Mortgage jitters

Mrsuperstar

Hi guys,

Just seeking some advice on a woolwich joint mortgage application. Myself and my girlfriend are finally taking the plunge and buying a place together. The process hasn't been smooth and riddled with problems regarding the house itself causing endless negotiation with the current vendors. We are about to exchange next week and transfer our deposits and hopefully (fingers crossed) complete in 2 weeks. We're both super paranoid with all the problems we've had that something else will go wrong!! I have 2 questions;

1. We have negotiated some works to be carried out in between exchange and completion, it has been written into contracts that it must be done prior to completion. IF the work is not completed prior to the specified completion date what are our rights regarding the house and compensation (I ask as the vendor has been anything but helpful)

2. In between exchange and completion will woolwich do anymore checks ie credit / affordability on us. Our credit profiles haven't changed since application and approval but our ultimate fear is that it all falls apart at the last min and we loose our deposit.

Cheers

James

Thrugelmir

Mrsuperstar wrote: »

1. We have negotiated some works to be carried out in between exchange and completion, it has been written into contracts that it must be done prior to completion. IF the work is not completed prior to the specified completion date what are our rights regarding the house and compensation (I ask as the vendor has been anything but helpful)

May I ask what works?

Mrsuperstar

Of course, there was no test / safety cert on the electrics following the survey so we arranged our own. End result seriously unsafe even for the current residents. Should cost about £700 to correct and bring up to code.

latecomer

If you have negotiated works to be done into the contract then surely you should have also had the consequences of this not happening written in too?

We had a fairly standard clause in our contract which meant we were liable for the entire purchase value at an interest rate of base rate + 5% until either we completed or someone else bought it and in that case we would also be liable for any shortfall between our offer and the subsequent one.

Mrsuperstar

Thank you latecomer, I'm meeting with the solicitor Monday to discuss the contract I was just after a heads up so I'm not going in there without a clue

Locana

Its generally advisable not to apply for any credit until you have completed. You never know if Woolwich will do a random audit on you. I was worried about this too and after completing on Monday, I checked my file and Natwest hadn't done another check since the offer in September. I wouldn't risk it though..

However, not sure what that will have to do with your deposit...

Mrsuperstar

I was under the impression if the lender withdraws after exchanging that your deposit is pretty much gone, is that not the case?