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After 6 month’s nightmare, only two enquiries left, but my mortgage will expire soon
kid_hotaru
Posts: 51 Forumite
I’m buying a flat. The purchase started in April. During this six-month’s nightmare, a lot of ridiculous things have happened, such as insurance certificate is missing and the vendor is missing (MSE gave me a lot of helpful comments). Finally, we have got only two enquiries left.
One enquiry is talking about indemnity insurance. This is because the Lease does not explain what will happen if the management company goes bankrupt. So my solicitor is asking for indemnity insurance and a draft policy. This enquiry was raised in May and we don’t know what the seller’s solicitor is doing…
The other enquiry is talking about the cleanness of the flat. I think I can cancel this…
However, my mortgage offer will expire at the end of November. And I’m unable to extend it again because the valuation offer has expired.
Could anyone please tell me usually how much time need to spend from all enquiries were solved to the completion? I know the time may vary but I would like to have a general idea…
Thank you.
==================== =update =========
There is no chain involved.
One enquiry is talking about indemnity insurance. This is because the Lease does not explain what will happen if the management company goes bankrupt. So my solicitor is asking for indemnity insurance and a draft policy. This enquiry was raised in May and we don’t know what the seller’s solicitor is doing…
The other enquiry is talking about the cleanness of the flat. I think I can cancel this…
However, my mortgage offer will expire at the end of November. And I’m unable to extend it again because the valuation offer has expired.
Could anyone please tell me usually how much time need to spend from all enquiries were solved to the completion? I know the time may vary but I would like to have a general idea…
Thank you.
==================== =update =========
There is no chain involved.
0
Comments
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Sounds like you need to tell your solicitor to just get the indemnity insurance put in place, or at least confirm costs. Sounds like that's the only stumbling block and you would be silly to incur more costs because of this. After all the indemnity insurance is for you not them so I would refuse if it was me.0
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How much will the indemnity cost?
Once all enquiries are complete, agreeing a completion date is between you and the seller. We completed enquiries on a Friday, tried to exchange the same day but didn't quite make it, so exchanged the Monday and completed two weeks later. We were a chain of three.Mortgage when started: £330,995
“Two possibilities exist: either we are alone in the Universe or we are not. Both are equally terrifying.” Arthur C. Clarke0 -
I've just called my solicitor. They said the lender will need the insurance. so I can not cancel this enquiery...Sounds like you need to tell your solicitor to just get the indemnity insurance put in place, or at least confirm costs. Sounds like that's the only stumbling block and you would be silly to incur more costs because of this. After all the indemnity insurance is for you not them so I would refuse if it was me.0 -
kid_hotaru wrote: »I've just called my solicitor. They said the lender will need the insurance. so I can not cancel this enquiery...
Get it yourself rather than lose the property.Don't listen to me, I'm no expert!0 -
Are you sure they didn't mean that the lender will need proof of the insurance?
It's not the lender that takes it out and pays for it, it's you or the seller.
I had to take out indemnity cover for something during my house purchase. I simply instructed my solicitor to buy it for me (after checking the price), and that was that. Took an hour tops.Mortgage when started: £330,995
“Two possibilities exist: either we are alone in the Universe or we are not. Both are equally terrifying.” Arthur C. Clarke0 -
Thank you very much. I think I will ask my solicitor to buy the insurance (if it is not very expensive) and move on the purchase.LannieDuck wrote: »Are you sure they didn't mean that the lender will need proof of the insurance?
It's not the lender that takes it out and pays for it, it's you or the seller.
I had to take out indemnity cover for something during my house purchase. I simply instructed my solicitor to buy it for me (after checking the price), and that was that. Took an hour tops.0
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