Remortgage solicitor

Sheep

Afternoon all,

Just a quick question. Yesterday i received the great news that our mortgage offer was about to be posted and it would be here by the end of the week. The advisor said they would now instuct the solicitors. At the time I didnt think to ask but I have just realised my mortgage application is only valid until 7th July. Then the application expires.

My question would be what happens if the solicitors take too long and it goes beyond 7th July? Or once i return the official offer will the timeline stop and just wait on solicitor?

When we aplied they gave us 4 months before the application expired and I am very close to that date.

Something my wife has just reminded me, when we first bought this house we paid the solicitors to save the title deeds and offical paperwork but they went bust and one day I just received a letter saying they will not keep any documentation and a parcel came will the deeds to our house and lots of official papers. Will these need to be sent to the solicitors?

Sorry for the long post

Thrugelmir

Sheep wrote: »

My question would be what happens if the solicitors take too long and it goes beyond 7th July?

Won't be the solicitors fault if there is insufficient time to process the transaction.

GMS

Are you thinking of when your Decision in Principle expires?

If this is your first mortgage offer then it should be valid for more than 2 weeks.

If the solicitors are on the ball then they could complete in 2 weeks but if they are free legals appointed by the lender then this may be stretched.

Did you apply directly to the lender or use a broker? A broker would be able to tell you what is going on.

When you receive the offer look for a 'valid until' or 'this offer will expire' type sentence.

Post back with any questions.

reset1

Mine was valid for 3 months. That's short for a mortgage offer. Which Bank is it with?