Why Now!!

first_time_buyer_2-2

Hi All,

I have just recently been accepted for a mortgage (YAY!) and had an offer accepted on a house.

All has gone through fine and an initial deposit to the solicitor has been made a while ago. (around £4000).

Anyway, all contracts from both parties have been signed and returned.

All ok so far.

My Mortgage company has released the relevant funds to the solicitor as i have stumped up the rest to match. Unfortunately, the seller lives abroad and no one can contact this person.

The sellers solicitor has stated that he doesnt wish to exchange and complete until a final OK from the seller (PROBLEM) no contact!!!

The mortgage company have given us until 5pm tomorrow to complete otherwise they will be withdrawing there money and the deal will then fall through!!!

Where do i standing regarding my £4000 initial deposit? I understand I still need to pay legal fees and solicitors costs etc etc but £4000 is a good chunk of cash these days and would help towards a deposit on a new property if this deal does fall through.

Help and advice needed please!!

Thanks

Doozergirl

The deal won't fall through, you can apply for another mortgage if they won't extend the current mortgage offer that you have. Have you asked for an extension? Is it not just that they want their money back if the loan monies they have already handed over isn't secured against something quickly?

first_time_buyer_2-2

Hi,

I haven't applied for an extension no. I have mentioned that to the fiancee though! Everything is already signed and ready to go... its not as if they need to re evaluate, re-sign and run searches again etc. I will look into an extension if the outcome is not in our favour tomorrow evening>

Thanks

first_time_buyer_2-2

Its possible that the monies isnt secured against the property yet so they might have a policy where if its not after x amount of time then they withdraw but can be re applied / extended there on.

Thanks again

first_time_buyer_2-2

Lets say the seller does wish to pull out.

All I am waiting on is completion, contracts are exchanged!

I can then get back the deposit and go for legal costs against the seller... can't I ???

taxsaver

It's normal for the lender to want the monies returned if completion is delayed, but that doesn't generally mean that they are withdrawing the off er to lend... just that they want the money back and then will resend it once it IS needed, provided that is still within a reasonable time.

samroo

Op From your posts it is not clear whether you have exchanged or not as you seem to contradict yourself.