We need to withdraw our offer on dream house

Nic_George

The source is certainly legit! I was wondering if the mortgage could progress in the interim if we make it clear to RBS that the additional funds are on the way?

AnotherJoe

Nic_George wrote: »

The source is certainly legit! I was wondering if the mortgage could progress in the interim if we make it clear to RBS that the additional funds are on the way?

I suppose it depends what you mean by "progress". Do you mean arrange surveys and the like? I dont see why not. They might not even ask for evidence of the money for a while, mortgage applications are a bit like war, long periods of nothing happening interspersed by moments of terror.

You should let your vendors know there is a hiccup though. Are you certain about the 4 week timescale? It wont drag to 8 or 12?

Thrugelmir

Nic_George wrote: »

Does anyone have any advice on how to let the EA and vendor down gently?

Nothing new. Plenty of people make offers then don't proceed through to completion. Be honest with the EA as it might not be the end of your relationship. They'll tell the vendor.

Nic_George

Absolutely, there's nothing worse than not knowing what's happening.

Thanks for all of the advice.

Bravestar

I'm not quite sure what is is you really want to do.
To me, your thread title suggests one thing, whilst your post content suggests another.

So let's dealt with both scenarios.

Until you have exchanged contracts, you are free to pull out at any time - simply let the seller know (via the EA if appropriate)

If you really want to go ahead (you did say this was your dream home), then I would expect it's still possible

1. You only need 10% deposit to exchange contracts and you always planned for that size deposit anyway
2. Your solicitor (perhaps as his role acting for the lender) will want to ensure you will have sufficient funds to buy the property. So discuss where the extra 5% is now coming from with him. Show him the evidence and hopefully he will accept you can lay your hands on that money.
3. Find out definitively how long it will take you to get your hands on your money from abroad.
4. Discuss the situation with the seller (via the EA if appropriate). So you should be able to exchange in reasonable time, but completion obviously will not be possible until you have received your funds from abroad (established in (3) above)
5. Ensure, via your solicitor, your completion date is set as a 'not before date' in the contract you exhange. You'll probably also have a long-stop date dictated by the seller.

Of course, it will be up to the seller as to whether or not they accept your proposal not to complete before a certain date, but if they don't it will be them that calls the deal off.

getmore4less

Nic_George wrote: »

Good idea, does anyone know if RBS would consider proof of incoming funds towards our deposit? It would take about a month to liquidate and receive in UK (coming from Switzerland).

Money only a month away and the offer has only been in a week.

What's the problem?

5 weeks from offer to completion is ambitious.

if you really can get the cash sorted chances are no one will be any wiser you were in a panic.