Mortgage offer expires on proposed move day

Sundaydriver_2

Hi,
We've been selling since November, with various hiccups occurring
since. The upshot is Accord mortgages will only extend my mortgage
Offer to the actual date of completion/moving (Mid June).

Q- How risky and potentially expensive could it be to go to the wire like this?

It's a four house chain, with five parties, and amazingly all four properties are with just the one estate agent, which you'd think
might help to negotiate an earlier move date, but, no, the last one
in the chain won't budge a day earlier !

Thanks in advance for your help :-)

silvercar

The EA should be able to explain to the stubborn one that the chain falls apart if they don't agree. The EA has a lot of commission riding on this.

Most solicitors draw down the mortgage funds a day or two early, so in reality is should be fine.

dgtazzman

Your solicitors can hang on the money for 7 days after they draw it, before it has to be paid back to the lender. If completion takes place in these 7 days, there won't be an issue. This means they could draw funds 2 days before the proposed date and hang on to them for a few days after that date, giving you a little room to work with.

Sundaydriver_2

Hey, thanks to both above , much appreciated. I've spoken to solicitor just now also, and she's suggesting it isn't ideal, but to push for one day early
would be wise.