I have yet to be given a completion date, seller is saying he is waiting on developers solicitors to confirm a date how long do I expect to wait on this to be confirmed, seller states property is ready and not waiting on anything apart from date to be confirmed, been a week and yet no responses
For a new build home. Do u need to have a formal mortgage offer in place for the exchange of contract? Or will a mortgage in principle be suffice? As completion dates can be 6 months or so away
Hi, for a new build property it works a little differently. Usually the first step is paying the reservation fee. Some people do then ask for a DIP but most of the time you'll pay the reservation fee and then start with the full mortgage application. This can be done months in advance so you're all ready for the day you exchange. Plz do give us a call on 020 3011 1986 or email us help@wismortgages.co.uk if you have any more questions
My chains exchange day was Friday. I’m in a chain of 5 and am number 4. My solicitor called at 12 noon to say release had started and could she have my authority which I gave. The deadline for exchange was 4pm. About 3.30pm my agent called to say the contract was stick somewhere in the chain but not to worry, the deadline had been extended until 5pm. I heard nothing more which was really frustrating on a Friday and I’m now so worried all weekend. What could have gone wrong as we clearly haven’t exchanged. What will happen now?
Hi Paula. Since it is a chain it is really hard to say what could have gone wrong. However as far as we know once the funds are released you need to complete within 28 days of release. Hope it goes well!
