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Vendor Forced Me To Exchange - Help

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Comments

  • quantumlobster
    quantumlobster Posts: 509 Forumite
    Combo Breaker First Anniversary
    Georgedunn wrote: »
    Realistically can I get anything out of them. Stamp duty paid? Curtains / blinds? Wooden floors throughout?

    Is this the angle I should be homing in on.

    Ultimately a complaint is pointless however if I kick and scream enough I might save myself a penny or two.

    Here's the sitch:
    The following week I was given an ultimatum by Crest and told that unless I exchanged they would refund my reservation fee and re market the property

    This was your decision point. You could have called their bluff, or walked away. But you chose to exchange.

    Crest clearly laid out their position - exchange or off you trot - and, because reasons at the time, you made a decision and went along with it.

    And now, (I think) because of the precarious nature of your mortgage position, you're understandably uncomfortable.

    Your complain seems to be "my vendor offered me a choice, and now I regret making the choice I did".

    I think they don't owe you (legally or morally) a sausage. Not even a 97% pork free-range organic artisanal Cumberland one.
  • goodwithsaving
    goodwithsaving Posts: 1,311 Forumite
    First Anniversary Name Dropper First Post
    ScorpiondeRooftrouser wrote: »
    "Injecting 3.3 million" is pushing money across tables. Nothing concrete was created by your work and nothing ever will be. Printing money doesn't create houses, doesn't create food. What actual good was produced?

    Estate agents are being phased out by the internet, so that's a bad example. But yes, we could eliminate all unproductive middle men. The market only has to function at a level that allows people who want to buy houses to buy them from people with houses. Creating demand for houses and spiralling "the housing market" into an economic necessity, rather than a practical exchange, is however a good example of why society is so unequal and !!!!ed up. It values the unproductive over the productive.

    I won't go on though. Maybe when you are bit older than 21 and not so naive as to be railroaded by housebuilders, you might understand this stuff.

    That's a personal and unnecessary attack against the OP. Some 21 year old's are far more wise and sensible with money than those 20 years their senior. Brokers etc. are not bad people and have their place in the overall workforce.
    The OP has done very well to be able to buy a property - regardless of its value and the dilemma. I suggest we celebrate that rather than be so patronising.

    Let's get back on subject.
  • steampowered
    steampowered Posts: 6,176 Forumite
    First Anniversary Name Dropper First Post
    Can you re-apply for a mortgage now? Or get your existing offer extended?

    You want to be sure that you will be able to get a mortgage in October. With a different bank potentially.

    Try an independent mortgage broker if you need to.

    If you are not able to complete, you may lose your deposit. You may also be required to pay the difference between the price you agreed to pay and the price the developer sells to someone else for.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    First Anniversary Name Dropper First Post
    Georgedunn wrote: »
    I am a finance broker. Basic is under £20k but commission in a year in excess of £150k. House was £550k with a 5% deposit, standard 3% stamp duty.
    So a £550k property on a 95% mortgage, which means a <£30k deposit.

    £90k take-home per annum.
    Best-buy rate for that size loan is 4.2% currently - £34k/year going straight to the lender. And that's before rates start to rise.

    IIWY, I'd be figuring why your savings are so low that that's the biggest deposit you can fund, and start overpaying that mortgage as heavily as you can while you can. Because any industry that is so heavily commission-based is one that will not hesitate to get shot of you if you cannot keep delivering the numbers.
    Georgedunn wrote: »
    Really off topic but on a commission based job you are paid a percentages of sales, so society doesn!!!8217;t justify what you are paid, you do. Supply and demand if everyone could do it you wouldn!!!8217;t get paid the same.
    Going back to the headline of the thread, though - with that big a commission element, I'd have thought you'd be au fait with reasonably heavy-pressure closing tactics, yet here you are, complaining and asking about compo because somebody gave you a bit of a close...
    Georgedunn wrote: »
    Realistically can I get anything out of them. Stamp duty paid? Curtains / blinds? Wooden floors throughout?

    Is this the angle I should be homing in on.

    Ultimately a complaint is pointless however if I kick and scream enough I might save myself a penny or two.
  • Georgedunn
    Georgedunn Posts: 27 Forumite
    IIWY, I'd be figuring why your savings are so low that that's the biggest deposit you can fund, and start overpaying that mortgage as heavily as you can while you can. Because any industry that is so heavily commission-based is one that will not hesitate to get shot of you if you cannot keep delivering the numbers.

    I could put a much bigger deposit down, maybe 10/15%, there is a help to buy on it as well so the actual mortgage is 75%.

    I want to keep hold of my capital because I have other projects to invest in such as B2L!!!8217;s.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    First Anniversary Name Dropper First Post
    Georgedunn wrote: »
    I want to keep hold of my capital because I have other projects to invest in such as B2L!!!8217;s.
    Ohgawdhelpusall.


    Ah'm oot.
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
    First Anniversary First Post Name Dropper Photogenic
    OP you have your priorities in the wrong place, your too young perhaps to understand and if you don't get it from your posts, you need more years under your belt.


    I hope you know what your getting yourself into with help to buy and having such a low deposit, I hope your investments provide more interest than the 95% mortgage interest compared to more
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • ciderboy2009
    ciderboy2009 Posts: 1,157 Forumite
    First Post First Anniversary Name Dropper Car Insurance Carver!
    OP - what is the long stop date on your contract? Most good solicitors would have it as when your mortgage offer expires.

    Presumably you're using an independant mortgage broker - what have they said about the delay? Are they able to negotiate with the lender if you do have a bad month?

    If you are really that worried about lost commission whilst you are on holiday then I would suggest that your best option would be to postpone the holiday until you've completed.

    As for getting in to Buy to Let - I would forget about that for now and pay as much off of your mortgage as you possibly can. Look at it this way - are your savings giving you a higher interest rate than you'll be charged on your mortgage?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Georgedunn wrote: »
    I want to keep hold of my capital because I have other projects to invest in such as B2L!!!8217;s.

    Perhaps in reality you actually now regretting committing to buying what is most certainly an overpriced poorly built new property. Which may provide little investment return.
  • Lauralou79
    Lauralou79 Posts: 268 Forumite
    To be less worried about your mortgage affordability when applying again. Increase your deposit size and reduce your outgoings with the capital you have now. I understand you can afford it all but it'll take the pressure off a bit. Ok you want to invest, but you are legally buying this house now. Get this sorted first. You have plenty time to do the investing.

    With your income and the fact you have lodgers in place ready to cover your mortgage, you should be able to quickly build back up your capital.

    As for the buy to let. You should probably research this thoroughly as landlords obligations are more than you think. Do you want the hassle of taking people to court when they won't leave/won't pay?? Having to organise repairs etc? When you are already in high pressure career.

    Plus thanks to financial changes it's not a money making scheme as it may have been years ago.

    I'm not going to patronise your age I know some very screwed on younger people. BUT these forums are full of people who have so much knowledge and life experience. If you listen and take their advice they can help.
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