On Sunday we signed a conditional contract with the estate agent to buy the house that we are looking at when we sell ours. We have to pay a small deposit which the estate agent holds and provide a bank guarantee to prove that we can get a mortgage for the cost of the new house. No problem really, however, the seller is no obliged to sell only to us and we can't buy the new house until we sell ours so the contract is not really worth a great deal to us.
However, we have since found out that we have to pay a fee to have the mortgage guarantee which equates to about £300 per month and given the circumstances (the house is still on the market and ours is not even officially for sale yet) we'd rather not be coughing up that money for more or less nothing.
There are 2 clauses in the contract which allow us to get out of it, the first is if the bank don't like it and the second is if our lawyer doesn't like it. Annoyingly enough, we are now having to pay our lawyer to get us out of the contract.
Considering that we still want to buy the house and nothing has changed, I don't really see why this has become a problem, especially as the bank have no problem lending us the money. Anyway, I am sure we'll get it sorted out this week, but it is annoying that we have to use a lawyer to do so.
On a brighter note, the sun is shining and it is my birthday tomorrow so we are having the evening child free and going out for dinner.
You should get MK to read the small print. Hope you can sort it out.
ReplyDeleteHappy Birthday for tomorrow - will your body age by another year at midnight?
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