• Arranging Mortgage After Exchange

    By Guest on 15th Jul 2016

    Is it possible for buyer to exchange contracts and then arrange mortgage afterwards but before completion? Would there be any potential risk to the seller in this?

  • 1 Answers

    By Guest on 17/07/2016

    It is possible yes though from the buyer's point of view this is very risky. Assuming the contract is not conditional on the buyer obtaining a mortgage offer then if he fails to do so by 10 working days after the completion date (assuming the notice period hasn't been altered from the standard conditions and assuming you serve notice to complete on the contractual completion date) you will be able to keep his deposit and sell to someone else. The risk to you is that if you are relying on the sales proceeds for something else that is time sensitive, such as the completion of an onward purchase, you may yourself end up liable for losses

  • Post Your Answer


  • Do you want to be informed of further comments / replies? Yes No

Ask a Question

Search