Is there ANYTHING i can do about this :(

[pucca]

Ok, long story but here goes ....

We put our house on the market in March, found a buyer everything fine, the house we are buying is shared ownership.

The mortgage co we are using to buy new house is Preferred Mortgages (do not use them!) and we have been trying to exchange contracts since beginning of July, Preferred have been a absolute nightmare, we didn't even recieve our offer of mortgage until July (from applying in March).

We now have a agreed completion date of this Weds, we still haven't exchanged contracts, because Preferred Morgages are saying "yes the funds will be there but we cannot guarantee there won't be any other queries, so we cannot guarantee anything" whenever i phone, they just say "yes we will look over the file this afternoon, then nothing happens, this has been going on for over a week now, getting no where, i personally don't think they will confirm until either tomorrow late afternoon or even completion day.

WTF!!! so how the hell are we supposed to exchange contracts when they can't confirm everything is ok, they have everything they need, and the funds will be there?!?!?

Our buyers are getting very restless, we were suppose to exchange last Weds, and we have pretty much packed up, but we cannot exchange when we cant guarantee completion will definately take place on Weds, if we did exchange and it didnt happen Weds we would be financially crippled with paying any payment for missing the date.

Feel like sobbing tbh, had enough now.

Can anyone give me some advice, or help on this? i have even phoned FSA and they can't help.

[saffymum]

Sorry no advice but bumping for you.

[Blu]

Has your solicitor called them?

[Wisteria]

was going to suggest FSA but you've done that. Can you ask your solicitor to call them? Did you use an IFA to obtain mortgage? in which case he should be able to speak to them.
TBH - I've never heard of them and I used to work in the industry.

[pucca]

Solicitor has phoned them numerous times, but they keep saying the same thing to them too

Just cannot believe they conduct their mortgages this way, apparently this is the way they do all their mortgages

We got the mortgage through EA, and the mortgage consultant only works Thurs and Friday...so they not able to help.

[Niecie]

I think this is a job for the solicitor. It is their responsibility to check all that sort of stuff is in place before exchange - that is what they are paid for. Have a word with them, tell them about your conversations and let them sort it out. Put the pressure on the solicitor.

Good luck.

[Fimbo]

What does it say in your mortgage offer from them?

If the mortgage is in place and you have an offer in writing from them, then surely your solicitor can exchange contracts?

[pucca]

The solicitor, seems to be just going along with them, for instance spoke to solicitor earlier and she said "Preferred are phoning back this aft at 3pm and they will confirm then hopefully" .....

thats it?! no help at all, they are just accepting what they are saying, feel like pulling my hair out now tbh.

[Blu]

It sounds as if you are planning to exchange and complete on the same day...your solicitor won't exchange unless the funds are properley there.

[Niecie]

Sorry cross posted a bit there. I really do think it is up to the solictor to up the pressure - go up the line of management and speak to the section manager of the mortgage co. Set a dead line for somebody to look at your file and keep phoning back until you get an answer - even if that means phoning every 1/2 hr or so.

Report them or write a stiff letter of complaint when it is all over and never use them again!!!

[pucca]

Fimbo...Yes we have the offer, but we cant exchange until the mortgage co confirm the funds will definately be there on Weds, as we will be charged a penalty if we exchange and completion doesnt take place on the day agreed.

Thanks everyone, feel quite hysterical atm.

[Wisteria]

THe Mortgage consultant should have someone who handles her or his caseload Mon-Wed, that would be normal procedure. If it were me I would go in to the offices of either the mortgage consultant or the mortgage provider (if feasible) and make a nuisance of myself until I got some answers. Failing that just keep ringing them, they will eventually sort yours out just to get rid of you.

Hope it was a super deal you got btw, as if not I would be asking the mortgage adviser why he/ she recommended it!

[lucykate]

get the EA to get hold of their financial advisor asap to sort it out regardless of what days they work, you will be paying fees for their 'service' and also for the service of the advisor. push the responsibility back on to them to sort this out. kick butt!!.

you should not be sorting this out yourself, otherwise what are you paying them for.

fingers crossed for you that it all works out, i sympathise, we went through it all last year when we moved.

[pucca]

Blu...Are buyers wanted to exchange last Weds, they will not be happy exchanging and completing on same day, its a bit shaky exchanging this close to completion for them.

[Niecie]

We exchanged and completed at the same time moving from Hampshire to Essex with all our packed up in the removal lorry going round the M25. It was a complete nightmare but a lot of people don't realise, as I didn't at the time, that there doesn't have to be a gap between the 2. Not good for the nerves though, not good at all.

[lucykate]

fwiw, when we moved, our solicitor sorted it with our mortgage co. regarding dates and funds being available. we didn't get involved at all.

[Wisteria]

One thing I would say is speak to your buyers as soon as you can to reassure them that you are doing everything you can, we invited ours round for a drink, it smooths things over IME. What I found the scariest part about buying was when we weren't advised what was happening with the other parties. The more you keep in contact with them, the happier they will be.

[Fimbo]

Can you contact Preferred and try and speak to a manager and keep on at the solicitor too.

Good luck, hopefully you may hear something this afternoon.

[pucca]

Thanks all of you, helps to talk it through.

LucyKate>>>i feel i have done all this myself ...really! absolute nightmare it has been, my nerves cant take anymore.

Worse still i have a pretty empty house, and dd 3yo and ds 12mth are driving me mad! lol

[Niecie]

lucykate - that is how it should be. I think the solicitor needs a good talking to as well.

[pucca]

Thsi is supposed to be a simple transaction...my arse! people buying ours are FTB, and the house we are buying is empty and shared ownership...simple? NOOOOOO

[lucykate]

pucca, moving is so stressful, done it 3 times since buying my first property and i'm in no hurry to do it again.

just seen from your profile you are in chorley. i know that neck of the woods, i'm from formby originally but used to also live/work in bolton and then parbold. are you moving locally?

[pucca]

LucyKate...Yes, moving from Chorley to Leyland

Parbold is lovely! very very expensive to buy there now though!

[lucykate]

any news on sorting things out pucca?

we moved to parbold in 2001, just before the prices really shot up luckily. good move for us after living in bolton for 6 years and in that time, our house didn't increase in value at all, more location related than the house itself.

i was sad to leave parbold as i did like it there, but we had to relocate to the midlands with work. family still in southport so we visit alot.