Extending your Mortgage Offer

plant007

Any help would be gratefully received! Our current position is the management company of the flat our seller is buying have not replied to queries sent by our sellers solicitors, breaking their own Service Level Agreement of replying in 10 days. They asked me to get a mortgage extension, but Halifax refused with the same product (they had already extended once for a month) but agreed with a new product reflecting current interest rates, meaning £200 more per month I will have to pay on a 5 year fix, so approximately £13000, through no fault of my own. If I pull out of the purchase, then I will likely be faced with an even higher interest rate, and there are pressing medical reasons for us to move asap ...this seems to me to grossly unfair and I have been advised there is no legal recourse for this against the management company, and halifax state its 'policy' not to extend again, even if only for a couple of weeks. Above filing a complaint against Halifax, I don't seem to have any options. If anybody has any thoughts or could point in the the right direction, I would be really grateful...Thanks...Andy

eddddy

plant007 said:

Any help would be gratefully received! Our current position is the management company of the flat our seller is buying have not replied to queries sent by our sellers solicitors, breaking their own Service Level Agreement of replying in 10 days. 

It would normally be your seller's seller's solicitor who deals with the management company. (i.e. the people selling the flat.)

(And I expect the Service Level Agreement applies to their leaseholders, and their leaseholder's solicitors, rather than 3rd party solicitors.)

But realistically, all you can do is put pressure on your sellers, so that they put pressure on their sellers, who then put pressure on their management company.

If you want to play hard-ball, you can suggest to your seller that you'll reduce your offer to compensate for extra costs, if your mortgage offer expires, or you'll walk away.


But different people react in different ways - that suggestion might persuade the seller and seller's seller to start chasing solicitors and the management company - or it might generate bad feeling.

Thrugelmir

I'd be extremely surprised if there was an SLA between the Management Company and unrelated third party. As there's no contractual relationship. 

plant007

Thanks, both, really helpful - offer though expires on Friday so too late and my solicitor has been pressing sellers solicitor for ages (seems queries were raised mid Dec to mid Jan)

propertyhunter

eddddy said:

plant007 said:

Any help would be gratefully received! Our current position is the management company of the flat our seller is buying have not replied to queries sent by our sellers solicitors, breaking their own Service Level Agreement of replying in 10 days. 

If you want to play hard-ball, you can suggest to your seller that you'll reduce your offer to compensate for extra costs, if your mortgage offer expires, or you'll walk away.

Would this work in this market?