Changing property - changing my mortgage

KateG1986

Hello, I would be grateful for some advice please.

Approx. five months ago I had an offer accepted on a property so went about the usual steps, secured a mortgage offer (have the deed ready to go), completed the searches etc. However, I discover the seller hasn’t taken any steps and has only just instructed a conveyancer and I believe still hasn’t paid for anything.

This week I discover there is another property for sale in the same lovely street in much better condition and for only £7,000 more. Following the standard mortgage calculations I’m confident I can afford the extra. My conveyancer has said she will only charge a small sum for the work she has done so far.

So advice please. Particularly relating to - asking my mortgage provider for a changed offer? (I think there are better deals available now) Cancelling it and getting a new one? The impact on my credit rating of cancelling a mortgage offer? Anything else you may think is helpful.

Thank you very much in advance, Kate

kingstreet

This varies from lender to lender.

Some have a simple change of property form, some require a new application. You need to establish how your lender works.

KateG1986

I should add. We are the only people involved. No chain

KateG1986

kingstreet wrote: »

This varies from lender to lender.

Some have a simple change of property form, some require a new application. You need to establish how your lender works.

Thank you. It is HSBC.

fewcloudy

Do you not agree a moving in date anymore when you buy a house? I live in Scotland and I'm sure when I've bought houses in the past (not in last 12 years) it was part of the contract?

Also, in 5 moves, I've never been aware of what the seller has or hasn't paid for. How do you even get that information? A small village where everyone knows everyone's business? I never even knew who my buyer/sellers were, never mind their business!?

Or is it more that you have just seen a nicer house after you've already bought the first one, and want to pull out regardless of what the seller has or has not done in readiness to move out?

Maybe one of the differences between buying/selling houses in England and Scotland; it's possible to pull out of the deal in England but up here you have an agreement that is legally binding, I think we call it concluding missives.

Thrugelmir

KateG1986 wrote: »

I should add. We are the only people involved. No chain

Where is the vendor moving too?

KateG1986

They aren't moving - just selling their third home I believe. No chain just me and them.

I have spoken to my mortgage company and appear to have resolved most of my concerns.