existing sale going through after new purchase

chrismac79

Hi all,

I am currently purchasing a new property with a mortgage through Post Office, we have the deposit in place and are not relying on the sale of our existing house to fund this, however there is going to be a two week crossover period before our sale completes on our existing home.

Will this cause problems regards our mortgage as legally we will have two mortgages running for a brief period of time?

Didn't want to call Post Office direct in case this scuppered the app and we had to go through the process again!!

Cheers

Chris

getmore4less

Make sure you have exchanged on both

then a missaligned completion should be less of a problem if not and the second sale falls through you need to be able to afford both mortgages indefinately

kingstreet

If you have told PO the current mortgage will be repaid on, or before, the new one starts, they will instruct the solicitor to ensure this is the case. If it won't be, you need to make sure their offer conditions make it clear to the solicitor this is the case.

What does your offer say? It normally has a wording that any existing mortgage is repaid, unless it has specifically agreed to the contrary.

Face this now. Trying to change it at the 11th hour may cause you big problems...