Need some Professional Advice

Dan_Collins_2

I think off plan should be shaken up, how can you commit to a property that is being finished in 12 months! Builders get away with murder!

You should have got an AIP, although some builders like a survey but they should put up or shut up!

skyjumper

well said Dan_Collins.

only now i realize what i have got into with scary dreams at night about re-possions- i'm not even a home owner yet asn was livg peacefully in a rented house all this time with out any of this hassles.

i guess this are all things that are unavoidable with the plan of buying a property- which is a lot of people's dream - my fault was that i had thought buying a property off plan would do some benefit in the long run

thanks

skyjumper

hi there,

just wanted to give some feedbacks.

after getting advice from memebers here, i got the courage to speak to my bank( A& L) and they were very helpful and informed me that they will be happy renew my mortgage offer and all i need to give them is a letter saying that my circumstances haven't changed since the mortgage approval and also my recent payslips and they would have to do a credit search on me to approve this renewal.

sounds fair to me - didnt specify anything about a fee involved at any time

i hope it will work out like i was told

thanks to everyone who contributed to this discussion, i will update once thisgs are in place and in between please feel free to leave any comments in between

Trying_to_be_good

Good luck - just make sure you get it in writing and don't pay any more fees (particularly to your holidaying middle-man) in the mean time!

skyjumper

thanks a lot for all ur suggestions and advice

it was of great help

jill2002

When you get the new offer from A&L make sure that the deal end date is way past your completion date set by the builders - otherwise, you may have to go through this again if the build is delayed.

skyjumper

thanks Jill,

i was under the impression that Once the lender gives you a mortgage offer- it's only valsid for 6 months. how do i get around this ? i mean - can i just tell them that the property is only going to be ready by Sept 08 and need a mortgage offer to cover the time?
is it true that mortgage offer is only valid for a period of 6 months? am i getting paranoid or am i already paranoid?
thanks with any help

jill2002

You are correct, the mortgage offer is only valid for 6 months, but the 'deal' runs out on the completion end date. In your case it looks like A&L will extend this - as I said just make sure it is longer than you need it, to allow for delays. They will have to renew the mortgage offer after 6 months anyway.

skyjumper

thanks Jill,

i had another query which i had asked earlier in this post for which i didn't get any specific answers.

my initial Mortgage offer was for £124500 and now i'm in a position to pay more from my saving towards the property and only need 115000. will it be possible to reduce the mortgage offer, without incurring any extra charges.
i hope i had framed my question right this time

jill2002

Yes, I'm sure they will be happy to lend you less. They will just send you a new offer. If you leave it till after completion, there may be a penalty to pay for paying off lump sum. Although most lenders will allow you to pay 10% off each year without penalty.