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Does anyone know if Nationwide offer a 'grace' period if breaking the chain?
Prichard
Posts: 55 Forumite
Our sellers' Solicitor is waiting on a Statutory Declaration to arrive by post tomorrow. If that arrives then exchange should be possible on the entire chain of 7.
If it does not then they are discussing breaking the chain to allow exchange below them. They would then look to exchange in the following couple of days after we complete. However, this might mean that there is a period between their sale completing and their onward purchase exchanging (likely 2-3 days). Their lender is Nationwide - Is this something that Nationwide routinely support?
If it does not then they are discussing breaking the chain to allow exchange below them. They would then look to exchange in the following couple of days after we complete. However, this might mean that there is a period between their sale completing and their onward purchase exchanging (likely 2-3 days). Their lender is Nationwide - Is this something that Nationwide routinely support?
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In the context of porting, do you mean? It's not going to matter if they're not porting their mortgage product.0
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Yeah - they are porting to their new property. But there might be a couple of days between them selling their current place and exchanging/completing on their forward purchase.user1977 said:In the context of porting, do you mean? It's not going to matter if they're not porting their mortgage product.
Surely they wouldn't have to pay the redemption fee for that?0 -
We expect the sale and purchase transactions to complete simultaneously. However, we understand if there are delays in the completion of the purchase, then the situation is out of your client’s control. If your client has to unexpectedly redeem their existing mortgage prior to completion of their new mortgage, we will:
- continue to process your client’s application if a mortgage offer has already been produced. The new property purchase must then complete within the offer validity period. OR
- if a mortgage offer hasn’t yet been produced but redemption of the existing mortgage has taken place, your client will have up to 180 days from the redemption date to reach completion. A paper application will be required in these cases. You can talk to our experienced Technical Support Advisers using Broker Chat for further information.
Following the completion of the new mortgage, any ERCs which are due to be returned will be refunded to the solicitor(s) who redeemed the original mortgage.
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.2 -
A comprehensive reply, Kingstreet. Thank you.0
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Just a snip from the criteria.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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