Mortgage offer expiring

Worried

I'm having a nightmare buying experience. It's still on track to happen, but taking it's time because of a lease extension and a bunch of rubbish solicitors. I was concerned about my mortgage offer expiring before all this get sorted. It expires on the 15th Nov. I emailed my advisor about a month ago and asked her what to do if we get close to the expiry date and still have no completion date. She said my sol could just get it extended, the offered rate would still be available to me and there would be no fees, as these are all the concerns I expressed.

Expiry date is now 1 month away and still no completion date. Got a letter from lender, Alliance and Leicester this morning, saying mortgage offer could be extended ONLY if the property was under construction, which it isn't. This letter says I would have to re-apply for the mortgage, that the availbility of the booked mortgage cannot be guaranteed, that a re-valuation of the property may have to be carried out and I would have to pay a fee of £70 (and I'm guessing something for the re-valuation, should it happen)

Does any one have experience of extending a mortgage offer with A&L? Will they really not just let me extend it if my advisor contacts them and explains the situation? Will I really have to reapply and if so do you think it likely that I won't be able to get the 4.69% orginally offered to me? Many thanks for any advice.

lilyann1

I am in exactly the same situation as you but with the C&G.We had our offer of 4.69% fixed agreed back in April and they have extended it twice til end October now,so they have been quite good, but,our vendor still hasn't found anywhere and the property he is trying to buy he is tryng to organise a lease extension.How long will that take????

Mtge lenders tell me I will have to pay for original booking fee and new booking fee for new mtge agreement and then of course rates have gone up by nearly 1% on some fxd products!!!!
Just don't know what to do.

Worried

Have contacted A&L and they have said that if I get a completion date for 2 weeks after the mortgage expiry date, I can phone them and they can extend to meet that. If no completion date by a week before the expiry, I would have to reapply and may not get the rate I applied for. Lets hope it doesn't come to that.

Lilyann - the legal work for the lease extension has taken about 3 months so far, but that includes obtaining the price for the extension and I lost about 5 weeks due to incompetent solicitors. If the price for the extension is agreed and the legal team are good, then it shouldn't take long at all.