So I had gone sale agreed on a property. The bank approved my mortgage and everything was going well. I discussed drawing down the funds with my solicitor due to the interest rate going up soon, and if we drew down it would remain at the current rate. Because it was so close to closing, she said she would drawdown.
The issue was that the vendors solicitor had not yet signed the contracts on their behalf, and I never knew that. I asked my solicitortwice via email if they signed but didn't get a reply. And then the worst thing happened - the sellers pulled out of the sale at the last minute. They said they would sell it to me in January, but couldn't sell this year due to capital gains tax. They said I could rent the property for a lower price until January.
The bank was not happy with us having to return the funds. They called me and said I can apply again, but I wont be classed as a first time buyer. I asked why, because I've never owned a property before. And the lady said because I drew down the funds. I explained to her the situation and she said speak to my solicitor and they will be happy to have a conversation about it.
Im just worried now this will affect my application in future. And it doesn't seem fair to remove my first buyer status due to something that wasn't my fault. This whole thing has costed me alot of money and sleepless nights. I did contact the other bank where I also received approval and explained the situation to them, asking if I could apply with them again in August, and they said that will be fine.
Does anyone know if its legal to remove my first time buyer status because of this? And will this negatively affect my future application? I asked the lady on the phone and she said it wouldn't affect it, but I just want to hear what others have to say.
The issue was that the vendors solicitor had not yet signed the contracts on their behalf, and I never knew that. I asked my solicitortwice via email if they signed but didn't get a reply. And then the worst thing happened - the sellers pulled out of the sale at the last minute. They said they would sell it to me in January, but couldn't sell this year due to capital gains tax. They said I could rent the property for a lower price until January.
The bank was not happy with us having to return the funds. They called me and said I can apply again, but I wont be classed as a first time buyer. I asked why, because I've never owned a property before. And the lady said because I drew down the funds. I explained to her the situation and she said speak to my solicitor and they will be happy to have a conversation about it.
Im just worried now this will affect my application in future. And it doesn't seem fair to remove my first buyer status due to something that wasn't my fault. This whole thing has costed me alot of money and sleepless nights. I did contact the other bank where I also received approval and explained the situation to them, asking if I could apply with them again in August, and they said that will be fine.
Does anyone know if its legal to remove my first time buyer status because of this? And will this negatively affect my future application? I asked the lady on the phone and she said it wouldn't affect it, but I just want to hear what others have to say.