Should we sign this week?

G

gillers01

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Hi, we are going to sign a contract to buy a house on fri and wondering about the wiseness of this in the context of not having offocial mortgage approval. We had it previously but it expired and are not expecting a problem in getting it but wont be done this side of christmas. We will put a clause in stating that the contract is being signed subject to mortgage approval. The vendors are threatening to pull out as we have had the contract for a month. They say they want an expression of interest but we have already paid the booking deposit. Feeling under huge pressure to sign. Our solicitor is annoyed at the rush before christmas and i'm worried about his competence (whether he will have the time to do the job properly) -he's happy to have us sign though. i'm puzzled by the rush.

Say we dont get approved. Will we loose our deposit/have to have anything to do with the house/be liable for loss of money on vendors part for time invested.

Thanks!
 
Right now if you pull out you get back your booking deposit. If you sign the contract, subject to mortgage you will still get it back if you don't get mortgage approval. I'd also make it subject to an engineer's report if you haven't already completed one.

No you are not liable for any costs of the vendor if you pull out. The vendor's are upset as a booking deposit doesn't tie you to anything.

Has your solicitor not explained all this to you? I'd imagine he's under a lot of stress with people trying to get mortgages drawn down this week for people trying to make the mortgage relief deadline.
 
Ok Bronte. thats a relief. Thank you for that. It seems like its the done thing so......to not have mortgage approval on signing. i can see it from the vendors perspective too. Looks like we'll sign. Our poor solicitor-would say he needs this like a hole in the head. I dont want to be an eejit though-have had so many bad experiences with solicitors.
 
Is mortgage approval imminent? If I were the vendor I would be giving you a deadline.
 
Maybe. They've already been sitting on the contract for a month and still no approval in place . . I would be an unhappy vendor in such circumstances.
 
How far off getting mortgage approval are you? Has all the paperwork been given to the bank?
 
Good Gillers and then you can relax, the vendors can relax and the solicitor too.

Buying a property is not easy, it's not meant to be easy for anyone, it's a very serious life changing decision, and generally very stressful. So if everybody understands this it will go better for everybody. It's particularly difficult right now as mortgage approval is so hard to come by.
 
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