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Big problems with the people buying our flat
rustybucket
Posts: 277 Forumite
hi wonder if someone can give advice. We took an offer at the end of dec from two first time buyers. According to our estate agent they had a 10 per cent deposit to put down.
So we have been wading through treacle trying to get the solicitors to sort the exchange and completion dates. About a month ago some paperwork was still outstanding, however I was led to believe we would be exchanging last Friday.
A week before this I was told by the estate agent that there was no deposit as it was a 100 per cent mortgage. In light of the issues this unnerved me but was assured that it would be ok. The exchange date was put back to today.
Last night the buyers came round to measure up and assured us that all was ok. Imagine my shock and annoyance today when my estate agent called to say that all the paperwork was ready to exchange however the mortgage offer had ran out. Again I have been given assurances that this won't be a problem. I'm shocked at this all and feel the whole thing has been a sham.
I'm that close to pulling out of the sale of this and the purchase of a great home I'm done in, stressed and don't know what to do. Any advice?
So we have been wading through treacle trying to get the solicitors to sort the exchange and completion dates. About a month ago some paperwork was still outstanding, however I was led to believe we would be exchanging last Friday.
A week before this I was told by the estate agent that there was no deposit as it was a 100 per cent mortgage. In light of the issues this unnerved me but was assured that it would be ok. The exchange date was put back to today.
Last night the buyers came round to measure up and assured us that all was ok. Imagine my shock and annoyance today when my estate agent called to say that all the paperwork was ready to exchange however the mortgage offer had ran out. Again I have been given assurances that this won't be a problem. I'm shocked at this all and feel the whole thing has been a sham.
I'm that close to pulling out of the sale of this and the purchase of a great home I'm done in, stressed and don't know what to do. Any advice?
0
Comments
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i dont think you can get a 100% mortgage anymore so unless they can get a deposit your buyers are stuffed, sorry.0
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I am sorry that this has happened to you. I believe you are not the only one. No advice, but sorry to hear this.0
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the mortgage was offered by the abbey over 3 months ago, so they may have been able to get 100 then. According to my estate agent its just a matter of abbey agreeing to extend it. Time will tell0
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rustybucket wrote: »the mortgage was offered by the abbey over 3 months ago, so they may have been able to get 100 then. According to my estate agent its just a matter of abbey agreeing to extend it. Time will tell
Yes your EA should prove right. But I do know of lenders, who on the same position would just pull the rug. You should be OK.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
Pull out if you have a line of buyers waiting. If not, stay put and see what happens.Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0 -
ta for your advice0
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This happened to us too yesterday. Buyers had to pull out in the end as couldn't get a mortgage after their original mortgage offer expired.
Its annoying to say the least and now we have to start all over again.
Hope it sorts itself out for you.0 -
i'd start marketing again just in case0
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