Buyers Sellers Roll Call 16

[Househunting21]

Because the last thread is nearly full and I for one very much appreciate the space to vent

Good luck to everyone hoping to exchange and/or complete this week!

Well my move on Monday is officially delayed and I'm tearing my hair out. After getting an email saying my mortgage application was approved, I then got another one a week later questioning the valuation report. I'm now going round in circles with the lenders underwriters, who don't seem to understand that the property is in Scotland and so YES the purchase price is higher than the valuation. They've asked for a new valuation which the sellers surveyor is refusing to do as the valuation is accurate and in date. Apparently I can't do anything to progress or escalate it, the lender won't do anything as it's with the underwriters and I can't speak to the underwriters so we are just going round and round. Despite getting angry and upset to the lender and explaining that we've now had to push our moving date and it's costing everyone money, there seems to be no recourse for me as the customer.
Feel like just crying again every time I think about what a mess it is and I'm sure my buyer and seller think we must be morons by now

[quote TakeYourFinalPosition]@Getyourarseofffthequattro My fingers are very crossed for you!

We've had a message from our buyer that he has his mortgage offer, it was issued Tuesday, and he believes his solicitor is looking into things...

It's so odd not knowing if anything has happened.[/quote]
Woo! I'm glad you've had progress.

Just had an email from the EA we are selling with. EA we are buying with has told them that our vendors have to to switch to a new lender. After 5 weeks. Apparently this should only take two weeks. Yeah my fucking arse.

I've just rang her and she's completely belittled me told me it happens all the time. I called her out on saying there wasn't a problem and she maintains there isn't. Well yes there fucking is!

@shineysides

The purchase price is higher means you have to find the excess

@Getyourarseofffthequattro

Just had an email from the EA we are selling with. EA we are buying with has told them that our vendors have to to switch to a new lender. After 5 weeks. Apparently this should only take two weeks. Yeah my fucking arse.

I've just rang her and she's completely belittled me told me it happens all the time. I called her out on saying there wasn't a problem and she maintains there isn't. Well yes there fucking is!

Oh no, I'm sorry to hear this.

Has the EA given any reason why they are switching lender now? Could it be to do with affordability or do they just want to get better rates? I'd be nervous about the former, not so much about the latter.

She won't tell me. She literally won't tell me more than "they have switched". To be honest even if it was for a better rate I would think they were selfish bastards at this point. It's been nearly 5 weeks since initial application.

I am nervous but she just keeps telling me there's not an issue. Except clearly there is isn't there.

Yeah I know, we have proceeds from the sale of our house and are only putting down two thirds as the deposit so that we can cover the excess. I was told by the lender to apply using the home report value so the ltv was correct and then to call them and give them the actual purchase price. This seems to be where things have gone wrong.

They are clear you aren't asking for more?

@Getyourarseofffthequattro

She won't tell me. She literally won't tell me more than "they have switched". To be honest even if it was for a better rate I would think they were selfish bastards at this point. It's been nearly 5 weeks since initial application.

I am nervous but she just keeps telling me there's not an issue. Except clearly there is isn't there.

I'm so sorry... I thought it sounded too long to be anything else. I don't think estate agents are allowed to tell you that the mortgage has been declined - ours said she couldn't, until he mentioned it in an email to us, and then she apologised a lot.

It's so frustrating... I really hope they've gone to another mainstream bank, and it's done really quickly

We heard nothing.

The receptionist said our solicitor wasn't available today when I called at 5pm. She said holiday to start with... Nobody mentioned it when we told our solicitors the plan for everything to be done today.

I'm so stressed.

Feeling a bit vindicated. Spoke to a mortgage advisor contact and have been told this is a known issue with the lenders system and they are at fault. Going to phone them first thing and put that to them and see where it gets me. If not I'm going to cancel my application and get the advisor to do me a new deal. It's a risk but would probably be quicker than waiting at this point

Me too @TakeYourFinalPosition I didn't buy that it was just in a queue or covid related. I really hope they do as well. We've decided that they can have the two weeks it'll apparently take, and we will start actively looking for something chain free if they don't have an offer and a completion date. I'm not waiting any longer than that and I'm not making our buyer wait either.

Ladies, I think I will pull out of my purchase The stress (most of which was ironically from my own solicitor) has caused me serious health issues. I don't think I can continue until it is sorted out and until I learn to cope better with this bloody process. I just looked at the photos and cried because I just don't like the flat anymore. Not sure if it's because of the stress, but it's just no longer the right choice for me I feel gutted for the seller. But on the flip side at least they don't have to pay rent like me :(

Do you have any experience with pulling out? Health reasons sound lame, and may result in the EA trying to discuss further to make me change my mind, which I really don't have any energy left to deal with right now. Shall I make up a lie?

@shineysides Who is your your mortgage with? We had a momentary stress where our lender said they needed to do a new valuation, but I think our solicitor caused it… and they fixed it themselves, without doing a second valuation, in the end.

@Getyourarseofffthequattro that sounds sensible, but I’m still so sorry that they’ve got to apply again, and that nobody kept you informed. That’s so rubbish.

@Okigen You can message via your solicitors instead, if you want, rather then your EA… but essentially it’s your decision and you need to make the right one for you. Health issues is a fine reason, and at least lets everyone know they it wasn’t an issue with the houses etc. I’m sorry it’s made you unwell

I’m tempted to give a date to our buyer and say that we won’t proceed past then, but he’s already got the end of October, so I don’t think it’ll make a difference. To be fair; his solicitor may have done her part today and sent over enquiries.., but I’ve got no idea, which makes it hard. Our buyer himself is very hands off, so he doesn’t respond quickly… he says he got his mortgage offer “he thinks”, but no official confirmation.

My husband wants to continue, though, and I don’t want him to wonder if we could have done it. So onwards and upwards, and hoping for news tomorrow.

Well, it's all blown up this morning.

Our seller emails at 10am to say that our solicitor heard nothing yesterday, and ask what the hold up was. We hadn't heard anything from anyone.

Top of the chain kick off and say our buyer doesn't seem very serious. They're unhappy that on Monday, the buyer's update was that their solicitor would review everything on Thursday, and felt it wasted too much time at this stage.

We hear from our solicitor at 12:30pm, in an email to everyone, confirming that they set aside yesterday afternoon to respond to enquiries and sort exchange but heard nothing, and still haven't. They are now out of the office until Monday. They have said that they don't think we can meet the chains deadlines unless everything is ready for exchange on Monday.

I've chased our estate agent - no answer. And our buyer; who also hasn't answered, but generally is really hands-off and doesn't tend to know what's happening.

As far as I know, our sellers mortgage expires on the 25th, but he may be able to get a further 10-day extension if we've exchanged by then. His sellers expires in mid November at some point, and he won't reapply.

I'm so fed up. I wish I'd never started the process.

@TakeYourFinalPosition I’m so sorry. Do u have a deadline when u have to be moved by. If not. Tell them all eff off and threaten to pull out.

I swear I am ready to do the same. Was told that we would all discuss exchanging. Then other people are not ready when they said they were.
My move isn’t that urgent. So if I get peed off anymore. I will threaten to pull out and then do so. May kick them into gear. If not. I will have a nice Christmas in my house and start again in jan. not worth my mental health and stress levels. There will be another house.

.... And so it ended 🤦 I ended up making up an excuse for not buying the flat as I find it very uncomfortable talking about health. Felt awful for the seller and a bit of FOMO ("what if I'll never find anything?"). But more importantly I feel quite relieved, so this is the right decision.

@TakeYourFinalPosition I'm so sorry that your buyer is a mess. You have been an amazing support in this forum. I hope it will sort out in the end

@Paranoidandroidmarvin I'm sorry you're in the same boat!

Our seller's mortgage offer expires at the end of this month... his sellers a week or so later. So those have been the hard deadlines! I'm due in early December although it's looking possible that I'll be induced early, which is a concern! I really just want it to be done.

@Okigen I'm glad it went okay; and I think relief is a good sign that you made the right call! We'll be here if you want to do it again in the future, but look after yourself until then x

Our estate agent replied to say she'd heard nothing from our buyer, his solicitor or his mortgage broker, but is chasing for updates today. She apologised for the delays... I'm just waiting for another update now, I guess.

I'm going to attempt to talk to DH about where we draw the line...

Supposed to exchange today, but solicitor at the top of the chain went home early 😭😭

Hope someone has had good news today!

Okigen, sounds like it was the right call for you xx

TakeYourFinalPosition this all sounds really stressful for you. Sounds like you need a firm plan, and then let the estate agent know how long you are prepared to wait 🤞

So sorry @TakeYourFinalPosition

We've finally had some good news today. After an angry phone call again this morning to the lender, they've finally admitted it was their error and they progressed me to their internal team that deals with underwriter errors and at lunchtime we got our offer. Not before a strongly worded email and a request for their complaints procedure and contact for the financial ombudsman though.

So if anyone is ever trying to purchase a house in Scotland, or above valuation with nationwide, it's worth noting they have a system problem that won't allow it and will cause delays

Still planning to complain anyway, once we are finally in the house, and ask for my mortgage fee to be refunded at the very least. So fingers crossed we are all set for a week on Monday now.

Oh no @TakeYourFinalPosition I'm sorry you don't have some more positive news. Sounds like we're in the same boat.

Just driven home from my parents and a 45 min journey has just taken over two hours. I feel like two weeks is plenty long enough before we put our foot down. We can't keep doing this. Dp said yesterday he felt like we were a divorced couple because he only gets to see ds at the weekend. At least we both agree it can't continue.

I was hoping to see lots of positive stories from today, given it's a Friday and usually the most positive day for good things to happen on property transactions.

@Okigen if you're feeling relieved having delivered the news, it must be the right decision for you.

Sorry to hear no progress has been made @TakeYourFinalPosition, it must feel like it's never going to end.

@Getyourarseofffthequattro and @Paranoidandroidmarvin I feel for you too. It would be so good if there was some sort of portal that everyone in a chain could log in to to see what stage everybody else involved was at. Very frustrating.

@shineysides at last something is moving forward for someone, well done!

I thought I had good news yesterday as my vendor had u-turned and agreed that my Homebuyers Survey could take place next week, then today I hear she has delayed it by a further 2 weeks. I only want it to find out the condition of the property, and unless they tell me the roof is caving in tomorrow I'm not planning on asking for any money off as it's a good price for the area. At this rate I'll have to aim to complete the week after the survey, as I'm trying to progress the rest of the purchase concurrently.

@Starseeking wonder what would happen if u said I’m pulling out. U are making it too difficult. Hate people like that. Always okay then at their own game. Sometimes I think there are people out there who just put their houses on the market to cause people problems

[quote Paranoidandroidmarvin]@Starseeking wonder what would happen if u said I’m pulling out. U are making it too difficult. Hate people like that. Always okay then at their own game. Sometimes I think there are people out there who just put their houses on the market to cause people problems[/quote]

Any other vendor I'd agree, however mine is in her mid 80's and has lived in the house for over 45 years. She's kept the place immaculate, although it's a bit dated, meaning me and my DC can move straight in, and update over time if need be.

I'm extremely worried that she is getting cold feet about moving at all, and is feeling it's too much bother!

@TakeYourFinalPosition I'm so sorry that you are having these problems. You seem to be a bit of a magnet for slow buyers. Hopefully the rest of the chain getting angry will push him into gear. I think you said he was buying a different house but changed to yours because it was taking too long? So surely he should be worried if the chain is about to collapse? I think some people struggle to understand mortgage offer deadlines.

@Getyourarseofffthequattro I really feel for you. I'm living with in laws (3 months and counting) and I am finding it so stressful. It must be even worse as your DH is not with you and ferrying DC up and down each each. Fingers crossed you get some good news soon.

@Okigen As everyone else has said, I think relief shows you've made the right choice. I'm sure the next house you find will make you positive that you made the right decision.

@Starseeking it sounds like she's confused about the process. It can be a bit overwhelming having all these people come round and survey, etc. And she doesn't understand that the valuation is not the same as a survey. Was there anything that concerned you when you viewed? Cracks, wonky walls, etc?

@shineysides Well done. Great to hear some good news. We had a complaint against Nationwide a few years ago due to a valuation problem (although the real issue was with Countrywide, we had to go via Nationwide) and they dealt with it really well. I was really impressed and they gave us money back with no issues at all.

We have made a tiny amount of progress. Our new solicitor has reviewed all of documents and raised enquires. They have done more work in 2 days than our previous solicitors did in 2 months!