We have had a mortgage offer a year back when Sale Agreed. Meanwhile we are up for Haven to apply another for less interest rate, but Haven is taking forever to complete, now Builder finished the property and we did the snagging too. Still we don't have solid offer in hands as Haven is taking too much time.
The old offer from different bank also expired and we didn't bother to renew it as we are getting Haven for low interest rate. Now, Builder is finished the property, and re-snagging also arranged. We are panicked now, Haven may take another 2 weeks or so.
Can a builder pull out if our mortgage is delayed ? we waited more than an year to get to here, and everything may get collapsed if we don't get the house.
Have you signed any contracts? If yes you have time, if not builder can put it back on the market if they want.
yes, we signed contracts and paid the deposit too, after contract signed we waited an year for completion.
The contract usually has a subject to loan clause which protects you if you have to pull out due to mortgage issue and means youd get your deposit back and assume they can't pull out unless the bank refuse your mortgage. Contact your solicitor for clarity though.
has the builder signed the contract?
An update on my house, we are cleared everything, hope to move to new house soon.
Thanks all for responding
I'm in the same boat now although the builder isn't finished and its two months away.
There is no loan clause in my contract and I'm waiting an eternity on my mortgage letter of offer renewal.
It would be great to know what hypothetically happens if the bank is non responsive and the builder starts getting annoyed