We have agreed a deal on our new premises, but the sellers may pull out because of mortgage delays at the bank
Our charity, Colchester Youth Enquiry Service, received a substantial donation to buy premises but we still required a mortgage to cover the balance. Our offer to buy a building was accepted in January 2010.
We reached an outline agreement with Lloyds TSB for a mortgage but since then there have been constant delays and requests for new information which we quickly supplied. But we still have no offer letter. The seller is getting impatient and we may lose the property. JF, Colchester, Essex
Lloyds accepts responsibility for some of the delays, but it blames your solicitor for other hold-ups. The bank says there never was going to be an offer letter because you needed a business loan and such letters go out only for residential property mortgages.
Yet more delays were unavoidable because the proportion of the property you wanted to buy changed which required a second valuation.
To apologise for its share of the delays, Lloyds offered to refund �176, half the cost of the second valuation, and to donate �150 to the charity.
You believed it should pay more and, after considering your letter of appeal, Lloyds has increased the offer to paying a �300 donation and the whole valuation fee, a total of �652.
You can email Margaret Dibben at your.problems@observer.co.uk or write to Margaret Dibben, Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU and include a telephone number. Do not enclose SAEs or original documents. The newspaper accepts no legal responsibility for advice.
Source: http://www.guardian.co.uk/money/2011/feb/06/premises-mortgage-delay-charity
BlackBurn Rovers Enjoy England TwiTrips Pop and rock Birmingham City England cricket team Biffy Clyro
No comments:
Post a Comment