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  • FIRST POST
    • hunnibee
    • By hunnibee 14th Aug 18, 9:48 PM
    • 36Posts
    • 9Thanks
    hunnibee
    House purchase fallen through - what can I expect from here?
    • #1
    • 14th Aug 18, 9:48 PM
    House purchase fallen through - what can I expect from here? 14th Aug 18 at 9:48 PM
    So our seller have made a rash decision and pulled out of selling their house after we've spent money on solicitors and conducted searches etc already.
    My mortgage offer came through and I've been billed already by my mortgage advisor. I'm happy to pay what we agreed but I will still need assistance from him to move this if we can manage to find another house before the offer expires which he has agreed to do.
    Here's my dilemma.. what if I don't? Can I reasonably expect him to get us another offer without extra payment?

    I have to raise an additional 500 to cover expenses now if we find another house & couldn't afford to raise even more to pay him twice aswell.
Page 1
    • zx81
    • By zx81 14th Aug 18, 9:51 PM
    • 19,671 Posts
    • 21,064 Thanks
    zx81
    • #2
    • 14th Aug 18, 9:51 PM
    • #2
    • 14th Aug 18, 9:51 PM
    What does your contract with him say?
    • ACG
    • By ACG 14th Aug 18, 10:02 PM
    • 17,970 Posts
    • 9,753 Thanks
    ACG
    • #3
    • 14th Aug 18, 10:02 PM
    • #3
    • 14th Aug 18, 10:02 PM
    Our contract states our fee is due on offer of a Mortgage.
    If the sale falls through, we will usually switch it over to a new property free of charge.
    Mortgage offers are typically valid for 6 months, so if you get to the end of the 6 months and have not found another property then ALL of the work needs to be done from scratch - research, application, assessing payslips, bank statements, credit reports and so on. I dont think we would waive the fee in that situation for a new application although I would take it on a case by case basis. It has not happened to me in 5 years of being a broker however so fingers crossed you should be fine.

    Can you expect them to do it? I dont think so. If you did your job and it was perfectly acceptable, how would you view it if your employer asked you to come in and work overtime doing the same job for no extra pay? I am not one for analogies, but it is along those lines.

    Did you use a solicitor with a no completion, no fee guarantee?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • hunnibee
    • By hunnibee 14th Aug 18, 10:40 PM
    • 36 Posts
    • 9 Thanks
    hunnibee
    • #4
    • 14th Aug 18, 10:40 PM
    • #4
    • 14th Aug 18, 10:40 PM
    Our contract is payment upon offer. He's finding out how long the offer will stand for us. There is nothing about if the sale falls through, he did say he wouldn't charge me more to switch it to a new house which was good. It just took me so long to find this one I'm concerned at the length of time it'll take again now.

    With your analagy, I do it regularly part of retail management unfortunately - customers demand alot from shops! Even down to calling us at home to get answers they're looking for.

    Our solicitors gave me a quote but asked for a 200 upfront payment in the event that the sale fell through to cover costs of the searches, so I know I have to pay for those again now & additional charges for another valuation too.
    • Teesqueeze
    • By Teesqueeze 13th Oct 18, 9:41 PM
    • 2 Posts
    • 0 Thanks
    Teesqueeze
    • #5
    • 13th Oct 18, 9:41 PM
    • #5
    • 13th Oct 18, 9:41 PM
    Hi Hunibee,

    Can I find out what the process was with Kensington after house purchase has fallen through and you have found a new home? Our sellers have pulled out due to being over 8 weeks since they accepted our offer.
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