Re: Still haven't exchanged!
 

The sticking point with us this time is that the house 2 down in the chain has had an offer 10,000 less than the vendor can afford to agree on. So I've said to my wife to tell them we'll pay the bleedin difference, another 10,000 is worth it to get this sorted and get the rest of the family over before Christmas.

I hope others about to make the move are heeding these posts. Get the bloody house out of the equation before making buying decisions in Canada.
It may work but I wouldn't gamble again.

Re: Still haven't exchanged!
 

Thats a big hit your taking, C$20K!!!!

Re: Still haven't exchanged!
 

Our plan at the mo, is to sell, move into rented here, while we search over there. Then buy land, and rent there, while we build. Much Safer:cool:

Re: Still haven't exchanged!
 

I googled islamic mortgages and its something to do with it being against islamic law to pay interest, I had an idea thats what it was but here's a link.
http://www.mortgages.co.uk/islamic-mortgage.html

Hope I can post this link, sorry if it's not allowed

Re: Still haven't exchanged!
 

The house went on sale 9 months ago at 380,000 pounds, it's now going for 330,000 pounds so another 10,000 off is bugger all, and we're getting desperate.

Re: Still haven't exchanged!
 

That was our original plan till we did a recce to Ottawa and my wife fell in love with a house (ok me too) that was on sale and we had a buyer in the UK. We signed the paperwork in Canada, went home, six weeks later found out that our buyer was lying and didn't have the funds after all. It's been downhill since.
Stick to your plan and don't be persuaded by big cheap houses.

Re: Still haven't exchanged!
 

If it makes you feel any better we dropped 47,000 pounds in all (though I realise now it was probably very overpriced to start with). Cut price by 25k after 6 months and then our only buyer who was actually in a position to proceed beat us down by another 22k. There were people who were offering more but they had houses to sell and no buyers lined-up so they were absolutely no use to us!

Anyway, I wouldnt worry about it - its only money after all :unsure:

Re: Still haven't exchanged!
 

Its no longer a sellers market. We were on at 425k originally, then dropped to 415 and got a buyer for the asking price. Now we're back on at 400 and think we'll be lucky to get 380. :mad:

Re: Still haven't exchanged!
 

Yes, it is against the rules of Islam to charge interest. In an Islamic mortgage the bank buys a share of the house and you rent it from them. After a certain number of payments (which will bear a remarkable similarity to a conventional mortgage) the house is yours.

Re: Still haven't exchanged!
 

let's face it - all banks are infidels!

Re: Still haven't exchanged!
 

We agreed a sale in June.

We arrived in Vancouver in September.

The damn thing actually completed and money in the bank last week (!). Original solicitors for the buyer went bankrupt and disappeared with the law society in hot pursuit, or something, but not until they'd stalled the process for two months with nonsense issues. What can you do?

So happy to be out of the UK market. We're looking at homes here at the moment and if an offer is accepted this week we expect to be in the place inside of four weeks. Imagine!

Good luck all those still waiting for completion. No-one over here working in real estate can believe we were waiting all that time with no deposit from the buyer, and they could have walked at any time. We have to agree, it's completely ridiculous.

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It's insane is what it is. :curse:

Re: Still haven't exchanged!
 

Threads above with links show the basics, what it does tell you as a vendor is:

There is a third set of solicitors involved representing the bank that require an large underwriting before proceeding and that after all that has been done:

The whole package is then placed before an Islamic council who then may impose more conditions.
It took our purchaser 11 weeks the decided to change route!!! :curse:

So here we sit with fingers crossed as he applies for another mortgage.

:ohmy:

Re: Still haven't exchanged!
 

Finally! Some good news! :thumbsup:

We exchanged on the house this morning so the champers is coming out tonight! We don't complete until the 3rd December and by then we'll be in Whistler but at least we have had the contracts signed and everything has fallen into place - at last!

We'd booked flights on Tuesday so head off to Vancouver (via Manchester :huh:) next Wednesday!!!

Can't quite believe it!!!! :thumbsup::rofl::thumbsup::rofl::thumbsup:

Zoe M. x

Re: Still haven't exchanged!
 

Well done Zoe

enjoy your champers, and of course Whistler

Rosie