urgent help needed

davidthefly

Hi everyone

I need some advice to reduce my panic and stress.

We are due to move into a new build in 2 weeks (missives signed) and we found out yesterday that our buyer of our current place cant get the mortgage funds and has pulled out.

What do we do? We are so stressed its not true.

Please advise

silvercar

speak to the estate agent, remarket the property at a realistic price and hope it sells quickly.

Don't know the rules in Scotland, if your buyer had signed missives are they liable for your costs?

beecher

Speak to your solicitor for advice. I assume the missives on the sale have been signed so your solicitor should give advice on what to do regarding costs. Though I thought mortgages had to be in place before the missives were signed, so it seems odd to me.

davidthefly

just to clarify - we have signed the missives on our new place and have a mortgage in place.

However the buyer of our flat has pulled out after offers accepted due to funding issue - he hasnt signed the missives.

Are we screwed? Obviously our new mortgage offer is reliant on the old one being paid off.

silvercar

I don't know all the scottish rules, but I am surprised your solicitor put you in this position. Why did your solicitor allow you to sign missives before your buyer had signed missives?

beecher

You're going to have to get onto your solicitor and your bank immediately and ask what your options are. I can't see how you can get out of buying the new place, so you need to find out about a bridging loan. And get your house back on the market at a realistic fixed price. Were there any other notes of interest?

What is your solicitor saying about all this?