House Completion Help!

Skinnymum24

We are due to complete on a house in two weeks, but we are still waiting for the mortgage offer to come through!
We reached out to the sellers for an extension, but they claim they are in a chain. ...
Any advice??

PasturesNew

There can be no advice. It either comes in time or it doesn't.

Only your solicitor and mortgage people will be able to chivvy it along if they feel it's important. Speak to both those and check if they still feel confident.

davidmcn

What is your seller threatening to do, exactly? Either they wait for you, or they storm off in a huff and remarket - but that won't help them as any other buyer isn't going to complete within two weeks either.

Surrey_EA

You won't be completing in 2 weeks if you haven't exchanged, and your solicitor won't exchange until your mortgage offer arrives, so the advice is your vendors will just have to be patient, and realise that any dates discussed during the process are just preferential or preferred dates until such time as contracts are exchanged.

Skinnymum24

Hey,
I think I wasn't clear, we already exchanged contracts, paid the deposit and have an Agreement in Principle.
We are now close to completion and can't afford to lose the deposit (over 80k), any advice??
Waiting on tenterhooks for mortgage offer to come through. ..All searches everything is in place.

Surrey_EA

Skinnymum24 wrote: »

Hey,
I think I wasn't clear, we already exchanged contracts, paid the deposit and have an Agreement in Principle.
We are now close to completion and can't afford to lose the deposit (over 80k), any advice??
Waiting on tenterhooks for mortgage offer to come through. ..All searches everything is in place.

What on earth possessed you to exchange contracts before you had a mortgage offer in place? Surely your solicitors advised against this??

An AIP is hardly worth the paper it's written on, and certainly nowhere near sufficient to base an exchange on.

Cheeky_Monkey

I think you must be mistaken OP.

No solicitor would exchange without the mortgage offer being confirmed in writing.

Are you sure you haven't just signed the Contract and paid your deposit in readiness for exchange?

LandyAndy

Cheeky_Monkey wrote: »

I think you must be mistaken OP.

No solicitor would exchange without the mortgage offer being confirmed in writing.

Are you sure you haven't just signed the Contract and paid your deposit in readiness for exchange?

Seems much more likely.

paddy's_mum

You're not doing your own conveyancing, are you, as that is another scenario in which this could happen ie not having a solicitor overseeing matters?

davidmcn

paddy's_mum wrote: »

You're not doing your own conveyancing, are you, as that is another scenario in which this could happen ie not having a solicitor overseeing matters?

Seems unlikely if they're buying with a mortgage (as the lender will need a solicitor, which they'll expect the borrower to pay for, so the borrower may as well get the solicitor to act for them too).

Rambosmum

If you actually have exchanged, the offer doesn't come through in time and all parties won't agree to an extension then you will be liable for charges incurred by your vendor and by your vendors vendor and so on up the chain - costs for storage, for delays in completion, extra solicitor fees etc.


I'm assuming you aren't also selling? As if you are then you will need to move out on completion date, or incur the costs you cause to your buyers.


It is possible that you have a case against your solicitor though if they didn't advise you against exchanging before you had an offer.


If I were you, I'd be on the phone to the mortgage company asap and chase that offer!