The nervous wait to exchange....

Soldato
Joined
24 Feb 2004
Posts
10,128
Location
Hook, Hants
I just emailed my solicitor to ask if there was a rough completion date we're working towards so I can get an idea of planning the move. She just emailed back saying we're hoping to complete by the end of this month! That's come as a bit of a surprise, I was expecting another 4-8 weeks yet!

That's pushing it a bit, exchange usually happens 10 days before completion to give everyone time to get movers etc sorted.

If you haven't exchanged today / tomorrow, I'd be surprised to get a completion this month.

Maybe they meant end of November?
 
Soldato
Joined
5 Oct 2009
Posts
11,890
Location
Spalding, Lincs
That's pushing it a bit, exchange usually happens 10 days before completion to give everyone time to get movers etc sorted.

If you haven't exchanged today / tomorrow, I'd be surprised to get a completion this month.

Maybe they meant end of November?

The exact words from the email "I would hope completion will be able to take place this month". I'm a first time buyer so absolutely no experience here. We shall just have to wait and see what actually happens.
 
Associate
Joined
26 Oct 2002
Posts
588
Location
Notts
Bit of a dilemma and a grey area anyone been in a similar situation

Cash buyer but with prices still moving up we are now roughly 20k short, mortgage advisor has suggested taking a personal loan which I can get at a low APR but this seems to be against all loan companies terms and is classed as fraud if used to buy a property.

So the question is would a solicitor question the loan and its intended use when purchasing a property or any other options might just have to save more money and sit the market out for a while.
 
Soldato
Joined
28 Dec 2017
Posts
6,302
Location
London
Bit of a dilemma and a grey area anyone been in a similar situation

Cash buyer but with prices still moving up we are now roughly 20k short, mortgage advisor has suggested taking a personal loan which I can get at a low APR but this seems to be against all loan companies terms and is classed as fraud if used to buy a property.

So the question is would a solicitor question the loan and its intended use when purchasing a property or any other options might just have to save more money and sit the market out for a while.
Could you not take a mortgage? That's what you call a loan to buy a house surely.
 

Jez

Jez

Caporegime
Joined
18 Oct 2002
Posts
33,075
The mortgage advisor didn't seem to want to entertain it on the amount maybe because I only need it over 3 years or something else?
There is nothing fraudulent about using a personal loan in the way that you have described, I am not sure why you have been told that?

The advice which you were given would perhaps apply to using a personal loan as a down payment, if using it to gain extra leverage against the knowledge of the mortgage lender, but that is not what you propose at all?
 
Associate
Joined
26 Oct 2002
Posts
588
Location
Notts
There is nothing fraudulent about using a personal loan in the way that you have described, I am not sure why you have been told that?

The advice which you were given would perhaps apply to using a personal loan as a down payment, if using it to gain extra leverage against the knowledge of the mortgage lender, but that is not what you propose at all?

I think the fraud comment only applies if you take the loan for say a car and then later default on it if they then found out you had used it for something else.

Barclays state a personal loan can not be used for: Business reasons, Investments, including buying stocks and shares, Timeshares, Purchasing property (home improvements are fine), Gambling-related expenses, Repaying CCJs (County Court Judgments), A purchase made by combining this loan with any others

The Santander one below mentions property (uk and abroad) unless I am reading it wrong

A Personal Loan from Santander can be used for a wide range of purposes, however we are unable to lend for certain purposes including house deposit, bridging negative equity, property (UK and abroad), land (i.e. for parking space, investment or business), household bills, living expenses, CSA payments, personal tax bills, time share, stocks and shares, gambling, borrowing on behalf of a third party (unless given as a genuine ‘gift’), equity transfer, capital raising and any business purpose. There could be other lending options available to you that you may wish to consider, please speak to a member of staff for more information.
 
Last edited:

Jez

Jez

Caporegime
Joined
18 Oct 2002
Posts
33,075
Those are the terms of those lenders, would your advisor (who suggested it) not be able to advise on suitable unsecured products? There is nothing in law against this :)
 
Soldato
Joined
21 Jan 2010
Posts
10,986
Take the loan to buy a car, change in circumstances buy a house. Don't overthink it, it isn't like you're buying magic beans.
 
Associate
Joined
26 Oct 2002
Posts
588
Location
Notts
Take the loan to buy a car, change in circumstances buy a house. Don't overthink it, it isn't like you're buying magic beans.

Makes sense cant see a solicitor questioning it really as the loan agreement doesn't state what the loan was for, If you purchased a car and sold it the next week I doubt they would want the loan back :D
 
Soldato
Joined
18 Jun 2018
Posts
3,417
Location
Isle of Wight
Mortgages start at 40k, so if you need less you need a suitable loan. The type of which the mortgage advisor should be able to help with.

It's only an issue really if your taking a mortgage and a loan.
 
Soldato
Joined
21 Jan 2010
Posts
10,986
Makes sense cant see a solicitor questioning it really as the loan agreement doesn't state what the loan was for, If you purchased a car and sold it the next week I doubt they would want the loan back :D
For sure... the whole system is rigged with unneccesary and unenforceable statements. I remember telling my mortgage broker about how I fiddle all of the credit card/bank account offers so you'll see cash flying around everywhere. They insisted I cleared my £20k+ of revolving credit card debt (work expenses, stoozing etc).... I asked them when they'd check I'd cleared it... they said never it is just a promise that you will... :rolleyes:
 
Soldato
Joined
13 Jan 2010
Posts
24,888
Location
Llaneirwg
Aren't these Ts & Cs in this area just 'if you get caught' by that if you defaulted and they found you'd been using it for gambling.

They don't really care if they are being paid back. It's only if you slipped into issues whilst breaking thier terms?

They aren't ever going to check.

How else would you buy a new home if you couldn't take out any form of credit?
 
Soldato
Joined
18 Jun 2018
Posts
3,417
Location
Isle of Wight
Aren't these Ts & Cs in this area just 'if you get caught' by that if you defaulted and they found you'd been using it for gambling.

They don't really care if they are being paid back. It's only if you slipped into issues whilst breaking thier terms?

They aren't ever going to check.

How else would you buy a new home if you couldn't take out any form of credit?

He said he's a cash buyer. But the extra 20k added took him over. Hence the need for a loan.

Mortgage advisors will know suitable loans.
 
Soldato
Joined
3 Oct 2009
Posts
19,832
Location
Wales
Makes sense cant see a solicitor questioning it really as the loan agreement doesn't state what the loan was for, If you purchased a car and sold it the next week I doubt they would want the loan back :D
I've had clients use both credit cards and personal loans towards purchases. Pretty straight forward
 
Soldato
Joined
29 Jul 2011
Posts
15,308
Location
Near Northants / MK
I've hit a brick wall now, everyone said that houses take forever to move on.

Offer got accepted and negotiation around solicitors was quick, it now seems to be taking forever to answers back.

I'm ready to instruct surveys and electrical inspections and just getting nowhere :(
 
Associate
Joined
22 Feb 2014
Posts
2,283
That's pushing it a bit, exchange usually happens 10 days before completion to give everyone time to get movers etc sorted.

If you haven't exchanged today / tomorrow, I'd be surprised to get a completion this month.

Maybe they meant end of November?
My solicitor messed up a bit, but we exchanged and completed same day. We didn't know for certain if we were definitely moving 2 days before the move.
 
Soldato
Joined
20 Oct 2002
Posts
15,306
Location
London
Offer got accepted and negotiation around solicitors was quick, it now seems to be taking forever to answers back.
When we were buying before the stamp duty deadline, we had alot of success speaking to the selling agent to contact the sellers themselves. The sellers can then chase up their solicitor, because at the end of the day it's undoubtably a delay from them.
 
Soldato
Joined
12 Apr 2007
Posts
10,319
Just a quick question if anyone knows...

As a cash buyer, once a price is agreed and offer accepted, if you were to be gazumped but have already paid a conveyancer and a surveyor, do you just have to accept the loss?
 
Top