Advice needed on my buyers mortage offer

FannyF

I wondered if anyone knew how long after the valuation is done by the lender should the buyer find out if they have the mortgage offer or not? and is it more likely that they will say yes because they have actually bothered to do the valuation or does this not make any difference?

They are saying their mortgage advisor is saying that it should all be fine, but the valuation was done and came back fine just before xmas and we are still waiting to here if they have got their mortgage or not? They are going through Leeds BS and it is shared ownership mortgage they are getting.

Anyone got any similar experiences or advice?

G_M

Sit back and relax. There's nothing you can do. How long is a piece of string?

It's Christmas/New Year so everything will take longer.

The survey IS a critical part of the mortgage approval process, but if "the valuation was done and came back fine" then it's just a question of double checking the appication, the salaries etc, and doing the paperwork.

Shared Ownership is an added complexity that might add time.

geewcee

Well we had a buyers survey done on the 22nd Dec and my bank informed me on the 28th that they have approved our mortgage and they have forwarded all info to our solicitors so we can proceed. However our solicitor doesn't re-open until the 3rd Jan so the seller won't know that we can move forward til after this date. I'm guessing your buyers are in a similar position so you may hear something next week or the week after. Like GM says Christmas has caused some slight delays but it shouldn't be anything for you to worry about.

FannyF

Thankyou so much for both of you taking the time to reply especially at this busy time of year.

I am in direct contact with my buyer as they have telephoned me and they have said that their mortgage advisor is saying it should all be fine but they aren't in contact directly with the lender they do it through their broker. They said they would get their broker to chase it this week and let us know if they get any outcomes, but we didn't hear so I guess that means that we won't here til after New Years now. I just really need to know if they are going to get their mortgage as I have found a rental and am supposed to move in next weekend as my solicitor initially advised me that it should all be done and dusted by now. Arrrhhhhhhhh!

You have given me some hope though, our buyers valuation was done on the 16th Dec so we should be close surely?

geewcee

A broker may slow things down a little (middlemen usually do!) but I think you should be pretty close as long as they've got their deposit ready to transfer to their solicitor.
Just for your info, heres the breakdown of the process after survey report is forwarded to mortgage company/bank:
1) Receive satisfactory mortgage offer from bank
2) Receive searches back
3) Solicitor sends report & contract to client to view
4) Contract, deposit & buildings insurance to review
5) Contracts exchanged (no going back one this is done really)
6) Completion!
Usually 1 week recommended between stage 5 & 6, but stages 1-5 can be done in a week. They have a broker so this could be 2 weeks if they're slow to respond after the new year holidays.