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Completion date dilemma

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  • 30-11-2016 3:54pm
    #1
    WannabeBuyer
    Registered Users Posts: 66 ✭✭


    Would anyone have any advice on a new build completion date?! I've been told that the property completion date is late Spring but my letter of offer would expire in June! This is cutting it fine as any unplanned change in circumstances could lead to the bank pulling my offer and declining our mortgage! Would we lose our full 10% deposit?! Would anyone have any advice as late Spring could be Summer!


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    #2
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    Until contracts are signed and exchanged, the deposit is fully refundable.


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    #3
    WannabeBuyer
    Registered Users Posts: 66 ✭✭WannabeBuyer


    Michael D Not Higgins wrote: »
    Until contracts are signed and exchanged, the deposit is fully refundable.

    I think we need to sign contracts before the completion date however if the completion date exceeds 6 months the bank can pull the mortgage offer therefore we could potentially lose our full deposit!

    Would it be normal for a completion date to go over for a new estate?!


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    #4
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    Reapply 3 months before completion date. Until then, don't let your circumstances change! I'm in the same boat, completion due in June. reapplying in Feb.


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    #5
    WannabeBuyer
    Registered Users Posts: 66 ✭✭WannabeBuyer


    Hana Deep Someway wrote: »
    Reapply 3 months before completion date. Until then, don't let your circumstances change! I'm in the same boat, completion due in June. reapplying in Feb.

    So reapply for a new mortgage in 3 months time or reply for mortgage offer letter?!


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    #6
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    WannabeBuyer wrote: »
    So reapply for a new mortgage in 3 months time or reply for mortgage offer letter?!

    Banks offer extensions to their mortgage offers if the circumstances haven't changed.

    Are you expecting a change in circumstances? If not, I wouldn't worry about it. Otherwise, you might be better off not committing to a mortgage if something's going to happen in the next 6 months.


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    #7
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    WannabeBuyer wrote: »
    So reapply for a new mortgage in 3 months time or reply for mortgage offer letter?!

    Unfortunately due to the best of my knowledge it's a case of reapplying for the mortgage itself. I'm not sure if it can be expedited however I have sold in the past and the purchaser had to reapply under similar circumstances.

    I'm open to correction on this however!


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    #8
    MissElle
    Registered Users Posts: 244 ✭✭MissElle


    Im in the same boat OP, new build that is due to be completed Spring 2017. Our loan offer expires in early April so if the house is delayed we will just have to reapply. Like another poster has said, if you think your circumstances will change in the 6 months while its being built its maybe best not to go for it. My fiancee would love to apply for a new job but we just have to wait until we draw down. Wouldn't want to affect anything if we do end up reapplying!


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    #9
    Zzippy
    Registered Users Posts: 14,166 ✭✭✭✭Zzippy


    Get your solicitor to insert a "subject to mortgage" clause or similar in the contract, with an agreed closing date before your approval runs out. You will almost certainly get it renewed, particularly if you're continuing saving while waiting, but just in case your solicitor is best placed to advise on how to protect yourself should the date run over. Keep saving and keep your accounts in order and there shouldn't be an issue with getting offer extended or renewed.


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    #10
    WannabeBuyer
    Registered Users Posts: 66 ✭✭WannabeBuyer


    Michael D Not Higgins wrote: »
    Banks offer extensions to their mortgage offers if the circumstances haven't changed.

    Are you expecting a change in circumstances? If not, I wouldn't worry about it. Otherwise, you might be better off not committing to a mortgage if something's going to happen in the next 6 months.

    Not expecting anything to change but my partner is in the building trade so you never know for certain!


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