How easy to change mortgage offer to new property

House.buyer.sarah

Hi I'm just wondering looks like our vendors will be unable to move into new property due to having probate issues, now I'm really not wanting to pull out but this has been going on for 2 months now and we are still no closer to exchanging on the house. I don't mind the wait so much but I'm sure the people buying ours won't feel the same for much longer .
So if I was to buy another house how easy is it to change mortgage offer onto another property ?

Or any other ideas welcome to produce my purchase of new house we already have offer for, tried ringing solicitors every day and I'm getting nowhere with it ;(
Thanks sarah

TBagpuss

Shouldn't be too hard. You''ll have to pay for a new valuation, and clarify with your lender whether it counts as a new application. With mine (after my sellers pulled out) I had to pay a second application fee but then they refunded the first one.

House.buyer.sarah

Great thanks , hoping it's not going to come to that fingers crossed

dominoman

Very easy.

We've had to do it 5 times in the last year as kept getting gazumped :-(

The downside is you will need to pay the valuation fee again but other than that it should just transfer over.

hazyjo

Might be worth suggesting them living elsewhere (renting?) for a while and continuing with the sale.

If there's nothing else on the market you're interested in, you may we well hang on. If there's other choices, go view and offer if you like and pull out on your current once offer accepted. I would let them know I'm doing that, but, if they're not actually buying anything yet and the chain's not complete, it's not going to make any difference really.

Or you could sell and move into rented...

Bear in mind if you start again, you're probably looking at an average of three months to buy another place. Would your buyers even want to hang on that long again?

Jx