Abbey & buying a repo

space_rider

poppysarah, Dec 06. I was told by the mortgage broker that Abbey don`t instruct the surveyor until they are sure they are going to offer the mortgage. They paid for my survey. House was only a year old so didn`t need a structural survey.

littlened

Our IFA has spoke with Abbeys regional person this morning who is going to chase up the valuation.

Abbey have had all our evidence of income etc since Monday, 2 days later and our broker still hasn't heard anything from them regarding whether everything is ok or if they require further information. If they do require further information, we're going to have to get hold of it, pass it over to them and then wait another 2 days for something to happen.

It's so bloody stressful!

merlinormartin

We have just bought a repo house!

we instructed the valuation on the Thursday, the following wednesday the valuation took place along with the home buyers survey, the following day we recieved an email with the results! ... we did have to sign a document before we could view the the valuation report, we recieved the document that needed to be signed, the day before the valuation and returned it using next day delivery. The bank was Natwest the whole process from instruction to reading the document took 7 days.

Also just a bit of "advice" if your not on the phone at least once per day to either solicitor, bank, EA, or Surveyor then it will probably be alot slower. I seemed to have spent the last 4 weeks with a telephone glued to my ear!

Good Luck!

hethmar

Son got his valuation done in a week on a repo from Nationwide - however he went well pass the 28 days because of delays on the part of the vendors solicitors. Dont worry too much as long as the EA is keeping the vendor in the loop you should be ok. Remember though they can accept other offers up to exchange. Get on to Abbey and ask to speak to a supervisor. Have you chosen a solicitor yet and instructed him - that would settle the vendors mind that you are serious.

littlened

hethmar wrote: »

Son got his valuation done in a week on a repo from Nationwide - however he went well pass the 28 days because of delays on the part of the vendors solicitors. Dont worry too much as long as the EA is keeping the vendor in the loop you should be ok. Remember though they can accept other offers up to exchange. Get on to Abbey and ask to speak to a supervisor. Have you chosen a solicitor yet and instructed him - that would settle the vendors mind that you are serious.

The solicitors were instructed as soon as the offer was accepted. Our solicitor provides us with a login to their website and it lists milestones, all we're waiting for now is the mortgage offer.

Our IFA spoke to Abbey yesterday, apparently our details were being looked at yesterday and hopefully they would instruct the survey, but so far we've heard nothing else from them and the EA confirms they've had no contact about the survey.

space_rider

merlinormartin wrote: »

We have just bought a repo house!

we instructed the valuation on the Thursday, the following wednesday the valuation took place along with the home buyers survey, the following day we recieved an email with the results! ... we did have to sign a document before we could view the the valuation report, we recieved the document that needed to be signed, the day before the valuation and returned it using next day delivery. The bank was Natwest the whole process from instruction to reading the document took 7 days.

Also just a bit of "advice" if your not on the phone at least once per day to either solicitor, bank, EA, or Surveyor then it will probably be alot slower. I seemed to have spent the last 4 weeks with a telephone glued to my ear!

Good Luck!

I tried to buy a repo and because of the delay between the estate agents and the solicitors I lost the sale. The mortgage company which was Abbey, same company I was using, wouldn`t wait a week longer than the 28 days and put it up for auction. The house went for 10,000 less than I was going to pay for it. On this house I made an appointment with the solicitor when I had the mortgage offer. I phoned Abbey and they told me that they would be able to send the money to the solicitor by 4pm that day so that was enough ammunition for me. On the day of my appt I insisted on exchanging and completing on that day as I did not want to lose another sale. All done in 2 weeks!

hethmar

Its very poor on Abbeys part. You ring them again yourself and be a bit shirty.

littlened

hethmar wrote: »

Its very poor on Abbeys part. You ring them again yourself and be a bit shirty.

Well that's another thing, I tried to ring Abbey tonight because their website says they're open until 9pm, but no, they closed at 5pm.

I'll try again in the morning, but if they've closed at 5 today then I wouldn't expect them to be open over the weekend.

I'll just have to wait until monday now I suppose.

Luckily the selling company have agreed to give us a bit longer due to the christmas break.

I'm stressed to bits, they've had our details now all week, and still have not made a final decision on our mortgage.

jill2002

The valuation is instructed as soon as the mortgage application is accepted. Which is normally the same day if you go to an Abbey branch. To go through a broker means that the broker has to send everything to the Business Development Unit - and wait for them to go through the checks that they need to. A delay that is probably not the broker's fault, but a busy department within Abbey. If they then need to ask for extra information, this can take a few days to get backward and forward between the two. Then it all has to be authorised (again out of the broker's hands) and once authorised the valuation is instructed at the same time. The instruction is then in the hands of the Survey Office who call the Estate Agent - usually within 24 hours.

Edit :- It makes no difference whether it is a repo or not.

space_rider

littlened wrote: »

Well that's another thing, I tried to ring Abbey tonight because their website says they're open until 9pm, but no, they closed at 5pm.

I'll try again in the morning, but if they've closed at 5 today then I wouldn't expect them to be open over the weekend.

I'll just have to wait until monday now I suppose.

Luckily the selling company have agreed to give us a bit longer due to the christmas break.

I'm stressed to bits, they've had our details now all week, and still have not made a final decision on our mortgage.

Hope you get some good news early part of the week.