What if V won't complete- exchanged OK; mortgage problems

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    What if V won't complete- exchanged OK; mortgage problems

    What would be the likely result if someone had a mortgage from mortgage express being applied for at the moment?

    Landlord has daftly exchanged on the property and carried out renovation works (with agreement of the owner) before the mortgage is in place - completion was due in over a months time.

    Deposit already sent and 30k tied up in renovation works.
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    #2
    Originally posted by Wickerman View Post
    What would be the likely result if someone had a mortgage from mortgage express being applied for at the moment?

    Landlord has daftly exchanged on the property and carried out renovation works (with agreement of the owner) before the mortgage is in place - completion was due in over a months time.

    Deposit already sent and 30k tied up in renovation works.
    As he's exchanged on the property then it should complete as agreed unless one of the parties to the sale should die in between exchange and completion, that tends to throw a spanner into the works.

    If he doesn't have the funds in place by completion then he has a problem. Or several. Not least of which is that he could be sued for breach of contract for failing to complete. He could also lose his deposit and have no claim to the value of the renovation work he has carried out unless he has a seperate contract to cover this eventuality.
    My advice is not based on formal legal training but experience gained in 20+ years in the letting industry.

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