AKA our house purchase. Well, what is there to tell you from the last weeks events? Unfortunately, not very much, which has left me feeling rather negative about the whole thing for the time being.
The situation as it stands at our end is that we now have managed to cobble together the remaing £3000 we needed towards making the deposit 20% instead of 15%, and a little extra besides. It's sat there in bank and bonds waiting for us, which is quite a nice feeling!
We've estimated a total cost of £2000 for all the fees, of which we currently have £400, so we need to find another £1600 yet, but we're fairly optimistic we'll have that by the end of June. We're still in the situation that we won't have any flooring, but hopefully Pacman will either get a bunch of freelance work through or we'll be able to pull it together from overdraft facilities or parents, so we won't be walking on concrete forever.
It's a very strange feeling, being utterly broke and trying to live off the bare minimum, when you've actually got £26,500 sat in the bank. And knowing that so much money still isn't enough. I'd never imagined we'd ever have that much money in our entire lives! So to know it's not enough is actually quite disheartening, after working so hard for it.
Strange, isn't it.
Even more disheartening, is that we still have no idea whether we'll actually be able to go ahead with this purchase or not. Yep, you heard me. Despite the fact that we personally have been approved by the lender, despite the fact that we have this massive deposit together, despite the fact that we've already given notice at our rental property that we'll be gone on 26th July...
Because the contracts covering the covenant (we're obligated to resell at 90% of value as we're buying at 90% of value) haven't finished being drawn up yet, and due to that covenant our lender won't even think about touching the house until they've approved the wording. So whilst we're mortgageable, the property still might not be.
They're meant to be getting sent out this coming week but it just seems to me that this is going to end up being one enormous stress filled rush to get everything sorted in time for the scheduled completion date of mid July. I just don't see how it can be done!
We've also had to discuss what we'll do if this place isn't deemed mortgageable. While our IFA reckons the lenders will push the covenant to be reworded to their satisfaction (after all, the builders will have 15 properties they can't sell if noone is prepared to lend on them!), there is always the possibility that it could fall through.
As it stands right now, there's nothing else on the market that we're remotely interested in for our budget. So that leaves us looking for somewhere to rent for less than where we are now, and praying that being tied in to a contract there won't clash with the next place that comes up to buy. And that interest rates don't increase in the interim.
A lot of gambles going on over at Chez Pacman if this ends up being the case. A lot of gambles that the Pacmans don't want to take.
People, please cross everything you have that this is all going to magically sort itself out over the next week. I really don't know what to do if it doesn't come back as good news!
No comments:
Post a Comment