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Mortgage Offer withdrawn "in secret"
Bibulus
Posts: 3 Newbie
Our lender withdrew our mortgage offer without telling us or our solicitors. They said it was due to our solicitor calling for funds before an exchange date then subsequently returning the funds as the vendor failed to meet the exchange date. The bank in questions say they then only allow 28 days for another exchange and completion.
The problem is they never told us or our solicitor this until we tried to exchange earlier this week.
At first they told our solicitor another offer would simply be faxed over - we chased this to be told we need to re apply despite the mortgage offer letter saying our mortgage is valid until 27th Sep.
Has anyone experience in such things?
Advice appreciated.
The problem is they never told us or our solicitor this until we tried to exchange earlier this week.
At first they told our solicitor another offer would simply be faxed over - we chased this to be told we need to re apply despite the mortgage offer letter saying our mortgage is valid until 27th Sep.
Has anyone experience in such things?
Advice appreciated.
0
Comments
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This 'problem' is firmly on your solicitors toe and down to them to sort out.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you
Our solicitor is indeed being somewhat "sheepish" but has checked all T&C's and has found no evidence of this 28 day rule - this does not help reinstate the mortgage offer however so is not really of any interest we are not out to blame anyone here.
The sols called barclays to see if they would reinstate the offer but they wont budge despite acknowledging they should have sent a letter to our sols about the 28 days rule but failed to do so.
We dont understand why we have to do a whole new application, Barclays have our evidence of earnings a recent valuation and evidence of all advice they have given us.
No one at barclays can answer why they kept the 28 day protocol a secret and no one at our solicitors has come across a case like this before.
We have been customers of the bank for years, never go into overdraft and run a good account.0 -
Funds are drawn down after exchange and prior to completion.
Solicitors should not be drawing funds prior to exchange.0 -
Were you planning on exchanging and completing on the same day?0
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Thank you
We were not supposed to complete until three days later.
Even if the solicitor has made a genuine mistake why would we never have been made aware of this 28 day policy?
Can anyone shed any light on this?0
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