Mortgage offer expiring on first home !!

Hutt1005

 I had my offer accepted in August 2022 and a should have exchanged by Christmas however, the sellers solicitor has not advised him to apply for Grant of Probate until 14 weeks into the process (Mid Nov 22). My solicitor has assured me this should have been applied for at the start of the process as applying for Probate can take a couple of months to be granted. My mortgage offer expires 20th March and the probate has still not been granted. If we do not complete by my expiry date, applying for my mortgage again will cost me approx £100 more /month due to interest rates. Can I take any legal action against the sellers solicitor for causing this delay? I have asked the lender if the mortgage offer can be extended which they advised they will not do this. Any advise would be great as I'm desperate to avoid reapplying for the mortgage! x

user1977

No, you can't. Were there no clues at the outset that an executry was involved?

Zetlandroad

Hutt1005 said:

 I had my offer accepted in August 2022 and a should have exchanged by Christmas however, the sellers solicitor has not advised him to apply for Grant of Probate until 14 weeks into the process (Mid Nov 22). My solicitor has assured me this should have been applied for at the start of the process as applying for Probate can take a couple of months to be granted. My mortgage offer expires 20th March and the probate has still not been granted. If we do not complete by my expiry date, applying for my mortgage again will cost me approx £100 more /month due to interest rates. Can I take any legal action against the sellers solicitor for causing this delay? I have asked the lender if the mortgage offer can be extended which they advised they will not do this. Any advise would be great as I'm desperate to avoid reapplying for the mortgage! x

You can't claim against the seller's solicitor as you don't have a contract with them. You also can't claim this from your seller as you don't yet have a contract with them (until exchange). The lender is unlikely to extend as their cost of borrowing has increased significantly since the offer was issued. 

Buying probate carries the risk of a long transaction, typically much longer than non-probate, and this is a factor to consider in the context of a mortgage offer in a world of rising rates.

Although the seller doesn't owe you anything you could negotiate on the price. The outcome will depend on the relative bargaining positions. The property in theory will have fallen in value due to the rate rises that will cost you more, ignoring all other factors. 

movilogo

Typically sellers put houses on market after probate is granted. Who is your lender? Sometimes you can make a small change and lender extends mortgage offer for couple of months. Check with your mortgage advisor if you can do that.

EssexHebridean

I'd ask your solicitor (assume  they are acting on the lender's behalf, too) to make a formal approach requesting an extension to the offer, explaining the mitigating circumstances, if I were in your position. They may view that better than you asking. 

Hopefully the probate will come through in time - the gov.uk site suggests "within 16 weeks" and I have a feeling it is indeed taking less time than this currently. 

EndlessStruggle

I pulled out of a probate purchase in November and it still hadn't been granted after 3 months...

It was supposed to be a simple estate, there was a will and it was being handled by solicitors.

GDB2222

Prices have dropped since August in most parts of the country. Put this to your vendor and say that you will reduce your offer if completion is after your mortgage deadline.