Catastrophic Missive Fees

siowenson

You had plenty of advice, but it seems you know better .

As expected you are confirming that Persimmon won't actually pay you 128K, but possibly around 70% of this. What happens to your plan now if you substitute 90K for 128K?

Seems you are back to paying £1500 a month until they remarket it, and with them making £1500 a month I'm not sure they will exactly hurry the process, but then you know that don't you?

Not from you.

I've been trying to explain the persimmon p/x doesn't seem viable.

If we can get this flat sold by reducing the price untill it does then we can move into her parents and pay the persimmon fees untill they sell the new house. Whenever that may be.
I have my doubts over persimmons eagerness to sell it considering they have 3 others exactly the same still to sell, allbeit our one is £3k cheaper, when they will be getting £1500 per month from us anyway.

I might ask someone to go into the sales office pretending to want a 3 bed house to guage their selling technique

siowenson

I've not had a holiday for 5 years.
I got into some debt when I was younger that I regret but now I'm trying to pay it off.

Captain_Mainwaring_2

Why don't you try posting the full story in one go? Why should people have to demand informatikon from you with a view to helping you?

You may also note that all you have done is blame:-

1) The Mortgage Advisor
2) The bank for not lending you enough and daring to charge you interest
3) the Lawyer

Oh, and while we are at it, you can bet that Persimmon will look to you for any difference in the price they agreed with you and the price they sell it for.

But then you know that because you read the contract...

Deadman_2

siowenson wrote: »

I've not had a holiday for 5 years.
I got into some debt when I was younger that I regret but now I'm trying to pay it off.

I'm not being funny mate, but you sound like the financial equivalent of a car crash.
I wish you well, but you are a typical product of the sheeple of this country.

Captain_Mainwaring_2

siowenson wrote: »

I've not had a holiday for 5 years.
I got into some debt when I was younger that I regret but now I'm trying to pay it off.

Doesn't that one statement warn you that any increase in your borrowing was foolish?

rainbowtrout

The OP has been open to suggestions; let's not kick anyone when they are down.

siowenson

Oh, and while we are at it, you can bet that Persimmon will look to you for any difference in the price they agreed with you and the price they sell it for.

So I have been told.
On one of my previous posts I asked someone to explain the ins and outs of this but I haven't had a reply.

I wanted to know what there is to stop persimmon reducing the price to say £130k and holding me responsible for the remaining £53k?

Captain_Mainwaring_2

siowenson wrote: »

So I have been told.
On one of my previous posts I asked someone to explain the ins and outs of this but I haven't had a reply.

I wanted to know what there is to stop persimmon reducing the price to say £130k and holding me responsible for the remaining £53k?

If in accordance with the market conditions at that time - not a great deal.

You have a situation where Persimmon will offer you 70% of the value of the flat (they have to sell it after all) , or will charge you interest on the agreed sale amount, plus any shortfall .

Now, you need to work out if you can really afford the interest on this house if you go through with it, because if you can't then the worst thing you can do is to go through with the sale.

siowenson

I cant go through with the sale using the p/x route as I cannot get a mortgage to make up the difference.

How do I go about putting my name down for a council house? Thats what I'll have to do if this ends up with me in debt £30k+ because I wont get a mortgage anywhere and we cant live at her parents all our lives.

Kez100

I think you need legal advice.