Mortgage Withdrawn where does that leave me?

kmcalea

Hi,

My Partner & I have had our mortgage offer withdrawn, we have signed contracts for the appartment and it is now close to completion. Our bank has now withdrawn the mortgage and I wanted to know what our options are. Ideally we would walk away from the agreement to buy the apartment but have heard that was may be sued for breach of contract? Our solicitor is very difficult to get hold of and is plainly very difficult when you do get hold of him. Are we likely to be pursued by the builders for breach of contract? I guess we will lose our deposit. the annoying thing is the apartment was meant to be completed months ago and if it was then the morgage would have been fine but as it dragged on the financial markets tripped and landed on its face. A quick and painless exit stratagy is what I desire. hope someone can give some advice as its getting a bit stressfull and I'd like sometinng to be able to put in a letter to our solicitor.

thanks

wymondham

You need to talk to your Solicitor and soon, only they can point you in the right direction. If they are hard to get hold of or not helpful then complain loudly as you are paying them for their 'professional' services...

silvercar

Any idea why the mortgage was withdrwan?

Would you be able to get another mortgage elsewhere?

Soot2006

Unfortunately this is a very common problem with new builds at the moment -- have a search on this forum & you'll find many discussions. From what I gather, if you've already completed on the property, then you are liable for the cost so the builders are totally within their rights to go after you if you pull out without finding a replacement buyer.

Jonbvn

Since you have exchanged, it is very difficult for you to get out of this. If you walk-away, other than losing your depost the builder may sell the property for a lower price and come after you for the difference compared to the price you agreed.

PasturesNew

silvercar wrote: »

Any idea why the mortgage was withdrwan?

Would you be able to get another mortgage elsewhere?

I got the impression the mortgage offer went out of date because of the delays in the build. Seems all too common these days.

I'm guessing too, that anybody else wants a bigger deposit and/or values it less.

toonfish

if the solicitor has exchanged contracts without confirmation of mortgage funding then surely they are liable?