Would anyone like an 'in a chain' support group? (3)

[Spickle]

Assuming all you lovely people in a chain still need a support group? Here it is......

Well done Pulling. Fingers crossed it goes all tight.

Thank you all I need to get the hell outta here

I gave our mortgage broker payment for the valuation/survey last week. We upgraded the lender's valuation survey to a Homebuyers Report. Then yesterday I received a contract from the surveyors which I have signed and returned today.

Gizlot, are you buying a prefab? Is that why you think you may need a level 3 survey? We are buying a prefab, which the lender knows, so I will be annoyed if they have allowed us to instruct the wrong survey.

I asked our EA why we hadn't heard about the buyer's survey on our house yet and she said lenders often don't do the valuation until further down the process these days, which seems a bit back to front to me. And she said they might only do a satellite survey, particularly as it's a newbuild.

Having worked in this field I will say that every lender works differently. However most have opted to start doing the valuation after underwriting the applicants so as not to spend applicants money if they were not going to be accepted themselves.

I'm buying victorian. I'm going for a mortgage valuation. Most homebuyers flag everything to arse cover so I'll take the risk.

Hi all, bit worried today as I stayed in for what I thought was the buyer's survey but it turned out to be a valuation only, but haven't read your post pulling I feel a bit better, is it not that common to get a homebuyer's report done then? We are seriously risk averse, forked out 1K for a full survey on the house we want and I've got to say it does seem really really unnecessary now as it's a standard 1930s semi with no alterations, but I was scared that if we didn't they'd be something terrible to uncover later, but the report didn't come up with anything anyway...

Our property now is a one bed ex council flat so maybe the buyers feel they don't need a survey? We got a homebuyer's report when we bought it and that flagged up lots of crazy stuff like giving a 3 for some safety measure because the battery was dead in the smoke alarm!

but having* read

Ann yes! Ours is metal framed post war. Has the PRC approved repair certificate and the mortgage company were fully aware. They let us book ( and pay for the level 2) and only told us today ( cos our broker chased) that they don't do a level 2 for that type of building. Valuation survey is rebooked for tomorrow and we will get a seperate buildings (structural) survey done if the valuation is favourable. I was so stressed last night and 1 call could have stopped it all. We signed all the forms too for the home buyers.. fx your situation isn't the same

In my experience it depends on the age of the property tbh. Anything 70's or younger most people accept standard valuation. Anything older they will normally go home buyers.

I might be an exception to the rule not wanting home buyers on a victorian but I've worked in a niche sector in this environment for years and know that the report will be arse covering and probably recommend several reports that aren't required. Personally I'd rather have a valuation and take a builder round.

pullingmyhairout1 our mortgage broker said the same as you. He would just have the valuation and take a builder round.

Anyway, I thought I should check this survey on a prefab business so I tried calling the surveyors this morning. I had been on hold for about 5 minutes when DH forwarded to me an update email from the vendor's EA, which said our survey was scheduled for yesterday. About an hour later we got an email from our broker telling us our mortgage was approved and we will receive an offer in 3-5 days. This all seems very instant and I'm pleased but bewildered tbh. I look forward to receiving the survey report with interest...

I've emailed my solicitor asking for an update by the end of the week. We're only one part of a chain of six so there's still plenty that can go wrong, but for our part we seem to be making good progress at the moment. Our LA quotes 5-10 working days for search applications made by email, which I HOPE our solicitor did, rather than by post.

Great news Ann!!

Thanks for info on surveys both...

Our buyer's solicitor hasn't made any enquiries yet and I am so nervous that our buyer hasn't seen the management pack yet - there are 10K of works scheduled. Our previous two buyers pulled out. I met these buyers and told them we dropped our price by 10K for a quick sale (I didn't say it was specifically because of the works); we had previously had an offer of 285K but we dropped it to 275K OIEO, I said the works would cost 8-12K to them but I only mentioned the roof - there are other things like electrics but the total cost is correct - it's 8-12K. I was so desperate for a sale I said to them we will further negotiate down when I met them, so they offered 270K and we accepted.

Our agent says we should ask them if they've seen the management pac because the previous two sales fell through at that point, our solicitor has said it is ridiculous because these works are scheduled for five-ten years time, we have already dropped our price by 15K compared to our last offer and thinks that we just got unlucky with previous two buyers...

We have another offer that is 5K more and they are still interested so part of me wants to know asap if these buyers are happy with the management pack or not and then we can go with the other offer if not. We got this second offer after the one we have gone with so we didn't jump ship as time is crucial to keep our dream home purchase going...but it's been two weeks since we accepted an the buyers haven't seen the management pack! Tearing my hair out! :(

OneMoreFrog unfortunately the management pack will be sent to the buyer's solicitors which they will review - this takes time as there is lots of information to digest. The solicitor will raise enquiries (most certainly will regarding the major works). Enquiries can relate to notices, consents, apportionments, service charges, ground rent, buildings insurance, share certificates, fire risk assessment and asbestos survey etc. It will probably be some time before the buyer actually sees the pack. It is usually sent to the buyer when his solicitor is reporting to him which is just prior to exchange. It is not really appropriate to ask if the buyer is happy with the pack, he is paying his solicitor to advise him of anything he needs to know within it. If I were you, I would stick with these current buyers - if the management pack was produced a while ago, it may be that an updated pack is requested, which I'm sure you won't want to pay for all over again.

Interesting reading on surveys! I've paid for a homebuyers report and the house is only 15yo. Was I mad?

It has bloody solar panels and we're self-installed by the vendor so I wanted to check the whole roof wasn't going to collapse.

Thanks Spickle I guess it's just a process, I think because we have been stung twice, we want to know straight away if we are going to be stung again and also we don't want to lose the other buyers who made an offer if this one falls through in a few weeks/month time..I just wish this was all over now, it took us two years to find our dream home, I didn't ever think it would take 5 months + to sell and we would have two buyers pull out, but then I never realised there were 10K of major works planned until we initially sold... sending everyone good luck!! :)

Ann that's amazing! Wish ours was that quick

A bit TOO amazing, don't you think Gizlot?

Perhaps I'm being pessimistic but I'm expecting an email from the surveyors telling me they didn't carry out the HBR because prefab so just did the valuation as initially instructed by the lender. Then we'll have to decide whether to commission our own survey, as you have done.

Or... the surveyor did the HBR and didn't notice that it was PRC

The second would be more worrying! The first would be far to much of a common sense approach in my (limited experience) FX we're being negative Nora's for no reason

Dragon I think with the solar panels it was probably a good idea

Dragon I hate to say this but they might not go into the loft space. Even on Homebuyers I have seen loft space not being accessible to surveyor on report.

Oh god. Mortgage application in today. Not a straight forward one for me either due to starting new job in September. Please keep your fingers crossed everyone. Am fretting tonight.

Fx pulling

Just venting. After thinking things were nearing completion for me I found out yesterday neither my buyer or their buyer have had their mortgage offers yet. Its been around 6 weeks since the survey and I have been reassured by my estate agent it is in hand but this is EXACTLY what happened with my last buyers. In the end they pulled out as they couldnt get the mortgage. To make matters worse my own mortgage offer expires at the end of September. I feel so so deflated by this system, I am entering month 8 now of waiting to move with no real end in sight. I want to fucking weep.......

Oh no. I'd be getting your solicitor or estate agent to get them to chase.

*Giz8 Thanks, they did yesterday. They have a contract chaser lady at my Estate Agents and she is onto it. Apparently both sides have had to submit further information to the mortgage lenders (ones on MAT leave) and all should be being processed now....but I have heard this before and they did not get the mortgage so I am understandably wary. It looks like it will be another 2 weeks until it is there formally.

You know though when you've had months of sleepless nights and stress over this and you are at a point when you just want to say enough is enough I give up....thats where I am at!

Totally. I have decided I don't want to adult any more several times during this process and we are only at the start. My friend has recommend herbal nytol so I may try that.. the lack of decent sleep is killing me!

Hello, may I join in? We accepted an offer on our house a month ago and had our offer accepted last week, we're in the smallest possible type of chain (our buyers are letting their current property and our sellers have another property to move into) and everything should be straight forward - right!?

Last week I had a phone call from my EA just to say my buyers have their mortgage offer, and we are cash buyers so that's the financial side sorted. Now yesterday sellers' EA rang to say she's not happy with her solicitor and is going to change, also she needs 10 weeks for completion - something to do with her mortgage. We were aiming for half term really, so the week before, but she's non negotiable on this. I really didn't want to spend my birthday in a messy house full of boxes but looks like that's what I'm getting. Though, to be honest, if the alternative is this dragging out until god knows when, I'll take a boxy birthday.

We haven't been told if buyers are having another survey - I'm guessing they're not as our house is a new(ish) build and still has a bit of nhbc warranty left. We are thinking about having one but it's a 70s house, so not sure it's worth it. Other than that it's a waiting game, isn't it? Or is there anything we need to do and I don't know about?

Gizlot I've been having rescue remedy myself, works for me.

Good luck to everyone, whatever stage their process is at.

Oh no Lina. That mostly sounds positive tho!