Urgent advice needed.. Vendor pulled out

Arina

We found out today that our seller no longer wants to sell his house! We were so close to exchanging and completion! We have a mortgage offer with the halifax for £112,000 on a property worth £140,000 (deposit of £28,000)

What I would like to know is.. What now happens to my mortgage offer? Once we find a new property would we need to submit a brand new mortgage application? Will I have to find another house at £140,000 to avoid submitting a brand new application? I'm so upset and confused

We applied through a broker.

Thanks guys x

bexs2247

I'm so sorry for you. Our vendor pulled out of our purchase on Monday too and we were also so close. It's guttering isn't it. I called virgin and told them (although our official offer hasn't yet come through as they had been waiting for final clarification fromour solicitors on something) but she told me we would have to make a brand new application when we find somewhere else.

Not sure if it will depend on the mortgage company.

kingstreet

You can do a simple change of property.

You'll have to pay for another valuation, but when your mortgage does complete the fee for the first valuation will be refunded under the Halifax valuation promise.

http://www.halifax-intermediaries.co.uk/pdf/valuation-fee-promise-factsheet.pdf

Arina

bexs2247 wrote: »

I'm so sorry for you. Our vendor pulled out of our purchase on Monday too and we were also so close. It's guttering isn't it. I called virgin and told them (although our official offer hasn't yet come through as they had been waiting for final clarification fromour solicitors on something) but she told me we would have to make a brand new application when we find somewhere else.

Not sure if it will depend on the mortgage company.

It's awful. I hope we find something better than our dream home

Good luck hun x

Arina

kingstreet wrote: »

You can do a simple change of property.

You'll have to pay for another valuation, but when your mortgage does complete the fee for the first valuation will be refunded under the Halifax valuation promise.

http://www.halifax-intermediaries.co.uk/pdf/valuation-fee-promise-factsheet.pdf

Thanks kingstreet. Will speak to my broker today.

Kimlock

Good luck Arina.
I was following your timeline (along with the others) on the "waiting for offer" thread. So sorry this has happened!

bexs2247

Arina wrote: »

It's awful. I hope we find something better than our dream home

Good luck hun x

Thanks, good luck to you too. I'm just hoping my buyer will hang on and wait for us!!

Arina

Kimlock wrote: »

Good luck Arina.
I was following your timeline (along with the others) on the "waiting for offer" thread. So sorry this has happened!

Thanks Kim. I feel so sad. Hope your move is going well xxx

Arina

bexs2247 wrote: »

Thanks, good luck to you too. I'm just hoping my buyer will hang on and wait for us!!

Ah I really hope your buyers hang on. We're first time buyers and we didn't expect this one bit! I thought getting the mortgage was going to be hard x

bexs2247

Arina wrote: »

Ah I really hope your buyers hang on. We're first time buyers and we didn't expect this one bit! I thought getting the mortgage was going to be hard x

Me too!!! Never ever expected this to happen. Even when the estate agents called to tell me I wasn't expecting that news! People say something better will come along....not sure I feel positive about that at the moment.

Fingers crossed for us both!

amnblog

Just for the record, EVERY client we have that loses a purchase finds a better deal on the next one - WITHOUT EXCEPTIONS