What can I do?

anuarun

Hi,

I'm a FTB.
The offer was first accepted in Oct 2006.Since then i finished all the formalities from my side....like survey,finding a mortgage ,solicitor,etc,etc.

The vendor also found a property and finished the formalities for the property she's buying.She took a long time for that (almost 5 months)

Now, we need to exchange contracts and set a moving date,but another problem has arised - the vendor's mortgage has been rejected due to some complications (the complications wasn't explainrd to us).

My mortgage offer will run out in 2 weeks.What should i do now?

Please advise.

Thanks

Doozergirl

1. Call your broker and ask to have the offer extended if possible

2. Recommend she sees an independent, whole of market broker who can best advice on her circumstances and see if she can pull it out of the bag.

3. Start looking elsewhere anyway; there's a possibility this isn't going to happen for you. We'll hope not though

anuarun

Thank you Doozergirl.

I tried calling the broker, the mortgage offer will not be extended.

Do you think putting an ultimatum will help?

tarajayne

There is no need for it to have taken this long anyway, as a FTB you are in the best position ever. We were sale agreed 31/08/06 on the house we were selling, we saw the house we wanted one week later, we moved 06/10/06.

3rd time in 5 years, we have an excellent solicitor and we contact our EA every other day but in the final part every day(always extremely politely).

If ultimatum does not work, walk away, loads more houses, it's her loss!

Doozergirl

Ultimatum for whom? Your vendor? After 5 months, she can't get a mortgage, an ultimatum is no use at all to anyone.

You NEED to start looking again. If you still really want this place then keep your fingers crossed that she can sort herself out. Tell the EA that you are now looking again but ask them to keep you updated. If there is anything she can do about it, the fact that you are looking again will gee her up.