Hi Mayo Exile
Im in a similar position with DCC, as MV and PP have been reduced the clawback now stands @ 10%. My bank will lend me the money @ MV price but not at AH price due to L.T.V. (dont really understand this).
I put it to DCC idea of buying them outright, in effect paying back the clawback straight away @ their MV.
Spoke with v. helpful girl in DCC, she reckons there are problems with this in relation to legislative requirements and your first transaction with them to be buying an AH.
I have put to them the idea of buying @ AH week 1, and in week 2 paying the clawback (in effect 2 transactions) - still waiting on feedback but on further though, reckon they will come back and say I cant buy them out until title deeds are in my name.
Anyone try to do this and how did you get on. I cant understand the problem, I have money and want to buy, they have a house the want to sell, if i can afford the clawback they set me, from the outset and they are stuck for money, why would they not jump at the opportunity - seems to be a lot of red tape around this!
Im in a similar position with DCC, as MV and PP have been reduced the clawback now stands @ 10%. My bank will lend me the money @ MV price but not at AH price due to L.T.V. (dont really understand this).
I put it to DCC idea of buying them outright, in effect paying back the clawback straight away @ their MV.
Spoke with v. helpful girl in DCC, she reckons there are problems with this in relation to legislative requirements and your first transaction with them to be buying an AH.
I have put to them the idea of buying @ AH week 1, and in week 2 paying the clawback (in effect 2 transactions) - still waiting on feedback but on further though, reckon they will come back and say I cant buy them out until title deeds are in my name.
Anyone try to do this and how did you get on. I cant understand the problem, I have money and want to buy, they have a house the want to sell, if i can afford the clawback they set me, from the outset and they are stuck for money, why would they not jump at the opportunity - seems to be a lot of red tape around this!