OK. Here's a PPOR scenario for a family member I wanted some advice on.
Property 1 sold. Exchanged. Settlement is set for 26/11/06.
Property 2 pursued, price agreed after vigorous negotiation, settlement of 1 mth agreed (vendors request as it seems he is hurting from the interest rate hike) and we are almost ready to exchange contracts.
Finance for Property 2 is partially dependant on the settlement from Property 1.
Our solicitors want a clause in the contract that gives us an out if something goes wrong with the first property sale between now and settlement on 26/11/06.
Vendor is having none of it and has indicated that if exchange does not occur - without any such clause - this week, then all bets may be off.
We are now caught between opposing potentialities, the possibility that something will go wrong in the 10 days remaining until settlement of Property 1, vs the possibility that we could lose an aggressively negotiated and much desired PPOR.
Any suggestions from the wise heads on this site?
Property 1 sold. Exchanged. Settlement is set for 26/11/06.
Property 2 pursued, price agreed after vigorous negotiation, settlement of 1 mth agreed (vendors request as it seems he is hurting from the interest rate hike) and we are almost ready to exchange contracts.
Finance for Property 2 is partially dependant on the settlement from Property 1.
Our solicitors want a clause in the contract that gives us an out if something goes wrong with the first property sale between now and settlement on 26/11/06.
Vendor is having none of it and has indicated that if exchange does not occur - without any such clause - this week, then all bets may be off.
We are now caught between opposing potentialities, the possibility that something will go wrong in the 10 days remaining until settlement of Property 1, vs the possibility that we could lose an aggressively negotiated and much desired PPOR.
Any suggestions from the wise heads on this site?
