The nervous wait to exchange....

[Temujin]

Still waiting a month on for a mortgage decision, should hopefully be here in 24 hours though. The vendor we are buying from, the top of the chain, returned their paperwork around 4th August and wants to move by the end of August!

We submitted findings from the Survey as there was a couple of worrying things, so, waiting to hear back what they want to do about that but we should be in a decent position to negotiate a reduction to cover the cost of rectifying the issues!

 

[MG42Maniac]

We've just finished our first remortgage. We bought for £440K in June 2018, Barclays valued the house at £416K so we had to stump up £5K as they wouldn't lend as much (75%LTV). Mortgage adviser said this was standard at the moment and if we actually got a proper valuation it would be worth about £450K. Frustrating but it's technically £5K extra equity. Just happy to be sorted for the next 5 years.

 

[jonnylaris]

Still waiting a month on for a mortgage decision, should hopefully be here in 24 hours though. The vendor we are buying from, the top of the chain, returned their paperwork around 4th August and wants to move by the end of August!

We submitted findings from the Survey as there was a couple of worrying things, so, waiting to hear back what they want to do about that but we should be in a decent position to negotiate a reduction to cover the cost of rectifying the issues!

A month for a mortgage decision? Why so long a wait?

 

[Temujin]

A month for a mortgage decision? Why so long a wait?

I don't know? They've asked for more info a couple of times, according to the mortgage advisor this seems to be about average for a decision at present due to covid.
I'm sure there are outliers though that get a decision in a week or two, but, that isn't a sign that it's the same for everyone.

 

[jonnylaris]

I don't know? They've asked for more info a couple of times, according to the mortgage advisor this seems to be about average for a decision at present due to covid.
I'm sure there are outliers though that get a decision in a week or two, but, that isn't a sign that it's the same for everyone.

We applied exactly 2 weeks ago today (15% down via Danske). The valuation by the bank was done last Friday and we heard yesterday that they were happy with it. We are just waiting for the decision to come through any day now. Our mortgage advisor seems to think it could be as early as tomorrow.

 

[Temujin]

We applied exactly 2 weeks ago today (15% down via Danske). The valuation by the bank was done last Friday and we heard yesterday that they were happy with it. We are just waiting for the decision to come through any day now. Our mortgage advisor seems to think it could be as early as tomorrow.

Okay... I'll contact the mortgage provider and tell them someone on ocuk forums had their decision in two weeks so I demand compensation.

There's a lot of variables at play, evidently it resolved quicker for you than it did for me. As i said, there would be some who got quicker decisions, and it's likely there are others who have to wait as long if not longer.

 

[jonnylaris]

Okay... I'll contact the mortgage provider and tell them someone on ocuk forums had their decision in two weeks so I demand compensation.

There's a lot of variables at play, evidently it resolved quicker for you than it did for me. As i said, there would be some who got quicker decisions, and it's likely there are others who have to wait as long if not longer.

Well we don't know yet as we haven't received our offer yet. When did your valuation get done just out of interest?

 

[Temujin]

Well we don't know yet as we haven't received our offer yet. When did your valuation get done just out of interest?

Not entirely sure on specific date but I think about two weeks ago, the vendor has been dragging their feet somewhat despite wanting to be out by the end of the month!

 

[mid_gen]

The language solicitors use to pretend they're 'very smart'...

“We are liaising with our Client with regards to the same and will revert."

Bunch of bells. Just get the damn transaction done.

 

[Temujin]

Mortgage offer received this morning, nice.

A small number of things are coming up Milhouse!

 

[Dan_P]

Just got notified that our solicitor has been shut down, thankfully we are at the start of the process and only lost £300.

Contacted developer, mortgage broker and help to buy to change all the paperwork for a new solicitor and submitted a claim for the £300. Not happy though and could have done without the stress.

Just in case anyone else is impacted but doesnt realise yet: https://www.sra.org.uk/consumers/solicitor-check/633863/

 

[Temujin]

Just got notified that our solicitor has been shut down, thankfully we are at the start of the process and only lost £300.

Well that sucks, hopefully you can get a return on what you've paid thus far! As you say at least it wasn't too far into the process!

 

[mid_gen]

Well, after almost 9 months since having an offer accepted, I tried to chase up the solicitor today but they've gone out of office without letting me know.

I've just had an offer accepted on another property so so I'm going to be doing the dirty and pulling out of the previous sale at the last minute. It's a much more sensible house this one, 3 beds rather than 2, it's not listed, has better SW facing garden backing onto allotments, and the big selling point is a vendor who is heavily pregnant and desperately wants the sale done in 9 weeks before the kid is due and is willing to move in with parents if necessary. It means waiting potentially a couple more months but I've got good practice at waiting!

 

[MrKnifey]

Just waiting on the Mortgage company to ok the Knot-weed Policy now, they OK'd the indemnity on the land issue. So aside from that and "Deed of Appointment" from the seller side I am good to go on the purchase..

The sale however has been a complete joke, I was informed last week they haven't even requested the searches! We have had the survey and structural survey carried out but no idea where we are at now? Sounds to me as if we are weeks and weeks away from selling which doesn't help my purchase!

Solicitors and my estate agents have been next to useless! Anyone got any suggestions as to what I can do? If anything?

Anyone used a bridging loan in these situations?

 

[The_Arbiter]

Re, above. Hassle them as much as possible. Time is defo money for them, so wasting their time can be very effective. Being able to pop in if they're local is a lot harder to ignore too. Just be very polite about it.

 

[MrKnifey]

I am literally messaging and emailing everyone involved every day. My estate agent has already got quite short with me about it. Unfortunately the buyers solicitors is not local to me

 

[The_Arbiter]

I actually think because they get a fixed sum from these transactions that they prioritise the hourly rate type jobs. Or at least that's what it seems to me. Though EAs being slow is strange as i bet they have monthly targets to hit.

 

[mid_gen]

The house buying process in England is so bad, it's awful for buyers, it's awful for sellers, it's awful for estate agents, it's awful for solicitors.

It's absolutely staggering. I'm going to end up pulling out of my original purchase the day before exchange, because it's the only sensible way for me to proceed in a way that minimises my risks. Feel bad about dumping on the rest of the chain but I can't change the way the system works.

 

[Bug One]

The house buying process in England is so bad, it's awful for buyers, it's awful for sellers, it's awful for estate agents, it's awful for solicitors.

It's absolutely staggering. I'm going to end up pulling out of my original purchase the day before exchange, because it's the only sensible way for me to proceed in a way that minimises my risks. Feel bad about dumping on the rest of the chain but I can't change the way the system works.

The house buying process is bad - so you're going to act out the absolute worst part of the house buying process.

 

[mid_gen]

The house buying process is bad - so you're going to act out the absolute worst part of the house buying process.

I'm having to do this because the process is so bad. I have absolutely no idea if the vendor who keeps pushing back the completion date has *any* intention to actually sell the property or not. They are not committed in any legally binding way to sell the property. I am not bound in any way to buy it.

Although I am proceeding with a different property now, it makes zero sense for me to pull out of the original purchase until I'm absolutely sure the new property is going ahead.

Like I said, it's a crap process for everyone concerned.