Agreement in Principle

t0th

Hi,

4 weeks ago I recieved an "agreement in principle", ok'ing my mortgage with the condition that I did not have to sell my flat in order to buy a house....the idea being to get out of a chain, to buy a house I really liked (quickly) and then to sell my flat (offered with no chain) once I'd moved in to the house.

My solicitor has recently recieved all the final paperwork from the lender, but it now has the condition that I sell my flat first. The solicitor is now chasing up the lender to confirm if this conditon applies but they seem to be dragging their feet in giving her a definite response.

Can a lender change the "agreement in principle" if none of my circumstances have changed since my original application?

Thanks for your help.

brannyrhino_2

t0th wrote:

Hi,

4 weeks ago I recieved an "agreement in principle", ok'ing my mortgage with the condition that I did not have to sell my flat in order to buy a house....the idea being to get out of a chain, to buy a house I really liked (quickly) and then to sell my flat (offered with no chain) once I'd moved in to the house.

My solicitor has recently recieved all the final paperwork from the lender, but it now has the condition that I sell my flat first. The solicitor is now chasing up the lender to confirm if this conditon applies but they seem to be dragging their feet in giving her a definite response.

Can a lender change the "agreement in principle" if none of my circumstances have changed since my original application?

Thanks for your help.

Yes they can they will always reserve the right to cancel a mortgage at any time even up to offer and later if they felt fraud was involved.
I guess yours sounds like a breakdown in communication and your Solicitor should be able to sort it out.

herbiesjp

Yes they can change the details at any time - but if there is no reason, it could simply be a mistake. Get your broker to give them a call or call them direct to ask the reason for the change.