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House Completion

(4 Posts)
am67 Mon 27-Jun-11 19:57:59

Hi

I was wondering if there are any solicitors/conveyancers out there who could give me advise.

We are purchasing a new build property and have a mortgage offer from the Woolwich, for there offset mortgage. We currently have a small offest mortgage on our existing home, which we are still trying to sell ( maybe going down the rental route as the sales market seems dead). We are relocating area by the way.

We reliase that we cannot have 2 offset and so have agreed with the Woolwich that we will transfer the small offset to a fixed rate mortgage. We have plenty of equity in the new house ( mortgage is £94,00 - house value is £460,000).

The new offset have been agreed at 70% LTV - my husbands salary more than covers this.

We stupidly thought that the fixed rate change had gone through - from a misunderstand phone call with the Woolwich.

We have now exchanged contracts for the new house with a completion date of 30th June. My solicitors have found when applying to get the mortgage funds released that the old mortgage has not yet been taken off the offset yet. Thay have recevied the forms and have agreed to the change but has not yet gone through the system. When I found out this info this morning I chased the Woolwich and they said it shoould be done by end of business today, have spoken to their call centre aginn this evening and has not yet gone through. I will need to chase when the servicing centre opens tomorrow.

Thanks for reading this essay by the way - my question is what will happen if we cannot get this sorted out before the completion date on Thursday - can we extend this date or will be legally bound to this date. Am I panicking over nothing

I'm going to post this in property/diy as well

Many thanks

am67 Mon 27-Jun-11 20:30:33

bump

Batteryhuman Tue 28-Jun-11 18:02:00

If you cannot complete on the completion date the sellers solicitor will serve a completion notice giving you 10 days to complete. You will have to pay interest and possibly an extra fee. Your solicitor should advise you about this.

If you don't comply with the completion notice the seller can terminate the contract and pocket the 10% deposit so not advisable. Best bet is for your solicitor to seek an extension if that seems likely.

am67 Tue 28-Jun-11 18:23:26

Thanks for the reply.

Atfter what seems to be hours on the phone, things seem to be progressing and they will hopefully have amended their records by tomorrow morning.

Fingers crossed

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