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Extended Mortgage Offer Expiring!


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Hi. We are in the process of buying and selling property and in a chain.  Our vendors have finished their queries a few months ago and finally lost their patience with us (rightly, and have put their house back on the market just recently).

Meanwhile, our mortgage offer runs out (Santander) on 28th of this month. It has already been extended once by 2 months due to COVID19.

The delay appears to be due to the fact our buyers have 2 sets of solicitors for all the queries to go through. They are taking out an Islamic mortgage and therefore have a lender’s (bank) solicitor as well as their own one. For some reason or another, these queries only arose from about August although offers were accepted in March this year.

I'm so anxious that we cannot complete in the such short time span we have.  Lots of time and money would be wasted.  We just don't know what we can do as every time we think we could be at exchange, further queries arise 😫

Seeking any help from anyone who've been through similar...

TIA (apologies for grammatical errors)

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Hello and welcome to CAG.

 

Have you spoken to Santander about the problem and asked about extending further? I'd have thought your situation isn't that unusual so they should have experience of it.

 

We had a not dissimilar situation a few years ago, fwiw. Our buyer had been messing about for months, or rather his call centre coveyancers had. Like you, every time we looked like exchanging, they raised another query and it all seemed to get stuck on the insurance for a leasehold flat by the management company. In the end, our solicitor gave them a deadline of a few days and said if they didn't exchange by then, we were pulling out.

 

This was a risky strategy and their paralegal ignored emails until after the deadline. In our case, the deadline didn't help us to exchange but we were able to start again with a new buyer. I know this won't be what you want to hear, but it can work the other way. You could also talk to your lawyer about what can be done, if you haven't already.

 

Best, HB

 

 

Illegitimi non carborundum

 

 

 

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Hi

 

Thanks for replying. I have had conflicting advice from Santander. I was told only 1 extension allowed by one (it was extended in August) but another said our solicitor can request one.  We are now doing the latter.  

 

Although our vendor has put her property back on the market. She's desperately hoping we can exchange ASAP.  

 

Meanwhile we wait anxiously

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