morgage offer invalidated

arifmouboni

Hello,
i have a mortgage offer from barclays which is valid till january 2019. The property we are buying is not chain free. My conveyancer and seller's solicitor initially agreed on a completion date in early September and requested for the fund from the bank. Bank allocated the fund and given 3 weeks time to use the fund for completion. However, later it was found that one of the party's mortgage in the chain has expired and required to renew that. Therefore our completion got delayed. My lawyer did not notify it to bank and 3 weeks period by the bank has been expired. Now everything is good in the chain and we wanted to finish the completion. As my solicitor requested the fund again from the bank, barclays informed him that the mortgage offer is not valid anymore as we did not use the mortgage fund within that 3 weeks. Bank advised to make another fresh application for mortgage. Now, making a fresh application and getting result out of it will take another month or more if they want to do valuation again.
1. isn't it unfair and somehow ridiculous that because my solicitor did not use the fund or notified the lender within that 3 weeks, the whole mortgage offer became invalid or expired despite my mortgage offer says its valid till jan 2019?
2. Yet till today, I was not informed anything from the bank that my mortgage has been invalidated. Being the main client of the mortgage, am i not supposed to be contacted?
3. What options do I have now apart from making a new application.
Would appreciate if anyone had similar issues and can advise me. Thank you.

ACG

It does not take a Month to get a Mortgage offered unless there is a problem. You could have a Mortgage offered with most high street lenders within 2 weeks.
1) As harsh as it sounds, fair or not it will take you longer to argue than it will to get a new offer issued.
2) No idea. Presumably you should have had some contact to advise the application has been cancelled.
3) Arguing it. But it will likely take longer than it will to get a new offer issued. They may even be able to use the previous valuation if it is still in date.

Thrugelmir

When did you originally apply for your mortgage?

arifmouboni

ACG wrote: »

It does not take a Month to get a Mortgage offered unless there is a problem. You could have a Mortgage offered with most high street lenders within 2 weeks.
1) As harsh as it sounds, fair or not it will take you longer to argue than it will to get a new offer issued.
2) No idea. Presumably you should have had some contact to advise the application has been cancelled.
3) Arguing it. But it will likely take longer than it will to get a new offer issued. They may even be able to use the previous valuation if it is still in date.

my first mortgage offer took one month, they sent surveyor after 2 weeks of my application. This is why I am wondering if it takes that long again. As you said, if previous valuation is considerable, I can only hope that it will not take that long. Thanks for your advise.

arifmouboni

Thrugelmir wrote: »

When did you originally apply for your mortgage?

mid july, don't remember the date. mortgage offer approved on 17 august.

ritz55

Did the chain not exchange contracts?
The delaying party should be held responsible if you did.
If not then why were funds request, all I can think of was to exchange and complete on the same day but this is a good case for why to exchange before hand.