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Morgage offer expires and Exhange of Contracts
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CPF101
Posts: 8 Forumite
My mortgage offer expires 31st August. I`m a first time buyer and the whole process has been delayed from start to (almost) finish, due to solicitors and a deed of variation.
Anyway the deed is almost complete and the exchange of contracts is ready to go once this is sorted. My question is, once the exchange of contracts takes place and the completion date is agreed, if for any reason the completion date isn`t met, and is delayed past the mortgage offer expiry, could I get the deposit money back?
Anyway the deed is almost complete and the exchange of contracts is ready to go once this is sorted. My question is, once the exchange of contracts takes place and the completion date is agreed, if for any reason the completion date isn`t met, and is delayed past the mortgage offer expiry, could I get the deposit money back?
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My mortgage offer expires 31st August. I`m a first time buyer and the whole process has been delayed from start to (almost) finish, due to solicitors and a deed of variation.
Anyway the deed is almost complete and the exchange of contracts is ready to go once this is sorted. My question is, once the exchange of contracts takes place and the completion date is agreed, if for any reason the completion date isn`t met, and is delayed past the mortgage offer expiry, could I get the deposit money back?
The contract at exchange pretty much sets the agreed completion date in stone.
Assuming you are buying only and not selling you must make sure that there are no delays on your part. It will be up to your solicitor to agree the completion date in consultation with yourselves and the other party.
If you default without exceptional reason (and often this is not enough) on the completion date then potentially you could lose your 10% (or whatever deposit has been agreed as per contract).
If the other party defaults then you will be able to claim damages and other uninsured losses arising from.
Ask your solicitor these questions you are paying him for his/her expert opinion on the matter.0 -
If you think that completion may hapen after the expiry of your offer you can write to the mortgage company and ask them to extend it for you, they are usually helpful if you explain the circumstances to them.Credit card debt - NIL
Home improvement secured loans 30,130/41,000 and 23,156/28,000 End 2027 and 2029
Mortgage 64,513/100,000 End Nov 2035
2022 all rolling into new mortgage + extra to finish house. 125,000 End 20360 -
ok thanks, that answered it. Abbey (Santandar) as policy now don`t extend mortgages0
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