Property discussion | Page 10 of 45

What Happens If I Stop Paying My Mortgage In The UK? (Can’t Pay Mortgage Options)

By Russell BowyerPosted in Property discussion, Stop house repossessionTagged Cant pay mortgage options, What happens if I stop paying my mortgageNo Comments

If you stop paying your mortgage payments you may have your home repossessed. It will also make obtaining future credit very difficult in the short term. This not only includes getting home loans, but it will become extremely challenging to obtain any form of credit. Missing one or even a couple of mortgage payments doesn’t mean repossession is imminent. But forgoing them will set the repossession process in. Plus to boot, it will have long-lasting consequences for your credit and finances.

What Happens If A House Burns Down Between Exchange And Completion?

By Russell BowyerPosted in Help to sell my property, Property discussionTagged What happens if a house burns down between exchange and completion7 Comments

If the house that you’re buying burns down between exchange and completion, you still have to go ahead buy it. As for who is responsible for the damage is down to the Sale Contact. Although the seller is contracted to look after the house and repair any damage they do themselves. The seller is obliged to keep the property in the same condition it was when contracts were exchanged. That would mean that if there is property damage between exchange and completion the vendors could be liable.

What Can Go Wrong Between Exchange and Completion?

By Russell BowyerPosted in Help to sell my property, Property discussionTagged What can go wrong between exchange and completionNo Comments

What happens between exchange and completion and what could possibly go wrong? In England and Wales the penultimate stage of a property sale is exchange of contracts. This is the point at which both the buyer and the seller are committed to the sale and purchase. This is usually when 10% of the purchase price is paid by the buyer. At this point neither party can withdraw without having to pay damages to the other party. The final stage of a property sale is completion.

Can You Exchange Contracts Without A Completion Date?

By Russell BowyerPosted in Help to sell my property, Property discussionTagged Can you exchange contracts without a completion date2 Comments

The exchange of contracts for house buying is the process that makes the transaction legally binding. The next step in the process is completion of the contracts,which is generally 30-days after exchange. But there doesn’t have to be a set time period between exchange and completion. The time between exchange and completion can be whatever period of time the parties require and agree in order to be able to get themselves ready for the completion date.

How To Deal With The Stress Of Selling Your House (How To Avoid The Stress)

By Russell BowyerPosted in Help to sell my property, Property discussionTagged How can I avoid stress when selling a house, How to deal with the stress of selling your houseNo Comments

How to deal with the stress of selling your house or how to avoid and minimise the stress by approaching your house sale in a different way. The best way to reduce the stress of selling your house is to sell and rent first before you buy your next house. This not only cuts your stress in half, but it also puts you in a strong cash-buyer situation when you do buy.

Can A House Sale Fail After Exchange? (What If Either Party Pulls Out?)

By Russell BowyerPosted in Help to sell my property, Property discussionTagged Can a house sale fail after exchange, What happens if a buyer pulls out after exchange of contractsNo Comments

In England and Wales, once both parties have signed and exchanged contracts, it is extremely difficult for either party to pull out of the agreement. If it’s the buyer who pulls out after exchange of contracts, they will lose their deposit and could be sued by the seller. Whereas if it’s the seller fails to complete, the buyer may rescind the contract and is entitled to have their deposit returned with interest.