Help! My vendors are taking forever and my mortgage is going to expire!

frenchie851

Hi

I had an offer accepted on a property in early December. I was aware that the vendors then needed to find a property and was prepared to be patient. The vendors found a property and had their offer accepted on 01/02/2013. I have made sure that all surveys etc have been paid for promptly and returned all correspondence swiftly. However today I re-read my mortgage offer to check the date on it and it expires on 08/05/2013. I phoned my provider in a panic and apparently it is very rare that they will grant extensions. I then phoned my solicitor in a panic and she is going to send a letter requesting an extension.

Apparently my vendors haven't even paid for their surveys yet which I think is ridiculous! Is there anything I can do to give them a kick up the !!!!?! My solicitor was going to phone them today but I've not heard back from her as yet. If I lose this mortgage I'll lose the £213 survey fee and have to pay another one for a different mortgage. I have to give a months notice on my rental property which doesn't help the situation either!

robatwork

You can hint that your offer is in jeapordy because of their (in)actions and tell them you will be expecting them to pay your rent until you exchange beyond the date you have already discussed.

Don't give notice till you exchange

Annisele

You could go back to your vendor's estate agent and ask to look at other properties, explaining you're not sure whether your vendor is actually going to sell. That should make the EA scared they'll lose their commission, and might prompt the EA to chase the vendor a bit.

spacey2012

Want some good advice ? Start looking for a similar property with vacant possession.
£213 is minuscule small change in the scope of paying back 3x what the mortgage is.

frenchie851

Thanks for your replies. I'm going to wait to see what I hear back from my solicitor tomorrow before I contact the EA. I know that £213 isn't alot but we're first time buyers and we're ploughing £17k (basically all our savings and my OH's inheritance) into the deposit so don't have alot of extra cash hanging around. My parents are already going to have to lend me cash for stamp duty etc. I'll let you know what the sol says tomorrow.

scumboss

Correct me if I'm wrong but you've paid for a survey but you haven't instructed the surveyor to carry it out? If so, you can cancel it, receive a refund and just pay for it when you are ready.

You will lose your mortgage arrangement fee though. I'm in a similar position I've paid £99 mortgage arrangement fee to Nationwide, had an offer accepted but I'm waiting on the vendor to have their offer accepted. I have until the middle of May. Nationwide have told me if I get the mortgage application started before the date in May I won't lose my fee.

kingstreet

Why did you allow your purchase to get so far ahead of your vendor's?

You should have done nothing and spent nothing until they found a property, made an acceptable offer and the chain was formed. You should not have been applying until February at the earliest.

How is the offer expiring on 8 May. Typically an offer lasts six months. If you only agreed the price in December, the valuation won't go stale until six months after it was done. That has to be into June.

Please set out the dates things took place and the lender involved.

moneyistooshorttomention

Errrmm...OP would have had to have a mortgage agreed in principle to persuade her vendor that she was a proceedable buyer or else they probably wouldn't have accepted her offer.

Is it such a big problem these days to find another mortgage AIP with another company if this mortgage offer expires? I know mortgages were dead easy to get "back in my day" and I just looked down a mortgage providers league table and decided "I'll have that one" and went and told the building society concerned that they were It and they accepted I was going to have my mortgage with them and that was that....

I know things are rather harder these days, but wouldn't it be the case you could study the mortgage providers and ask several and a couple of them would accept you with no problem? I genuinely don't know the answer to that - but would imagine enough "asks" (rather than just "telling them" - as I did in my day) would produce a couple of positive replies.

kingstreet

moneyistooshorttomention wrote: »

Errrmm...OP would have had to have a mortgage agreed in principle to persuade her vendor that she was a proceedable buyer or else they probably wouldn't have accepted her offer

I meant after doing an agreement in principle. I'd expect that before serious viewings.

A full application should not have been done until the vendor had an offer accepted. I was referring to the payment of application, valuation and legal fees, although perhaps it could have been clearer.

marathonic

My mortgage offer expired last December and the cost to me was £190 for another evaluation. I threatened to pull out of the transaction unless the seller paid the cost - which they did....