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  • FIRST POST
    • Thefutureisbright
    • By Thefutureisbright 14th Jun 17, 7:15 PM
    • 97Posts
    • 11Thanks
    Thefutureisbright
    Nobody has ever heard of this situation before...
    • #1
    • 14th Jun 17, 7:15 PM
    Nobody has ever heard of this situation before... 14th Jun 17 at 7:15 PM
    We recieved an offer from Precise after the valuation came and matched our offer.

    Had the offer through.

    Had the coal interpretation report and due to a mine shaft 20m away from the property (and the fact the land the garage is on is rented and not part of the deeds) the valuers dropped it by £10k. Our sellers met us half way and we were footing the rest.

    New offer received.

    We are now just over a week away from completion and Precise have now come back this morning and said they are revaluing the house and are knocking another £8k off their offer.

    No new information has come to light regarding the mine shaft, there have been no issues since the current occupiers have been in (15 years), they have had al of the information since day 1 and since the original valuation.

    Has anyone ever heard of them doing this before?? 2 offers, 3 different valuations...I can't make sense of it!!

    We are homeless in 2 weeks!!
Page 1
    • Pixie5740
    • By Pixie5740 14th Jun 17, 8:38 PM
    • 10,379 Posts
    • 14,218 Thanks
    Pixie5740
    • #2
    • 14th Jun 17, 8:38 PM
    • #2
    • 14th Jun 17, 8:38 PM
    Don't know about the valuations but why will you be homeless in two weeks?
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • Thefutureisbright
    • By Thefutureisbright 14th Jun 17, 9:02 PM
    • 97 Posts
    • 11 Thanks
    Thefutureisbright
    • #3
    • 14th Jun 17, 9:02 PM
    • #3
    • 14th Jun 17, 9:02 PM
    Because we have sold our house, we have exchanged contracts and our moving date is the 27th June. Precise have decided to do this 2 weeks before we are due to complete.

    Our solicitor and broker have never heard of this happening before so they have no idea what advice to give.
    • amnblog
    • By amnblog 15th Jun 17, 7:24 AM
    • 9,380 Posts
    • 3,616 Thanks
    amnblog
    • #4
    • 15th Jun 17, 7:24 AM
    • #4
    • 15th Jun 17, 7:24 AM
    Tell your Broker to phone 'Roger' up and politely explain to him that Precise will be honouring the offer you exchanged on as per the EU Directive.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Thefutureisbright
    • By Thefutureisbright 15th Jun 17, 9:54 AM
    • 97 Posts
    • 11 Thanks
    Thefutureisbright
    • #5
    • 15th Jun 17, 9:54 AM
    • #5
    • 15th Jun 17, 9:54 AM
    Thanks amnblog.

    Does it seem a very odd situation to you and do you think we have a leg to stand on with the honouring the offer?
    • amnblog
    • By amnblog 15th Jun 17, 10:40 AM
    • 9,380 Posts
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    amnblog
    • #6
    • 15th Jun 17, 10:40 AM
    • #6
    • 15th Jun 17, 10:40 AM
    Offer conditions will probably say something like.


    This Offer is conditional upon us being satisfied that:



    There has been no change to the condition, value or title to the property which would have a material impact on the suitability of the Property as security for the Loan.


    This may be the angle the Lender is working on.


    I do suspect that the relevant pressure from the Broker will put this back on track and assume they are working on it?


    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Thefutureisbright
    • By Thefutureisbright 15th Jun 17, 5:08 PM
    • 97 Posts
    • 11 Thanks
    Thefutureisbright
    • #7
    • 15th Jun 17, 5:08 PM
    • #7
    • 15th Jun 17, 5:08 PM
    No joy I'm afraid. They won't budge from the revaluation so I've no option but to pull out.

    I've been trying to chase my broker all afternoon but no reply, which is strange as I've never had a problem getting hold of them before!

    I've spoken to my solicitor and from all of the paperwork she has seen, she cannot see an issue with the mineshaft so I can't help but feel like these cowboys are simply having a laugh at my expense.

    I've now got to make the call to the estate agents and put 2 options to them...

    1. We all walk away
    2. We will offer them the original price and source another lender
    • silvercar
    • By silvercar 15th Jun 17, 5:14 PM
    • 35,260 Posts
    • 148,788 Thanks
    silvercar
    • #8
    • 15th Jun 17, 5:14 PM
    • #8
    • 15th Jun 17, 5:14 PM
    Have you exchanged on your new home? If so you can't just pull out without penalty.
    • Thefutureisbright
    • By Thefutureisbright 15th Jun 17, 5:15 PM
    • 97 Posts
    • 11 Thanks
    Thefutureisbright
    • #9
    • 15th Jun 17, 5:15 PM
    • #9
    • 15th Jun 17, 5:15 PM
    It's an impossible situation, either way we're screwed.
    • MoneyGeoff
    • By MoneyGeoff 15th Jun 17, 8:05 PM
    • 60 Posts
    • 30 Thanks
    MoneyGeoff
    Its always baffled me that on exchange the solictor informs you how binding it is and that your deposit is commited. You also have to get buildings insurance from that point because you are liable for the new property.

    Yet at the same time the letters from the mortgage lender state it's conditional and they can change their minds or pull out completely under various criteria.

    Exchange and completion on the same day is quite common, it's probably best to stick to that after hearing this situation.

    Sorry I don't have any actual advice. Is there any way you can raise the £8K shortfall from friends or relatives?
    • Thefutureisbright
    • By Thefutureisbright 16th Jun 17, 8:55 PM
    • 97 Posts
    • 11 Thanks
    Thefutureisbright
    They (Precise) were trying to tell us that because of the mine shaft, we needed to take out indemnity insurance. When our solicitor went back to them and told them it doesn't exist for such a matter, that's why they dropped the value again. We had our quotes for insurance and no issues, but because they were wanting us to get something that doesn't exist, they penalised us again. Makes zero sense in my eyes or our solicitors. Unless we're both missing something...?

    Today, we have spend the day searching for a rental to no avail so we've got ourself a storage unit and a van and Thai weekend we are moving most things out and temporarily staying with the in law until we can sort something more permanent out.

    Our broker has suggested that we try through NatWest...he has spoken with the BDM who will be reviewing our case before we get a DIP as my CCJ which is the main reason behind is having to go through Precise drops off in 3 weeks.

    I've advised the EA of the situation, she can't believe it, and is waiting until we hear something back from NatWest hopefully on Monday before she tells our sellers of the situation.

    What an absolute mess.
    • David White
    • By David White 16th Jun 17, 10:15 PM
    • 804 Posts
    • 342 Thanks
    David White
    When the dust settles I'd be asking why the broker didn't approach Natwest in the first place rather than Precise if that has become a viable option.

    I feel for you in this situation as it's everyone's nightmare.

    Hold fast though, if your broker is experienced they will be looking at a plan b, c, d etc...
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • emlet
    • By emlet 17th Jun 17, 12:02 PM
    • 20 Posts
    • 8 Thanks
    emlet
    They (Precise) were trying to tell us that because of the mine shaft, we needed to take out indemnity insurance. When our solicitor went back to them and told them it doesn't exist for such a matter, that's why they dropped the value again. We had our quotes for insurance and no issues, but because they were wanting us to get something that doesn't exist, they penalised us again. Makes zero sense in my eyes or our solicitors. Unless we're both missing something...?

    Today, we have spend the day searching for a rental to no avail so we've got ourself a storage unit and a van and Thai weekend we are moving most things out and temporarily staying with the in law until we can sort something more permanent out.

    Our broker has suggested that we try through NatWest...he has spoken with the BDM who will be reviewing our case before we get a DIP as my CCJ which is the main reason behind is having to go through Precise drops off in 3 weeks.

    I've advised the EA of the situation, she can't believe it, and is waiting until we hear something back from NatWest hopefully on Monday before she tells our sellers of the situation.

    What an absolute mess.
    Originally posted by Thefutureisbright
    I may be oversimplifying this but don't you have indemnity insurance for it through the report? The reports usually contain any indemnity from the coal board to rectify any issues.
    • Thefutureisbright
    • By Thefutureisbright 17th Jun 17, 1:21 PM
    • 97 Posts
    • 11 Thanks
    Thefutureisbright
    Emlet - that is EXACTLY what we have! Any issues caused by the shaft are covered by the Coal Authority and Precise have this information which is why everyone is struggling to understand...it's ludicrous. Apparently,

    Precise are saying that they reduce valuation by 5%/10% if the shaft is treated/untreated but our solicitor is saying that the valuation shouldn't be dependant on the shaft, it's a case of it's safe and mortgageable or unsafe and the lender won't lend.
    • Thefutureisbright
    • By Thefutureisbright 19th Jun 17, 11:41 AM
    • 97 Posts
    • 11 Thanks
    Thefutureisbright
    I have a feeling that my broker is out of his depth with this one.

    There seems to be no urgency, no other plans or any inkling of a contingency plan.
    • Thefutureisbright
    • By Thefutureisbright 19th Jun 17, 9:04 PM
    • 97 Posts
    • 11 Thanks
    Thefutureisbright
    Well it's game over.

    We've had to pull out of our purchase.

    There's been no assistance from our broker. He wouldn't proceed with a DIP and suggested we tried with another sub-prime lender which we just don't have the time to do being so close to being out of our house, and also being so close to the CCJ dropping off so we've thrown in the towel.

    I can't help but feel let down every step of the way.
    • David White
    • By David White 20th Jun 17, 8:28 AM
    • 804 Posts
    • 342 Thanks
    David White
    I really do feel for you as I know exactly how demoralizing this is having lost a property myself a few years ago.

    Assuming all hope is lost I'd take a week or so to dust yourself off and then go again as there's always a better property around the corner.

    Good luck.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Thefutureisbright
    • By Thefutureisbright 20th Jun 17, 9:49 AM
    • 97 Posts
    • 11 Thanks
    Thefutureisbright
    Thanks David, it's been absolutely awful for the last 6 months.

    I'm not upset about losing THIS house, I'm just deflated at the lack of anything from pretty much every single person I have dealt with through this whole process. It's been a farce from day one.

    I feel like we've gone back 15 year with now having to rent but I'm trying to think of the positives. We now feel like we can breathe, we will have the equity sat in the bank from our sale and hopefully will put us in a stronger position for wherever we decide to buy next.
    • Torfoxwell
    • By Torfoxwell 20th Jun 17, 10:17 AM
    • 88 Posts
    • 30 Thanks
    Torfoxwell
    awww i feel for you - i have been following your journey , fingers crossed for next time
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