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Shared ownership....lease issues
talliedebtbuster
Posts: 491 Forumite
Hi all, can anyone help as ive hit a brick wall
Im buying 60per cent of a property shared ownership.....there is no "mortgage protection clause" contained in the lease....ive had my mortgage offer with woolwich, paid their fees and signed the mortgage deed.....
my solicitor has told me that because the "mortgage protection clause" is not in the lease the woolwich may not approve the mortage....because the condtion of the mortgage is that this clause is contained in the lease....
Yet, my solicitor has sent me the contract papers to sign and asked for me to transfer the mortgage deposit (10k) to "save time later".....
And the housing assocation got thier financial adviser to arrange the mortage for me!! So surely they must have known about this issue?! And the seller has her mortage with the woolwich and used the same solictors when she bought the flat!
Has anyone had a similar situation? Can they really refuse the mortage now after i paid the valuation (£300) fees (£1500) etc....
Any advice id be really greatful.....my solicitor has sent the woolwich the letter yesterday and im currently awaiting "approval" for the morgage so i can exchange contracts
Im buying 60per cent of a property shared ownership.....there is no "mortgage protection clause" contained in the lease....ive had my mortgage offer with woolwich, paid their fees and signed the mortgage deed.....
my solicitor has told me that because the "mortgage protection clause" is not in the lease the woolwich may not approve the mortage....because the condtion of the mortgage is that this clause is contained in the lease....
Yet, my solicitor has sent me the contract papers to sign and asked for me to transfer the mortgage deposit (10k) to "save time later".....
And the housing assocation got thier financial adviser to arrange the mortage for me!! So surely they must have known about this issue?! And the seller has her mortage with the woolwich and used the same solictors when she bought the flat!
Has anyone had a similar situation? Can they really refuse the mortage now after i paid the valuation (£300) fees (£1500) etc....
Any advice id be really greatful.....my solicitor has sent the woolwich the letter yesterday and im currently awaiting "approval" for the morgage so i can exchange contracts
Debt for Tallie - JUNE 2009
NATWEST LOAN......5000.00
CREDIT CARDS........5000.00
STUDENT LOAN.......7500.00
TESCO CARD..........1000.00
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