100% mortgages and completion...?

GhostDog_2

Can anyone tell me if it is possible to exchange on a property and complete at a later date with 100% mortgage?

We're desperate to exchange before the weekend so we can start the required work on building a hard standing in the garden and gain access to the property out of hours (over weekend) to measure up (with professionals) for carpets / blinds flooring etc. HA have told us we can have this access if we exchange but I guess they wouldn't necessarily realise we're using 100% mortgage?

Is a HA likely to agree to exchange with nil deposit? Or are they just going to laugh at us?!!!

Solicitor is going to ask on the basis of nothing ventured nothing gained..... :T Just wondered what hope we have? :rolleyes:

Dead_Eye_Jones

Yeah exactly - get your solicitor to find out, thats what you are paying them for!!!

Personally Id stay clear of a 100% mortgage, its worth being patient imo, I can never get my head round the idea of buying a property without actually having any money!

GL with the place though, watch the cash flow carefully

AndrewSmith

It is not unheard of (depending on the lender) for some of the mortgage funds to be drawn down prior to completion to allow an earlier exchange.

You will have to pay extra interest on this but I have known it done.

Ask your solicitor.

ginandtonic1988

I quite often exchange with nil deposit you just have to ask the question and await a reply!

You may be having a 100% mortgage but you could exchange using the money that would be for your solicitor fees, stamp duty and land registry fees. It might only mount up to £1000 but if the othersides solicitor won't accept nil its worth a try offering the £1000 to appease them and get an exchange.

Good luck

izoomzoom

Hiya

I'm back - broadband up and running today, finally.

In the end we exchanged and completed last Wednesday. However, we weren't buying our shared from the HA, but from the previous half owner.

Anyway, when we signed contracts (a month before we exchanged / completed) we paid our solicitor all his fees etc, (which were only due on completion) which he was going to use as a 'deposit'. In the end however it wasn't necessary, but I've told you so you know that there is another way of paying a deposit.

Regarding accessing property after exchange but before completion, well that is not guaranteed, you'll need to find out from your HA about that too.