Finance Extension

We have a buyer ask for their second finance extension. Nothing done in relation to finance in the first 14 days as per contract. They went on a nice holiday. An extra 10 days sought due to the bank requiring more time. Now another 14 day extension sought.

Does a buyer need to prove that they actually applied for finance? Am I entitled to ask for a letter from their bank that they require more time?

If I grant the latest request can I add conditions such as proof of preapproval and valuation to be completed by x date followed by final approval by x date upon which contract becomes unconditional.
 
No one has to prove anything. It is up to you whether you want to ask for proof before you grant and extension.

You could grant with conditions.
 
Hi CHAOS

I would dig a little deeper before granting the next extension.

14 days is a fair bit of time to arrange finance - and it can all still be done whilst on holidays (happens all the time).

Granting a further 14 days is giving them a month which is too long IMO unless there's a satisfactory reason - and I'm not sure if being on holidays cuts it. There could be something else going on here.

Has a valuer inspected the property?

Do you know which lender they are using?

Cheers

Jamie
 
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