Just Bought New House - Would Appreciate Some Mortgage Advice

jetman_2

Hi There

I have just bought a new property and am meant to receive the keys for it next week - I am now beginning to do some last minute panicking over certain details that I don't fully understand:

1) My move in date to the new property is Jun 15th.
2) My move out date from my current property is July 29th.
3) Due to the difference between the above 2 dates, I will effectively own 2 properties up until July 29th.
4) I was advised not to to take out a bridging loan to cover the overlap period in order to avoid the admin costs and high interest - my mortgage provider said that I didn't need a bridging loan, and they would allow me 2 have mortgages running concurrently (for both properties.)

To cut a long story short, how will I be able to get the keys for the new property on June 15th if I won't be able to get my hands on the £45,000 deposit I said I would put down for the new property until July 29th (the deposit will come from the proceeds of my existing property.)

Hope the above makes sense - many thanks for any advice!

JoeK_3

This question needs to be asked of your lender.

Contact them tomorrow, first thing in the morning.

JoeK

*EssEncE*

Have you actualy exchanged contracts of both sale and purchase?

jetman_2

Thanks to both of you for your prompt responses!

Joe - will be on the phone first thing no doubt about that!

Essence - I am meant to get the keys to the new property next Friday. Not sure
if both contracts have been completed - my solicitor said I was getting too involved in the whole process, and I should leave all that stuff to them!

My mortgage provider said that they lifted the clause that would prevent me from having 2 mortgages concurrently. They knew that my deposit would come from the proceeds from my current property (a lot of the call centre staff don't seem too clued up), but I still can't get my head around how they can give me the keys without the deposit!?

MortgageMamma

Did you not use a mortgage broker?

jetman_2

Hi and thanks Mortgage Mamma. I didn't use a mortgage broker, because I am tied in to my current lender, who managed to offer me an excellent fixed rate deal.

Violet_Isle

I think you need to have a word with your solicitor, telling you that you are getting too involved and you should leave it all the them is a little unprofessional IMO. You are their client. this is your money, and you have every right to know what si happening, when its happening and why it is happening. Some soliciotors people skills are absolutely crap and its sounds like this is the case with yours.
I don't think anyone here can really tell you what is happening, but you need to ascertain the course of events with your solicitor before you go any further.

*EssEncE*

Call your solicitor on Monday and don't get off the phone until they have explained everything to you. Your their client, your paying them for a professional service, hence should treat you with the utmost respect and clarify whatever you are unsure about.

From what I can recall it is possible to do what you are doing, but I'm not too sure on the ins and outs, it's all down to agreement with the lender (which is in place as you've confirmed) and the vendor and their solicitors, the contract between you and the vendor may be amended to allow this transaction to complete prior to your related sale, but they'll be clauses applied possibly.

Good luck...

mightymouse

Hi

I am curios as to who recommended your solicitor and how did you exchange contracts on your purchase without the deposit.

Your Solicitor needs to explain to you in detail how this process is set in motion to work.

What guarantee do you have that the buyer will complete in July or have contracts been exchanged with the £45000 deposit?.

I will be interested to read the outcome tommorrow of what has been said.