Does anyone know how long a mortgage re-evaluation takes?(4 Posts)
Hi, first time poster here!
We are selling our house and we thought we were at the point of exchange of contracts but our buyer had an electrician in at the last minute on what was supposed to be on exchange of contracts and completion day(which we had to change as it was 5 days before we were told and we were not ready to move on that date and both were supposed to have been on the same day) and on account of the issues on the report we agreed to a slightly lower offer. I told our buyer to contact their solicitors (they told us directly of the change of offer as they did with arranging the electrician) to contact ours and we were told that their mortgage company now needs to re-evaluate and our solicitors don't know how long that takes. Their lender is Nationwide,I know that.
Our solicitors are not the best at informing us of anything(they didn't even tell us that the exchange/completion has been agreed between both buyer and seller but failed to tell US first!)as they seem to rely on emails(!!!!) and today I have called them to ask if there is any news but the re-evaluation is with the buyer solicitor is all they know and I told them yesterday to tell the solicitors of the sellers of the house we are hopefully buying of the delay and they hadn't done it yet. I've already had to tell the estate agents of our hopeful purchase the other reason apart from not being ready for exchange/completion on the same day was the buyer having the electrician in but what confuses this further is that our solicitors STILL claim that the buyers were ready for that date,the same day as the electricians visit (!!!!????) which I don't believe apart from having different people confirm it.
The buyer did try to ask for a much earlier date before which got no further than us luckily. We've already had delays with enquiries on the buyers side as the sellers wanted August and I had to tell their estate agent September.
I wouldn't even have minded if they had not changed the offer and just asked for a cheque to cover the difference later(the house we are hopefully buying is a cheaper house) as we could have done that and at least it wouldn't hold things up further!
Oh and I did ask the day the electrician came,before we knew, for next week as completion after speaking to a removal firm.They just called and said that they now can't do it as we couldn't book it without us being sure.
We have used our solicitors before but then we sold to friends so we sorted out problems between ourselves back then.
It is just a worry regarding how long the mortgage re-evaluation will take although I have been told that it's just a paper exercise or just changing a bit of paperwork.
So back to my original question,anyone ever been in this situation and knows how long Nationwide take with a mortgage re-evaluation or should our solicitors actually know for sure how long it takes?
Thanking you all kindly in advance!
I wonder if they are getting cold feet. I'm not sure how long Nationwide might take but I'd contact the buyers and ask how they were getting on to suss out if they still sound like they want to buy your place.
I doubt it's that as the reason for the drop I was told was that our buyer was stretching herself financially and it's as the boiler needs replacing and the fuse box which are costly and she's reduced it by a small amount nothing major and the other half of the cost she's footing the bill for herself. She paid for the electrician herself but we have been told by the solicitors before this happened that she was ready to complete. She even wanted to complete weeks ago but we weren't ready. I think it might be to do with the fact she's a first time buyer and inexperienced and not being advised properly by her solicitors. She was told to get the electrics checked weeks ago by our solicitors. Our solicitors gave me the impressions that even she still was ready to complete last week despite the electrician being over the same day. I know their situation is that they are just waiting on the mortgage revaluation. I'm thinking that she didn't know that this would happen or it would put in such a sizeable delay but if it had gone through the solicitors first she would have been warned. I think it's a case of suddenly remembering at the last minute she hadn't had it done. I reply to her if she messages me but I don't contact her directly. I let it go through the solicitors which is what you're really supposed to do. The electrician appointment was done directly I guessed to speed things up,it didn't go through the solicitors so they had no record until I told them. I do get what you mean but I should have mentioned she's a first time buyer.
We have just tried to sort out mortgage with nationwide and they are totally Crap and take weeks. I think ours took about 4 weeks and then got refused.
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