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  • FIRST POST
    • louisera
    • By louisera 14th Jun 19, 1:15 PM
    • 12Posts
    • 1Thanks
    louisera
    Should I make an offer?
    • #1
    • 14th Jun 19, 1:15 PM
    Should I make an offer? 14th Jun 19 at 1:15 PM
    Hi all,

    Got a bit of a 'what would you do' question here...

    My partner and I are relocating to another city, and in the process of selling our flat. We have a buyer in place but their mortgage is taking absolutely ages (two months and counting!) to be approved because the lender has questions upon questions about the cladding on our block (it's not ACM but we don't have all of the testing documents they're asking for).

    Our current plan is to rent in the new city until we find somewhere else to buy. However, we viewed a beautiful house (for sale) recently that we feel is a good asking price and exactly what we're looking for, great location etc. We feel uncomfortable about putting in an offer while our sale still looks precarious, but also don't want to lose the opportunity.

    In my mind, the main risk to putting in an offer is that our buyer has to pull out, and we then risk the vendor also pulling out in order to find a quicker sale. Could anyone tell me the financial implications of this?

    Thank you!
Page 1
    • SparkyGrad
    • By SparkyGrad 14th Jun 19, 1:50 PM
    • 84 Posts
    • 94 Thanks
    SparkyGrad
    • #2
    • 14th Jun 19, 1:50 PM
    • #2
    • 14th Jun 19, 1:50 PM
    Are you moving to Scotland, or to England & Wales?
    • louisera
    • By louisera 14th Jun 19, 1:54 PM
    • 12 Posts
    • 1 Thanks
    louisera
    • #3
    • 14th Jun 19, 1:54 PM
    • #3
    • 14th Jun 19, 1:54 PM
    Are you moving to Scotland, or to England & Wales?
    Originally posted by SparkyGrad
    We're moving to Bristol
    • SparkyGrad
    • By SparkyGrad 14th Jun 19, 2:14 PM
    • 84 Posts
    • 94 Thanks
    SparkyGrad
    • #4
    • 14th Jun 19, 2:14 PM
    • #4
    • 14th Jun 19, 2:14 PM
    Then there's not a lot of financial implication to pulling out before exchange. You would have already paid (and not be refunded for) things like searches, surveys or valuations (if you have them) and application fees for any mortgage, plus your solicitor will have done some work that you would be expected to pay for.

    When you get quotes for a conveyancing solicitor (or a quote for the purchase part from your existing one), it will be the disbursements that you will cover.

    In E&W, anybody can pull out at any stage prior to exchange at only minimal financial cost to themselves - annoying sometimes but that's just how it works. After exchange it gets a whole lot more expensive, so make sure you don't exchange on your purchase before you have exchanged on your sale!
    • Lemonade2018
    • By Lemonade2018 16th Aug 19, 6:40 PM
    • 36 Posts
    • 11 Thanks
    Lemonade2018
    • #5
    • 16th Aug 19, 6:40 PM
    • #5
    • 16th Aug 19, 6:40 PM
    How did you get on in the end with the sale?
    • louisera
    • By louisera 25th Sep 19, 4:30 PM
    • 12 Posts
    • 1 Thanks
    louisera
    • #6
    • 25th Sep 19, 4:30 PM
    • #6
    • 25th Sep 19, 4:30 PM
    Oop just seen this! The sale fell through however - we put it back on the market and are now most of the way through the sale process with a cash buyer so no mortgage issues this time - fingers crossed! We decided not to put an offer in on the house in the end as there were more cons to doing so than pros. We have moved and are renting in a nice area and seeing what the market does for now!
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