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Mortgage expiring before completion on off plan property
Ayman
Posts: 1 Newbie
Dear Readers
Can someone advice me please. Last year I bought an of plan apartment in Luton, and got a mortgage offer for 6 months. The development was scheduled, after many delays for completion this week, so I drew down my funds.
But now the developer says completion won't be for another 3 weeks. I have a clause in the mortgage which allows me to withdraw, but I want the property I feel I have come so far, and don't want to fall at the final hurdle. However I am worried that the developer will penalise me if I don't I have a mortgage and he completes before my mortgage has arrived.
Can he do this bearing in mind it has been his delay that has caused this problem? it has been suggested by a cynic that I am being messed about so I will withdraw and my apartment will be sold at a higher price. Does this sound feasible. A prompt response would be appreciated as I am beside myself with worry.
Thank you
Michael
Can someone advice me please. Last year I bought an of plan apartment in Luton, and got a mortgage offer for 6 months. The development was scheduled, after many delays for completion this week, so I drew down my funds.
But now the developer says completion won't be for another 3 weeks. I have a clause in the mortgage which allows me to withdraw, but I want the property I feel I have come so far, and don't want to fall at the final hurdle. However I am worried that the developer will penalise me if I don't I have a mortgage and he completes before my mortgage has arrived.
Can he do this bearing in mind it has been his delay that has caused this problem? it has been suggested by a cynic that I am being messed about so I will withdraw and my apartment will be sold at a higher price. Does this sound feasible. A prompt response would be appreciated as I am beside myself with worry.
Thank you
Michael
0
Comments
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What are the funds you have drawn down? Something other than the mortgage? If you don't have your mortgage in place you can't complete. If you have exchanged then you will lose your deposit because you will be in breach of contract - nothing to do with the developer penalising you. You need to speak to your mortgage provider and get the offer extended. The time to do that is before it expires, not after.0
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