House buying nightmare!

sjenkins2

Hi,

We are FTB's and had an offer accepted on a house back in June. After going through all of the lengthy legal processes etc, just before getting a completion date sorted we get told that the chain has broken due to one of the sellers falling critically ill.

Since then, a new house was replaced in the chain (thankfully it wasn't us that needed to look again). We have been waiting for what seems like forever to get a completion date arranged, but last minute we get told the chain has collapsed again for the exact same reason as before of one of the sellers being diagnosed with terminal illness (not the property we are buying though).

We are now just 6 weeks away from our HSBC mortgage offer expiring and are yet to hear about what is going to happen with the chain now. Is it possible to renew a mortgage application or are we doomed to re-apply with new application fees, credit checks (and probably a worse rate!)?

We really had hoped we would be moved before Christmas, but it sounds like it just wasn't to be

Comms69

Speak to your solicitor & lender / broker

pinkteapot

I'm guessing you applied direct to HSBC? I don't think they offer their mortgages to brokers to sell... (Unless that's changed)

Talk to them (or your broker if you did use one). Just explain the situation and ask the question - that's all you can do. Some lenders will extend an offer so it's worth a try!

It's also worth muttering to the EA about considering looking at other properties and asking if your seller would considering breaking the chain (going into rented or finding other temporary accommodation). Again, worth a try. Worst that happens is they say no and you keep waiting.

sjenkins2

We did apply directly. Once I find about a bit more about what's going on, I will definitely ask our solicitor and them directly if they can extend but I feel I already know what the answer will be...

Thanks, I never thought about asking the sellers if that is something they will consider - certainly no harm in trying!

SmashedAvacado

This will make your sellers a much stronger buyer once they find somewhere they can move into.
They probably won't want to move their things twice - but you never know

sjenkins2

I put forward the idea to our sellers of moving into rented accommodation to allow for the sale of their house to go through but they have decided against that (it was a big ask anyway).

They have already started looking for a new property again but regardless of whether they find something soon or without an onward chain, our mortgage offer is going to lapse.

The offer supposedly expires on 20th December. Would it be worth me asking them now for an extension or to wait a little nearer to the time when we might possibly be in a complete chain again? At this stage, I couldn't possibly tell them how much longer it might take...

Rambosmum

sjenkins2 wrote: »

I put forward the idea to our sellers of moving into rented accommodation to allow for the sale of their house to go through but they have decided against that (it was a big ask anyway).

They have already started looking for a new property again but regardless of whether they find something soon or without an onward chain, our mortgage offer is going to lapse.

The offer supposedly expires on 20th December. Would it be worth me asking them now for an extension or to wait a little nearer to the time when we might possibly be in a complete chain again? At this stage, I couldn't possibly tell them how much longer it might take...

I'd at least ask the question now...