Hi All,
So the sky has fallen in!! I went sale agreed on house at the start of July. Contracts were received about 2 weeks later with a closing date of the 24th August. With agreement the closing date was pushed out a week to the 3rd September. There was an small issue with the map with land registry. Due to the sellers solicitors holidays it took a few weeks to get sorted. It meant the contracts didn't get returned to the seller until Tuesday 28th.
The mortgage requisition went in last week and the mortgage was issued on the 30th August. The sellers solicitor confirmed they were ready to close several times last week and that the seller was going in yesterday to sign everything. They said it would most likely be today before it would close. It turns he not yet signed the contracts.
Today disaster struck - the seller has apparently changed his made. He reckons he can get more money. I know he is entitled to pull out (although I can't figure out why he left it till the last minute). I am devastated to say the least.
My primary concern now is the mortgage. My solicitor still has the funds and says they can go straight back. She says there may be a few days interest. However its a 5 year fixed rate mortgage so I assume there is breakage fees? I'm surprised my solicitor requested the mortgage without the signed contracts. Is that normal?
Apologies for the long post! This is going to cost me (engineer's fee, solictor's fee, mortgage fee's, insurance policy's) and that might prevent me being able to buy another house, assuming I find another suitable one. I'm so upset!!
So the sky has fallen in!! I went sale agreed on house at the start of July. Contracts were received about 2 weeks later with a closing date of the 24th August. With agreement the closing date was pushed out a week to the 3rd September. There was an small issue with the map with land registry. Due to the sellers solicitors holidays it took a few weeks to get sorted. It meant the contracts didn't get returned to the seller until Tuesday 28th.
The mortgage requisition went in last week and the mortgage was issued on the 30th August. The sellers solicitor confirmed they were ready to close several times last week and that the seller was going in yesterday to sign everything. They said it would most likely be today before it would close. It turns he not yet signed the contracts.
Today disaster struck - the seller has apparently changed his made. He reckons he can get more money. I know he is entitled to pull out (although I can't figure out why he left it till the last minute). I am devastated to say the least.
My primary concern now is the mortgage. My solicitor still has the funds and says they can go straight back. She says there may be a few days interest. However its a 5 year fixed rate mortgage so I assume there is breakage fees? I'm surprised my solicitor requested the mortgage without the signed contracts. Is that normal?
Apologies for the long post! This is going to cost me (engineer's fee, solictor's fee, mortgage fee's, insurance policy's) and that might prevent me being able to buy another house, assuming I find another suitable one. I'm so upset!!