• Missives Signed On New Build And Mortgage Will Expire Before Move In Date

    By Guest on 17th Jun 2020

    Have signed missives on new build 2 weeks before lock down mortgage offer agreed and valid until August 12th moving in date 12th July , lockdown occurred house will not be ready until at least late September , doubt will get mortgage extension as mortgage agreed on commission and bonus which has dropped dramatically so unlikely to get extension also believe value of new build will drop , so what do I do ?

  • 1 Answers

    By NotaryExpress on 18/06/2020

    When you mention missives, is this for property in Scotland? I can only advise on property in England & Wales. If you mean exchange of contracts for a property in England & Wales, I would advise you either complete prior to your mortgage offer (if possible - your conveyancer will advise you on this) or speak with your mortgage broker regarding an extension (your mortgage broker will advise you on this). Otherwise take advice from your conveyancer on any other options available to you pursuant to the circumstances of your case or the penalties (such as loss of deposit) you may face if you breach contract.

    www.notaryexpress.co.uk

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