Offer accepted back in March and Mortgage offer runs out in less than 8weeks!

MLKlouie

Im in need of some advice regarding a property me and my partner made an offer on back in march.

We knew that the house was already under offer, but a made a bid of asking price and we won this.

This house was sold as 'No onward chain' and this was very appealing to us. After we completed all necessary paper work with our solicitors and had a survey done. This was changed to an 'onward chain' to our disbelief.

The property that the vendors are purchasing is ex council, and it had to be offered back to the council for first refusal (which is very normal). This is taking weeks and weeks now and we are very worried that if it goes on any longer our mortgage offer is going to run out and that it will be very difficult to get this renewed as we are first time buyers and the law has changed quite significantly.

I have been in contact with the solicitors and estate agent every day for the past two months trying to push this through. For the last two weeks i have been asking if the vendors are aware of our situation and if it runs much longer we run the risk of losing the mortgage offer, we aren't getting any answers from either the estate agent or our solicitor and this is driving me crazy. The only reaction i got from my solicitor is that 'I dont see the problem, youve got 8weeks left'.:mad::mad:

Can someone please give me some advice, im pulling my hair our over this and its causing arguments between me and my patner.

LEJC

Have you spoken to your mortgage company...we had a similar situatuation where our purchase has dragged on and we were advised that as long as the solicitor wrote to them to confirm the need for an extention then it could be extended.


I realise this is not always the case because it depends on the terms of your mortgage offer but we have had ours extended twice now and it finally expires on Monday which is hopfully the date we complete on our sale.


It is worthwhile speaking to your mortgage provider even if the rules have changed...dont assume they cant help until you have confirmed that with them...on the other side of it 8 weeks is quite a long time and once things get moving they can progress very quickly...again with our situatuion we seemed in stalemate until last friday when suddenly everything shifted up a gear and moved rapidly!

MLKlouie

We have spoken to them but the only thing that they have said is that our mortgage offer does run out. I will bring the idea up about an extension and see what they come back with.

Failing that i think i may have to arrange another viewing and sit down and have a talk with the vendor.

Im so scared that this could go wrong and we could be left with nothing and out of pocket.

TBagpuss

I agree that you need to speak to your mortgage lender. Also put in writing to your solicitor (or conveyancer - are they actually a solicitor?) the fact that the purchase is time sesitive.State, in wirting, that you are specifically insutructing them to chase the sellers, make them aware of the deadline and ask them to confirm to you that they have done so, and what the response is.

Obviously your solicitor or conveyancer cannot force the sellers to do anything, but if your conveyancer is telling you that they 'don't see the problem' I would be wondering whether they have made the other party aware of the situation.

It is worth continuing to chase the agents as agents generally operate on the 'squeaky wheel gets the oil' basis - if you are chasing them, they will chase the seller's solicitor to try to get you off their backs!

Callie22

We've had a similar problem with our purchase just dragging on with no end in sight. Our offer expires in September so we contacted our mortgage broker, and she's arranged an extension to our offer until January. It was no hassle at all, she said it's pretty common for purchases to take longer than you think.

MLKlouie

Our lender sent us an email this morning saying that it runs out in 8 weeks and that the offer cannot be extended.

We foolishly used the conveyancers our mortgage lender offered, this has been our biggest regret yet. A complete headache and a waste of money.


We have been ready to complete for at least two months and the thought of this falling through makes me want to cry.

Is there not anything that can be done grearding the fact we bid on a 'no onward chain' property?

MLKlouie

I also forgot to mention that the conveyancers asked for us to transfer our deposit over because we was close to completion this was back in May. What happens with the interest thats earnt, are we entitled to ask for it?

DRP

MLKlouie wrote: »

Is there not anything that can be done grearding the fact we bid on a 'no onward chain' property?

reduce your offer due to your costs? (make something up)

definitely start looking at other properties - you won't be able to complete in 8 weeks but you may find something better / cheaper and with a more honest vendor.

Your situation is similar to our recent purchase - "no onward chain" became "we'll move in with family to get things moving" became "4-in-a-chain". In the end we used the threat of mortgage expiry (and my change of job) to get them moving and they moved into temporary rented.

MLKlouie

Have been threatening with the mortgage expiry for the last two months and it doesn't seem to be moving it along any quicker.

Apparently the only thing that we are waiting for from one on the onward purchases is a 'Deed of variation' I have no idea what this means and when i ask my conveyancer they just say its nothing to worry about.

CGG

MLKlouie wrote: »

I have been in contact with the solicitors and estate agent every day for the past two months

I'd be a bit wary of phoning a solicitor every day, you may find your bill escalating...

MLKlouie

CGG wrote: »

I'd be a bit wary of phoning a solicitor every day, you may find your bill escalating...

I didnt even think of that, ive been so worried about it falling through and being delayed it didnt even cross my mind.

Thank you