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02-05-2019, 07:44   #16
 
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I wouldn't sign without it. I'm currently looking for houses at the minute and I'm going to insist its included. I have a chronic illness and a lot of insurance companies will refuse mortgage protection to someone with it even if their illness is very minor. I've read a lot about people getting high premiums with it, or no cover at all and having to look for a waiver if the bank will accept one.
If the seller wont accept the clause, I'll walk away. There are other houses.
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02-05-2019, 08:55   #17
Dav010
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Originally Posted by Marc Big Plan View Post
I wouldn't sign without it. I'm currently looking for houses at the minute and I'm going to insist its included. I have a chronic illness and a lot of insurance companies will refuse mortgage protection to someone with it even if their illness is very minor. I've read a lot about people getting high premiums with it, or no cover at all and having to look for a waiver if the bank will accept one.
If the seller wont accept the clause, I'll walk away. There are other houses.
As it is not a legal requirement that the clause be included, and the risk is on the sellers side if it is added to the contract, I really can’t see the benefit to the seller of agreeing to it. I could see the benefit if properties were plentiful and buyers few, but that is not the case right now.

You should not bid on a house unless you are certain you can finance your bid, be that with cash or borrowings. I’d have to say Marc Big Plan, if you insisted on the clause being inserted, I would be concerned that you cannot complete the sale and given the costs involved on the sellers side if a sale does not complete after contracts are signed, you should suffer a financial loss if you cannot afford the house.

For that reason, if the seller doesn’t like the vibe, they may be more than happy for you to walk before contracts are signed. Another buyer is likely to come along.
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02-05-2019, 09:19   #18
 
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You should not bid on a house unless you are certain you can finance your bid, be that with cash or borrowings. I’d have to say Lorenna, if you insisted on the clause being inserted, I would be concerned that you cannot complete the sale and given the costs involved on the sellers side if a sale does not complete after contracts are signed, you should suffer a financial loss if you cannot afford the house.

For that reason, if the seller doesn’t like the vibe, they may be more than happy for you to walk before contracts are signed. Another buyer is likely to come along.
I have the same certainty as anyone else. A lot of people don't even know they have something wrong or that they might have an issue till they go to get insurance and have to have tests and end up having issues getting insurance because of health reasons. Doesn't mean they should never be able to buy a house.
I wouldn't be unreasonable, I'd be happy to insert the clause with us paying any of their fees. If they want to find another buyer as I already said
that's fine. It might not be a legal requirement but the law society suggests it should be inserted.
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02-05-2019, 09:26   #19
happyfriday74
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I don’t think it’s a sign of a bad solicitor if they don’t get the clause in.
Absolutely not. All the solicitor can do in the event of this happening is advise you not to sign and of or the risks associated with what could happen if you do and something goes wrong.

Our solicitor advised us that the sellers wouldn't accept this clause and I still weighed it up and took a punt and I got on fine.

Thats also why cash purchasers are higher in the pecking order of preferred buyers than those with mortgages.
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02-05-2019, 13:02   #20
Dolbhad
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Absolutely not. All the solicitor can do in the event of this happening is advise you not to sign and of or the risks associated with what could happen if you do and something goes wrong.

Our solicitor advised us that the sellers wouldn't accept this clause and I still weighed it up and took a punt and I got on fine.

Thats also why cash purchasers are higher in the pecking order of preferred buyers than those with mortgages.
That’s really it. Your solicitor should at least try get it in. If not, then you need to assess the risk. A solicitor will cover themselves and advise to be cautious about proceeding. I personally don’t think I would proceed without it if it was a new build and my completion date is a good few months away - I don’t know what would happen even though I’d expect no change. Our new build contracts as a few get out of jail cards for the builder themselves so would have been annoyed they cover their arses but won’t allow us cover ours.

However the bifilar agreed that the solicitor would hold the deposit as stakeholder and not realease it to builder which I think is very important to make sure is in contracts. I’ve friends buying new build in Musbter. Deposit released to builder - sale agreed over a year ago and no works have even started yet.
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02-05-2019, 15:07   #21
MSVforever
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I have the same certainty as anyone else. A lot of people don't even know they have something wrong or that they might have an issue till they go to get insurance and have to have tests and end up having issues getting insurance because of health reasons. Doesn't mean they should never be able to buy a house.
I wouldn't be unreasonable, I'd be happy to insert the clause with us paying any of their fees. If they want to find another buyer as I already said
that's fine. It might not be a legal requirement but the law society suggests it should be inserted.
+1
You can never be 100% sure.
We bought a new built and we moved in 1 year after paying the booking deposit as the builder kept delaying the completion process.
Finances and health were all in order.

However fast forward a couple of month and I developed some health issues (cancer ). No insurance company was touching me and I had to apply for a waiver with the bank (as mortgage protection insurance is compulsory ).
I was lucky that a) after 6 weeks of back and forth our bank granted the waiver and b) the cancer was fully removed after surgery.

These things are unpredictable and therefore I wouldn't advise to sign a contract without the clause.
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02-05-2019, 16:32   #22
someday2010
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How long does it typically take to go from signing contracts to drawdown?
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02-05-2019, 16:45   #23
Dolbhad
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How long does it typically take to go from signing contracts to drawdown?
How long is a piece of string? I think it really depends on the parties involved. Is it a new build or second? New build will depend on paperwork and snags being all in order. Second hand will depend on the sellers being ready to move out. Depends on how quick your bank can have everything in order to issue funds. Depends on you having everything in place with the bank to have funds issued. And lastly the competency of solicitors involved. I think most contracts would have a closing date of 2 weeks or 1 week from signing contracts but that’s aspirational and not set in stone. If one of the above is not in order it won’t close.
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