do i need to worry?

Logan008

as mentioned in a previous thread we are buying a house using BM to do a let-to-buy on our current property. after reading some seriously scary reviews of BM I now worried they might pull the plug at any minute during or after exchange of contracts. where would we stand as regards fees?


ive already signed and returned the purchase contract to my solicitor 1st property lawyers. will she keep hold of this until exchange is agreed, and BM have offered?


should I ask to have the standard contract 4% removed in case BM pull out?

kingstreet

If the lender withdraws a mortgage offer, whatever fees you have paid may or may not be refundable. Check your key facts illustration.

Nothing happens with the contract until contracts are exchanged and completion takes place.

What "standard contract 4%"?

Logan008

I think its the "if you don't complete on the completion date clause" type thing.

PeacefulWaters

I think you need to get your broker to do his job.

kingstreet

Logan008 wrote: »

I think its the "if you don't complete on the completion date clause" type thing.

If you are unable to complete your contract, you will be sued by all the other members in the chain for their losses and lose your deposit.

4% seems much too low, IMHO.

Thrugelmir

How many different threads are running? All getting very confusing.

Please stick to one thread.

Logan008

kingstreet wrote: »

If you are unable to complete your contract, you will be sued by all the other members in the chain for their losses and lose your deposit.

4% seems much too low, IMHO.

yes I know. what I want know is if BM can put me in that situation, as they seem to have on other occasions with other clients.

kingstreet

Any lender can withdraw an offer, for any reason, at any time.

No-one can say if that is likely to happen to you. TBH I don't suppose BMS has any greater proclivity for withdrawing offers than any other lender and the risk should be viewed as slight.