Woolwich mortgage offer-how long is it valid for?

celiao82

I applied for a new mortgage with my existing provider so that I could take over my current joint mortgage.

I had the mortgage offer verbally confirmed on Friday and the paperwork is in the post currently.

I have just spoken to my flatmate (who instigated the buy out as she wants to leave the property) and told her the mortgage has been approved and asked her what timescale she's working to to sort the paperwork out.

She booked a 5 week trip starting on Sept 30th and has now said that she won't be leaving until the end of nov possibly later.

I said that the mortgage offer is only valid for 3 months (I'm not sure where I picked that time up from) but can anyone confirm how long the mortgage offer was valid for? I will contact the in branch advisor tomorrow to confirm but I'm stressing that this won't be completed anytime soon which is really frustrating.

ellives

probably 90 days....

Thrugelmir

Why not come to a mutual arrangement where she pays you rent?

celiao82

I don't think she will be willing to do this. I have been completely above board and reasonable with her but unfortunately she thinks I am trying to con her out of equity and that I am trying to force her to work through this at my speed. Ironic as she stated in April that she wanted to sell up but now isint happy to leave (possibly) before next year!

Thrugelmir

celiao82 wrote: »

I don't think she will be willing to do this. I have been completely above board and reasonable with her but unfortunately she thinks I am trying to con her out of equity and that I am trying to force her to work through this at my speed. Ironic as she stated in April that she wanted to sell up but now isint happy to leave (possibly) before next year!

I would agree on the property value at the point she decides to move not before. Use an agreeable method of valuation. Such as the average of 3 estate agents.

celiao82

I have done that, got a figure for the mortgage redemption and minused the associated selling costs which she thought was unreasonable. The mortgage valuation was £285k -the estate agent valuations ranged from £285-325k.

She felt I was trying to prevent her from having £5000 of non existent profit when I attempted to negotiate in April.

Thrugelmir

Try a different tact perhaps. Tell her your fed up with being messed around so would prefer to sell the property instead. As you would like to secure a good mortgage deal while rates are low. In a sense force the issue along.