Can anything go wrong after the mortgage offer?

birmanza

Hi,
we are buying my grandfather's house from my parents who have inherited it, after several months waiting for probate, we could finally go ahead and arrange the mortgage and instruct solicitors etc, we have received our mortgage offer, the survey was fine and we are just waiting for land registry to update the deed (my grandfather inherited the property and never registered it in his name) my parents solicitor says that that is now dealt with and all ok... at this point could anything go wrong? My parents have said we can rewire the house now as our house is for sale and we don't want to have to live in the new house whilst doing building work etc. We would like to do this as it would save us paying 2 mortgages whilst doing the work, but obviously I dont want to knock walls down etc if anything could go wrong and we leave the house to my parents like a building site!!
any advice would be greatly appreciated.
Also phoned solicitor yesterday who said 'mortgage deeds' had arrived - what are mortgage deeds?
Thanks in advance
Angela

Richard_Webster

birmanza wrote: »

Also phoned solicitor yesterday who said 'mortgage deeds' had arrived - what are mortgage deeds?

Best thing is to phone solicitor back and/or send e-mail to ask what he means (probably mortgage offer) but also ask what else needs to be done.

It's your solicitor's job to answer questions like the one you posed in the post so you shouldn't be afraid to ask.

I keep finding this apparent fear that solcicitors can't be asked questions and it worries me. The point you have raised is a perfectly normal one that your solicitor should be able to answer. He will probably have to qualify what he says because there may still be stuff he hasn't seen .e.g. result of searches, but he should be able to give you some kind of idea.

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients.

birmanza

Hi, thanks for the advice, phoned the solicitors and yes the mortgage deeds is the mortgage offer... they havent done any searches yet as apparently they haven't received the contract from my parents solicitor. Therefore they cannot set a date for exchange and completion. Can anything happen now that would make the mortgage company change it's mind and not lend us the money?
thanks
Angela

rach29

Do you have a specific worry Angela,

What I mean is, is there a reason you think the Mortgage company "might" withdraw your offer?

It's very unusual for this to happen, but it can for a number of reasons. ie the mortgage company discover that your circumstances have changed dramatically, or that you have not told them the truth in your application etc.

Like I said it is rare, but it can happen. Do you have any special reason to be worried about this or are you just a natural worrier?

birmanza

No, no specific reason, actually just one, the mortgage offer was first of all with my name wrong, then with my husband's date of birth wrong, then the purchase price was wrong... it took about 6 offers until we received one with all the correct information! Then my solicitors (for reasons known only to themselves) wrote to the mortgage company and told them the purchase price was 15,000 more than it is, which produced another mortgage offer on our door, I suppose I'm worried that the mortgage company will get sick of sending us offers and end up not giving us the mortgage. Or because my husband says they (the mortgage company) has made 3 searches on his credit file so I'm worried that will reduce his 'score' and if they do further searches they will then refuse us!
Probably just a natural worrier, this process just seems to take forever, I think if I was in a chain I would have a nervous breakdown. I just want the house to be mine!

rach29

As long as your current offer is correct & has plenty of time before it expires then I can,t see any reason for you to worry.

It sounds like things are finally moving for you now so I would try not to worry.