Flat purchase fallen through.😣😟
My son and his partner have been in the process of buying a flat since September.
It was a nice place overlooking the sea. They were given a mortgage in principle very quickly, but the lenders decided they were not prepared to lend on the property because its near 'gambling establishments....actually penny arcades! But, they found another lender and went ahead with surveys etc and clarifying the ins and outs of buying a leasehold property. It was a slow process, but it was seemingly going along as it should be. Christmas week, the lender sent a new set of questions to the seller reguarding the leaseholders. Now, another 4 weeks on the lenders have decided they are not prepared to lend on the property because they are not happy with the fanincial situation of the leaseholders and how they are financing the upkeep of the building.
My son and GF are gutted. This has taken 6months. The seller is clearly scuppered.
The solicitors will still need paying and my lad has paid out hundreds for surveys. Surely, these issues should have been picked up on months ago???
Back to the drawing board for them now.....but right now they are so upset they don't feel like trying agsin yet. 😔
It was a nice place overlooking the sea. They were given a mortgage in principle very quickly, but the lenders decided they were not prepared to lend on the property because its near 'gambling establishments....actually penny arcades! But, they found another lender and went ahead with surveys etc and clarifying the ins and outs of buying a leasehold property. It was a slow process, but it was seemingly going along as it should be. Christmas week, the lender sent a new set of questions to the seller reguarding the leaseholders. Now, another 4 weeks on the lenders have decided they are not prepared to lend on the property because they are not happy with the fanincial situation of the leaseholders and how they are financing the upkeep of the building.
My son and GF are gutted. This has taken 6months. The seller is clearly scuppered.
The solicitors will still need paying and my lad has paid out hundreds for surveys. Surely, these issues should have been picked up on months ago???
Back to the drawing board for them now.....but right now they are so upset they don't feel like trying agsin yet. 😔
