendor on the place you're buying. Tell them you had to lower the price on your place to get a sale and you expect them to do the same otherwise you're pulling out of the deal.

Why on earth you're getting your poor old Dad to remortgage his house is beyond me. Talk about being spoilt and selfish.

KiKi

sammiea1976 wrote: »

Hi there

No i am not a wind up merchant, just someone that needs some advce.

Fair enough - we get a lot of them on here.

[Here is my property: http://www.rightmove.co.uk/viewdetails-19685630.rsp?pa_n=2&tr_t=buy

I dont think a £25/£45 k mortgage will skint us but i think going from no mortgage to paying a £245 k mortgage will be hard, we can afford to pay it but things will be mega tight, and obviously it will be hard adjusting from having money to being skint cos of all our money going to bills.
When i put in the offer on our new house i thought our house would have sold quickly, last time we had an offer on the first day it going on the market by the first viewer, so me being a bit niave thought we would have an offer pretty quickly but obviously i was wrong, im just scared that we will be left with this house being empty for ages as we cant sell it.

But as I said, you don't have to be stuck with *any* mortgage if you're that worried about it. At the moment, you haven't committed to a mortgage, nor do you have to.

If you really, really don't want a mortgage and it really worries you about going ahead, then just don't buy right now - you are under no obligation to purchase this house you like.

You can choose to get out now and be left mortgage free. With 4 bedrooms, and three kids in a short while, there's still room for you all. Two of the kids can share, I'm sure, if you need a second living area.

HTH you.

KiKi

kipperman

split? money worries? stress? Mortgage of £45,000 and husband on good salary?

Hmm - methinks wind up.

don't ya know

sammiea1976

Zammo wrote: »

Just drop the price on your place so you can sell it and Gazunder the vendor on the place you're buying. Tell them you had to lower the price on your place to get a sale and you expect them to do the same otherwise you're pulling out of the deal.

Why on earth you're getting your poor old Dad to remortgage his house is beyond me. Talk about being spoilt and selfish.

Why am i being spoilt and selfish, the house is mine but my dad had to put it in his name as i was going through a bitter divorce so to safe my ex getting his grubby mitts on it!
It is my inheritence, and like i have said i am very lucky to be in this position.

sammiea1976

KiKi wrote: »

Fair enough - we get a lot of them on here.




But as I said, you don't have to be stuck with *any* mortgage if you're that worried about it. At the moment, you haven't committed to a mortgage, nor do you have to.

If you really, really don't want a mortgage and it really worries you about going ahead, then just don't buy right now - you are under no obligation to purchase this house you like.

You can choose to get out now and be left mortgage free. With 4 bedrooms, and three kids in a short while, there's still room for you all. Two of the kids can share, I'm sure, if you need a second living area.

HTH you.

KiKi

Hi

Thanks for your msg, We have had the mortgage and remortgage offers, the survey has been done on the new place and soon we will be exchanging contracts - so am i still able to pull out at this stage?

The thing is i love this new house its just what we want and need for us all to be comfortable, currently we have our baby sleeping on the floor below us as we are in a town house, and this scares the crap outta me, what if we were to be broken into, they would get to his room first. The living arangements is just not ideal anymore now we have 2 children and a third on the way. When the house was bought i only had the one child which was ideal for us. But now our family has expanded the house layout is just a nightmare!

The new house is perfect and yes like i said b4 we could afford a £45 k mortgage no problem, but its the £245k mortgage that worries me if ours doesnt sell. Im worried that if i do drop it to say 200-215k what if it still doesnt sell what then?? We are stuck with a house that no one wants and a huge mortgage!

I also feel that if we pull out now i would be letting the vendors down big time as we will soon be exchanging and as they are only 3 mins down the road we see them near enough every day, and things would just be so awkward.
Someone mentioned in one of their replies that i could ask the vendors to consider dropng their price as we have had to drop our price, dont you think thats cheeky tho, wont they come back with something like 'well thats not our fault you are having to drop your price, why should we drop ours!'

KiKi

sammiea1976 wrote: »

Hi

Thanks for your msg, We have had the mortgage and remortgage offers, the survey has been done on the new place and soon we will be exchanging contracts - so am i still able to pull out at this stage?

You can pull out any time up to exchange. Similarly, so can the seller. You can also 'pull out' and offer a reviewed price, given that the market has changed, and your own personal circumstances. Nothing is in stone until exchange happens.

The thing is i love this new house its just what we want and need for us all to be comfortable, currently we have our baby sleeping on the floor below us as we are in a town house, and this scares the crap outta me, what if we were to be broken into, they would get to his room first. The living arangements is just not ideal anymore now we have 2 children and a third on the way. When the house was bought i only had the one child which was ideal for us. But now our family has expanded the house layout is just a nightmare!

I take your point and if this is your perfect home then you shouldn't pull out on that basis.

In the nicest way possible, I'd also advise you to be a little less paranoid - of *all* the nights in your life, how many times have people broken into your house when you're sleeping?!

Still, I understand that townhouses in terms of layout don't always work well with kids.

The new house is perfect and yes like i said b4 we could afford a £45 k mortgage no problem, but its the £245k mortgage that worries me if ours doesnt sell. Im worried that if i do drop it to say 200-215k what if it still doesnt sell what then?? We are stuck with a house that no one wants and a huge mortgage!

Why exchange before you sell?

You could - as a suggestion - go back to your vendor's solicitor, and ask to hold off exchange until you've got a buyer; that might make you feel more secure about things. Failing that, you could ask to offer slightly less instead of making them wait as a compromise, because you've not got a buyer yet.

I also feel that if we pull out now i would be letting the vendors down big time as we will soon be exchanging and as they are only 3 mins down the road we see them near enough every day, and things would just be so awkward.

Again, I *totally* understand - I had to let down a vendor when I pulled out because my dream house came on the market (I'd offered on the dream home previously but was outbid...but then the sale fell through and it came back on the market a week after I'd made an offer on a new place!). However, this is your future we're talking about, and a lot of money.

You don't go ahead because you don't want to 'upset' the vendors. I'm not saying pull out - but I am saying that 'upsetting' people isn't a good enough reason to not pull out!

Someone mentioned in one of their replies that i could ask the vendors to consider dropng their price as we have had to drop our price, dont you think thats cheeky tho, wont they come back with something like 'well thats not our fault you are having to drop your price, why should we drop ours!'

They probably will think it's cheeky. But the chances of them getting another buyer in the near future, and the fact that they'd have to go through all this again with someone else, and the fact that they will want a sale so they can move, plus the fact that if they put it back on the market they'd get less for it right now - it all stands in your favour.

It's not a nice thing to do, especially when, in your circumstances, you do have a mortgage-free situation right now.

But don't go with a revised offer unless you're prepared to push for it. If you go back at £10K less, then they say 'no' and you go 'oh, sorry, alright then', that's utterly pointless!

Maybe don't go with a revised offer until you have asked them to hold on for you to get a buyer. Drop your price, get a buyer, and ask them to hold off on exchanging for a few weeks because of your circumstances (you don't have to tell them what they are).

At the end of the day, you are choosing to take on two mortgages - it's not a situation you're being forced into. Only you can weigh up the risk of how long your house might be on the market for, and how much your price might have to drop compared to being in your dream house or letting the vendors down.

HTH

KiKi

sammiea1976

Hi Kiki

Thanks so much for your reply, you have really helped.
I think what i am going to do is ask my estate agent to do an open house or something and drop the price to £220 ONO and see if we get any interest that way - would you agree thats a good idea?

If we do not get any interest then i think i will then go and see about dropping my offer on the new place.

Do you think thats the best way of dealing with it?

Thanks Sammie

Trollfever

I have a 4 bed townhouse

Wants v Needs.

KiKi

Hi Sammie

I think that's a very sensible approach. If you have to drop your price further then you can always go to the vendor of your new house and drop your offer.

But you will absolutely need to revise the price of your house...just be absolutely clear with yourself about what price you will *not* drop below. You need to be very clear what is non-negotiable, or it can be tempting to take an offer that's too low. You might want to consider £225K ONO, and then you might get £220K.

Best of luck with it - let us know how you get on. And congratulations on the third baby!

KiKi

KiKi

Trollfever - they may not actually *need* a new house, but if they can afford it, why shouldn't they go for what they want?

TBH, this was probably a bit of a reality check for the OP about the fact that they *can* afford it, and it's not the end of the world, rather than her wanting something she can't have.

KiKi