HELP!! buy to let purchase, mortgage and sellers solicitors!!

tasticz

Hi all,

We had an offer accepted on a BTL property nearly 2 months ago. The property is chain free (partly) as the parents are moving in with the kids while they look for a home.

My solicitor has been chasing the estate agent and the sellers solicitors for past 2 months for draft contract documents but it came to light that the sellers are yet to instruct their solicitors. Is this acceptable time??

The valuation on the property is done and the mortgage is approved but looking at sellers attitude I am starting to get !!!!ed off and want to start looking for another property.

I added the mortgage fees to the loan while doing the mortgage questionnaire. So if I cancel the purchase, will the bank still charge me the mortgage fees as they have approved my mortgage?

I paid separately for the survey report.

Can BTL mortgages be transferred to another property like normal purchase mortgages?

Please help!

Thanks in advance.

G_M

2 months and solicitor not instructed? Something not right.


I imagine you'll be charged the mortgage fe if you cancel, but ask the lender!


If you find another property you'll need to re-apply. Whether they will charge another application fee depends on the lender. Ask them?

Thrugelmir

When are the tenants due to vacate?

G_M

Thrugelmir wrote: »

When are the tenants due to vacate?

OP may be buying with the tenants remaining.


I assume due diligence was /will be done on the existing tenancy if that is the case. But sounds like this purchase is going nowhere.

tasticz

G_M wrote: »

2 months and solicitor not instructed? Something not right.


I imagine you'll be charged the mortgage fe if you cancel, but ask the lender!


If you find another property you'll need to re-apply. Whether they will charge another application fee depends on the lender. Ask them?

I will speak with my mortgage broker tomorrow I guess

Thrugelmir wrote: »

When are the tenants due to vacate?

G_M wrote: »

OP may be buying with the tenants remaining.


I assume due diligence was /will be done on the existing tenancy if that is the case. But sounds like this purchase is going nowhere.

The property is occupied by the landlord. No tenants in place currently.

Slithery

Why did you pay for a valuation, a survey, and your mortgage fees before they had instructed a solicitor?

tasticz

Slithery wrote: »

Why did you pay for a valuation, a survey, and your mortgage fees before they had instructed a solicitor?

because I was excited and foolish I guess.

Just checked the key facts and it says payment on application but it is added to the loan... I guess the bank will just charge me for it

PasturesNew

Odd. I knew who my solicitor was. The minute I got my offer I phoned them to get straight onto it and was in their office hand-delivering all the initial paperwork and an initial fees deposit in under a week.

tasticz

PasturesNew wrote: »

Odd. I knew who my solicitor was. The minute I got my offer I phoned them to get straight onto it and was in their office hand-delivering all the initial paperwork and an initial fees deposit in under a week.

I am going to take it up the chin I guess... £400 for a survey and £1300 for the application fee


Is there mortgages which will only charge for a fee once it starts or on completion?? I cannot seem to find any £0 mortgage fee for BTL mortgages even with higher interest rates

tasticz

https://imgur.com/TS1vS1X

mije1983

tasticz wrote: »

the parents are moving in with the kids while they look for a home.

2 months on and they still haven't instructed a solicitor makes me think that the above was just to reel you in. One half of the situation has obviously changed their minds about future living arrangements so now the parents are looking for a new place to purchase.