Sale of house contract quick question

K

Karencc

Registered User
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Our buyer has signed contract for sale of our house we have not yet. We were told by bank it will be 6 months before we can get new mortgage. Does our buyer have to wait now that contract is signed or can they still back out?
 
Karencc said:
Our buyer has signed contract for sale of our house we have not yet. We were told by bank it will be 6 months before we can get new mortgage. Does our buyer have to wait now that contract is signed or can they still back out?
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How come this is only coming to light now?

Why 6 months surely you had full mortgage approval before you got to the contract signing stage?

You need to consider looking at renting for the 6 months or else release the buyers from their contract if they do not wish to wait,I know I certainly wouldn't,who knows if they will get mortgage approval passed their Banks underwriters a second time,they may not as their circumstances may have changed 6 months from now.

Very messy situation,you have put the people buying your property to a serious amount of cost,emotional and financial and will likely have nowt to show for it except legal bills etc and lost time.
 
There should be a closing date on the contract! The purchasers solicitor should be ringing yours in the next few days to confirm that the contracts have been signed and issuing the contract deposit.

I can not imagine them waiting for 6 months if you have not disclosed this before now.
 
I havent not disclosed it its been very messy all along. I would hate to think they won't get their booking deposit back? Will they?
 
They will get their booking deposit back you are the ones that have messed them about, but I would imagine that you will get a bill from the auctioneer.

Your best bet might be to close this sale and move on, perhaps rent, while getting your own mortgage sorted. You don't know that you will get another purchaser in 6 months.
 
If contracts have been drawn up dies this mean the bank has released our deeds?
 
Karencc said:
I havent not disclosed it its been very messy all along. I would hate to think they won't get their booking deposit back? Will they?
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Checked your previous posts & you have know since at least 11-Oct (if not earlier) that the Bank were not going to lend to you because of poor credit rating yet you let these unfortunates proceed to signing contracts with all the obvious costs involved...

If you were at all worried about them getting their deposit back there was ample time in which to investigate this or indeed to do the decent thing and call it off,this 11th hour hand wringing & postings of concern for their welfare seems rather shallow.

Indeed it almost seems that you hope to profit from the retention of the deposit? but that's probably me just being cynical.

http://www.askaboutmoney.com/showthread.php?t=182631
 
How would I profit from them not getting their deposit back? It doesn't go to me! There have been many developments since my last post I don't feel the need to log on and post all of these! I also don't have a poor credit rating. What is the point in you posting that?
 
We went forward with appeal within the bank got it signed off by both manager and regional manager but were not happy with solution they offered. We met with them Wednesday so forgive me for taking 24 hours to consider our options.
 
Karencc said:
I also don't have a poor credit rating. What is the point in you posting that?
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Just going on the information you yourself provided Karen.
 
If u can't be helpful then why post at all? I had two returned direct debits nothing else. Surely that doesn't equate to a bad credit rating? That phrase was certainly never used.
So if the contracts are drawn up does that mean the deeds have been released by my bank? Seems odd they would do that given the situation.
 
I never thought of who it would go to but surely it's not us! Given the circumstances it will surely go back to the buyers!
 
Apologies I am nieve of course returned direct debits would be bad for a credit rating. I put my hands up I have no idea how to navigate all of this hence me turning to this site
 
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