Probably a silly question....

JustAQuickQuestion

As my name suggests, this really is a quick question.

My partner and I are scheduled to complete on a property on March 11th 2016. The whole process has been rather smooth and I suspect the hard work is all done by now.

The quick question is related to completion. How often does a mortgage fail here? Nothing has changed, nothing is wrong, no further credit or changes of jobs.

There have been a total of 4 credit checks from my lender over the past 4 months already. Obviously any issues would have been flagged by now.

Any insight onto the % of mortgages or what potentially could go wrong at this stage would only help me put my mind to rest here.

I have been a long viewer of the forums but never actually posted and I have to admit most of the replies and posts here have been very informative and helpful to people like myself.

Thanks

betmunch

From your description nothing should go wrong.

Problems occur when there's a change the lenders don't like.

This could be from checking the credit file and spotting a change, from an internal audit bringing up something that was missed, or any thing else the lender thinks should give them cause to reassess the application

JustAQuickQuestion

So... if the lender conducts this audit and the error is on the lenders behalf, do I have a right to have my deposit returned?

betmunch

You don't pay your deposit until you complete so if you don't complete its not paid. Your solicitor will just return it to you when the close the case

JustAQuickQuestion

Oh right, I was under the impression that deposit is not returned and as contracts have been exchanged, I am liable to complete the sale.

AnotherJoe

If this is hypothetical then you'd be into a big expensive legal case because when you say "it's the lenders fault" who would determine that ? A court case I'd say.
Unless you wish to get uselessly tautological and say that if the elneder determines its their fault they may therefore decide to compensate you.

But let's say they've made a mistake in your favour you've noticed but haven't told them. Them even though it's their fault they might argue you should have known, let's say your income was not £250,000 a year rather tha.n £25,000 so it's your problem.

So, things are rarely as cut and dried as A seemingly straightforward statement such as "it's their fault" might imply

Ps you pay a deposit when you exchange so the above post is incorrect. I guess they are thinking of the deposit for the house purchase. The initial deposit at exchange is there to secure your purchase.

betmunch

JustAQuickQuestion wrote: »

Oh right, I was under the impression that deposit is not returned and as contracts have been exchanged, I am liable to complete the sale.

That is correct.

In that situation you will likely be sued for your deposit money and any further costs incurred for you not fulfilling your contract

Or you get a new lender in place ASAP and complete with comparatively minor additional costs

JustAQuickQuestion

AnotherJoe that's for taking my comment out of context. I don't see where I said it was the lenders fault?

I said if they had made an error somewhere? For example, an error keying something in, an error in a check somewhere. They, the lender, have made no mistakes that I am aware of.

AnotherJoe

JustAQuickQuestion wrote: »

AnotherJoe that's for taking my comment out of context. I don't see where I said it was the lenders fault?

I said if they had made an error somewhere? For example, an error keying something in, an error in a check somewhere. They, the lender, have made no mistakes that I am aware of.

That criticism seems to be splitting hairs and unwarranted.

If they've made an error, its their fault, is it not? I dont see the difference or why you are making a fuss about whether you said "they made a mistake" or "its their fault"
Same thing AFAICS ?