Beacon Mortgage Advice! Help!

luckyfool

sillysue wrote: »

Thanks for advice. i said to my solicitor bout searching land registry but she said you cant do that unless you are searching for a specific property???
She has written back to beacon sol to ask how we can prove i do not own any other properties(i am a ftb).
I would like to think that a half decent sol should know to check with council of mortgage lenders like you said...now think my sol may be pants!!!
Hopefully will be in buy xmas!!!ha ha

Sillysue - I had a clause like this on one of my clients offers where one was a home mover the other a first time buyer. They asked the solicitor to confirm to their satisfaction that the FTB did not have any other mortgages at the time of completion. We satisfied this by having the client write a letter to their solicitor confirming that they had never owned a property, been on a mortgage, and did not have any mortgages at this time. The solicitor then confirmed this on to B Legal. This was satisfactory.

luckyfool

security_expert wrote: »

sillysue

proving that you dont own any other properties is done by your solicitor contacting the land registry and council of mortgage lenders and will be a conditiion on your mortgage offer and is not a stalling tactic its a standard conveyanicing request

She should check with her solicitor and ask them to confirm with B Legal, but I believe this can be satisfied by her writing a letter to her solicitor.

jaoidg

I there i have have decided to post my 'first' question on this forum!

Im am currently applying for a Mortgage with Beacon. via my broker, who has just called me up to say that the packager has informed him that Beacon have released all funds for this month:mad: and then informing him to call back on the 2nd of Nov to have are funds booked in.

Has anyone ever come across this before?

Also the seller wants to exchange within 28 starting from Thursday 15 Oct whats the chance that this could happen?

I have instrusted my broker to request that a survey be done before funds have been released, i know im taking a chance in losing some money but i really need the get the ball rollering.

Once funds have been released how soon after is a completion date set?


I know lots of Qs, feeling a bit stressed!

Thanks in advance

security_expert

TBH

yer looking at about 5 months from start to finish so i reckon ud be looking to get keys in your hand next march

and im not kidding

Carla0909

Hi

I have been given a completion date of 2nd of November and the funds will be available then, when Beacon's solicitor advise of this, does all usually go smoothly from there on in, I have still not concluded my missive until i feel more confident.

Thank you

Carla

expertseeker

Hi all, well we got the ok to exchange from beacon, and then the 1st time buyers at bottom of chain pulled out!, we tried a financial incentive to keep them from bailing out but didn't work, all the stress for nothing! we are now back on market from today, already had 1 viewing 2 hours after being back on!
I hope every one else has a better outcome

glitterjunkie

Expert seeker...really so sorry to hear that what a disappointment. I hope you get new buyers soon, such a quick viewing sounds promising. Good luck x

Jaoidg - I don't really understand your Q...are you right at the start of the house buying process? If so then your funds would not be released for a good few months yet, once you have exchanged contracts. If you're just getting your survey done now then you're looking I'd say about 12 weeks until completion if Beacon are involved, maybe more! (we've been 16 weeks and counting!) Good luck with it all x

*Storm* wrote: »

Glitterjunkie............ Your story sounds very similar to my buyers. We also had to have second survey and solicitor nearly dropped them for using Beacon as well! (Apparently she's now put a ban on any more clients using Beacon!) Also, I must say, after the secnd survey on thursday - we were ready to exchange on friday - so there may be hope yet that everything will work out. Fingers crossed for you - I think everyone on this thread understands exactly how you are feeling. :mad: Good luck for tues - keep us updated.

Thanks Storm! Sorry to hear you have been through the same with your buyers, it's a nightmare from start to finish isn't it! Glad you finally exchanged Hope all goes well from now on!

Well today was 'judgement day' for us! Our 2nd valuation was this morning, then the post arrived at 1pm with our contracts - had a mad rush down to estate agents to sign and get them faxed to our solicitor (thankfully did not have to drive 100 miles to take them by hand, which we feared we might have to do!), then a horrible wait to see if Beacon had given us the go ahead to exchange today or not. If anyone remembers, we had been told that if exchange didn't happen today then our seller's seller was pulling out, which would mean the chain would fall to bits and we'd lose our house. By some absolute miracle we were told at 3pm that everything was fine, and we could exchange! What a total relief, and surprisingly quick service from Beacon - nearly fell over with shock! Waited happily for the next phone call telling us that exchange had taken place

Got another phone call an hour later to say no exchange today, because the person at the top of the chain has not signed their flamin' contract!!! :mad: Apparently they have gone away for a few days without signing it. Can't believe it! As if you'd go away for a nice holiday this close to exchange. I am furious...we have been running around nearly killing ourselves trying to get everything sorted today, in order to stop this woman pulling out... then it turns out the person she's buying her house off isn't even ready? I give up I really do! We have been under so much pressure from her, and we were so happy when it looked like it was finally happening... and now it's the top who are holding us up! It is so disheartening.

Exchange is hopefully going to be Thursday now - the woman who is threatening to pull out is happy to hold on until then (she would be, it's her seller who's holding us up now! It's only us FTB's at the bottom that she thinks she can bully). So fingers crossed. I can't relax yet though... I'm wondering what other hurdles are going to be put in our way before then, as I'm sure there will be something or other! Beacon wouldn't go back on their word would they, now that they have said we can exchange? Wish us luck!

security_expert

glitterjunkie

once B -Legal have given written authorisation to exchange and the exchange is done it would be legal binding and cannot go back

if B legal did this and messed about then the other solicitors would report them to the law society ...I have seen no problems with the process from exchange onwards and things go fine from then as ....the exchange is the only time the funds are actually booked fom the trunche ready for completion

jaoidg

Hi glitterjunkie and Expert seeker thanks for your help, from what im reading its best that i dont use Beacon for this deal :mad:, ive informed my broker to look around again i cant lose the house.

Good luck everyone.

luckyfool

Your choices are limited to be honest. Most of the people using Beacon have zero other options unless they can put down 40-50% deposits, and then would pay 2-3%+ higher rates with the limited alternatives out there.