Need some Professional Advice

jill2002

Sorry, just thought of something else -

Your solicitor should also have checked your mortgage offer before you exchanged contracts and should have realised that it would be impossible for completion to take place within the deal completion end date.

If you now have to re-apply, this means that the criteria for accepting you may have changed - so that is why it is important to have the correct deal in the first place.

UK007BullDog

But the lender knew it would take 12 months. So I would threaten with FSA and "treating customers fairly".

skyjumper

thanks Jill

i just happened to go through the contract in detail to find out to my surprise that solicitors have not added any finish date at all.
is this a normal practice?
i know i'm asking too many questions, but i just want to make sure i dont make ANY more mistakes and want to go prepared when i go to meet my IMA next week.

jill2002

I agree Bulldog. Skyjumper has grounds for complaint - but first go to the broker/mortgage advisor as they are the intial ones at fault - but also challenge the solicitor why he/she did not pick it up !

jill2002

The solicitors would not necessarily know a 'finish date' - lets face it no-one knows that - the builders can be a law unto themselves ! But the solicitor would know that completion was a long way off and way passed the completion end date of the mortgage deal.

skyjumper

Jill and bulldog,

i'm not a professional in this area- property market and didnt know anything much about this until now. i was of the idea that the reason u pay these professioanls is coz they r willing to give Professional advice for a Fee which i dont mind paying as we THINK we r getting the best advice in the market. but later finds out that our IMA and Solicitors got the best deal as they were able to make the most out of it Selling us the 'BEST' available deal in the market.

sorry it's just me letting out the fumes from my head after calculating how much i have shell out AGAIN for doing the same procedures again of course for a SMALL FEE,which will go to somebody's pocket - all for what- coz i thought renting was not a good option and so i saved up my hard earned money -month after month- to accumulate enough deposit- only to find out that most of it - i will have to pay for these professional people who are going to advice me the best options in the market , ofcourse to their benefit, not ours.

i have nothing against anyone in particular- as i said earlier just letting out a gust of fumes in all directions

thanks for all who replied and those who would let ur opinions in here. it was really an eyeopener to me . thanks

Jonbvn

I hope you didn't use the solicitor recommend by the developer/builder.

The other thing you may find if you have to reapply for a new mortgage is that the lender may significantly reduce the amount they are willing to lend. This is because new-build flats are dropping in value at the moment.

skyjumper

thanks jonbvn

no i selected my own solicitor after a bit of research in the local high street

i'm hoping that the details below will help me get more answers to my questions.

price of the property £152500 (at the time of initial offer)
incentives and FTB discount £12200
booking fee £250
Survey fee £360
Solicitors fee £2600 (including 1% stampduty fee)
arragement fee £599(already paid to the bank at the time of mortgage offer)
Deposit paid at the time of
exchange of contract £10000
mortgage offer for £124500

one of initial query was that - the bank has offered this mortgage offer - if i need only 115000 instead of the 124500 which they had offered meinitially, can i do it when i'm requesting for an extension of my current mortgage offer

what do u guys think?

Trying_to_be_good

Have you talked to the broker/adviser or A+L? They may be able to extend.

I wouldn't have thought you'd have to pay for a survey fee again if you stick with the same lender.

Whilst you say you're no expert, you give the impression that you know enough (can help to write down the key facts first), so I'd get on the phone and see what they say.

skyjumper

hi trying to be good. thanks for the tip

as i mentioned earlier, i'm no expert in Property buying or selling or had anything to do with an IMA or a solicitor until now in my whole life.

i'm a professional working for my !!! off to make a living- and i guess that's why attempted for an off plan flat in the area i would liike to live. have been renting near the same region for the past 2 years and thought i had done enough research before jumping into this venture.

thanks for all your support and help
will get back to you after i speak to my IMA and lender

EDIT

doh- IMA is on Holidays and will be back only next week
will kepp you posted- until then any comments welcome

thanks