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Legal fees still payable even if mortgage is declined?
TheAnalyst
Posts: 132 Forumite
Hi all,
Brief overview:
I'm buying my first flat, it's a 75%/25% shared equite mortgage through Halifax. I got my AIP 7 weeks ago but due to various things I'm still waiting for my full offer. Halifax keep coming back asking for more information and the financial advisors that have been dealing with it have been slow at best and failed to give them everything they needed way back at the beginning, there's also been a change in the purchase price and address (new build) which has caused further delays. It's currently back with the business assessors who need to check my bank statements this time but the thing is I'm due to complete on Monday!!!
I was speaking to my solicitor today as I recieved copies of the deeds and a request for the £1000 odd legal fees this morning. I asked her about the worst case scenario and my mortgage is declined to be told that fees would still be payable!
Never done this before, is this correct????
Brief overview:
I'm buying my first flat, it's a 75%/25% shared equite mortgage through Halifax. I got my AIP 7 weeks ago but due to various things I'm still waiting for my full offer. Halifax keep coming back asking for more information and the financial advisors that have been dealing with it have been slow at best and failed to give them everything they needed way back at the beginning, there's also been a change in the purchase price and address (new build) which has caused further delays. It's currently back with the business assessors who need to check my bank statements this time but the thing is I'm due to complete on Monday!!!
I was speaking to my solicitor today as I recieved copies of the deeds and a request for the £1000 odd legal fees this morning. I asked her about the worst case scenario and my mortgage is declined to be told that fees would still be payable!
Never done this before, is this correct????
0
Comments
-
Hi
Yes, it's true, and sounds like the exact situation I was in last summer. Luckily mine went through in the end after six stressful weeks of sending photcopies through to the Halifax.
You would also stand to lose fees payable to the solicitors you've instructed, unless they're on a no sale no fee basis.0
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