It wasn't *us* pulling out of the purchase. It was the vendor not prepared to wait because we had told them that the people purchasing our house were cash buyers. The lie he told had a knock-on effect, you see.
I didn't call you a w*nker. I called the person who lied about their situation when putting an offer in on our house a w*nker. Which they were.
If we all thought like this, we'd all get screwed all the time. Is that really what we want?
Al
In article , Al Reynolds writes
Nothing quite like house buying and selling to bring out the very worst in people.
Who'd be an estate agent caught up in that lot:(
In message , Mike Mitchell writes
Refinance it and rent it out yourself??
You don't need a letter of intent. just make an offer through the selling agent. If it's acceptable then the vendors will probably either (1) take it off the market and give you a deadline to exchange contracts or (2) accept the offer in principle but leave it on the market until you find a buyer. If you arrange for your survey to be done and get your solicitor asking the right questions then that may show the vendor you are serious and give you some credibility. The danger is you will end up out of pocket if it does fall through.
A mortgage will be cheaper than a bridging loan.
(1) If you're saying your current house is also mortgage free then I would say that puts you in a strong position. Get round to the selling agent ASAP and explain your situation. They will probably have a tame financial advisor who can help. Just watch out for "booking fees" which are often non-returnable and redemption penalties. It may be worth paying a higher interest rate for a few months to secure your dream house, so long as you really are confident your own house will sell. You're effectively able to break the chain and take the place of a first time buyer. This assumes you have the income to get a mortgage.
MBQ
Bridging loans are very expensive. Perhaps it is not what the banks want us to do in these situations, but here is what I just did:
Went to the bank and took a discounted INTEREST-ONLY mortgage that has no limit on the amount that you can repay in a lump sum (or lump sums), and also has no penalty should you want to fully repay it before the end of the discounted period.
I kept the mortgage for two months until the money from my house sale came through, and them repaid the above mortgage in full. The deal? the mortgage payments cost me around £900/month compared with £500/week with a bridging loan. Oh, and I am currently keeping the mortgage balance at a balance of £1 until I need a new mortgage to pay for my extension as remortgaging is cheaper than a new mortgage...
Quite enjoying getting one over them for a change... ;-)
If by "you never borrow money" you mean you haven't got a mortgage on your current property then just get one on the new one and pay it off when you sell the old one.
You could also do it with an interest only "Offset" mortgage. Borrow what you need and just pay the interest as you did. When you get your lump sum come in, just stick it in the offset account. That will reduce your interest payments to zero. Much the same as paying of the mortgage but, you still have access to the full proceeds of the sale in cash should you have need of them!
I don't aggree with that. Both my offspring found their current properties via the internet... They are too busy to trawl round estate agents They are in their 30s.
quite. SWMBO found our house through an Internet search four years ago, it's unlikely that we would have spotted it otherwise.
She's currently searching for rural idyll (complete with room for chickens, ducks, goats, a donkey.....) in Suffolk via the Internet. Damn the Internet - it just lures people with temptations...
-- Richard Sampson
email me at richard at olifant d-ot co do-t uk
It's all your own fault ! SWMBO needs to be a SWDWSIT
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