Getting mortgage deposit back

Pixel Eater

So trying to buy a house. We have signed contracts but the vendor's solicitor hasn't sent back the contracts back to our solicitor. The thing is our loan agreement with the bank is about to expire; so we have the choice of either drawing it down or letting it run out and then reapplying for another mortgage. We already have got an extension on the loan offer.

If we do the first we will have to pay rent and a mortgage until they get the finger out. But if we do the second it'll delay things at least another 8 weeks and could potentially collapse the whole thing.

If things goes south and the whole thing goes belly up, what's the issues that could arise from getting our deposit back? Our solicitor said it could be difficult, even though we put in a specific clause to say he can do if the sale doesn't happen.

Sonrisa

I'd say you need to talk to and take your own solicitors advice on this.

The bank won't let you draw down without the signed contracts, if you really want this house I'd say you will be reapplying.

L1011

Banks will usually offer extensions on offers in these circumstances

Electric

Speak to your solicitor.

But just to say, your solicitor will not be able to drawdown the mortgage funds without signed contracts in their possession.

No bank will release mortgage funds without signed contracts, as it would have no security for their loan and in effect the mortgage would be a massive personal loan.