Mortgage offer extension

Jjamie

My offer runs out in January. We had agreed to purchase a half share of a property, I am about to inherit the other (other party has been difficult with probate but it’s underway now) but they have now decided they aren’t in a good place mentally to deal with legal matters, ie the house and to collect their belongings. 

Mortgage advisor thinks I won’t be able to extend and it will need to be a new application. Has anyone extended recently with natwest? Is it do able?. My financial circumstances haven’t changed at all. 

Meh123

Reading between the lines with this the mortgage extension isn’t the main problem.
if the person your purchasing from isn’t feeling mentally able to deal with legal matters/collecting belongings etc then you won’t be able to complete on the purchase anyway. You can’t purchase something from someone if they aren’t prepared/able to take part in selling their share. 

I hope that doesn’t sound harsh, but it’s how I’m reading the situation. 

Also, you speak of inheriting part of the property, is the other person also waiting to inherit their share? As if they are then probate will need to be complete before they can sell it surely? 

[Deleted User]

Natwest:
All mortgage offers are valid for 6 months and can be extended by 7 days, with the exception of New Build offers which can be extended by six months

annetheman

Deleted_User said:

Natwest:
All mortgage offers are valid for 6 months and can be extended by 7 days, with the exception of New Build offers which can be extended by six months

Do you know the timings of mortgage application extensions? Mine was cancelled due to inactivity after the last correspondence 28 days prior. They had received all other evidence requested but were waiting for valuation report, pending EWS1 form...

Jjamie

Meh123 said:

Reading between the lines with this the mortgage extension isn’t the main problem.
if the person your purchasing from isn’t feeling mentally able to deal with legal matters/collecting belongings etc then you won’t be able to complete on the purchase anyway. You can’t purchase something from someone if they aren’t prepared/able to take part in selling their share. 

I hope that doesn’t sound harsh, but it’s how I’m reading the situation. 

Also, you speak of inheriting part of the property, is the other person also waiting to inherit their share? As if they are then probate will need to be complete before they can sell it surely? 

The other person is my father and already owns his share, we are processing mine. He has previously stated he will sell the property but has given us the run around massively in recent months. He knows fine well what he is doing and is trying to do as much damage as possible.  Do we need a completion date to extend? 

Jjamie

Deleted_User said:

Natwest:
All mortgage offers are valid for 6 months and can be extended by 7 days, with the exception of New Build offers which can be extended by six months

7 days? Oh that’s not good. I spoke to an advisor via online chat and they didn’t mention seven days only 

Meh123

Jjamie said:

Meh123 said:

Reading between the lines with this the mortgage extension isn’t the main problem.
if the person your purchasing from isn’t feeling mentally able to deal with legal matters/collecting belongings etc then you won’t be able to complete on the purchase anyway. You can’t purchase something from someone if they aren’t prepared/able to take part in selling their share. 

I hope that doesn’t sound harsh, but it’s how I’m reading the situation. 

Also, you speak of inheriting part of the property, is the other person also waiting to inherit their share? As if they are then probate will need to be complete before they can sell it surely? 

The other person is my father and already owns his share, we are processing mine. He has previously stated he will sell the property but has given us the run around massively in recent months. He knows fine well what he is doing and is trying to do as much damage as possible.  Do we need a completion date to extend? 

Ahhh I see, that’s a horrible position to be in especially as it’s your own father.

With regards to the completion date I’m not actually sure as it depends on the lender and what their own terms are. But again, your father would have to cooperate with the process and complete the necessary documentation to get to that stage, if he won’t play ball then the purchase won’t happen. Unfortunately he is holding the cards right now as to whether the purchase goes ahead.

Jjamie

Meh123 said:

Jjamie said:

Meh123 said:

Reading between the lines with this the mortgage extension isn’t the main problem.
if the person your purchasing from isn’t feeling mentally able to deal with legal matters/collecting belongings etc then you won’t be able to complete on the purchase anyway. You can’t purchase something from someone if they aren’t prepared/able to take part in selling their share. 

I hope that doesn’t sound harsh, but it’s how I’m reading the situation. 

Also, you speak of inheriting part of the property, is the other person also waiting to inherit their share? As if they are then probate will need to be complete before they can sell it surely? 

The other person is my father and already owns his share, we are processing mine. He has previously stated he will sell the property but has given us the run around massively in recent months. He knows fine well what he is doing and is trying to do as much damage as possible.  Do we need a completion date to extend? 

Ahhh I see, that’s a horrible position to be in especially as it’s your own father.

With regards to the completion date I’m not actually sure as it depends on the lender and what their own terms are. But again, your father would have to cooperate with the process and complete the necessary documentation to get to that stage, if he won’t play ball then the purchase won’t happen. Unfortunately he is holding the cards right now as to whether the purchase goes ahead.

Thank you! I’m hoping we get better news this week! He’s moved into a council property and will likely lose all his benefits if he sells 

bluu2k

Jjamie said:

My offer runs out in January. We had agreed to purchase a half share of a property, I am about to inherit the other (other party has been difficult with probate but it’s underway now) but they have now decided they aren’t in a good place mentally to deal with legal matters, ie the house and to collect their belongings. 

Mortgage advisor thinks I won’t be able to extend and it will need to be a new application. Has anyone extended recently with natwest? Is it do able?. My financial circumstances haven’t changed at all. 

 Just give them a call, or an email (or both - I emailed them first then rang to have a chat). You'll get a three month extension if your financial / employment situations stay the same (even you're on furlough, NW is still happy to offer you an extra 3 months). They will send you an update email a few days later to confirm the new expiry date.