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Seller Applies for Mortgage Right When We're Due to Exchange
Marsella187
Posts: 1 Newbie
Hi, after some advice.
I am a first time buyer and after 9 weeks of the house buying process and exchange imminent, our seller finally divulges to his solicitor that he needs to move his mortgage to his new property, which as I understand it is basically applying for a new one. He is a pensioner and the mortgage is only about £20k on a £175k property.
He has applied with Nationwide last week and the valuation took place on Tuesday and has come back ok but now they have asked him to complete an Income and Expenses form.
Is this a bad sign for him getting the mortgage? Our solicitor was hoping for an exchange the start of next week (as our rental notice is due on Tuesday at latest) but it doesn't look like he is getting the offer through any time soon..
I am a first time buyer and after 9 weeks of the house buying process and exchange imminent, our seller finally divulges to his solicitor that he needs to move his mortgage to his new property, which as I understand it is basically applying for a new one. He is a pensioner and the mortgage is only about £20k on a £175k property.
He has applied with Nationwide last week and the valuation took place on Tuesday and has come back ok but now they have asked him to complete an Income and Expenses form.
Is this a bad sign for him getting the mortgage? Our solicitor was hoping for an exchange the start of next week (as our rental notice is due on Tuesday at latest) but it doesn't look like he is getting the offer through any time soon..
0
Comments
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If they have an existing mortgage with a particular lender and intend staying with that lender some folk simply don't realise that they have to reappply on the new property - they think it automatically transfers somehow....
Seller's solicitor should have asked where their new mortgage offer had got to - then seller would have said that he didn't need one - he was keeping his old mortgage - and solicitor would have told him he couldn't and would have to apply for one on the new property. But if the solicitor never asked....RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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