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Backing out of sale after survey. Can I transfer mortgage to new house?
Northants_Simon
Posts: 130 Forumite
For various reasons I have decided to back out of a house I'm currently buying. I checked with the solicitor and they say I won't have to pay anything more but will loose what I have already paid (about £700, but that's small change in the grand scheme of things). The survey revealed a few faults and there are some other issues like a boundary dispute and sellers who have left the house full of junk and split up.
I have had an offer accepted on another property, the price will be the same. Do banks allow you to transfer the mortgage or do you generally have to reapply for the mortgage? I already have the formal mortgage offer for the current property. I realise I'll have to get another survey done before they would give a formal mortgage offer on the new house.
I have had an offer accepted on another property, the price will be the same. Do banks allow you to transfer the mortgage or do you generally have to reapply for the mortgage? I already have the formal mortgage offer for the current property. I realise I'll have to get another survey done before they would give a formal mortgage offer on the new house.
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Comments
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I believe the mortgage offer is against you and the survey is against the property, so you should be Ok but if your worried just give the mortgage company a ring and ask the same question as you have asked here.0
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