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House Price Crash Forum


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About Thewayforward

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  1. I'm not sure anyone ever sees what mortgage their buyer is getting? We got a 10% deposit on exchange from them so the funds were there then. Certainly if I bought a house I wouldn't expect to have to tell the people I was buying from what my deposit was (other than the standard 10% on exchange) or my salary multiples... Maybe I am misguided on this, it's been a few years since I bought a house.
  2. Don't know - I know they put a deposit down in additional to our "gifted deposit" - I would assume that it must have been at least 10% so that the mortgage company didn't make more fuss over the gifted deposit, but I don't know for sure. As buyers I guess they'd done their research as to mortgage companies who accept gifted deposits and then viewed houses on the basis of improving their LTV through a gifted deposit.
  3. No problem with that... more than happy for prices to keep dropping now we're renting and not selling!!
  4. In answer to the various questions... We had to relocate for jobs 18 months ago, and it's taken that long to sell the house. We have been renting here for 18 months whilst still paying the mortgage on the house we sold for 18 months. The house was losing value faster than the capital repayments we were making on the mortgage. In terms of price, £215k was a 30% drop on the 2007 values being given to similar properties in our road, so the actual price of £185k was considerably lower than 2007 values and certainly a bigger drop than all the house price indexes suggest. Indeed the only properties selling in the area are those with similar drops in prices (one other property was put on at £375k in 2007 and has just sold with an advertised price of £250k). When we eventually sold it was being marketed at £215k which was a market beating price - we always had the price on lower than similar local properties to try to secure a sale. Because of this we actually pulled local prices down when other sellers had to drop theirs to compete with ours. We would have kept dropping until it sold which would have continued to pull down the local market.
  5. All taken care of in the paperwork. We just got what was left at the end (£185k less mortgage, EA fees etc) We didn't physically pay the buyers anything.
  6. We would have sold for virtually anything - they were the only people who offered and that was the deal they needed/wanted.
  7. My point of the post is that I wonder how much this is really happening in that it's obviously showing houses as selling more than they are really selling for and so will be suggesting houses are selling for more than they really are... It was all legitimate, solicitors, mortgage company (not NR!) all knew about it, it was documented in everything. Surveyor valued house at £220k, buyers also put down a deposit. Personally I was suprised at the value as we couldn't sell it at that! As for why we did it - we were desperate to sell having relocated to another part of the country for work (and to rent) 18 months ago.
  8. Is there anyway of finding out what the real price of a property was allowing for vendor deposits?? The reason I say this is that we just sold our house in West Yorkshire for £215,000 but gave the purchasers a £30,000 vendor gifted deposit (all above board - mortgage company knew all about it). That means that really the house sold for £185,000 but all the reports will show it selling at £215,000. Is there anyway of finding out where else this is happening so we can see what a house is really selling for?
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