Pulled Out of Purchase, What If's for new search?

GoldenShadow

Hi

Pulled out of property purchase a couple of weeks before exchange. Mortgage offer on the table etc. It is with Natwest and valid for 3 months.

I believe it can be extended for up to about 6, but could someone help me with:

1) What happens if we find a new property within the 6 months that is more expensive than the old one?
2) What happens if we find a new property within the 6 months that is less expensive than the old one?
3) In the above situations, are we likely to have to start from scratch re payslips etc? I am aware they would do all new valuation etc.

Thanks to anyone who can help

libf

I think usually mortgage offers are for the specific property, so you'll have to start over regardless of price of any new properties...

GoldenShadow

Ah OK. Someone said they thought with theirs the affordability bits weren't redone but the property did happen to be exactly the same price.

blueblazer

I had a similar situation with the Halifax where I already had mortgage offer on property I pulled out of. Broker resubmitted my application when I found a new property for the same price and suggested it was no hassle and didn't have to send anything back into her.

GoldenShadow

Thanks blueblazer, somewhat reassuring. I don't want to ask too many questions until we find something because I think I will just get my hopes up

roje

My buyers were in this position, they pulled out of their previous purchase due to structural issues found during the survey. They were able to transfer the mortgage as their offer was the same price as the previous property, however it took natwest a good 3 weeks to carry out the survey! They were being prodded too, it dragged on forever.

nickyg2000

why did you pull out so late in day?

stator

Ask for a Change of Property form. You fill it in with all the info on the new house.
They will ask if they want more recent payslips etc.

GoldenShadow

nickyg2000 wrote: »

why did you pull out so late in day?

High voltage electricity cables within 30m of property. Vendors told us they weren't live as replaced by underground ones. Survey basically said be cautious re marketability in the future. After discussing with them they said very unlikely to be up still if not live. Rang around companies and discovered they are live.

Risks whether real or not, put most people off wanting to live near them. Less than 1% of properties in UK are within 50m therefore quite easy to choose not to buy a property like that. Didn't want to live there forever and ever.

Not a decision taken lightly. Cost us at least 1K to get this far.

lostftb

We are in the same position, though different reason for pulling out. Broker said offer is valid for 6 months and they will do affordability check again if value is more than the original offer and valuation again, but not a big deal. We are with Natwest as well and it looks like it's not a big deal at all, just that we are out of pocket a bit lol.

GoldenShadow

lostftb wrote: »

We are in the same position, though different reason for pulling out. Broker said offer is valid for 6 months and they will do affordability check again if value is more than the original offer and valuation again, but not a big deal. We are with Natwest as well and it looks like it's not a big deal at all, just that we are out of pocket a bit lol.

Thank you. Our offer is only valid for three months at the mo. Your post is really reassuring, nice not to be alone!

Have you found a new property? There seems to be so little about now compared to when our offer was accepted