apologies if I am not using the correct words
My sons buying a shared ownership property .No chain it’s a property that was rented out via the HA who decided to sell it
His solicitor arranged for the money to be withdrawn from the mortgage company for the sale a few weeks ago as they thought that they would be exchanging on the 26th Oct and then realized that the other side( sellers HA ) hasn’t got a form that is needed in order for the sale to exchange and complete It’s a form that changes it to a Shared ownership property
So they can’t exchange complete till they have this form which was applied for in August
The solicitors can hold on to the mortgage amount for 28 days and my son can ask for a two week extension from the mortgage company but after extension it’s either he’s completed or not and my son will lose his very good rate that he got if he’s not exchanged / completed by that time
Who is at fault here .
Surely the solicitors shouldn’t have withdrawn the mortgage money without checking that everything is in place
To get another mortgage over 5 years it will cost my son over 7k at the present rate
not to mention the reservation fee