Beacon Mortgage Advice! Help!

needamortgage_2

Hi carla

Thanks for replying :-)


Thats good news that yours is progressing :-) :T

No news yet for me, i have got no hair left :eek: or nails or sanity

Trying not to give up on it all, keep thinking we will hear today ,when that passes we think oh we will hear today ,but nothing, i dont know how much more we can take :-( oh hum !

Yes i think youre right about individual packers and brokers, i just wish it wasnt all so complicated !

Yes please keep in touch, its good to know that others are moving along, gives me some hope :-)

Take care ,all the best :-)

Nam

honeymonster19

Hiya

B Legal have still not looked at the documentation forwarded to them by my solicitor, and have just heard from my broker that October funds are drying out quick- it's only the 2nd!

needamortgage_2

hi Honey monster

Youre kidding ! thats a joke ! so did they have any reason for not looking ? what did your broker say ? who is your packager ?

You must be so frustrated and angry honeymonster :-(:mad:

I hope something positive happens today for you :-)

Nam

luckyfool

Its luck/a question of which packager your broker deals with unfortunately. Some have a very small tranche of funds to dole out. I believe mine didnt run out at all until August when their funds for August ran out on around 22nd at which point offers were queued to be offered on 1st September. Not sure what happened in September, though I had cases offering up to around the 20th so it didnt seem to get any worse.

expertseeker

Hi hope someone can help, my buyers are with beacon, every time we get to the point of exchange their(beacons) solicitors come up with new things that have to be checked, they got their offer in august, and confirmed again, after we had a wall tie report done early september, how long to do we have to wait for them to actually exchange, the others in chain are getting restless!

*Storm*

Hi guys
My first post, so any help would be greatly appreciated!
My buyers are using Beacon for their mortgage and what an absolute nightmare is has been!! We are 12 weeks in and still no completion date!
Thankfully - all 4 in the chain are sticking with the wait......... up to now.

We should have exchanged contracts yesterday with a completion date for next fri 9th. Then at 3pm yesterday, I got a phone call from my solicitor saying that Beacon/B-legal have requested a second valuation!!! (something about comparables?)

Obviously I am gutted as I am the second in the chain and can do nothing until my buyers stupid mortgage company gets their finger out!

Does anyone know what happens with the second survey? Does the surveyor actually come in or is it a drive by? Also, can Beacon actually refuse my buyers the mortgage or tell me to drop the price at this point? I am sooooooo, soooooooo worried, it has been the longest 3 months of my life!

We have all signed and are ready to go............. until this happened yesterday.

If I didnt want my new house so badly I would have put mine back on the market weeks ago, but we just kept getting told ........ be patient!

I just need advice regarding the second valuation please and how much longer will that hold the process up?

Many thanks

*Storm*

Aimzrabbit......................

You sound like you are in the same boat, except it is you and not your buyers.... right?
Have you been told exactly what the second valuation entails and how long it will hold things up?

Many thanks

aimzrabbit

weve been told nothing to do with the original valuaton just that they like 4 comparables and on our original valuation was only 2 so they audit the original from what ive read no 1 has ever been knocked back on audit valuation ....of course if the valuer does visit you property and youve got steel plates on the windows then that will be a different story

and add 2 more comparable properties at a cost to them

weve been told delayed upto 2 weeks but like everyone else its a guessing game and we need to move as our lad has asthma and we wanted to be in new house cos then 1 we live in now has damp in and its getting cold

expertseeker

Hi storm, we are in the same boat as you cos its our buyers and it is so frustrating! We had to have an audit survey done for our buyers, they did come in and did a thorough survey, they said house was valued same as first survey, so wouldn't worry too much about that.
We have nearly exchanged 3 times now but b-legal keep asking for more and more. I personally think they are stalling to get our completion into the following month!

*Storm*

Hi guys
Thanks for the fast replies. Its reassuring to know that they valued your at the original valuation price.

My buyers are first timers using Beacon - so they seem to think that all this arsing around is perfectly normal!

I get the impression, and from reading this forum that Beacon are stalling to get the funds in November.

This is what............ another 3 weeks away? That will be 15 weeks we've been on with this! (Our buyers got their decision in principle from Beacon on 7th July!!!!!)

I very much doubt the rest of the 4 in the chain will be willing to wait until November - but then, nobody can afford to pull out as we would still all have pay solicitors and estate agent fees wouldn't we??? So technically........ this stupid Beacon call all the shots........ :mad:

Expertseeker....... you say you've had the second survey? When was that? And you have you still not had an exchange date set yet even though they have had the survey back?

Honest to God.........when I found this out yesterday, after 12 weeks......... I was in bloody bits on the floor!