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Question on 'binding contracts'

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  • 24-01-2018 10:20pm
    #1
    Kieran01
    Closed Accounts Posts: 29 ✭


    Hello all,

    1. I am purchasing a property (apartment).

    2. Contracts have been signed & deposit paid (mortgage approved etc.) and I have a 'binding contract' with a date set to close this Friday

    3. When my solicitor was going to draw down funds from the bank we realized the address on the letter of indemnity and the valuation was different. TBH it something silly (area name inputted in a different way) but understand they have to get everything correct and in order.

    4. The bank pushed back and asked for valuation to be re-issued

    5. Currently working with valuer on getting the document rectified with the correct address. Could take a few days to resolve.

    Question: If we are unable to get the valuer to update and send documents to the bank by Friday which is unlikely at this stage - what are the ramifications for my 'binding contract' date? I assume we just let the date slip as I still intend to purchase and notify the vendor solicitor and estate agent and the contract is still valid?

    Appreciate any thoughts/advice please.

    K


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