The nervous wait to exchange....

  • Thread starter Thread starter noj
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I was asked 3 additional questions relating to the loan. They were just if i was on furlough etc. Didn't make any difference for me due to being at work with additional overtime the whole time.

Still waiting for the surveyors do pull their finger out.
 
The_Arbiter said:
I was asked 3 additional questions relating to the loan. They were just if i was on furlough etc. Didn't make any difference for me due to being at work with additional overtime the whole time.

Still waiting for the surveyors do pull their finger out.
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Yes I was wondering if covid would raise any further questions, luckily we're not affected.

Fingers crossed the surveyors are visiting properties soon.
 
The_Arbiter said:
I was asked 3 additional questions relating to the loan. They were just if i was on furlough etc. Didn't make any difference for me due to being at work with additional overtime the whole time.

Still waiting for the surveyors do pull their finger out.
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I’m a surveyor. I whole heartedly apologise for not visiting multiple properties a day, exposing myself to dozens of other people and their personal belongings during the worst pandemic in our history which has so far killed over 30,000 people in our nation including a family member of mine.

The inconvenience for you must be awful and I shall endeavour to ‘pull my finger’ out as soon as possible.

FFS.
 
House is empty. I don't expect you to endanger yourself. I'm only waiting for the most basic survey also. I'm sure there's enough work available for a single person to do each day which wouldn't require furlough for that person.

I'm a postie, so i sure am feeling the strain of (uneven) work loads right now. People are buying like it's xmass. So it's not much to ask for a few surveyors to go to work.
 
My late mum's house exchanged and completed last Thursday while still in lockdown. I was really surprised they went through with it. Plan B was to just rent it out if they tried to gazunder. But it worked out in the end. We did get a barage of questions from the buyer so I think they were stalling for time while deciding whether to continue or not.
 
My mrs and I are wanting to buy a house together. She lives with me however the house is mortgaged in my name only. She has some savings she wants to put in and so do I, so each owning a different share of the new house. We are going to get a tenant in common agreement done to protect our respective investments.

Thing is, my mrs is on furlough and possibly facing redundancy so is unlikely to be approved for a mortgage. I can afford the mortgage on the new house entirely by myself. Is it possible to get a mortgage where I'm the only one going through an application but she goes on the deeds?
 
No, you both need to go through the application process if you both want to be on the deeds but the bank can just take your income into account if that’s what you want. Your borrowing power will of course be much lower.

What are you expecting tenancy in common to project you against?
 
b0rn2sk8 said:
No, you both need to go through the application process if you both want to be on the deeds but the bank can just take your income into account if that’s what you want. Your borrowing power will of course be much lower.

What are you expecting tenancy in common to project you against?
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Thanks. My income alone is enough to borrow what we need. In the event of a split we both get back what we put in.
 
Affordability checks can be hard for single applicants even if you know you can afford it, when we added my partner to mortgage applications we got access to much better deals despite her bringing a tiny amount to the table at the time.

Friends who have split from there partners have also had issues passing affordability checks when taking on the mortgage in just there own name (even where they have been the only one paying the mortgage pre split)

Banks probably see a bit of extra security in having another name to chase should they need to - probably best to just straight up ask them
 
Well I’ve passed the initial affordability call with my current lender. I’ve got an appointment for the full application tomorrow so I’ll just explain the situation properly then.
 
I’m not a lawyer and correct me if I am wrong but I would have thought any house purchased while married would be classed as a marital asset and therefore in the event of a divorce it would be in scope of any settlement regardless of how it’s held. Even any capital you put in first would be classed as a marital asset as it’s changed form during the marriage (e.g. it went from one house to another).

I can see how it has it’s other uses though like in the event of one partner passing away (wills then determine how there share is distributed) or co owners who are not married.
 
b0rn2sk8 said:
I’m not a lawyer and correct me if I am wrong but I would have thought any house purchased while married would be classed as a marital asset and therefore in the event of a divorce it would be in scope of any settlement regardless of how it’s held. Even any capital you put in first would be classed as a marital asset as it’s changed form during the marriage (e.g. it went from one house to another).

I can see how it has it’s other uses though like in the event of one partner passing away (wills then determine how there share is distributed) or co owners who are not married.
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We aren’t married. I’m planning on proposing but with the lockdown it’s difficult! She’s already on my will.
 
Well we have been approved on the mortgage needed for what appears to be our dream house. However we are going to wait until my renewal is due to see what's going to happen to the market (housing and financial!). Plus then we'll at least know if my job is safe (it is now but who knows what may happen) and what her situation is like. We're going to overpay on the current mortgage up to the max amount allowed as that'll save some interest at least.

I have a good deal of equity in my current house plus savings. She also has savings than me (more than me at the moment). If we went through we'd go from having very decent equity but no savings at all which isn't really where we want to be in the current climate.
 
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Just had confirmation that my expired mortgage offer will be reinstated - hopefully will actually manage to get my house bought by the end of the year lol (started the process on November)
 
Starting to see some previously sold STC properties appear this week. Something potentially nicer than the one I was about to pull the trigger on, viewing Monday.
 
mid_gen said:
Starting to see some previously sold STC properties appear this week. Something potentially nicer than the one I was about to pull the trigger on, viewing Monday.
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Yes this is happening a lot around my way.

Many houses that were previously under offer have obviously fallen through, been removed and then uploaded to rightmove again.

A lot of owners have no doubt lost their buyers sadly and have to start again. I would argue however that they should consider their pricing as trying to sell for the same price as last time after the confidence in the market has taken a nose dive isn’t exactly realistic in some cases
 
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