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re-mortgage for deposit and exchnage problems...
brock-cruse
Posts: 196 Forumite
Hi all
Well now getting desperate to exchange (buying repo house and bank want exchange asap). Problem is my buyer is going to let her current house out and remortaging it to pay for our current house (plus a further mortage to make up to the asking price). Thing is she is doing remortg with one sol and purchase with another. Remortg sol has now got her remortg offer and all she has to do is sign deeds and return to them so they can release the funds.
However this is going to take a while due to the postal strike and fact that they need 3 days notice to release funds to put towards our house. Now her purchase sol will not accept a bankers draft for 10k from her so that we could exchange without having to wait about a week for money from remortg. They say things may still go wrong with her remortg (even though she hjas offer etc). Given that completion date is not until 19 july this gives plenty of time for her remortg funds (due next week) and her mortgage (for remainder of purchase) to all be sorted. Is there anything we can do to try and get exchnage without wait for the remortg. Just that bank at top of chain is getting itchy feet!
Thanks for any advice
Well now getting desperate to exchange (buying repo house and bank want exchange asap). Problem is my buyer is going to let her current house out and remortaging it to pay for our current house (plus a further mortage to make up to the asking price). Thing is she is doing remortg with one sol and purchase with another. Remortg sol has now got her remortg offer and all she has to do is sign deeds and return to them so they can release the funds.
However this is going to take a while due to the postal strike and fact that they need 3 days notice to release funds to put towards our house. Now her purchase sol will not accept a bankers draft for 10k from her so that we could exchange without having to wait about a week for money from remortg. They say things may still go wrong with her remortg (even though she hjas offer etc). Given that completion date is not until 19 july this gives plenty of time for her remortg funds (due next week) and her mortgage (for remainder of purchase) to all be sorted. Is there anything we can do to try and get exchnage without wait for the remortg. Just that bank at top of chain is getting itchy feet!
Thanks for any advice
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