help, confused about mortgage process

halia

Hi all
I could use some advice/help about mortgage processes (any lurking mortgage/finance people out there?)

I'm normally pretyy good with finances and forms but our current remortgage has gone pear shaped and its holding up our purchase of a new house - I'm getting panicky cos at first I thought end of spetember, then end of october and now I dont' know WHEN it will be sorted.

So to go back to the beginning;
we're remortgaging our house (using up equity) plus savings in order to buy a second house/wreck. The idea is we will do major works on the renovation house without having to live in it (got enough of builders dust the last time) and then when its liveable move in and put this house on the market.
(please DON'T post with loads of stuff about housing market - thats not what this thread is for )

June had mortgage agreed in principle
July - found house and had offer accepted, had survey done, started process of formal application for remortgage
August - surveys etc done, long boring meeting with HSBC with reems of paperwork to prove we were who we say we are and we earn X and our outgoings are Y; solicitors H who are handling purchase contact us to say they are checking a couple of things out and will need cheque for searches soon but will let me know how much it is because its in a different county

beginning Sept - wondering why not heard from solicitors who are handling purchase of property, ring but get voicemail.

mid Sept - receive letter from H (solicitor) saying that sellers want to know if we are proceeding as we havn't done searches yet - enclose copy of emial sent to completly the wrong address asking for search fee.
NOTE, my email address is [EMAIL="name@hotmail.co.uk"]name@hotmail.co.uk[/EMAIL]. The had spelt my name wrong on the email address despite having it spelt correctly below it - Jones spelt Joned. :mad:

Sort this out via email (to make sure they have the right email addy) and phone call, send Cheque recorded delivery

Valuation of our house done for remortgage

contacted by another solicitor (N) acting for HSBC re mortgage saying we need to fill in a form with our personal details - exactly the same stuff we had already done in branch with HSBC and that we have to have identity documents verified by a bank

I get mine done at my bank, DH (who banks with HSBC anyway) goes into branch and some nice guy verifies his passport, nice guy very confused as he can't understand why solicitor want them to verify the identity document sthey already have on file from long meeting to do mortgage application especially when its for a pre existing customer

end sept - searches done - all OK

Beg Oct - contacted by HSBC to say we need to sign some paperwork but dont' say what
contacted by HSBC solicitor (N) to say I need to sign adult occupier form
contacted by solicitor N to say valuation a bit lower and are we OK - we ring back and say yes
week later contacted by HSBC to say valuation a bit lower and are we OK - we ring back and say yes (obviusly they don't talk to each other)

get in touch with both HSBC and solicitor to aks whats going on - finally HSBC explain that we have a problem.............

Our family house which we are remortaging is in DH's name only (on the deeds), we want to remortgage in both our names because I handle all finances and if its in DH's name they won't talk to me about it.

Wonder why they didn't say this would be a problem back in July or August but say OK - what do we do.
2 options:
1 - start entire new mortgage application in DH name only will take up to 4 weeks (not sure why it has to be entire new one rather than just changing name as only DH salary taken into account anyway)
2 - me to sign a form saying I'm aware of risk of being named on mortgage but not on deeds

Say will sign form - HSBC promise it will be sent out ASAP

week goes by, paperwork received from solicitor (N) which looks like it might be to do with me signing form but is very jargony and tbh I can't make head nor tail of it

Ring HSBC and ask if this is the paperwork they said they would send - they have no idea
Ring solicitor and ask if this is the paperwork to do with me not being on the deeds - they have no idea :mad:

Get call back from solicitor who says yes this is what you have to sign for US, but we dont' know what you might have ot sign for HSBC, wonder why they don't know because they are HSBC's solicitors. Wonder if they ever talk to HSBC :think:

Get call from HSBC saying not sure if we can just sing a form - no we havn't sent you anything about this at all, ask them about forms from solicitor - they dont' know what they are

Last saturday, arrange babysitter and Go into branch as documents need to be signed in front of witness and think it might be easier if they can see them and read them.

Our mortgage advisor isnt' there (of course not, she's been off for at least part of every other week since July) Nice guy from earlier there

He looks through paperwork, dissapears for 15 minutes and comes back saying basically the file is a mess, he has no idea whats going on and we need to come back in to see our mortgage advisor to sort it all out. (still very nice - not his mess up at all!)

Monday -Attempt to make apt with our mortgage advisor,

Today - Still trying to make apt with her

please can ANYONE give any advice/support/tips on what on earth I can do to sort this out?

I really want to set a completion date but I am very worried that if I do and then there's ANOTHER delay on the mortgage side of things we'd be liable for not completing on time.

help......................

halia

bump - anyone?

LisaLou1982

Hi Halia

Wow, does sound like a bit of a mess!! If it makes you feel a bit better though, it is fixable and many ppl in same situation!!
First of all, i would advise that you go to the seller and find out their position - are they ok with waiting for you? do they know the position yet? if not, let them know. They'll be fine if they know the problem and that you are taking steps to rectify it.

Go into the HSBC - kick up a fuss and demand to know when the FA is going to be there. Whilst its never a nice thing to do, and should always be a last resort, a difficult file that has been brushed to one side will only be dealt with if someone is breathing down their neck at every possible opportunity. Tell them that you will be calling the branch every 60 mins until you get an answer if they are unwilling.
If they are still being helpful (seems like the guy you spoke to was v. nice) then demand that someone else takes over the file with immediate effect. Make an appointment with the bank manager and make a complaint and ask him what the next step is to sorting out the problem.

It completely depends on the lender as to whether or not they will lend on a joint mortgage where the client is not mentioned on the deeds - the easiest way for this would be to either sign the form if this is a possibility with HSBC (sorry, ive not had experience with this particular bank) or contact your conveyancers and get them to add you onto the deeds of the house. It will cost you a couple of hundred pounds but will be better for you in the long term as you will be protected as a legal owner of the property.

As the searches are done, and presumably all enquiries are answered(?) then just the mortgage offer is outstanding. Explain this to the HSBC and let them know that unless they sort out the problem asap then you will be taking the issue to the relevant regulatory body.

Hope this helps- in my experience the only way to get forward with a problem like this is to put your foot down - its ok people being nice, but it doesnt solve your problem! Be firm and hopefully it will all work out for you x

hethmar

Quite right, if the advisor isnt there tomorrow then ask for the Manager and tell him this sorry story.

Richard_Webster

Basic question mortgage advisor should have asked at the beginning was whose name was on the deeds of the house. If you wanted to use both incomes etc then she could have told you that the house would have to be transferred into joint names as part of the process.

Did HSBC insist you used "their" solicitor or was it "free" legals for your remortgage? Really easier if one solicitor dealt with all of it.