Mortgage Offer Expiry

Paul715j

Hi all, I’m in the final stages of buying a new build and we should of exchanged last Friday but because my completion date is now the 15st Aug and Mortgage Offer runs out on 2nd Oct according to our solicitor it doesn’t provide enough time in case of unforeseen circumstances and we could purchase with a mortgage. As we also have lots of ‘extras’ which we were going to pay on exchange (plus the 10% deposit) we are now in limbo as our lender will not extend the mortgage offer a month and we have to wait until 2nd Sep to re-apply for another mortgage application which in turn causes unacceptable delays in rental/storage costs for us not forgetting a completion for my builder too.
My solicitor has advises us to do the exchange and complete on same day but we can’t has our builder needs the ‘extra’s’ and 10% to assist and complete the build.
We are at a loss of what to do and I don’t think our solicitor knows either. I don’t think the builder is willing to take the risk either and pay for the extras either.
Any help would be most welcome. Thanks

marmitemum

The 10% deposit paid on exchange is kept with the solicitor, it!!!8217;s not the seller!!!8217;s until you complete - the builder won!!!8217;t be allowed to use it to pay for anything. What are the !!!8220;extras!!!8221;?

Paul715j

Hi the extras are extra sockets, water softer, data, upgrade of kitchen spec, flooring etc

kingstreet

marmitemum wrote: »

The 10% deposit paid on exchange is kept with the solicitor, it's not the seller's until you complete - the builder won't be allowed to use it to pay for anything. What are the extras?

Newbuild doesn't work like a standard purchase.

The deposit does pass to the builder to enable them to fund construction.