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Original poster

Got myself into a right mess :(

56 replies

Springchicken · 05/01/2005 16:11

Can't be arsed to change my name for this so everyone will just know what an idiot i have been.

We have recenty sold our house and moved in with my parents whilst everything was still going through on the new house - to save a bit of mney mum and dad offered us to stay here.

However, i have just been going through all the paperwork and i have f*cked the money up big time.
We need to pay £30000 deposit on the new house along with £2830 in solicitors fees and stamp duty - have just checked my bank balance and there is only £29800 there.

We have dipped into the money a bit but this was for exxentials such as food shopping etc, although we have had the odd take away over Xmas and i stupidly agreed DP could have some new golf clubs (£600 worth) ad now i just don't know what to do.
I ahev looked through the paperwork and can see that i miss calculated what we owed to the old mortgage lenders - i didn't account for a redemption fee as we were out of the fixed term but we have been charge for one for ended the mortgage before the £25 years is up.

Anyway, basically, we have £2335 to find from somewhere before the end of next week and i just don't know how we are going to do it. I dont get paid until the end of the month and DP doesn't get paid for another 2 weeks.
I need to find this moeny from somewhere and quick - can i get a loan or credit card this quickly? DP has bad credit but i have never had credit before so should be OK.

God, i feel sick - i've still got to expalin all this to DP - I just don't know what to do

OP posts:
Original poster
Springchicken · 05/01/2005 17:37

Can someone tell me what a bridging loan is please?

OP posts:
aloha · 05/01/2005 17:51

I think CD's advice is brilliant, actually. Tell your vendor that you need the price reduced by 3K - after all, you are chain free, they might lose the sale and house prices aren't exactly rocketing atm.

Original poster
Springchicken · 05/01/2005 18:07

What reason can i give for this though?

Dp isn't keen as he doesn't want to jeapodise (sp) the house but i cannot think of anything else.

OP posts:
Freckle · 05/01/2005 18:13

Just be honest. Say you've had some unexpected expenses recently (no need to say what) and that you are now unable to meet the agreed price. It's then their choice as to whether they accept the lower offer or withdraw from the transaction. Chances are that they will accept as they may not get a better offer from anyone else in view of falling house prices.

You don't have to speak to them directly. Speak to the estate agents, or get your solicitor to write to theirs.

Original poster
Springchicken · 05/01/2005 18:32

If they then say they will pull out can we go back on it and say we will get the money?

OP posts:
vict17 · 05/01/2005 18:39

can your dp just return the golf clubs and get his £600 back?

Blu · 05/01/2005 18:47

Have you exchanged? You can mess about with the price up until the moment that the contracts are exchanged, but not after....If you can. I'd press for a price reduction. Be honest - tell them that you simply haven't got all the ££ for the deposit so can't exchange at that price! Unless there was anyhting in the survey or valuation that you can suddenly 'notice'.
Sympathies, SC - the redemption fee mistake was a v v easy one to overlook.
Sell car? Sell golf clubs?

Blu · 05/01/2005 18:49

Or explain and say if you have more time and they can delay exchange, then you could get the money (if you could...).

TheDragon · 05/01/2005 18:55

If your parents are in a position to lend you the money and you go down this route approach them by explainaing the situation and saying you want to pay them back £x per month taken directly from your salary and want to pay interest as well.

Other than that, are you purchasing any fixtures & fittings you can do without? Maybe I'm too soft but it doesn't seem fair to mess the sellers about - it's not their fault.

miranda2 · 05/01/2005 19:01

I'd say swallow your pride and ask your parents for a loan. If they say they'll give it to you and you really don't want this, simply pay it back interest free over the next year or so (you could even get them to deduct it from your salary as you work for them).
I feel uneasy about messing the sellers around - seems a bit unfair when it is simply your mistake.

CountessDracula · 05/01/2005 19:20

Yes I would be honest with them. Unless you agreed the price a long time ago in which case you could say that as the market has taken a downturn you think that the house is worth less now. Or as someone said try and get money off for a survey thing

ladymuck · 05/01/2005 20:51

I know that it would be too obvious, but have you gone through all of your accounts - eg do either of you have any ISAs, any cash in your childrens names etc? I've known people to overlook ISAs for example becasue they don't want to lose any tax breaks.

JanH · 05/01/2005 20:58

Oh don't let embarrassment stop you asking your parents! It's not a lot of money. But don't let them give it either.

Your miscalculation could have happened to anybody and it's not fair to your own family or the vendors to let this stop the purchase going through if you can get round it. I agree with miranda, swallow your pride and ask them, but make proper arrangements to pay it back.

Original poster
Springchicken · 06/01/2005 08:20

OK - Can i have your opinion on this?

Ring solicitor, explain that we miscalculated regarding the redemption fee and that we have some unexpected outgoings over Xmas - therefore, need to ask the vendors to drop their price by £2500 in order to pay solicitor fee's.
What do you think about that?

Alternatively, will have no choice but to ask Parents but they are away at the minute and it means explaining eveyrthing over the telephone which doesn't always come accross well - plus, my dad will go ballistic about the golf clubs
DP can't take them back as he has already used them twice.

OP posts:
JaNgLyBELLS · 06/01/2005 08:31

Well, I'd say borrow the money from your parents and set up a direct debit for repaymnets to them. That way they will see you intend to pay it back promptly and you will feel better about borrowing it.

JaNgLyBELLS · 06/01/2005 08:32

And don't mention the golf clubs!

Original poster
Springchicken · 06/01/2005 08:34

So is that a no to the solicitor option then?

Unfrtunately, parents will find out about the golf clubs as brothers and sisters know and one of my SIL's will do her upmost to make sure my parents find out

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Original poster
Springchicken · 06/01/2005 08:35

Can someone help me work out then what repayments would be with interest on a loan of £2500.

At least if i do have to resort to this i can take the ear bashing and the show that i have put some thought into it.

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Original poster
Springchicken · 06/01/2005 08:52

Bump

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Original poster
Springchicken · 06/01/2005 09:04

Have tried contacting the solicitors but not available so have just emailed this:

I have tried contact yourself this morning but unfortunately, yourself and your PA are both away from your desks.

I am sorry to have to do this, but we are going to have ask the vendors if they would be prepared to drop their price by £2500.
I know it is late notice and i spent all afternoon yesterday trying alterative options but this is our last resort.
Unfortunately, we miscalculated regarding the redeption fee from C&G and also had some unexpected outlays over the Christmas period and are in a position now where we do not have the funds available to pay your fee's.

If you coould make contact with the vendors or their solicitors to see where we stand on this i would be very grateful.

THought i would try this before asking parents for money - i know it isn't the vendors fault and i would be so pissed off if i was the vendor but if it means we can get the money knocked off rather than paying it back, i am willing to try.

OP posts:
walliamsbabysmum · 06/01/2005 09:13

That sounds good - but wonder if you should be a bit more assertive and say that you will be unable to proceed with the house sale unless the price is dropped? If I was the vendor, and was asked if I was prepared to drop the price because the purchaser had some unexpected outlays over Christmas, I'd been inclined to say haven't we all, and refuse. On the other hand, if it was put to me that the purchaser is on the brink of pulling out, because of unexpected bank charges, then for £2500 I'd probably agree. Actually, just thinking about it, I wonder if you should reword the bit about the expenses over Christmas? Just a thought....hope it all goes better for you today

Original poster
Springchicken · 06/01/2005 09:18

Have just sent another email adding that bit in.
THanks for your help.

God, i hope they don't turn around now and say "Ok, then we will find another buyer".
What do i do then?

OP posts:
walliamsbabysmum · 06/01/2005 09:23

I know, it's worrying. They do say that buying a house is one of the most stressful things you'll ever do. I think you just hope that they won't look for another buyer, once they weigh up the costs of marketing, sols fees, possible bridging loans etc etc again.
If they did go for another seller, then I would go back to them will a final offer of say £1750 off the asking price, and then try and borrow the remainder from your parents. It's then not too much for either the seller or your parents to face, and you're only having to pay £750 back to your parents. Good luck.

Original poster
Springchicken · 06/01/2005 09:37

Can everyone now please cross every little bone in their body for me

Solicitor has said he will get on it straight away - mortgage comopany have confirmed that it will not complicate things regardng our mortgage offer.

I feel even sicker now than i did yesterday

OP posts:
walliamsbabysmum · 06/01/2005 09:48

All is now crossed....let us all know what happens. GOOD LUCK