Need advice Urgently.

tunnie123 · 21 May 2018 at 11:09AM

Hi guys in a bit of a situation here, we found a new build we love. reserved it [agreed to have all furniture as it was a show home and 10k off asking price] however on the reservation form it states and she did tell us this was the case that we could have all of that as long as we complete by the 31st of may [their end of year]

we have everything up together valuation done, solicitor has completed checks we have closed our help to buy isas today and sent closing statements to solicitor to receive bonus [using bonus as part of exchange deposit as hoping to complete and exchange on same day] the only thing wait for now is our mortgage offer.

virgin came back with an offer 12k less than we need, when our broker looked at this he found they had taken my student loan into consideration even tho it only came our of my wages that month because I had a really good commission month [they are not taking my commission into account as have only been in the job 3 months] therefor they should not take the student loan into account. The big issue is now it has gone once again to the bottom of the pile and we are getting really worried that this may not get done in time.

I have 2 questions...

1 if it goes over [as much as I know they are well within their rights to] what are the chances of them still selling it to us with the same things for the same price? surely they are not going to just put it back on the market again and start the whole process again?

and 2 if say this offer comes through say on Thursday how realistic is it for everything to get sorted before 31st [stupid bank holiday makes it harder]

we have used the solicitors they recommended as they said if needed they have known them to get things turned around in 72 hours. my thought being if its not done on time but everything is with the solicitors before that 72 hour to completion mark can I just say well I got my bit done on time but its the solicitors you recommended that couldn't get it done?

sorry for the essay just really worried were going to lose this house now :[

YHM · 21 May 2018 at 12:49PM

So your solicitors have done all the work, with no assurances that the mortgage would be agreed? Hmmm...

The first question is really down to your negotiations with the developer. It is likely that if they do not achieve the 31st of this month, they may want to change some of the bolt ons they had previously agreed. However, it would also be naïve of them to take it back to the drawing board just because the timescales were breached by maybe a week or two.

Realistically to turn around an application and a legal completion within 7 working days is tight, but could be achieved if you do have a competent solicitor (which isn't usually something you get from in-house referrals).

Hope it works out for you though...

Need advice Urgently.

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free