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denisec
Guest
Hi All,
In a bit of bother regarding the purchasing of our first house.
Went sale agreed on a small cottage with full planning for a dormer bungalow.....delighted. Paid booking deposit of €5k, was approved in principal for mortgage through broker, which was organised by my partners accountant. This was dec 06. Had delays with mortgage then due to end of year accounts and paperwork etc, received contracts and on advice and guarantee from the broker and accountant of our 90% mortgage we signed them with our solicitor. Full deposit was accepted for €5k subject to closing on 9/03.
We waited on letter of offer and valuation was done for mortgage crowd, who deemed the cottage not liveable!!! Therefore it is now valued as a site and mortgage company sent out letter of offer for 80% of purchase price as a result and 100% of the build money. This means the rest of the money we had to come up with €20k has now doubled to €40k the week before we were due to close. .....Help!
Thing is the money for the building of the house is more than we need but we cannot come up with this other €20k this side of the sale.
So we have informed everyone and have now been served a 28 day completion notice.
Any advice or suggestions in relation to this?
In a bit of bother regarding the purchasing of our first house.
Went sale agreed on a small cottage with full planning for a dormer bungalow.....delighted. Paid booking deposit of €5k, was approved in principal for mortgage through broker, which was organised by my partners accountant. This was dec 06. Had delays with mortgage then due to end of year accounts and paperwork etc, received contracts and on advice and guarantee from the broker and accountant of our 90% mortgage we signed them with our solicitor. Full deposit was accepted for €5k subject to closing on 9/03.
We waited on letter of offer and valuation was done for mortgage crowd, who deemed the cottage not liveable!!! Therefore it is now valued as a site and mortgage company sent out letter of offer for 80% of purchase price as a result and 100% of the build money. This means the rest of the money we had to come up with €20k has now doubled to €40k the week before we were due to close. .....Help!
Thing is the money for the building of the house is more than we need but we cannot come up with this other €20k this side of the sale.
So we have informed everyone and have now been served a 28 day completion notice.
Any advice or suggestions in relation to this?