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Can't Bear It - Chain broken again -4th time now !!!!!!!!!!!

(8 Posts)
piranhamorgana Tue 28-Jun-11 21:11:48

Soooooo upset.Posted here about offer 10 days ago,after 3 previous failed deals, beginning Jan this year.
Desperate to re locate.Many life stresses would be sorted by achieving this.
Really wants dc's in new schools for September and have just sorted out transfers etc again. Dc are all desperate to re locate,dd1 starting gcse's in Sept.
My survey on prospective purchase went ahead this am -£500.
Mortgage application ,had to start again as it had expired - another arrangement fee .

My buyer has just lost their buyer for the second time.They still want to buy my house,though.But we live in the back of beyond.Viewings are scarce.

Tenants are hard to find and I 'd need to get work done here if I were to rent out- my buyers are happy to do the work themselves.Rental value would not cover my mortgage.I am just above negative equity.

Am LP with 5dc and FT job.The logistics and stress are killing me.


piranhamorgana Tue 28-Jun-11 21:13:32

Lovely house I want to buy is unlikely to wait around long.And the owners want to tenant it.

lalalonglegs Tue 28-Jun-11 21:35:34

I'm so sorry sad. It must be unbelievably stressful but 4 offers shows that your house must be desirable and priced correctly.

Are your buyers in a position to rent out their house and buy yours that way?

piranhamorgana Tue 28-Jun-11 21:53:54

I don,t think so - how would that work anyway? I would try anything to get moved, and really want the house I was buying. I am even considering looking for the tiniest cheapest rental in the area and looking at how much I can cut back on my outgoings - to move and leave my house empty until it sells.

SparklePrincess Tue 28-Jun-11 22:09:02

Sorry to hear your shit news. sad

Fimbo Tue 28-Jun-11 23:50:25

I think there are some "let to buy" mortgages out there. It may be worth suggesting this to your potential buyer. Could you afford to rent the house you like until yours sold to buy it?

piranhamorgana Wed 29-Jun-11 09:48:34

I couldn't afford to rent anywhere decent while still paying my mortgage,and my house would not raise enough rent to cover my mortgage,anyway.
I have taken this morning off to sit here going through my finances to try and work out what my options are re the shortfall,or in renting a shit cheap,small place which I would pay for on top of my mortgage.

I have just been into the EA ,who say that this chain has been standing still since January and no one can work out why the bottom link has pulled out at this point since I am effectively at the top with my on going purchase being chain free.

It is good that my buyer desperately wants my house,and that apparently they have a buyer who wants theirs.But the one who pulled out is relocating from the SE and says she has suddenly seen something she likes better - she is a cash buyer.

I am waiting to speak to the EA for the property I want.Not sure what they will want to do yet.

I have decided that one way or another,I need to start the dc in school in September in the new area.
I just have to figure out how.

piranhamorgana Tue 05-Jul-11 22:25:58

Right,I have applied to extend the terms of my existing mortgage from 14 to 30 years.This reduces the payments significantly.I am therefore able to rent the house out as the rent will cover the repayments.

A good friend has offered to rent the house and to help keep it on the market by doing viewings and being prepared to move out on a months notice.

I am applying for a 95% mortgage on the house I want to buy.On a 30 yr term.The sellers have agreed to accept a reduced offer.Providing the house values at 10% above my offer,and providing the application is accepted,and if I can raise a 5% cash deposit,we could move in by September.

Today,the chain on my sale picked up again.But it is early days and there is a new link at the bottom.However,the people who are trying to buy from me are very keen.They asked for my number and have phoned several times over the weekend to try and persuade me to rent to them.The woman is adamant that this is her dream house.Another buyer is also interested if she sells her property.

The contracts are still in place with these buyers.I am reasonably confident that a sale will go through with them at some point.Then I will be able to re-organise the new mortgage to a better deal/term.

If I am very lucky,the sale will pick up in enough time to exchange on both within a short time frame.

If the purchase doesn't work out - if they won't lend,or the valuation is too low - then I will be renting in the new area.

I don't want to miss this house as it really suits us. Also,the village is very small and there are not many properties I could afford which we would all fit into,none on the market now,none have been on since I started looking in January.This village has the best schools in the area,and all within walking distance for the dc.

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