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New property Mortgage withdraw after exchange contract

c00114110 · 2020-11-09 11:59:50

Hi Everyone, I am buying a new property. Got my mortgage approval, paid booking deposit and asking to sign the contract in 28 days. The property should be ready on April next year. However my solicitor alert me, because there is 4 or 5 months waiting time between contract exchange to close the deal, there is a risk that…

Comments

#52 19-11-2020 12:39am

Dolbhad

Registered Users, Registered Users 2 Posts: 782 ✭✭✭

Join Date: April 2019

Posts: 777

zootroid wrote: »

Is the subject to loan clause generally for new builds only? Or all houses?

All houses but it tends to always be accepted in second hand sales. Whereas builders are more reluctant to allow it.

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#53 19-12-2020 7:13am

zootroid

Registered Users, Registered Users 2 Posts: 784 ✭✭✭

Join Date: June 2006

Posts: 755

We're in a similar situation to the OP. We had an offer accepted on a new build about a month ago. When the contract came through, our solicitor advised us not to proceed as the developer's solicitor would not agree to the subject to loan clause being included. We contacted the estate agent to see what he could do. He told us that the developer had reluctantly agreed to the clause and their solicitor would be in touch. This was 2 weeks ago, but still our solicitor has heard nothing, so we're starting to get nervous about it now.

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