Triassic Posted June 29, 2016 Share Posted June 29, 2016 #1Triassic Advanced Member Members 1,239 posts LocationCumbria Posted 15 March 2016 - 12:47 PM We should have exchanged contracts last friday on the sale of our current home. Nothing happened! Just had the call to say the buyer has pulled out due to their buyer pulling out. According to our solicitor, their buyer had been told by a neighbour the house had been underpinned. Two full structural surveys later and no evidence of underpinning, they walked away on the day of exchange. The poor couple buying (sorry no longer buying) our house are distraught as they feel their home is somehow blighted with the under pinning stigma. I suggested maybe a specialist insurance package might help. Thoughts? So our house is back up for sale and will sell soon, no doubt, fingers crossed and all that! Link to comment Share on other sites More sharing options...
Triassic Posted June 29, 2016 Author Share Posted June 29, 2016 In March I reported on ebuild that the sale of our current home had gone pear shaped. Well three months down the line we have a new buyer and were due to exchange and complete next week. I had a call late yesterday to say the legal process was on hold as someone in the chain has a mortgage problem, I wonder if this is true, Its a bit late n the day to have mortgage problems. the bottom line for us, without this sale our self build is on hold! Link to comment Share on other sites More sharing options...
Jeremy Harris Posted June 29, 2016 Share Posted June 29, 2016 The "mortgage problem" is probably the most common excuse for pulling out, I think. We've had that happen two or three times when selling and I've never really believed it. I think one problem is that people often make a decision to buy very quickly, often on the day they view, which, when you think about it, is slightly mad. Most people buying something much cheaper, like a car, might spend days looking at specs, going around dealers, haggling over the price, etc, before deciding to buy. Saying there is a "mortgage problem" is an easy way out, as they don't have to admit that they've just changed their minds. Link to comment Share on other sites More sharing options...
ProDave Posted June 29, 2016 Share Posted June 29, 2016 At least you have people looking at your house. In 18 months on the market we have had a total of 4 viewings. I have already resolved that this will be the very last house I ever sell. When eventually we are in the new one, I never want to go through this demoralising experience ever again. The frustration that our life plans are almost in tatters because of something I have no control over. The worst part is not knowing it it ever will sell or for how much, we just do not know. Link to comment Share on other sites More sharing options...
Gone West Posted June 29, 2016 Share Posted June 29, 2016 We sold our last house in September 2007 and someone in the chain had a problem with their loan. It was because of the banking crisis kicking off and I suppose this may be connected in some way with the EU problems? Link to comment Share on other sites More sharing options...
Jeremy Harris Posted June 29, 2016 Share Posted June 29, 2016 It could be, but so far I've not seen any indication that mortgage terms are getting tighter again. They still seem to be advertising on TV and interest rates look likely to decrease, rather than increase, as far as I can tell. I can find out later, as I'm meeting a former colleague and they are in the process of relocating more staff, so he should have a good feel for what's happening. Certainly when I relocated around 1400 people in 2008/9 there was a major problem for many of them in getting mortgages, despite being relatively well paid. The main issue seemed to be that few lenders would offer more than a 70% of assessed value mortgage. If that has returned then it would create a lot of problems for those at the bottom of the house-buying ladder. Link to comment Share on other sites More sharing options...
Gone West Posted June 29, 2016 Share Posted June 29, 2016 It could be that with the new 0.99% fixed rate mortgages people are reconsidering what they could borrow! Link to comment Share on other sites More sharing options...
Triassic Posted June 29, 2016 Author Share Posted June 29, 2016 Well I've just talked to our solicitor and the estate agent and they have no idea what the issuei is, other than it being a mortgage problem. I said I find this a bit odd, given that contracts were due to be exchanged this week. I've pointed out, it's in their interest to find out what's going on and try to get it resolved, as neither get paid if the deal falls through. Watch this space!!! Link to comment Share on other sites More sharing options...
SteamyTea Posted June 29, 2016 Share Posted June 29, 2016 (edited) I saw a chain of 7 sales fail because the person at the bottom (the cheapest house) failed to get their mortgage sorted out. The really ridiculous thing is that people further up the chain could have just bought that house outright as it would only have cost them £35,000 each, and the sales at the top end where £mult-million ones. Get the estate agent to buy it. Edited June 29, 2016 by SteamyTea Link to comment Share on other sites More sharing options...
le-cerveau Posted June 29, 2016 Share Posted June 29, 2016 Just finalising selling my flat to part fund the re-build and it has been delayed, should have completed tomorrow, but the purchaser hasn't transfer all his deposit funds to the solicitor so the solicitor can't get the mortgage funds until they have the deposit funds, I hold my breath. There is something to be said for the Scottish system of an "offer is legally binding"! Link to comment Share on other sites More sharing options...
ProDave Posted June 29, 2016 Share Posted June 29, 2016 1 hour ago, le-cerveau said: There is something to be said for the Scottish system of an "offer is legally binding"! It's only legally binding when you have "concluded the missives" which means the offer contract is acceptable to both parties. That can still be a while. In the case of buying my plot my offer was conditional on getting planning permission, so we had an 8 week wait for that befoer it became a binding contract. the Scottish system is not perfect, but it's far better than the English system. Link to comment Share on other sites More sharing options...
Roger440 Posted June 29, 2016 Share Posted June 29, 2016 I can well believe mortgage issues. Im just trying to get two, and the world has just gone stupid. The list of stupidity is crazy, but the latest, is that neither bank will produce a mortgage offer until the other one does!!! Wont even agree to make the offer conditional on the other one being made. Madness. And the days keep ticking by. Taken 3 weeks to decide my wifes payslips are not valid as they dont show the company name. But the bank statements do, wth the company name, for the same amounts, and has a P60 as well to back up. But apparantly she might no longer be employed by hem. Despite the monthly salary rolling in.............................. I could go on, but frankly, you couldn't make it up. Neither are saying i cant afford it. Link to comment Share on other sites More sharing options...
Tennentslager Posted June 29, 2016 Share Posted June 29, 2016 Yup I remortgaged recently and HSBC refused to accept online printed statements from Halifax...even though their own online service says paper free statements are acceptable for all purposes Link to comment Share on other sites More sharing options...
PeterW Posted June 29, 2016 Share Posted June 29, 2016 HSBC don't accept printed online statements from First Direct..... A HSBC subsidiary ..! Link to comment Share on other sites More sharing options...
jack Posted June 30, 2016 Share Posted June 30, 2016 I know a couple of estate agents (one high-end architectural, another South-East England commuter belt). Both have had instructions pulled since the Brexit vote. The latter had 4 separate instructions pulled on Friday alone. I also know a developer who tells me that several large projects he knows about have either been postponed or canned since Friday. Interestingly, in at least a couple of cases this was achieved by invoking a "Brexit clause" in the contract. Link to comment Share on other sites More sharing options...
Jeremy Harris Posted June 30, 2016 Share Posted June 30, 2016 I ran into this refusal to accept printed online statement a few years ago, but was told that it was only a temporary problem, when I complained that asking for printed statements could add a week or so of delay. Given that Screwfix (for example) accept you just showing them the screen of a tablet or phone with payment details on now, isn't about time that the building societies and banks caught up? If it was an effective anti-fraud measure then I could understand it, but when I did get printed statement all they did was photocopy them and give me the originals back, so there was no proper authenticity check on the original all. I could easily have made a statement that was an exact facsimile of a printed one and given them that and they would have been none the wiser, and my guess is that this is exactly the sort of thing a fraudster might try. I never understand daft "security" checks that just inconvenience ordinary customers and provide no effective barrier to a fraudster. Link to comment Share on other sites More sharing options...
le-cerveau Posted June 30, 2016 Share Posted June 30, 2016 This is one of the reasons I remain with printed statements (provided it doesn't cost me), however I can print my statements from my online access, I have a color laser printer and the result is identical to the delivered one! Link to comment Share on other sites More sharing options...
Trw144 Posted June 30, 2016 Share Posted June 30, 2016 22 hours ago, PeterW said: HSBC don't accept printed online statements from First Direct..... A HSBC subsidiary ..! Well hsbc would nt accept a letter from Hsbc as proof of address for my wife! They felt confident enough in the very same address to send a new bank card and cheque book though Link to comment Share on other sites More sharing options...
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