In an ideal world, the purchase of your new home will be stress-free and will proceed without any difficulties. Unfortunately, this isn’t always the case. The sale may fall through for a variety of reasons and you may find yourself in the position where purchasing the original house you were intending to buy is no longer feasible. In this instance, you will be back in the market looking for a suitable alternative and the question of what happens to your existing mortgage offer needs to be considered. Alternatively, you may have simply changed your mind after you have already agreed to buy a house and have found a house that appeals to you more. In this article, can a mortgage offer be transferred to another property, we take a look at the mechanism and process involved.
Free Initial Telephone Discussion
For a free initial discussion on how we can help you with the legal aspects of buying or selling your house, get in touch with us today. We will review your situation and keep you regularly updated, discussing progress in a clear and approachable manner. Early expert legal assistance ensures no mistakes are made and also avoids the stress of dealing with these issues on your own. Simply call us on 0345 901 0445 or complete our online enquiry form and a member of the team will get back to you.
Can I transfer my mortgage offer?
This will depend on your lender and some lenders will be happy for you not to apply for a completely new mortgage.
Most will let you transfer the application to a new property after they’ve assessed and valued it, as well as adjusted any figures before generating a new offer.
This doesn’t mean you won’t have to go through some of the same mortgage application processes again, but transferring a mortgage rather than applying for a new one often saves you some time with the paperwork and satisfying the lenders criteria.
If your mortgage offer is close to expiring or if the application is taking some time to process, you may be asked to re-supply bank statements and payslips in order for the mortgage lender to assess your financial status at that time.
Are there other costs involved?
When you buy or sell a property, there are usually two types of costs you’ll need to pay to a conveyancer or solicitor.
These include the costs to third parties, known as disbursements. These include items such as search fees, land registry fees and the costs associated with transferring funds.
You will also need to pay for the cost of the legal work carried out by your conveyancer or solicitor.
In most cases, you’re still required to pay legal fees if your sale falls through, although this isn’t always the case.
Check the terms and conditions of your agreement with your conveyancer or solicitor so you fully understand your obligations.
How we can help
We have a proven track-record of helping clients buy and sell their homes no matter the size. We will guide you through all the necessary legal due diligence in a comprehensive and timely manner. We firmly believe that with the right solicitors by your side, the entire process will seem more manageable and far less daunting.
How to Contact our Residential Property Solicitors
It is important for you to be well informed about the issues and obstacles you may face during the transaction. However, expert legal support is crucial in terms of saving you money and ensuring you achieve a positive outcome.
To speak to our Residential Property solicitors today, simply call us on 0345 901 0445, or allow a member of the team to get back to you by filling in our online enquiry form. We are well known across the country and can assist wherever you are based. We also have offices based in Cheshire and London.
Disclaimer: This article provides general information only and does not constitute legal advice on any individual circumstances.
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