Bank now won't provide mortgage. Our houses already off the market already. What next?

[Grindting]

Based in london, England

Basically, my bank (who I already have an existing mortgage with) made a mistake somehow in giving my mortgage in principal on a new property I want to buy, and now they wont lend me the money. I wanted to port my mortgage and borrow more for the new house, as I earn a lot more than I used to, but they have an issue with freelancers . anyway, sticking to topic what is the next step in breaking all agreements?

I take it I will have to inform the estate agent that I have to pull out of the deal to buy the house first and foremost, on account that I literally cant buy it. The bank has offered to actually pay for any legal expenses Ive incurred to date as it was their error, but luckily we have not spent any money on legal fees or any other fees up front, it Is still at a stage of offers, and I dont think any other party have either.

Question I have is if I take the property off the market (as I cant move regardless of any sale offers), I have a feeling the estate agent will still charge me a huge fee for any services undertaken to date. Does this mean I should keep my property on the market to avoid such fees, but change the sale price and put the property at an exhorbantly high sale price so that no one will be interested? As it will take me another 9 months before I qualify for the mortgage that the bank originally offered me.

Could use any tips in regards to getting out of this situation, as my only experience with property is with the property I have now, which I bought as a first time buyer 18 months ago. Thanks

Edited February 10, 2015 by Grindting

[AYJAYDEE]

obviously depends on the country

[Grindting]

Thanks ayjay. Updated to uk

[benalibina]

Costs already made by estate agent you would need to pay. No more no less. You can forward those bills to the initial mortgagesupplier most likely. Its only an estate agent...what can they do ? Tell them next time you will use their services. Should settle it.

[Grindting]

If they want the sales fee of which they would have got if the bank hadnt strung me along, it would be £4200, that is what we agreed in writing. Although that is paid upon completion,. Will they expect this amount? I know my bank will certainly NOT shell that out, so I certainly won't be paying it and forward the bill on knowing I won't get it back. When they say costs incurred to date is like how long is a piece of string. They could hit me with a bill of whatever the conjur up, and I am certainly not going to pay it. Can I not just keep it on the market at a high price for the next 9 months? And avoid the fee all together?

Edited February 10, 2015 by Grindting

[Grindting]

What about creating a dummy permanent contract? This would mean I could get the loan and continue with the house purchase (btw never been out of work for 9 years since I started my career). I spoke to my partner after I made this thread and she is refusing to accept that the move isn't going ahead. What can I do?

Edited February 11, 2015 by Grindting