If Not Able to Arrange Mortgage

Hi There ,
Just need Info regarding situation if One has signed the contract paid the minimum deposit and after that not able to arrange the mortgage.

Is it possible to get the deposit back ? Is it possible to include some one else as partner to buy the property ?

Thanks in Advance
Arv

Hi Arv - If you've paid the 10% deposit through your solicitor, then you are probably in trouble. The deposit is normally non-refundable. Check with your solicitor for more information.

You may find that the vendor is OK for you to include a partner in the sale, though both solicitors are not likely to be happy about this. Did your solicitor ask you anything about mortgage approval when taking the deposit?

it's a new property and I have paid the deposit through the Solicitor. But he never mentioned about the mortgage approval.
Is there a way out ? Can i sell the booking to SomeElse ?

Arv said:

it's a new property and I have paid the deposit through the Solicitor. But he never mentioned about the mortgage approval.
Is there a way out ? Can i sell the booking to SomeElse ?

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sorry , but your in trouble.

Your Solicitor should have advised you to have the mortgage approved first.

Whats the problem with getting the morgage , someone here might be able to give advise on that ?

There's no way your solicitor should have allowed you to sign a legally binding contract without him/her being satisfied that you have an unconditional formal mortgage offer. If you've just paid a booking deposit you can pull out at any time and have it refunded. Call your solicitor ASAP.

Sarah

www.rea.ie