Nationwide Mortgages - How long??

chrispardo

Just to go along with what others have been saying, and to re-assure those currently playing the waiting game, sometimes these things just take time. It can be annoying, but it doesn't mean there are any problems. Things like the surveys can often take time to arrange, especially if you're getting a HB survey (as they need to agree access to the property); mine got scheduled 3 times.

My progress was:


29th January 2013: First meeting with Nationwide mortgage advisor
4th February 2013: Offer accepted on house
7th February 2013: Second meeting with MA - obtained AIP
12th February 2013: Notified that survey would take place on 14th Feb
13th February 2013: Notified that survey would take place on 20th Feb
20th February 2013: Survey doesn't take place due to mix-up on times between vendor and surveyors
25th February 2013: Notified that survey would take place on 27th Feb.
27th February 2013: Valuation survey carried out
28th February 2013: Valuation satisfactory
13th March 2013: Formal mortgage offer issued
20th March 2013: Mortgage offers arrives in post

Nearly a month on and still not exchanged, but things are now in the hands of the solicitors. Waiting for a list of 36 additional enquiries, including some 7 or 8 requests for additional documentation, to be answered.

mightyblues78

bretts wrote: »

I had valuation done on monday and got a text saying its satisfactory and offer has been issued, i called up my mb and he has given me a copy already.

Good news, bretts! :beer:

Had my valuation done yesterday so I'm hopeful that I may hear something in the next couple of days...

Cheers,
MB78

japmis

bretts wrote: »

I had valuation done on monday and got a text saying its satisfactory and offer has been issued, i called up my mb and he has given me a copy already.

:T

that was super quick! now over to the solicitors..... they do all the legal side of the contract, so they will instruct searches, request the contract from the vendor, confirm the deeds of the property, get your queries answered on the property then exchange and complete on your behalf. They'll also process your Stamp Duty forms.

bretts

mightyblues78 wrote: »

Good news, bretts! :beer:

Had my valuation done yesterday so I'm hopeful that I may hear something in the next couple of days...

Cheers,
MB78

It took me two days so hopefully you should hear from them tomorrow. All the best for that.

bretts

japmis wrote: »

:T

that was super quick! now over to the solicitors..... they do all the legal side of the contract, so they will instruct searches, request the contract from the vendor, confirm the deeds of the property, get your queries answered on the property then exchange and complete on your behalf. They'll also process your Stamp Duty forms.

Well I still dont have the offer in my hand just yet although MB called me and sent me a copy that they can download off the internet so hoping to get the copy soon in a day or two.
I spoke with my solicitor today and he said as soon as he has got the offer he will start processing.
I also called the estate agent and told him about this and they asked me for a copy of mortgage offer to which my solicitor said they do not have to see the mortgage offer and as soon as I get it I will tell them by e mail that he has got it and we take it from there.
My worries are I dont know how long after the mortgage offer is in my solicitors hand, will it take for completion. I am presuming it is about 3 to 4 weeks but it could be quicker, Am I right?

mightyblues78

bretts wrote: »

My worries are I dont know how long after the mortgage offer is in my solicitors hand, will it take for completion. I am presuming it is about 3 to 4 weeks but it could be quicker, Am I right?

My solicitors advised 4-6 weeks once they start processing searches, but then I'm holding off until I have the offer before I give them the go-ahead to start their process (didn't want to stump up for search fees until I know I'm getting a mortgage!). If you've already instructed your solicitor to commence searches then it could be quite fast as it's the searches that take the time.

Cheers,
MB78

bretts

mightyblues78 wrote: »

My solicitors advised 4-6 weeks once they start processing searches, but then I'm holding off until I have the offer before I give them the go-ahead to start their process (didn't want to stump up for search fees until I know I'm getting a mortgage!). If you've already instructed your solicitor to commence searches then it could be quite fast as it's the searches that take the time.

Cheers,
MB78

I spoke to my solicitor he said he will start the searches once he has the offer in his hands so its only going to be after he gets that with him.

japmis

mightyblues78 wrote: »

, but then I'm holding off until I have the offer before I give them the go-ahead to start their process (didn't want to stump up for search fees until I know I'm getting a mortgage!).
Cheers,
MB78

Are you going to be able to change your mortgage value if your survey comes back with issues??

e.g. when my survey came back with issues, I negotiated a lower price with the vendor, which changed my mortgage value. I had already submitted my full mortgage application but I was able to reduce the amount I wanted.

Sally22_2

My partner just called Nationwide, they said they didn't have anyone available in the area of the property over the weekend, so they are going to let us know. The only thing is, they said they are going to use Countrywide to do the valuation and I have read lots of bad things on here about them so hopefully it doesn't cause too much delay!

kingstreet

Countrywide is Nationwide's panel manager and does most of the valuation work itself, only panelling stuff out where they have no coverage or are too busy.