Mortgage Offer Expired Between Exchange and Completion

rui1101

Hi, I am seeking advice on my stressful purchase experience. 

I got a mortgage offer in March for the new build property whose completion is in November. 
Everything went smooth and I did an exchange of contract in May.

I had a mortgage advisor who handles my mortgage related matter, and he mentioned that my mortgage offer would expire before completion so he/his team would do an extension nearer the expire date. 

After the exchange, my solicitor told me there is nothing else required from my side as they keep track of everything so just wait for completion.

Then in September I realised that my mortgage offer was already expired. I called up my mortgage advisor and he said that it is his fault he forgot. If any loss was incurred I should be protected because this is the failure on his side... He has then contacted the lender asking for back-dated extension, but I have not received extension confirmation. 

I have been trying to reach out my solicitor firm but I never receive email reply nor call back, and this makes me even more worried. 

I am well aware that I should have paid more attention on this myself, but I believed that they should be acting on my behalf for this entire process.

I hope that the lender will accept the extension of the mortgage offer, but I was told this would take a while to be processed. But my biggest worry is what if the extension is rejected...?

If I were to apply for the new mortgage product (my expired offer was for fixed rate of 5 years), the interest rate is much higher than in March, my quick calculation suggests that I would have to pay more than GBP 25,000 extra over 5 years time.  Also I would assume there will be another legal work required on this.
Am I able to claim compensation for my loss ? In that case from mortgage advisor or from the solicitor? 

Apology for my lack of knowledge and I totally regret my carelessness, but any advice will be appreciated. 

K_S

@rui1101 Sorry to hear of this. Which lender is this? Your broker and solicitor are both at fault for not flagging upcoming expiry of the offer. 

I would assume that you are due compensation for the funds that you are out of pocket due to the errors, but given that you've already exchanged, I'm not sure how those will be calculated.

rui1101 said:

Hi, I am seeking advice on my stressful purchase experience. 

I got a mortgage offer in March for the new build property whose completion is in November. 
Everything went smooth and I did an exchange of contract in May.

I had a mortgage advisor who handles my mortgage related matter, and he mentioned that my mortgage offer would expire before completion so he/his team would do an extension nearer the expire date. 

After the exchange, my solicitor told me there is nothing else required from my side as they keep track of everything so just wait for completion.

Then in September I realised that my mortgage offer was already expired. I called up my mortgage advisor and he said that it is his fault he forgot. If any loss was incurred I should be protected because this is the failure on his side... He has then contacted the lender asking for back-dated extension, but I have not received extension confirmation. 

I have been trying to reach out my solicitor firm but I never receive email reply nor call back, and this makes me even more worried. 

I am well aware that I should have paid more attention on this myself, but I believed that they should be acting on my behalf for this entire process.

I hope that the lender will accept the extension of the mortgage offer, but I was told this would take a while to be processed. But my biggest worry is what if the extension is rejected...?

If I were to apply for the new mortgage product (my expired offer was for fixed rate of 5 years), the interest rate is much higher than in March, my quick calculation suggests that I would have to pay more than GBP 25,000 extra over 5 years time.  Also I would assume there will be another legal work required on this.
Am I able to claim compensation for my loss ? In that case from mortgage advisor or from the solicitor? 

Apology for my lack of knowledge and I totally regret my carelessness, but any advice will be appreciated.

rui1101

@K_S Thank you so much for your comment! My lender is Natwest.  Good to know it is considered that they both are at their fault.. I keep blaming myself on this error.. Do you know what is the compensation procedure? 
Hopefully I don't need to claim... but I am preparing for the worst!