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Last Minute Mortgage Refusal.

2

Comments

  • Gangstabird
    Gangstabird Posts: 1,920 Forumite
    If everything you say is as is, then the Halifax should be sued.

    Not sure if I am right but were you exchanging & completing on the same day.

    If you are right then the Halifax will owe you a few quid in compensation. I would
  • Swans1912
    Swans1912 Posts: 1,658 Forumite
    Why would you lose your deposit, unless it is a new build?
  • Kavanne
    Kavanne Posts: 5,093 Forumite
    iKennett wrote: »
    Why would you lose your deposit, unless it is a new build?
    Because the OP has exchanged and technically broken the contract. So they lose their 10% deposit to the vendor.
    Kavanne
    Nuns! Nuns! Reverse!

    'I do my job, do you do yours?'

  • Swans1912
    Swans1912 Posts: 1,658 Forumite
    Kavanne wrote: »
    Because the OP has exchanged and technically broken the contract. So they lose their 10% deposit to the vendor.

    So the vendor has a massive smile on their face knowing they have just got themselves £10K for a bit of stress. Obviously I don't know what situation the vendor is in however they must have mix feelings!

    OP - Keep in contact with everyone daily and make notes of every conversation you have anyone in regards to this issue.
  • koexelek
    koexelek Posts: 7,847 Forumite
    Trollfever wrote: »
    Your solicitor allowed you to exchange contracts without ensureing your mortgage was in place?

    http://www.legalcomplaints.org.uk/home.page

    To be fair to the solicitor, if a mortgage offer is produced, that is about as much checking as they can do, as 99.99% of the time, that means the funds are available.

    The lenders reserve the right to withdraw the offer right up until the last minute
    I am a Mortgage adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • silvercar
    silvercar Posts: 48,145 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    koexelek wrote:
    The lenders reserve the right to withdraw the offer right up until the last minute

    Something which the solicitor should have warned his client about.

    If nothing untoward has happened to the buyer's credit record and employment status since the offer is made, I would think the Lender would have a hard time justifiying the withdrawal of the mortgage offer.
    I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • can't believe this has happened twice.

    have you tried speaking to the financial ombudsman? i know you will have to go through halifax's complaints procedure first in theory.

    there has been a similar thread to yours as i remember reading it a couple of months ago.

    i feel so sorry for you, and i would chase it all the way - i know that doesn't help you at the moment though x
  • dunstonh
    dunstonh Posts: 118,011 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    £15k as a deposit? Since when did builders want that sort of money to put down on a new house. I only put £500 down on mine.

    How long was the gap between the original application and the proposed completion?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Kavanne
    Kavanne Posts: 5,093 Forumite
    dunstonh wrote: »
    £15k as a deposit? Since when did builders want that sort of money to put down on a new house. I only put £500 down on mine.
    But once you've exchanged isn't the purchaser liable for 10% if they pull out?
    Kavanne
    Nuns! Nuns! Reverse!

    'I do my job, do you do yours?'

  • To be fair to the solicitor, if a mortgage offer is produced, that is about as much checking as they can do, as 99.99% of the time, that means the funds are available.

    And the 00.01% are declined because..................
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