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Buying shared ownership
amy84
Posts: 32 Forumite
Hi.
I am hoping someone can help. We are 1st time buyers and have found a flat on shared ownership. We have had our mortgage offer approved which took ages and our solicitor has been a pain and caused huge delays & is still working on our file. We have a deadline for exchange from the housing association which if we cant compleye on that dealine the flat will be revalued (which has been clear to all involved right from the start)and we have just a little over a week to exchange. We really can't see this happening! so my questions are-
*Why do housing association revalued after a short time (3-4months)
*if we need an extension on the deadline and the flat is revalued at a higher or lower price then what happens to our mortgage? I am guessing if the price changes either side current offer is void but will we have to re-apply for a new mortgage and go through the entire process again?
*Also who would cover the cost of the revaluation? Would we have to pay for another one if the value changes with our mortgage lender?
Thank you in advance if your answers
I am hoping someone can help. We are 1st time buyers and have found a flat on shared ownership. We have had our mortgage offer approved which took ages and our solicitor has been a pain and caused huge delays & is still working on our file. We have a deadline for exchange from the housing association which if we cant compleye on that dealine the flat will be revalued (which has been clear to all involved right from the start)and we have just a little over a week to exchange. We really can't see this happening! so my questions are-
*Why do housing association revalued after a short time (3-4months)
*if we need an extension on the deadline and the flat is revalued at a higher or lower price then what happens to our mortgage? I am guessing if the price changes either side current offer is void but will we have to re-apply for a new mortgage and go through the entire process again?
*Also who would cover the cost of the revaluation? Would we have to pay for another one if the value changes with our mortgage lender?
Thank you in advance if your answers
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