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House Price Crash Forum

BarkingDogs

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About BarkingDogs

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  1. In short, I've sold my house after pressure from the buyers that if we didn't complete on a given date they'd pull out. I'd been on the market for 1 year with 1 buyer having already pulled out. The day before completion, my solicitor raised some issue over the property I was buying not having been registered at the land registry properly. I ended up agreeing with the sellers that I'd move in on a 1 month holiday let while the loose ends were sorted out. Fast forward a couple of weeks, the vendors have decided their paperwork isn't in order & they are pulling out. They want me out on 18 December. Great... just in time for Christmas with nowhere to live.... Just wondering if anyone has been in this limbo before? I can honestly say this is turning out to be the most stressful period of my entire life - I'm not sleeping, my work is suffering, I'm irritable all the time. What worries me is that the longer I'm in this position, the more my credit score is going to suffer. I really don't want to go into long term rent - I just want to buy another house ASAP and move in. My only glimmer of hope is that I agreed my sale back in March & hopefully prices aren't going to rocket post-Brexit. Anyone been here & got through it ok?
  2. I'm going go lower the price for a (hopefully) quick sale. This is actually the second property I've had lined up since accepting the offer from the buyer who bailed on me. First one had restrictive covenants that weren't revealed until after the homebuyers report so a fair bit of cash wasted before I even spent a penny on moving forward with this other property.
  3. I don't have enough cash though.... I've gone back to the vendors & told them I'm going back on the market -hopefully for a quick sale. My mortgage offer is valid until August & they've been on the market since last May so hoping they'll wait.
  4. Believe me, I don't want to become an accidental landlord. I just don't want to lose the property we've set our hearts on. I'm going to look into bridging loans though so thanks for that - I just assumed there would be a monumentally high interest rate premium so never really thought about it. Nothing ventured, nothing gained I guess.
  5. Havent even thought about bridging loans TBH. As for the 10k loan, I only get that back if I manage to sell within 18 months - not sure about the logistics of that when I have tenants in situe. Its typical sledgehammer to crack a nut - Im not a BTLer ffs! I've even heard that they're even going to apply this surcharge to people who have a holiday home abroad when they buy another property. Completely iniquitous. Then again, as an IT contractor I know all about tax grabs by successive governments. Oh, thanks for the helpful advice - what kind of a forum is this? Got better advice on contractoruk.com
  6. I've just had a buyer pull out after 4 (!) months. I was just about to exchange contracts & move into a cottage that I'd set my heart on. So, I rang the agent, explained my situation & told them that I could get a let to but on my current house so as not to lose the new property. Vendors were ok with this. Then, after further investigation, I discover that the stamp duty surcharge applies whenever you buy a second property - even if it's going to be your primary residence & , in my case, it's a whopping £10k extra & I just can't afford it. I know you can claw it back if you sell within 18 months but I can't comfortably afford to front this money so the deal is off. I'm just so annoyed about this - it seems really poorly thought out. There must be loads of people in my situation who need to let to buy because they can't sell their house for whatever reason or perhaps need to relocate for a couple of years and don't want to rent in the place they are moving to so need to purchase a second home as their main residence. My understanding is that this is still in consultation but will come into effect after April 1. Anyone know if there are likely to be any last minute changes or if there's anywhere it's possible to get your thoughts heard over this apparently poorly thought through piece of legislation?
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