Wondering if anyone can give advice. I'm told this is a standard condition on a formal loan offer for a house on which we are sale agreed. Our solicitor is advising us to sign our contracts with the condition that circumstances outside of our control do not cause the bank to revoke the loan offer to protect us in case the bank does so between contracts being signed and when we draw down the mortgage on completion. Purchase is to close in June which is requested by the vendors. The vendor's vendors (ongoing purchase in a chain) will not accept a condition on their contracts and so the purchase cannot go through unless we sign binding, unconditional contracts. We are essentially being held to ransom which I am uncomfortable with. We can either take the risk and hope nothing bad happens or we can draw down the mortgage before closing and pay rent and mortgage together for a month or so which is an expensive option. Do all banks include this condition? What do people buying houses usually do with this condition? Our solicitor says parties usually all agree to the conditions on the contracts. We feel stuck between a rock and a hard place. Essentially though, if we refuse to either take the risk or pay the double and the vendors pull out of our purchase, we will probably lose in legal fees what we would have paid in extra rent and mortgage.
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