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The nervous wait to exchange....

Discussion in 'Home and Garden' started by noj, 3 Apr 2014.

  1. ci_newman

    Sgarrista

    Joined: 24 Feb 2004

    Posts: 9,879

    Location: Hook, Hants

    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?
     
  2. andy_mk3

    Capodecina

    Joined: 5 Oct 2009

    Posts: 11,546

    Location: Spalding, Lincs

    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.
     
  3. Dutch777

    Hitman

    Joined: 26 Oct 2002

    Posts: 583

    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.
     
  4. LuckyBenski

    Soldato

    Joined: 28 Dec 2017

    Posts: 5,815

    Location: London

    Could you not take a mortgage? That's what you call a loan to buy a house surely.
     
  5. Dutch777

    Hitman

    Joined: 26 Oct 2002

    Posts: 583

    Location: Notts

    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?
     
  6. Jez

    Caporegime

    Joined: 18 Oct 2002

    Posts: 33,003

    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?
     
  7. Dutch777

    Hitman

    Joined: 26 Oct 2002

    Posts: 583

    Location: Notts

    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: 24 Oct 2021
  8. Jez

    Caporegime

    Joined: 18 Oct 2002

    Posts: 33,003

    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 :)
     
  9. dLockers

    Sgarrista

    Joined: 21 Jan 2010

    Posts: 8,325

    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.
     
  10. Dutch777

    Hitman

    Joined: 26 Oct 2002

    Posts: 583

    Location: Notts

    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
     
  11. Unseul

    Mobster

    Joined: 18 Jun 2018

    Posts: 3,013

    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.
     
  12. dLockers

    Sgarrista

    Joined: 21 Jan 2010

    Posts: 8,325

    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:
     
  13. 413x

    Capodecina

    Joined: 13 Jan 2010

    Posts: 23,500

    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?
     
  14. Unseul

    Mobster

    Joined: 18 Jun 2018

    Posts: 3,013

    Location: Isle of Wight

    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.
     
  15. Skillmister

    Capodecina

    Joined: 3 Oct 2009

    Posts: 19,815

    Location: Wales

    I've had clients use both credit cards and personal loans towards purchases. Pretty straight forward
     
  16. Hyburnate

    Capodecina

    Joined: 29 Jul 2011

    Posts: 15,288

    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 :(
     
  17. MassiveJim

    Wise Guy

    Joined: 22 Feb 2014

    Posts: 2,225

    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.
     
  18. Scam

    Capodecina

    Joined: 20 Oct 2002

    Posts: 14,764

    Location: London

    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.
     
  19. mattyfez

    Capodecina

    Joined: 12 Apr 2007

    Posts: 10,010

    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?
     
  20. Firestar_3x

    Caporegime

    Joined: 11 Mar 2005

    Posts: 30,660

    Location: Leafy Cheshire

    Yes.