Draw down Mortgage Funds before completion?

MajorTom_2

Hi Guys,

I'm in the process of buying a house from a vendor who is buying a new build from Taylor Wimpy.
The mortgage has been approved pending survey and everything looks set.
The vendors won't be moving into their new build until May-June (Looking at the weather, could be longer!). Taylor Wimpy want to exchange contracts with me and the vendor in the middle by the end of this month leaving my hard earned deposit in limbo.
I have read several posts where with such a long gap between exchange and completion the mortgage lender has pulled the mortgage offer leaving the buyer high and dry.
I have asked for exchange of contracts much closer to completion however I don't think this is going to fly and putting a clause in the contract has been rejected too.
The only way I can see protecting my deposit would be if my solicitor could draw down the funds from my lender straight away and hold them until completion.
I will happily start paying the new mortgage from next month if this is possible.

Any ideas?

Many Thanks,

MT

TrickyDicky

Tell the vendors your situation - tell them you want exchange and completion in line with your mortgage deadline. If they dont agreee, then remind them that renting and putting their items in storage is perfectly viable and the speed their house gets built is not your problem.

If they dont agree to renting - walk away.

MajorTom_2

Thats an option although I ideally didn't want to move before May anyway, need to get the cash together for the stamp duty/legal fees (£10k+). We're moving in with the parents in the meantime (forgot to mention we're FTB) so starting to pay the mortgage now wouldn't be a problem.

Cheers,

MT