Forced to withdraw - next steps...

kmills89

Hi everyone! Hopefully some of you can help a now confused FTB...


Unfortunately 5 months after my offer was accepted on a flat I've been forced to withdraw from the purchase, as it turns out there has been an ongoing dispute between all of the building occupants and the Freeholder over several different points in the lease (this was going on even before I viewed the flat - so I was naturally very annoyed that it took so long to be brought to my attention!)


I have a mortgage offer from HSBC which is valid until Jan 1st. Does anyone know if it's as simple as changing the purchase property information and getting another survey completed to go ahead with their mortgage offer? (Assuming that the amount I want to borrow remains the same)


Or would I need to totally cancel the mortgage application and start the whole things from stratch, going through the full approval and underwriting process again (which took 6 weeks with HSBC last time!)


Thanks

ACG

HSBC do not deal with brokers in the main so I can not answer for sure, but most lenders would allow you to switch without too many problems if the purchase price is the same or lower.

You would be best speaking to HSBC though. Dont mention you are pulling out of the purchase for definite as they may cancel your application, just that you are thinking of it, I would not even mention why you are thinking of it.

YHM

Some brokers have access to HSBC....

If it is just the property changing, then this can be changed relatively easily.

However, if the purchase price or anything changes, then this would be reassessed. This does have its benefits, in that it should just be a quick reassessment (2-3 day turnaround generally), and you should get a brand new 6 month offer kicked out at the backend.