Seller pulled out- do we lose mortgage too?

[Chowmeinhotdog]

We were purchasing a property and after three months of processing etc the seller pulled out on the day of exchange (decided they didn't want to move house!!!).

The mortgage broker says she can try to use the mortgage on another property but is charging us an extra £500 to do so. We're already losing £2000 on this property. It seems like we're being screwed left right and centre.

Do we have to fork up another £500 to transfer this mortgage? (IF we find somewhere else).

As far as I'm aware it depends on the lender (and in your case, the broker).

Most lenders will accept what's called 'revised property details' which is essentially switching the address of the secured property. Your broker will take care of this and it shouldn't cost him/her anything.

The cost incurred may be due to a new valuation which will need to be carried out - did you pay for the survey first time round?

I'm not sure which lender you're with but most won't charge for actually switching over the property details, just for the new survey.

As it stands, your offer is still valid. When does it expire?

Most mortgage offers are only valid for 90 days so you have to ask (and probably be charged) to extend it. However unless they're willing to change the property details then you're caught between a rock and a hard place.