Lender refuses move

G_M

Kynthia wrote: »

..... Even if you were buying without a mortgage your solicitor would advise against it but there wouldn't be anything stopping you from doing it.

but be aware that if the seller offered you money, and you accepted, in return for staying in your property after Completion, you'd become their landlord........

MEM62

sjc1971 wrote: »

Strange one this -

Can a lender in effect cancel your move between exchange and completion if they know of a change in the buyers circumstances ie job loss? Yes, of course they can.

2nd question - can you buy and complete on the same day, but not move in (if you have other property) to allow your sellers to pack and move? Then on an agreed date move in?? I doubt very much that a lender would agree to this. Vacant possession is usually a insisted upon by the lender.

......................

Thrugelmir

sjc1971 wrote: »

Can a lender in effect cancel your move between exchange and completion if they know of a change in the buyers circumstances ie job loss?

You are under an obligation to inform the lender of any material changes. As it's a condition you agreed to in signing the application form for the mortgage. Most people don't bother to read what they are signing. It's written in very plain English so no excuse.

AdrianC

I'm wondering if the two halves of the enquiry are more related than the OP is letting on.

Perhaps they're ready for exchange and completion, but the vendor's chain is not quite. So the vendor is delaying, but the OP knows that's likely to bring a forthcoming enforced employment change into the timescale. Can they exchange and complete before that hits, but with the vendor only moving out when their own chain resolves.

Well, what could POSSIBLY go wrong there?