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2 replies

ChaiTea20 · 28/04/2022 13:02

So we had an offer accepted on a beautiful 4 bed period property last October. At that point the vendor assured us they already had a house lined up, and we already had buyers. So we cracked on with surveys etc.
Our buyers then pull out (end of Nov), we relist and get another buyer within 5 days.
It gets to January and we are still waiting for replies to some of the queries in the survey. We chase estate agents/solicitors etc and it then comes out that the ex-partner of the vendor is refusing the sign the paperwork regarding the sale so it's gone to court.
It is still waiting to be signed off at court now Sad Noone can tell us when it will be resolved as the courts "work at one speed".

We've had our mortgage offer extended already but that expires in 3 weeks. We can't really afford the increase of a new mortgage offer. But house prices have increased that much in these 6 months we are looking at significantly smaller properties for the same price.

I don't know whether to press on with our sale regardless and go into rented, or pull out completely and stay put. Maybe we can sell again at a higher price next year??! We aren't going to fit in our 2 bed terrace for much longer.

I am just so in love with that house but it looks like it's not going to happen! Please can someone talk me down a bit cause I'm just despairing Sad

OP posts:
icannotworktoday · 28/04/2022 15:53

Just some very vague thoughts here and what I would be thinking - this time next year might not be so easy to get a buyer and maybe won't get as much for your house? Market has gone crazy recently. So if you complete on your sale and go into rented you have secured the purchase price on your house, put yourself in a good position to offer on a new house as you won't have a chain and can wait for your next house to happen or find a new one and you will be in a position to move forwards quickly. On any reading I can't see a way of avoiding having to extend your mortgage offer or get a new one (don't know enough about them to know how that would work).

Londongent · 28/04/2022 17:42

Tough choice, but if you cannot afford the increase of a new mortgage offer, is it wise to go ahead anyway? Mortgage rates are only going up at the moment.
I know house prices are still high right now, but I think that this is because of the lack of properties. With increasing mortgage rates, these could well come down in the future. Difficult to weigh it all up. Do you have to move?

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