First time buyers, can we have a handhold please?

[Spencer0220]

FTB here. Not quite sure what we're doing and don't have anyone to ask.

Would anyone like to come along on our journey please?

Our landlord let us know a couple of weeks ago that he wouldn't be looking to renew the tenancy in December.

By then we will have been here 4 years.

We're both significantly disabled and finding an accessible rental round here isn't possible. Council won't let us join the list as our income is WAY above their threshold.

So, we're looking to buy from our landlord. Unexpected, but we luckily have enough savings to do this now, instead of moving in a few years as we initially planned.

Our accepted offer was £360k. We had it valued by mortgage person today and as I suspected, it's going to be valued significantly below that.

I'm scared. We both want this to be our forever home because it has everything we need. Given our different needs, that's a tall order. We never planned to buy forever first, but it's been put in front of us and we'd be mad not to try.

What happens now? Our mortgage person said we should negotiate a better deal. But how? Landlord very unlikely to agree.

Also decided not to instruct solicitor mortgage person put us in touch with. Her quote was STAGGERINGLY over others. And I got 🚩 about the way she works.

Thank you if you stop by. 🩷

I swear our mortgage person is incompetent.

We're buying the house we currently rent.

Same address obviously

The mortgage offer came through. The property address is incorrect. Our correspondence address is correct.

This is at least the THIRD error I have had to correct.

Also, the estate agent won't issue a new memorandum of sale. Without it, my solicitor cannot proceed.

Wtf do I do?

I wouldn't immediately blame the mortgage adviser for the Offer. That comes from the lender & they would have had to value the property as well as checking out the title. Your broker has no input once it's been passed by underwriting, had a valuation & then gone to Offer.

So the bank made the error?

And to answer your question, you need a new mortgage Offer.

Now, you should go through your broker but it appears you dont trust him so you could try dealing direct with the lender - although depending on who they are they may say they wont deal with you & only via your broker.

A decent broker should be able to get this sorted with 24 hours....maybe 48.

Yes. They type up the Offer. Nothing to do with your broker. Even if the broker typed the address wrong on the application I would expect the lender to correct it. As I said, they have had to underwrite the property so you'd assume they have the correct addess to be able to value it.

Can I ask who the lender is ?

Lender is Halifax, who would prefer to cut out the broker and deal with us directly.

I had a long conversation with someone in the mortgage department this evening, but before we knew about the address error.

The broker also forgot to request the paperwork in a different format for my husband, who cannot read normal font. Halifax can update this after the mortgage goes live.

It just means that that either he has to use a magnifier, and spend hours reading. Or I have to read everything to him.

The lady was very apologetic, and said that if our broker had passed it on, they would have done it from the beginning.

Error sorted. Broker busy this morning, so I called Halifax myself and it was fixed.

Landlord has issued s. 21, but if we don't complete in time, he'll move to rolling contract

Quick update:

Our solicitor confirmed today that all searches are returned with no issues.

Enquiries have now been sent to our landlord's solicitor. All standard stuff apparently.

Exciting times!

Thank you so much to anyone still following. 😃

Thanks for the update @Spencer0220 😊

Some brokers are brilliant, some are not. I'm sorry yours hasn't been despite having known them a long time. Vulnerable characteristics and simple adaptions such as different fonts are things we are supposed to ask in the very initial discussions 😣

In case anyone is still following...

We finally exchanged last week, complete this coming week.

Congratulations @Spencer0220

Well done! And no stressful moving day either! Perfect

Congratulations 🎊 Can I ask why it took so long?

Congrats - fab also hoping to exchange this week

Well done

Long story, but it transpired that for some unknown reason, we weren't the first choice, and the landlord tried everything to get us to back out.

Just glad it's over.

Also tagging @KievLoverTwo as I know she was especially invested.

Best of luck 🍾🍾🍾

On no account go with the estate agent recommended by the estate agent. They’ll have the agents interests in mind not yours . Get a recommendation from a friend.

Great news, thanks for tagging me. How did you get on with what you had to pay for it?

Very happy for you.

@KievLoverTwo we paid the original price agreed and didn't negotiate at all.

I understand. It was clear to me that you needed to buy that property and only that property; I would have done the same thing.

I hope you can now go on to lead happy lives there for many years to come.