Advice Please

Burnred

We were told by our solicitors that this was the next step, to pay the deposit so that they get ready to exchange contracts but we only found out this week that she hasn't got the mortgage offer on her purchase, I would have thought this information would have been known by our solicitor before but it seems not.

The vendors estate agents are useless, so it seems to us anyways, we haven't been able to get any proper answers from them for weeks and they kept saying that they have been having trouble making contact with the vendor but we feel they seem to be avoiding giving us any proper answers.

As house prices go, my partner works for Nationwide and according to them there hasn't been an increase but answers seem to differ from each financial institution.

CLS26

Burnred wrote: »

This may be a silly question but does that mean that the interest being made on our deposit will be paid to us or go into the solicitors pockets.

Also thanks for the advice to everyone who has posted

Your solicitor is holding your money to your order (i.e. it is still your money, as is any interest made on it).

If it looks like the transaction is going to take a while to complete, you can always instruct your solicitor to move the funds into one of your accounts (or a new account opened by you), if such account attracts a better rate of interest than your solicitor's account. That might be more hassle than it is worth though (CHAPS/BACs charges etc).

CLS

becky2011

I have heard through a few different people and know from my own position that some mortgage providers are taking ages to produce the offers at the moment as they have back logs.
It would be worth asking if there is a problem with their finance though just in case.

Wickedkitten

If I were in that situation I would have your solicitor contact her solicitor and say that if you haven't exchanged contracts by the end of next week, you are pulling out.

That way you are at least covered because contracts have been exchanged.

SavingSteve

My 2p, for what it is worth...

Tell them that as the Jan 31st deadline was not met your offer has now reduced by xx%.

Then tell them that is the Feb 27th deadline is not met your reduced offer will reduce further by yy%.

Keep doing this each month.

This should act as incentive for either;
a) The seller to hurry up their end of the chain
b) The seller to let you mvoe in whilst themselves moving into rented accom whilst their own sale completes.