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House purchase, paid 10% deposit to the solicitor readiness of exchange. Will I get my money back?
Cuticuraser
Posts: 89 Forumite
In the process of buying a property and the mortgage offer expires at the end of this month.
I have paid a 10% deposit to my solicitor in readiness for exchange and completion but in the event where we cannot complete by the end of this month, what happens? My mortgage offer expires at the end of this month and I know we must complete by then. I cannot re-mortgage as the current rate I have locked in (3.7%) is low and if I do re-apply, the rate will be higher and its not something I will be able to afford.
All contract docs have been signed and recieved by my solictor however they are now waiting for for my lender to confirm that have recieved the ILA document before we can exchange.
So will I get my money back if my solicitor fails to complete by the end of this month?
I should mention its a chain free transaction and the vendors solicitors are ready to go.
I have paid a 10% deposit to my solicitor in readiness for exchange and completion but in the event where we cannot complete by the end of this month, what happens? My mortgage offer expires at the end of this month and I know we must complete by then. I cannot re-mortgage as the current rate I have locked in (3.7%) is low and if I do re-apply, the rate will be higher and its not something I will be able to afford.
All contract docs have been signed and recieved by my solictor however they are now waiting for for my lender to confirm that have recieved the ILA document before we can exchange.
So will I get my money back if my solicitor fails to complete by the end of this month?
I should mention its a chain free transaction and the vendors solicitors are ready to go.
0
Comments
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If you don’t exchange, it’s still your money.1
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you will get it back and your solicitor will not exchange unless everything will be complete before the end of the month. still enough time so you should be fine.
good luck.0 -
You will get your money back as long as you don't exchange. You should only agree to exchange if the completion date is within the mortgage offer period.
Once you do exchange, then you're locked in but failures to complete post exchange are exceedingly rare and you can claim your increased costs.0
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