Mortgage offer expires = chain falls apart

K_S

MovingForwards said:

Solicitors do not do surveys, you would have instructed an independent surveyor.

Arrangement fee is the product fee. 

Better to manage your expectations, not many sellers do go into rental, lots of them say they will.

I don't like to contradict a broker (K_S), but I purchased a non-new build and did get a mortgage extension, it was for more than a few days too. Had I not completed after that one expired I would have had to go through the whole process again. Therefore it varies between lenders. In K_S' defence, mine was at the start of the pandemic.

@movingforwards Don't worry about contradicting me. As in my post above, I never speak in absolute terms as there are as many different policies and possible outcomes as there are lenders and applicants

getmore4less

The key is to have a valid offer that cover the exchange to completion period.

With just over 7 weeks left, time to keep a close eye on the progress in the chain and be ready to review your mortgage situation.

I would also monitor rates as the have been shifting a bit in that few months since Sept/Oct.
High LTV may have even gone down a bit.

Thrugelmir

Best to stock to one thread. Not start another one. 

https://forums.moneysavingexpert.com/discussion/6323766/emailing-the-estate-agents-for-more-information#latest

Laurelii

getmore4less said:

The key is to have a valid offer that cover the exchange to completion period.

With just over 7 weeks left, time to keep a close eye on the progress in the chain and be ready to review your mortgage situation.

I would also monitor rates as the have been shifting a bit in that few months since Sept/Oct.
High LTV may have even gone down a bit.

When would you advise i apply for a new mortgage illustration ?

UnderOffer

“Mortgage offer expires 26th Feb, our offer on the house was accepted 09/09/21 and mortage offer given 26/10/2021”

Have you double checked the expiry date? Normally an offer is valid for 6 months which would take you to April and not Feb that you quote. Maybe worth checking paperwork or your broker to confirm? 

lookstraightahead

I would tell your chain (EA) to get a shift on otherwise the chain will fail.

Hopefully this will stop vendors sitting on their behinds. Don't think they really think about mortgage agreements expiring.

Meanwhile, look for something else and never pin your hopes on one property. You don't always want to be in this position where you've forked out for surveys etc and other people won't move.

Laurelii

UnderOffer said:

“Mortgage offer expires 26th Feb, our offer on the house was accepted 09/09/21 and mortage offer given 26/10/2021”

Have you double checked the expiry date? Normally an offer is valid for 6 months which would take you to April and not Feb that you quote. Maybe worth checking paperwork or your broker to confirm? 

It was issue 26/10/2021 i have just found out and states mortgage offer expires 28th Feb 2022

Laurelii

lookstraightahead said:

I would tell your chain (EA) to get a shift on otherwise the chain will fail.

Hopefully this will stop vendors sitting on their behinds. Don't think they really think about mortgage agreements expiring.

Meanwhile, look for something else and never pin your hopes on one property. You don't always want to be in this position where you've forked out for surveys etc and other people won't move.

Could we threaten to pull out? (even tho we wont) just to scare them lol ? 

UnderOffer

Laurelii said:

UnderOffer said:

“Mortgage offer expires 26th Feb, our offer on the house was accepted 09/09/21 and mortage offer given 26/10/2021”

Have you double checked the expiry date? Normally an offer is valid for 6 months which would take you to April and not Feb that you quote. Maybe worth checking paperwork or your broker to confirm? 

It was issue 26/10/2021 i have just found out and states mortgage offer expires 28th Feb 2022

Oh that’s short considering normal conveyancing before COVID times, could take 12-14 weeks. I think the current average length of buying is 20 weeks plus now 🤔

lookstraightahead

MovingForwards said:

If you haven't completed the purchase you'll need a mortgage extension or if an extension isn't possible apply for a new mortgage a few weeks before it expires.

If you can't get either, your part of the chain will collapse and hopefully a new buyer could be found to keep everyone else in a chain.

Except their mortgages will need extensions as well as the new buyer will need to start at the very beginning.
getting a new bottom of chain isn't easy so op needs to understand just how much others are relying on them and act accordingly.