When buying a house, not everything always goes according to plan. One problem that some buyers experience is their mortgage offer expiring before their purchase is due to complete.
When you receive a mortgage offer from a lender it's only valid for a certain period of time. This is usually between three and six months.
There may be a number of reasons why the purchase is not completed before your mortgage offer expires. If your offer is about to expire, then you'll need to seek an extension from your lender as soon as possible.
Seeking An Extension
You may have to give the lender a few weeks notice. You should seek an extension as soon as you're made aware that completion won't take place in the set timeframe.
Many lenders will agree to an extension, meaning there will not be an issue. If the lender doesn't agree to the extension, then you'll need to obtain a new mortgage offer. This is like to delay the conveyancing process.
It's important to move quickly and instruct your Solicitor as soon as you've received your mortgage offer, so that no time is wasted.
If your mortgage offer is about to expire and you need advice, or you're looking for a Conveyancing Solicitor in Rochdale, contact us today on 01706 644187.