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mortgage fund withholding whilst work done?

(4 Posts)
miemohrs Tue 09-Apr-13 13:22:19

Message withdrawn at poster's request.

Mandy21 Tue 09-Apr-13 14:21:16

Sounds bizarre to me and I would definitely seek legal advice to ensure you end up with a binding agreement (for both parties' sake). Also, check re benefits counting towards mortgage affordability - I doubt that they do (since benefits can change / be withdrawn at any time so I don't think a bank would take them into account as income). May affect your ability to get the mortgage in the 1st place.

pinkdelight Wed 10-Apr-13 10:03:15

Also never heard of benefits being used as income for a mortgage. Would def check that can be done, if you haven't already.

A property my husband inherited has a set-up similar to that you describe. He found a buyer who won't actually buy it till six months down the line when various works have been done but they've paid a 20% deposit and will be renting it in the meantime. They did it all through solicitors, had special agreements drawn up. It felt v dodgy for me, like both parties were taking a big risk when buyers and vendors can both be flaky and change their minds, but it seems to be working out so far, fingers crossed.

How significant is the risk that your house won't sell in time? What's the market like around there?

miemohrs Wed 10-Apr-13 10:46:33

Message withdrawn at poster's request.

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