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House and home

help

(88 Posts)
Maddison Wed 22-Jun-22 00:19:19

We sold our flat 7 months ago it's only a small chain everyone is ready to go except the bottom of the chain her bank will not release the mortgage because there is a very small damp problem with the flat she is buying but the sellers have said they will reduce the price to cover the work we are so fed up with this we ring everyday to try and get the chain moving but all they say is we can't do anything until the bank release the money we are thinking off pulling out of the chain has anyone had any experiance with the online companies that buy your house off you for cash? any advice would be welcome please

mjr1552 Wed 22-Jun-22 00:56:33

If the seller offered to reduce the cost to cover the work then the bank is being unreasonable. I suggest that everyone in the chain should write to the bank asking them to stop being petty and playing God with people’s lives.

crazyH Wed 22-Jun-22 01:00:39

I’m a night owl and just read your post. I don’t have any personal experience of online companies that buy houses for cash. Personally, I wouldn’t do it. If I was you, I would pull out of the chain and either go to a different estate agent or advertise it in the local papers. I sold my house just through word of mouth. Perhaps I was lucky that there was someone who wanted a house near to where their daughter lived. And their daughter lived near me. I wish you luck and hope everything works out for you

Maddison Wed 22-Jun-22 01:14:27

mjr1552

If the seller offered to reduce the cost to cover the work then the bank is being unreasonable. I suggest that everyone in the chain should write to the bank asking them to stop being petty and playing God with people’s lives.

thank you that's a good idea i will put it to them

Maddison Wed 22-Jun-22 01:16:16

crazyH

I’m a night owl and just read your post. I don’t have any personal experience of online companies that buy houses for cash. Personally, I wouldn’t do it. If I was you, I would pull out of the chain and either go to a different estate agent or advertise it in the local papers. I sold my house just through word of mouth. Perhaps I was lucky that there was someone who wanted a house near to where their daughter lived. And their daughter lived near me. I wish you luck and hope everything works out for you

Thank you i don't think i can wait any longer i hate to break the chain but i think i might have to

Teacheranne Wed 22-Jun-22 01:30:11

The problem with pulling out and selling again is the time it will take from the advert, viewings, surveys etc etc. You could end up in a longer chain and be waiting even longer. Sometimes it’s best to just sit it out as long as you do not lose the house you want to buy.

From my research into companies who pay cash for your house is that they offer a much lower amount than the market price - as much as 75% of the current value.

Spice101 Wed 22-Jun-22 01:43:37

This is exactly why I like our Australian system. You put in an offer, it is accepted, a deposit is paid and a binding contract including a settlement date (thus ownership) is exchanged. Everyone knows when moving day is and can get on with planning their moves. If the vendor has not bought a new home by the settlement date then they would have to rent or make other arrangements as they must move out on that day unless an agreement is made between them and the buyer.

Maddison Wed 22-Jun-22 06:09:21

Spice101

This is exactly why I like our Australian system. You put in an offer, it is accepted, a deposit is paid and a binding contract including a settlement date (thus ownership) is exchanged. Everyone knows when moving day is and can get on with planning their moves. If the vendor has not bought a new home by the settlement date then they would have to rent or make other arrangements as they must move out on that day unless an agreement is made between them and the buyer.

i think our system needs changing to something like that it causes so much stress i cry every single day because we are not getting anywhere if we didn't need to move then we wouldn't be so bothered but we need to move due to ill health

Maddison Wed 22-Jun-22 06:13:15

Teacheranne

The problem with pulling out and selling again is the time it will take from the advert, viewings, surveys etc etc. You could end up in a longer chain and be waiting even longer. Sometimes it’s best to just sit it out as long as you do not lose the house you want to buy.

From my research into companies who pay cash for your house is that they offer a much lower amount than the market price - as much as 75% of the current value.

I think you are right about the house buying companies i think i was just being desperate the stress is causing my health to be bad i have been waiting so long i stress myself out ringing for news don't know whats best to do anymore

Allsorts Wed 22-Jun-22 06:21:18

If the stress is too much do what you need to, you have done nothing wrong but you can’t fight the bank without it stressing you even more. I would never go to a house buying company, sell it through an estate agent who have a good reputation.

BigBertha1 Wed 22-Jun-22 06:40:21

Just hold on. You have come this far and starting again will take a lot longer. Selling to an on line company will mean a big loss. We went through this 18 months ago and I know it's horrible but sit tight and stop ringing everyday it won't help and it will just upset you. Good luck with it all.

Maddison Wed 22-Jun-22 06:44:43

thank you

Maddison Wed 22-Jun-22 06:48:57

Allsorts

If the stress is too much do what you need to, you have done nothing wrong but you can’t fight the bank without it stressing you even more. I would never go to a house buying company, sell it through an estate agent who have a good reputation.

Thank You for the advice we need to have a good think about what to do next we got a quote from the house buyers your right we have decided not to bother with them they took £70.000 off the value see what today brings another stressful day then the weekend will be here again soon another week wasted

Franbern Wed 22-Jun-22 08:11:25

As you have found out, as I did, when you actually contacted these 'immediate' house purchasing companies, they make such a large discount, that it is impossible.

I put my house up, through EA's but insisted it was marketed at the very bottom of the sort of price for that sort of property as I wanted a reasonably quick sale. Then, a few weeks later I actually reduced it further. When I telephoned one of these companies, all they do is to check on something like RightMove on the price is it being marketed and then take off between 10 - 20 percent of that price and that is what they offer you. At the time I did say to them, that if I was intending to use them, I would prepare by actually marketing my problem above its value, just so that they could then base their price on that.

Unless someone is absolutely desperate this is a dreadful idea.

The stress caused by your situation is, sadly, so normal with the very bad system in England and Wales. It has even been known in the past when the problem is with someone at the bottom of a long chain for the sellers at the top of that chain actually purchasing that other property themselves, just to allow the chain to proceed. Obviously not often a possibility.

All I can say, is stick in there. It will all happen -and when it does it will be virtually instantaneous and all systems 'Go'. To pull out, just to re-start is not a good idea. Seven months along you could still be in a similar position. All the solicitors in the chain should be really chasing this, every day - and putting pressure on that final mortgage offerers.

I hear your story so often - and in nine out of ten cases, it does all finally come to a happy end. Sure you will be one of those. GOOD LUCK

Germanshepherdsmum Wed 22-Jun-22 08:51:23

The estate agents are being paid far more than the solicitors and should be doing the chasing, not you. If the price of the flat at the bottom of the chain is being lowered to take account of the damp that may affect the amount the bank are willing to lend the first time buyer on a loan to value ratio. They may be reassessing the mortgage offer so don’t be quick to blame them, and everyone writing to the bank will do no good at all. Having come this far, there’s no sensible alternative to sitting it out I’m afraid. But get on to your estate agent as soon as they open and make them earn their money.

Maddison Wed 22-Jun-22 10:56:47

I ring the estate agents every day i rang 4 times yesterday they are either on another line or in a meeting i wouldn't come off the phone this morning until i spoke to a supervisor he said they are doing all they can but then how do i know they are they can say anything it's a nightmare

Maddison Wed 22-Jun-22 11:01:36

Franbern

As you have found out, as I did, when you actually contacted these 'immediate' house purchasing companies, they make such a large discount, that it is impossible.

I put my house up, through EA's but insisted it was marketed at the very bottom of the sort of price for that sort of property as I wanted a reasonably quick sale. Then, a few weeks later I actually reduced it further. When I telephoned one of these companies, all they do is to check on something like RightMove on the price is it being marketed and then take off between 10 - 20 percent of that price and that is what they offer you. At the time I did say to them, that if I was intending to use them, I would prepare by actually marketing my problem above its value, just so that they could then base their price on that.

Unless someone is absolutely desperate this is a dreadful idea.

The stress caused by your situation is, sadly, so normal with the very bad system in England and Wales. It has even been known in the past when the problem is with someone at the bottom of a long chain for the sellers at the top of that chain actually purchasing that other property themselves, just to allow the chain to proceed. Obviously not often a possibility.

All I can say, is stick in there. It will all happen -and when it does it will be virtually instantaneous and all systems 'Go'. To pull out, just to re-start is not a good idea. Seven months along you could still be in a similar position. All the solicitors in the chain should be really chasing this, every day - and putting pressure on that final mortgage offerers.

I hear your story so often - and in nine out of ten cases, it does all finally come to a happy end. Sure you will be one of those. GOOD LUCK

Thank you for your advice i appreciate it and it makes sense my solicitor told me weeks ago there is nothing else he can do i need to ring the agents iv'e rang him since and that's all he says i can't get him to do anything more he said we have to wait he can't make the bank pay up

Elizabeth27 Wed 22-Jun-22 11:40:16

You phoning people is not going to speed things up and is only making you more frustrated. Pulling out will only slow things up more and will not affect the bank which is who you are actually angry with.

If you are prepared to back out then you are prepared to either not move or to wait another few months, just wait, it will happen.

midgey Wed 22-Jun-22 11:46:05

Take a deep breath and have a cup of tea (or something stronger!) flowers

Germanshepherdsmum Wed 22-Jun-22 11:48:06

Phoning four times a day? Don’t do that - it won’t make things move any more quickly and they will just refuse to speak to you. It’s not doing your health any good either. There is absolutely nothing you can do to make this happen. One call a day is plenty to ensure it’s well up on the agent’s list of priorities.

Maddison Wed 22-Jun-22 11:54:17

i only called 4 times that day because i couldn't get to speak to anyone i normally call once a day iv'e done my call for today but got no where even by asking to speak to a supervisor i really don't think anyone can do anymore i kept telling my solicitor for 2 months to check the lower mortgage but he kept saying we nearly ready to talk about dates i told him about the damp he kept saying no one has told me about it lets just keep quiet i kept on telling him to check but he didn't

Maddison Wed 22-Jun-22 11:59:58

midgey

Take a deep breath and have a cup of tea (or something stronger!) flowers

I think i need something stronger or some sleeping pills!! i just wish the bank knew the stress it is causing i'm too old for this

Callistemon21 Wed 22-Jun-22 12:17:03

Spice101

This is exactly why I like our Australian system. You put in an offer, it is accepted, a deposit is paid and a binding contract including a settlement date (thus ownership) is exchanged. Everyone knows when moving day is and can get on with planning their moves. If the vendor has not bought a new home by the settlement date then they would have to rent or make other arrangements as they must move out on that day unless an agreement is made between them and the buyer.

It doesn't always work, however, because the vendor can claim that the bank has reneged on their loan or that they failed to raise the cash.
Contracts can be exchanged but there is no settlement on the due date.

Callistemon21 Wed 22-Jun-22 12:17:43

Sorry - the purchaser can claim that the bank has reneged on their loan or that they failed to raise the cash.

Maddison Wed 22-Jun-22 12:30:55

Hope not