Lost mortgage application?

[Neverhere]

This is the reason our exchange didn't happen yesterday apparently (our sellers application - not ours). Anyone experienced this? Or are they covering up a mortgage refusal?

Thanks from FTBs

Sounds dubious . Surely solicitor would have checked that they had a Mortgage Offer ready and accurate before proposing an exchange date If the application was lost then no survey or valuation paperwork let alone offer would have been made . Have they perhaps changed lender ?

Thanks LIZS - they have said they have now changed lender - we are a little worried now as when we received an exchange date we gave notice on our rental (otherwise our overlap would have been nearly 2 months!) so we have a deadline now. We had an offer accepted in Oct and all our stuff sorted by mid Nov.
Our solicitor has requested our deposit and we sent it before we were informed that they don't have a mortgage offer! Is this a mistake by our solicitor?

I think if their mortgage application has been lost (and as LIZS said, it seems to have gone a long way down the line without anyone realising/checking this), then the fault is probably with their solicitor not yours. I wonder if their financial circumstances have changed which means the offer was either withdrawn or that they needed to reapply, possibly for a bigger loan. It does sound very odd.

Has a surveyor been out - even if they're not having a full structural survey, their mortgage company would want to inspect the property to make sure it ticks the boxes for their mortgage. Haven't done it for a while, but I think it normally takes 2-3 weeks after making a mortgage application for it to be issued, and the surveyor would obviously visit somewhere inbetween.

I wouldn't say your solicitor has made a mistake. He/she will know from what has been issued to the other side and what they've said in response if they are nearly read to exchange, was trying to ensure that everything was in place and ready from your side in asking for the money.

It sounds as though they have had to change lenders for some reason.

A mortgage application could get lost I suppose, but the Sellers solicitor should have realised way before now!

Hopefully though, the new lenders will be able to offer/act quickly if everything else is in place.

Thanks everyone - will update if we have any news

So slight update and another problem (I am NEVER moving again if we ever get into this house!).

Sellers had their offer last Thursday - said it wasn't in the post until Friday. Their solicitor went home at lunchtime Friday and we were no further forward!

So Monday comes and other sol said mortgage offer hadn't arrived. We are due to complete Friday so our sol says it is unlikely we can get the funds from our lender in 4 days considering we can't yet as the sellers mortgage isn't secure yet (sol hadn't seen the offer).

We would love to complete Friday but is it possible?

Is our sol right that our funds might not be ready?

The sellers seem to think everything will be fine (they have signed a draft contract today) and we will complete Friday.

We don't know who to believe and who to nag. We have been ready to move since end of dec.

Any advice? X

If your lender is just waiting to be told to release this funds surely this can be done by BACS transfer. When I was moving and needed to push money from my bank to the solicitors client account for the deposit Nat West did it in 2 hours. I paid £25 for them to do this.

The lost application could well have been true - our lender managed to do this with us (and took three weeks to admit it...). Agree with Sheldon on the timing - ask your broker/solicitor to push the bank to pay via BACS, rather than the traditional cheque - although in our case it was free due to yet more idiocy by our lender.

Can their solicitor email yours a copy of the offer to get things moving?

I know what you mean about the 'never moving again' feeling, but it will recede eventually once you're in your new home.

Hope everything pulls through for Friday.