S Oldfield

We had to invest the $100,000, using the equity from our house.
We didnt want to sell up early and go into rented, then in rented in Perth, then buy out there as we wanted to keep the boys as `stable` as possible!!! We intended selling our house, then staying in a travel lodge for a couple of weeks.

Last November we approached our lendors, explained that we needed about £40,000 and the resons why. They stated we had to apply for the property to be put in joint names.( I have lived in the house for 14 years, but have only been with Mick for 12. So the house was mine)
This we did. Took a while to go through, cost us about £600.00, as we had to change ll the deeds, pay the Halifax arrangement fee, pay solicitors etc.

We have now sold our house. Listen to this. we HAVE to be out by the end of this week!!!
:scared:

the lady who is buying our house will lose her offer of the mortgage. She has applied to have it extended and they wont do it, so it HAS to be put into force this week. We are running round like headless chickens, we have managed to find somewhere to stay (a friend of mine has a flat that she lets to students , but it is better than nothing. it is a ightmare trying to find somewhere this time of year as we live by the sea.This was the whole reason we borrowed in advance for the halifax, as we didnt want to go into rental. it is school holidays, my 2 boys are miles from their mated, I cant get time off work. they have no internet access or tell/playstaions etc.

then on top of that, my buyers solicitor (Not the buyer as she is as amazed as us) has demanded that we pay for a policy (cost of £300 ) Because we have only just put the house in joint names, I could have `gifted` Mick in preparation of declaring myself bankrupt.

I am bloody livid. We are the ones that are putting ourselves out, then keep being bloody charged for it. We are now living out of cases, all our stuff in storage, (another expense that WE are occurring to accomadate our buyer) then they say WE have to pay for a policy.
And if I think about it, we didnt even need to take the bloody extra cahs out in the first place as we have sold and HAVE to move into rented. I must be bloody mad, but want to keep my buyer!!!

lucyb

Poor you! On the one hand, once you are out of the house, you will have the money sitting and waiting. I would tell the solicitor to whistle for it!

Jacko1

I to would tell the solicitor to whistle for it

PJ

S Oldfield

Cant do that lucy as the solicitors deduct it from the funds. Wouldnt mind but we have used the same solicitor all the way along. He knew why we were taking out the extra money.......to buy our bond.

Now we have to live in bedsit land, with 2 teenage boys and pay for the luxury!!!
All our stuff is in the process of going into storage, that we have had to pay for.
Now we have to pay for a bloody policy. If we werent going to Oz we would have insisted that our buyer foots some of this bill, as it is her mortgage offer that is just about to run out.
She lost the house she was originally buying, but continued with her sale. all the costs appear to be coming our way and all my bloody solictor says is, the house market is slowing and you dont want to lose your buyer. We are well aware of that and have played `ball` all the way through, as we know we are lucky to have a buyer, but think we are being pushed just a bit too far!!

Nicstids

I don't think you should blame the lawyers Sandra but rather your respective mortgage lenders. It was your lenders who insisted in your property being put into joint names as a condition of them making a further advance. In all probability, it will be your buyer's mortgage lenders who will be insisting on the indemnity policy. Otherwise the risk is they will have a worthless security if you were seeking to avoid bankruptcy and your house sale is subsequently overturned by the Official Receiver.

Everybody's so quick to blame lawyers! (Guess what I do for a living!)

S Oldfield

yeah fine, so why didnt MY lawyer advise me this could happen when we took the original advanc. Took my money quick enough, and I had to pay upfront.
He knew the reason we were lending, and knew we would be redeeming a few months later?

Nicstids

I presume because you'd made it clear that you didn't want to sell the house to raise the money, he assumed that this was the only way for you to raise that large a sum of money. Also, sometimes mortgage lenders are happy with you just signing a declaration of solvency to say that you weren't bankrupt at the time of the transfer to Mick. Obviously your buyer's mortgage lenders are more picky and want the policy in place

S Oldfield

When we raised the money we explained that the Bond money is required prior to the visa being issued. Seeing as we didnt want to sell up, then take a rental, this was the alternative. We told our solicitor that we would be selling in June.

Just think it is more than being picky. Our buyer is living with friends and we really have tried our hardest to accomodate them, but we are the ones that have to keep picking up the tab on everything. Evn things like our furniture. We were shipping the day before we flew, we now have had to pay out for storage so we can vacate for the buyer.

bettytweena

No wonder your tissed off. Bloody cheek really. Does your buyer know about all the extra costs involved in accomodating their speedy and hassell free move into your home? They could offer to reinburse some of the outlay......you do seem to be going over and above the line of duty to keep them happy.

Oh well Sandra, just something else to look back on soon and laugh!!!!!!!!!!!!!!!!!

joho

Just a thought. Seeing as your buyer is in accomodation at the moment. Would they be willing to rent you your house until you move as you are accomadating them with the sale.

Cheers Jo

sj oldfield

Aha, been there and done that.
The estate agent stated that completion HAD to be by 28/07/04 otherwise she would lose her mortage offer. It was agreed between Mick, buyer abd agent that we would stay on until middle of august.
Then last week we were told it was illegal. She would be subletting to us,. We then said what if we didnt give her rent, but `gifted` her. Nope cant do that either.
We get less than 2 weeks notice to move. arrange shipping, storage, get rid of furniture, find somewhere to stay etc. Oh also forgot to add that during this time cant even get half a day off work!!!

Spoke to solicitor late today as sposed to have exchanged today, for completion on 28/07/04. Cant exchange. waiting for a revised mortgage offer?????
Am I pi**ed off or what!!

Larissa

Just read your thread Sandra, plus your thread about your dad... sounds like you are going through the mill at the moment! Don't worry about shipping, we'll have it sorted by the end of the week & should know where we stand with the Aus end of things.
Take care
Larissa