HSBC application - anything more i can do?

Pincher

Aspiration wrote: »

My flat (5 yrs ago) was valued at £110k, and to remew the lease from 79 years to 999 years they wanted £12k, this wasn't an issue as i had planned that into negotiations but def ask the question.

999 years for £12k, that's the bargain of the century. No, of the millenium! Does it actually say Expiry in 3009?

berol

HSBC were very swift with my approval but that was last year.

twobuckchuck

Thanks all,

It is not share of freehold, at least i think it's not!

I only put the application in the post Saturday morning so don't expect to hear for a while. Someone from HSBC actually rung me this morning to check i had put my application in. That bodes really well if that is the service they provide BUT he did then try and sell me life insurance so i'm not holding my breath!

John

MexPirate

twobuckchuck wrote: »

Thanks for the replies

I was worried at first about being asked to use the agents (Haart's) solicitors but must people i have spoken to say the only thing to worry about is that i am paying over the odds. If that is the main problem then i am not too concerned if £250 is the difference between doing the deal or not.

As regards to paying the asking price, my needs are relatively specific. 1 bedroom property with very secure garden for dog and close to proper rural areas to walk dog but within 5 or so miles of work in north west London. I know full well i am probably paying over the odds but as I’m not planning on moving any time soon I feel it is a great property. There was also a lot of interest in the property so i feel at worst i am paying 5k over the 'true' value. What the valuation says is a different matter!

Any more thoughts appreciated, mortgage refusal is still my big concern!

Thanks

John

I am in the process of purchasing a property through Haart (as long as HSBC give me my mortgage!! waiting 2 weeks now being told there is a backlog of applications). They booked me in for some meeting that I thought was to discuss the property but was basically their mortgage advisor who offered some horrible deals and presented me with their "recommended" solicitor - the charges there were way too high and included some such garbage as "processing fee" on top of the solicitors charges - transfer fees and search fees are to be expected but the prices were definately out of line.

Highly recommend getting a personal recommendation from someone you trust that has used the solicitor before - it gives me a lot of piece of mind that I can completely trust mine, I wouldn't feel the same if it was Haarts solicitor (knowing the vendor is using their solicitor could it actually be the same person doing both sides?)

twobuckchuck

Thanks MexPirate

I'm afraid i have already got involved with the solicitor, as i have said before if £250 extra is the difference between getting the property or not then i'm not too worried. I will be checking everything that they do for me though.

I am actually meeting Haart's mortgage advisor tomorrow. He rang me this evening to check i was going to keep the appointment. I told him i had applied for an HSBC mortage but i was happy to meet him to see what he could do in case my HSBC application is rejected. He said that was fine so interested to see what he has to say.

John

hshen

I think you want to have some spare cash just in case survey comes in 10-20k under your offer so you can still stick to the agreed LTV. e.g. if the valuation comes in at 150k, and HSBC are only willing to lend 80% of that. Which leaves you paying the difference of 45k and push you over the edge.

Not saying it will but given the current market and you paying asking price, there's a chance.