worried FTB

jemb

Hi,

So, in a nutshell, I'm buying with my Mum to get on the ladder. She isnt a first time buyer as she has two houses, but no mortgages. Natwest have advised as I am the primary and she doesnt have a mortgage that we are classed by them as first time buyers, therefore elegable for first time buyer mortgage. Fab. But, my solicitor said he needed this fact in writing before we could send for money for the mortgage on completetion day. The bank havent writen to him but have confirmed over the phone that all is well with our mortgage and this is in line with their policies. My sol called yest and said he would have still wanted a letter but as we are completing Fri he needs to write to request funds. I'm just a little worried as that was Tues and we complete Fri, is there anough time to get the money? As I'm worried about time off, sellers moving 200 miles on Fri and also costs that could be changed should this not happen. We have no chain as were renting, and the new buyer is buying a house that has been empty for 4 years. Could someone shed any light?

First_Time_Buyer_Guru

Hi Jemb

If you're very concerned, it sounds to me like you need to go nuclear. Walk into your local branch of Natwest and demand to have the confirmation written for you there and then. Then hand deliver it to your solicitors. It's a real shame that in the age of large call centres this has become a last resort as opposed to a first response. Good luck.

hazyjo

Have you exchanged yet?

Jx

jemb

Yes hazyjo last week

jemb

Guru, i'm not worried about that, I'm worried why he needed to drag his heels (sol) really and now accepts that it is ok and our mortgage offer is ok and he has the mortgage in writing, and he has it ok'd over the phone that we are first time buyers, but i am worried about the funds not being with him on time. I read it takes 3-5 days for the funds to be with the sol from the bank. He requested money yest pm so would leave 3 days, is this cutting it fine?

hazyjo

People can exchange and complete on the same day. I'm sure your solicitor wouldn't have allowed you to exchange if there was a risk of the monies not arriving in time. Ask your solicitor for reassurance and I'm sure they'll explain all to you.

Jx

jemb

Thanks Hazyjo. Just v worried as the sellers keep calling us and hounding us rather than their sol. Think they're winding me up a bit! thanks for reassurance x

ILW

Are you sure this is not a stamp duty issue?

jemb

it's below stamp duty price

betmunch

I dont understand why the solicitor is concerning himself with the product offered by Nat West. If NatWest want to offer you a FTB deal even though your mum isnt a FTB for Stamp Duty purposes thats their business. To get that product they define what it is to be a FTB.

Anyway, he exchanged contracts and set the completion date. He shouldnt have done that if there is outstanding info he needs to complete the sale for you. You will complete on Friday.

jemb

Betmunch I think I love you! lol.

I just needed reassurance that the date wont get put back. I thought that too about Natwest, why stir up something that there is no problem with? They offered that product. He doesnt need the information he said yesterday now as he had it over the phone. He said he could have done with it but that it's not imperative. He's calling me around 2pm to let me know that we're all systems go *(or not) for Fri.