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    • Georgedunn
    • By Georgedunn 12th May 18, 2:13 PM
    • 27Posts
    • 4Thanks
    Georgedunn
    Vendor Forced Me To Exchange - Help
    • #1
    • 12th May 18, 2:13 PM
    Vendor Forced Me To Exchange - Help 12th May 18 at 2:13 PM
    Okay so a bit of background to the story before I ask for advice.

    I had agreed to purchase a property from Crest Nicolson in January. I am a first time buyer and a fairy young one too at 21 years old. The house I agreed to buy was £550k which is a large commitment for anyone. I am on a commission based job so my earnings can vary from month to month.

    Having agreed to purchase the house, I put down a £500 reservation fee, under the understanding the estimated completion date was going to be May. I appreciate this can change a little however this seemed reasonable.

    I then went through the whole mortgage and agreement in principle process which I was accepted on and then this progressed to a formal approval. The mortgage advisor did make the point that it was a fairly borderline approval, due to my high outgoings.

    At this point Crest have moved the estimated completion date to July / August, which I was a little concerned about as my mortgage offer expired at the end of August and as I was on a commission based job I didn’t want the pressure of having to re apply. My mortgage has been approved by Santander who take your lowest commission pay in the last 3 months into consideration.

    In April, Crest started putting pressure on me to exchange, I know this is normal for new builds for the builder to put pressure so they can get the deal into their sales figures. I however made it clear I wouldn’t exchange until I had a fixed completion date.

    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, they told me they still expected to complete July / August and that they worked closely with the mortgage advisor to ensure I wouldn’t have to re apply.

    I then contacted my solicitor to ensure if I wasn’t re accepted my deposit would be safe if I was declined, they advised I was protected as I was using the help to buy.

    I wouldn’t have exchanged however there were few properties left in the new build and this area was highly sought after.

    I then exchanged with Crest.

    Everything went quiet for 2 weeks until I got a phone call saying they had pushed the estimated completion date to the end of October.

    I want to know if there is anything I can do here? I feel like I have been mis sold and forced to exchanged. They would have known full well before I exchanged that it would have been pushed back.

    I am now under immense pressure to keep my earnings up at a certain point, as a first time buyer this has been a horrendous experience and I would recommend to stay away from Crest.

    Please let me know if anyone has been in a similar situation or who I should complain to.
Page 5
    • Georgedunn
    • By Georgedunn 14th May 18, 12:30 PM
    • 27 Posts
    • 4 Thanks
    Georgedunn
    Why not get rid of one now? You can only drive one at a time.

    In your shoes with the upcoming commitment you've made, I'd be eliminating all unnecessary expenditure now and saving like mad so I could overpay the mortgage from the start. £1300 saved per month by ditching one car - think what that will save in compounded interest over a 25 year mortgage.
    Originally posted by Aylesbury Duck
    Completely agree, just a case of finding a suitable buyer at the right price which may take a bit of time.
    • getmore4less
    • By getmore4less 14th May 18, 12:57 PM
    • 32,035 Posts
    • 19,222 Thanks
    getmore4less
    The right thing to do is ditch them both and get a cheap run around.

    If you want to get into investing the last place to be spending it is on depreciating assets like cars and sunk costs like insurance.

    You need to be in cash preservation mode

    Savings should be £7k a month(less if you are maxing out pensions contributions).
    That's another £50k deposit just from the delay on your property completion.
    • Georgedunn
    • By Georgedunn 14th May 18, 1:04 PM
    • 27 Posts
    • 4 Thanks
    Georgedunn
    The right thing to do is ditch them both and get a cheap run around.

    If you want to get into investing the last place to be spending it is on depreciating assets like cars and sunk costs like insurance.

    You need to be in cash preservation mode

    Savings should be £7k a month(less if you are maxing out pensions contributions).
    That's another £50k deposit just from the delay on your property completion.
    Originally posted by getmore4less
    Completely agree, however I did also want to enjoy earning decent money while I was young i.e. spending it on nice cars however coming out of that phase now as I see how much is going out my account each month!
    • csgohan4
    • By csgohan4 14th May 18, 2:27 PM
    • 4,424 Posts
    • 2,774 Thanks
    csgohan4
    Completely agree, however I did also want to enjoy earning decent money while I was young i.e. spending it on nice cars however coming out of that phase now as I see how much is going out my account each month!
    Originally posted by Georgedunn


    so It will be a tough choice then won't it? House or fancy cars?? Can you live in a car and sleep comfortably and bring your girlfriend to sleep in your car e.t.c??


    You need to save for a rainy day, splashing the cash while you have it is unwise, you could lose your job tomorrow and where will that leave you? I hope you are saving for a pension as well
    Last edited by csgohan4; 14-05-2018 at 9:03 PM.
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • getmore4less
    • By getmore4less 14th May 18, 2:44 PM
    • 32,035 Posts
    • 19,222 Thanks
    getmore4less
    Completely agree, however I did also want to enjoy earning decent money while I was young i.e. spending it on nice cars however coming out of that phase now as I see how much is going out my account each month!
    Originally posted by Georgedunn
    that's because you took on debt, which is what a lease, mobile contract etc. are, to have the lifestyle.

    The sensible way is to save and then buy with cash so there is no ongoing commitment to generate income.

    With £20k basic that should be where you target regular living costs like fuel for a car.

    House is an exception to that rule as you need somewhere to live and long term they work out OK.
    • westernpromise
    • By westernpromise 14th May 18, 4:43 PM
    • 3,807 Posts
    • 4,928 Thanks
    westernpromise
    so It will be a tough choice then won't it? House or fancy cars?? Can you live in a car and sleep comfortably and bring your girlfriend to sleep in your car e.t.c??


    You need to save for a rainy day, splashing the cash while you have it is unwise, you could lose your job tomorrow and where what that leave you? I hope you are saving for a pension as well
    Originally posted by csgohan4
    You can sleep in your car, but you can't drive your house. I'd go for the car.
    Buying a house, if you believe the market has a way to fall, or if you are paying sill asking prices ( like some sheeple ) or if you are buying in London, is now a massive financial gamble!!!!! - June 8, 2012 by TheCountOfNowhere
    • Georgedunn
    • By Georgedunn 15th May 18, 9:23 PM
    • 27 Posts
    • 4 Thanks
    Georgedunn
    Just by way of update:

    Negotiations were very productive and have concluded.

    My mortgage offer has been extended until mid December so plenty of time to complete.

    Thanks for all helpful inputs, advice thoroughly taken on board and will bear in mind for future.

    For those of you who felt the need to personally email both myself and my father, I would advise you spend your time being more productive. Learning curve for us all.
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