N
nimrod
Guest
Hello,
I'm a FTB. I have agreed to buy but there is a legal holdup on the sellers side (probate following a death) I have been told by my solicitor that the sellers will agree to let me move into the house for the period that it takes the get the probate granted (solicitor says 3 months max).
The escrow agreement involves me drawing down my mortgage and giving it to my solicitor who will also hold the deeds to the house. I will have to sign the contact to buy pending the probate being granted, at which point the house becomes mine and the money is transferred to the seller.
Has anyone heard of this situation before? If the deal falls through on the sellers side for any reason where does that leave me with my mortgage?
Any help will be much appreciated
I'm a FTB. I have agreed to buy but there is a legal holdup on the sellers side (probate following a death) I have been told by my solicitor that the sellers will agree to let me move into the house for the period that it takes the get the probate granted (solicitor says 3 months max).
The escrow agreement involves me drawing down my mortgage and giving it to my solicitor who will also hold the deeds to the house. I will have to sign the contact to buy pending the probate being granted, at which point the house becomes mine and the money is transferred to the seller.
Has anyone heard of this situation before? If the deal falls through on the sellers side for any reason where does that leave me with my mortgage?
Any help will be much appreciated