Beacon Mortgage Advice! Help!

Carla0909

I am in Scotland so our laws are slightly different to English ones. I received my offer in the middle of September, and it was a condition on there that the audit valuation had to be carried out, my broker got on to this right away and it was carried out within 3-4 days and came back fine, the new surveyor had to go into the house and carry out a full valuation.

Also with regards to the monies being in place, I have been told by Beacon and Beacon's solicitor that as I have paid my £299 app fee at the begining the money is there waiting for me when my date of entry comes round. As I said before I am not sure if it is different in Scotland as we have to conclude missives and know that the money is in place long before the date of enty.

Carla

luckyfool

*Storm* wrote: »

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

One of two things.

An audit valuation is most likely. This is happening on 80-90% of Beacon cases just now as it is rare that there is enough satisfactory comparable sales evidence to meet their criteria. This is at their expense and is normally pretty quick. Their view is they would rather pay an extra hundred quid a case for this audit val and be overcautious, than be landed with a lemon that isnt worth what they have lent against due to valuation fraud/valuers incompetence.

An actual 2nd valuation or revaluation would be because the initial valuation has expired. This happens a bit just now as on cases over 75% they only make the original valuation valid for a relatively short period.

aimzrabbit

luckyfool

our valuation is over 8 weeks old and i have checked our valuation and there was 3 comparables 1 @ 0.25 miles and 2 @ over 4 miles away

lets hope that some more houses have sold in the area since the original valuation and that things hurry up

thanks luckyfool

sillysue

post deleted

expertseeker

Hi there,
Storm we had audit valuation begining of august I think! we keep being told that we are gonna exchange then complete in 2 weeks, then we don't exchange cos b-legal want new things to be verified, the last time was friday they wanted 14 issues verified, and the house insurance that was arranged didn't have a start date on it, probably cos we don't know when we are gonna actually excange!! cos they keep moving the goal post!

*Storm*

Hi expertseeker.....

I really am proper panicking now!!! You say you had the second valuation beginning of August? OMG!!! That is just over 2 months???

We are already 12 weeks in waiting for my buyers now..... there's no way the rest of the chain will wait another 2 months!! They have already threatened to remarket their house! :mad:

I must say...... whilst I have every sympathy for people with a bad credit rating because of unforseen circumstances, I feel I should have been warned about my buyer using a sub-prime mortgage company, and how long the whole process takes, cos if I had known - I would NOT have accepted their offer and waited for someone to come along using a more reputable mortgage company.

oooooohhhhhhhhh........... I could cry! :-(

expertseeker

Storm, I totally agree we would have waited fior someone else, we have already had a previous buyer who mucked us about cos they couldn't get a low enough rate, then this, we have been trying to move since April, we are totally drained and can't relax cos every thing is ip in the air.
I wouldn't panic too much though in your case cos you can always point out that house prices are beginning to rise again and they might not find a house similar at the same price, also all the fees that involved that would have to be paid, every one has to just be patient, 12 weeks is nothing compared to the horror stories I have heard, one was 18 months and beacon wasn,t involved in that one!
Easier said than done though I know, I really hope that things get sorted quickly for you, you could try and get the second valuation faxed to beacon than waiting for the post, might help.

*Storm*

Hi ES
Yesterday was just a really bad day I was stressed and snappy all day....... poor hubs, I nearly took his head off! I can understand how people get divorced over this moving house malarky!

Thanks for the reassurance. Found out that the reason a second survey is being done is because the original one is over 2 months old.......... and its all bloody Beacon's fault!

There are 4 in the chain and I have just been keeping my fingers crossed that everyone will see this through, as like you said, its financial suicide to pull out at this stage!

I'm keeping fingers, toes and eyes crossed that I get a phone call tomorrow for the survey.......... but I'm not holding my breath!

I'll let you know......... keep me updated how yours goes.

GOOD LUCK!!!!

Storm X

aimzrabbit

I disagree we have friends who are 1st time buying with the Halifax and are at 15 weeks and are having the same problem theres only about 1000 products out there for 1st time buyers at the moment with interest rates on offer from 4 % - 10% regardless of credit rating

i choose to go with beacon as the 5% i got offerred is much better than the 7.75 offered by the halifax

personally if id have viewed your houses and you had said to me hows yer credit rating id of told ya to get lost

we was told when we put our offer in that there was no chain and our vendors was in no rush then we find out thers 6 in the chain and 3 of them want the all things done in 6 weeks

personally some one should start another thread "can you complete a 1st time buyer mortgage in 6 weeks in 2009 "? lets see responses on that

I wish wed have put an offer in for a new build and then i dont have to deal with an impatient vendor

if you think you can get a completion in 6 weeks in 2009 then your dreaming ask any of the mortgage advisors on here.

No point slating Beacon off as we're all in the same boat and what will be will be.

We have learnt one thing tho the more hassle you try to give Beacon he slower they become!!!

sweetpea10

Hi Storm,
Our buyers are using beacon and we are now 22 weeks since we accepted there offer so be prepared for a long wait. The sellers for the house we want are very nervous this is the most stressful thing ever
So good luck