Buyer's support thread #5

[scribblegirl]

Sorry for breaking the last one

and for all....

So annoying skittlesss - although once the mortgage is in hand it should start moving pretty quickly?

Well done unimagimative. I've a feeling you got your mortgage offer around the same time as me, and I still feel at least a couple of weeks away from exchange. Grrrr.

Mortgage offer came around the 20th? It's took 4 weeks. We exchanged on the 3rd. Complete 13th

Argh! We've just discovered that our mortgage advisor made a mistake on the paperwork and said OH moved into my apartment in 2014 instead of 2015. We've never seen the application so we didn't pick it up. Mortgage is now saying that unless we can provide proof of address for OH at my address last year they Weill decline
I've told my mortgage advisor to sort it out but she's told me that she doesn't think they believe her that OH lived at his other address (where we can prove he lived, last year Argh!!!

I've contacted a different mortgage advisor and got her looking for a new mortgage for me but I'm really worried that if we start over our vendors will panic and want to put the house on the market again.

I can't believe this has happened

Potato - can't you just provide the evidence? Surely that will be enough? We had to produce some additional proof of address for my boyfriend (not me, oddly).

It sounds so stressful. A good broker does make all the difference. Fingers crossed it is easily resolvable.

Oh sorry, just realised that I read that wrong! I don't understand why proof of address seems so fundamental to them.

Kirin no idea why the proof of address is an issue either as we can prove he lives here now and have already told them that the reason we didn't change his address on everything immediately was that we were planning on moving within a few months.

Mortgage advisor is a bit useless, I think she's all but given up I've sent her over loads of proof today showing where OH lived last year and showing my council tax bill which clearly states that I was claiming single occupancy benefit until October last year meaning he didn't live here. I've asked her to send it all straight over to the mortgage people instead of waiting to see if they ask which is what she normally does.
I'm just so miffed with it all and if we lose this house because of something this stupid I'm going to be seriously cross! It's already taken 4 weeks to get to this point.

As a seller, how would you feel if 8 weeks before you wanted to move your buyer told you they were going to have to try for a different mortgage because of mortgage advisor error? Would you be understanding as long as your buyer was honest and let you know or would you think about putting your house back on the market?
I know I would say ok, no worries and let them get on with it but I'm not sure everyone would

I've never been a seller so don't have any experience but the application process should be fairly quick so do you even have to tell them at the moment? If you can get a rough decision in a few days?

Would it be worth calling the lender directly? I can give you my brokers details (by PM) if you don't trust your current broker.

Ours was 4 weeks and they ask for proof of address m. It's fairly common. We had to prove we currently lived where we lived! So after providing a driving licence they come back at week 3 ask for 2016 proof of address!

Ours has also taken 4 weeks. And I've not once been asked a question about it by the vendor. Nor my solicitor. In fact nobody seems to care about anything except me and my boyfriend!

As a seller, how would you feel if 8 weeks before you wanted to move your buyer told you they were going to have to try for a different mortgage because of mortgage advisor error? Would you be understanding as long as your buyer was honest and let you know or would you think about putting your house back on the market?

As long as you would probably get another mortgage offer I wouldn;t have an issue - better to stick with a motivated buyer than go back on the market at that stage unless you were at the top end and miht not be able to borrow as much. That would worry me in case you cam looking for price chips.

Well, that's quite reassuring.

No, we're not at the top of what we could afford. We love the house.

Ok, well, if 4 weeks is normal then hopefully it won't be a problem. I've already found a new broker and they are already looking for a new mortgage for us so that if the current company come back and say no we can immediately move on to the next company with the more reliable broker.

This is so stressful!!! I can't believe we're being put in this situation because our broker hit a 4 instead of a 5

I'm not sure I follow? You haven't been declined have you? I would just sit tight! It'll all work out. X

They said they would decline us if we couldn't prove that OH lived at my address in 2015 but he only moved in in November 2015.

Before that he was living at the house he owns with his ex-wife. We can prove that he lived there but our mortgage advisor accidentally put that he moved into my home in at the end of 2014 so the mortgage company want proof he lived at my address in 2015.

We didn't realise this mistake until a couple of days ago and now our mortgage advisor doesn't think the mortgage company will accept the change to the date my OH moved in and so will decline is anyway. The company is known to be quite pedantic.

We are sitting tight but we also need to think about what we'll do if they do decline us as we can't afford delays due to our vendor moving abroad.

Your broker sounds crap. I'd be on the phone demanding she sort it out. Has she spoken to the lender to try and resolve the issue? Why will it be declined if you can prove he lived somewhere else? I don't understand the relevance? Is it something to do with him being linked to his ex-wife at that point? Or them assuming he was? I know that links with people with bad credit can have an adverse effect.

I don't know why they're hung up on his address last year. It's nothing to do with linking to his ex-wife. I think they're just trying to dot i's and cross t's. Ironically my OH investigates cases of fraud for a living and even he can't understand it.

Unless we convince them to accept his proof of address for the property he owns there's nothing more we can do.

Sounds like the broker has possibly been negligent.

Today I am once again frustrated by the solicitor. We paid for searches on 24th May. He 'requested' them via some sort of company on the 3rd June but they aren't even going to do them until 14th!

Is that a reasonable delay? I have no idea anymore.

Have you asked your broker for a clear list of what the bank will accept and how to over come this?

They will have guidelines rather than requesting random documents.

So the good news, we have overcome the address issue!!! (We think) bad news, they've asked for something else now I want to scream but at least we're still in the running and the new information is easy for us to provide.

Also, the housing association (the property I'm selling is shared equity) are dragging their feet over my sale and appear to have put their phones to voice mail and gone on a jolly today.
Why is nothing simple?

Kirin that sounds an awful long time for searches. I think we had all of ours within a couple of weeks.

Kirin that sounds strange. Our draft contract (finally) arrived on 31/05 and the searches were sent out on 01/06! Our solicitor advised us about a week for three of the four, then the other one is the LA search and could take a couple of weeks.

I've expressed my dissatisfaction. Again.

We have got the lease which is good but I'm back to feeling like I need to seek advice on certain things because the solicitor isn't really giving advice, just sort stating facts (that I can read myself). Spickle, where are you with your kind words of advice?!

Hooray potato! Excellent news. Fingers crossed the next obstacle they've set you is easy to get over.

kirin - I agree that sounds a long time. Ours were requested by sol on 13th May and the last one was back on Fri.

Glad you got somewhere on mortgage potato - that sounds frustrating.

Looks like the private road bollocks is going to hold us up a couple of weeks, the lender needs to be notified and it's all stupidly legally complicated (though no doubt ridiculously simple in the real world I intend to move in to). Best start making temporary accommodation plans. I just want a date, we've got 6 weeks left on our lease and if it's another couple of weeks before we can start negotiating a date I'm worried we won't be ready. DP is convinced it'll all work out, but I'm the one doing all the admin! Trying not to stress.

Haha Kirinm!

Ok, once you've paid for searches AND solicitors have draft papers from the sellers (enclosing title deeds because need title number to order searches), then the request will be sent (to an outside company). Searches usually come back within a few days EXCEPT Local Search which can take a few weeks depending on the Council/Local Authority under which the property falls. Yes, that is a reasonable delay, but don't worry, it will not hold up the transaction - it's just another piece of the puzzle. Note, however, that if there is anything in the searches which needs clarification, there will be additional enquiries made and possibly more paperwork requested from the sellers.

Hope that helps!

Oh tit that is so frustrating!

Thanks spickle. My confusion is actually in relation to the lease. The letter the sol sent to us only points out that the lease is 74 years to run. We know this (me having been the one who found it out weeks ago) and I've spoken to him on multiple occasions about the lease extension but the letter doesn't mention it. It just tells me about the right to extend a lease at cost blah blah.

How does my mortgage company find out about the lease extension given that nobody (apart from me) has mentioned it at all? I still really dislike my solicitor. It is clear the letter is a standard document with amendments (not least because it reads okay).

I'm assuming that your solicitor uses a Case Management system Kirinm, which would explain why your letters are "standard" and not overly personalised?

Your sol acts for the lender too, so he should have/should get a copy of your mortgage offer. He would inform the lender of the short lease, but you have said before that the lender is happy to lend under these circumstances? Normally they don't like anything under 80 years and will not lend unless the lease is extended. If, however, they are happy to lend on a 74 year lease, then your sol probably won't request that the seller extends it. You may find that you will need to extend the lease when you come to sell in the future, although you said that the sellers were happy to extend it now, in which case they will go through their own solicitors and sort it out before exchange. A new set of title deeds will be provided to your sol to show the new term.

Can I ask - are you using an online conveyancing firm or a local sol with a high street presence?

The vendor is extending the lease (at my request) as I definitely wouldn't have bought it if they didn't. It's share of freehold and he seems to get on very well with the other directors of the freehold company so they've all agreed it swiftly. It's just the apparent lack of communication about it that confuse me.

I use a case management system too and I do appreciate they produce standard letters but it's so infuriating for him to mention the lease length as a 'major issue' but literally say nothing else. There seems to be no 'advice' if you know what I mean. It just seems weird.

High Street firm recommended by the EA .