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Options
helenftb
Posts: 17 Forumite
Hello
We have a buyer who is struggling to get a mortgagee offer, and have been told they will be considered in summer next year.
They have already paid for searches and bank did valuation.
The buyer is now offering a delayed completion scenario and I cant find much info on this option.
Any advice or links you can share? Property is currently empty and my main reason for considering it is its taken a year to get this offer
They are proposing a 50% deposit. And paying mortgagee costs, but want to move in also. I didn't think such a thing existed but may consider it if little risk to us.
We have a buyer who is struggling to get a mortgagee offer, and have been told they will be considered in summer next year.
They have already paid for searches and bank did valuation.
The buyer is now offering a delayed completion scenario and I cant find much info on this option.
Any advice or links you can share? Property is currently empty and my main reason for considering it is its taken a year to get this offer
They are proposing a 50% deposit. And paying mortgagee costs, but want to move in also. I didn't think such a thing existed but may consider it if little risk to us.
Home owner since 19/08/2011:j
0
Comments
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If you're happy with the 50% deposit and firm Completion date next summer - fine.
But think hard, take advice, and do research, befoffe agreeing to letting the property to them.......
Start here:
* New landlords: advice, information & links0 -
They are proposing a 50% deposit. And paying mortgagee costs, but want to move in also. I didn't think such a thing existed but may consider it if little risk to us.
Do they intend to pay you any rent - or will they be living rent free and mortgage payment free?
The risk is that they don't complete and you have to take them to court to get them out - plus maybe they trash the place.
But on the plus side, I guess you would have the 50% deposit to cover your losses.
But realistically, once they tell their solicitor their plan - I expect he/she will tell them that they're bonkers, and they will back out. Exchanging contracts when...
- you have no mortgage in place
- you have had your mortgage application rejected
- you are hoping that your lender will change their mind and a future application will be accepted
... is pure madness.0
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