Nationwide Mortgages - How long??

japmis

Sally22 wrote: »

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!

Will you be getting your own survey done as well?

Sally22_2

We have only paid for a valuation report. The house we are buying is a Resale Shared Ownership, and was only built 10 years ago, so we decided we should be ok without a more detailled survey...

What is the difference between the surveys that Nationwide carry out and the surveys/searches that our solicitor will do? Bit confused by that!

For what its worth, we have taken a risk and already instructed our solicitor to start his searches, so hopefully it all goes through ok. Everyone has reassured me that we are completely affordable but until I have the keys, Im on edge all the time! It was bad enough doing all the Housing Associations checks and jumping through all their hoops!

kingstreet

Mortgage report and valuation carried out by lender's surveyor establishes property is suitable security for mortgage and the purchase price is reasonable.

Survey carried out by surveyor of your choice. Report on condition of property prepared for and paid for, by you. Should find major defects and recommend any repairs and updating considered necessary.

Searches carried out by solicitor. Check property is not subject to any planning issues, mineshafts in vicinity, establish clear title and that any charges on property will be repaid before completion. Environmental search checks flooding, land contamination issues etc. Water search checks sewers adopted.

Sally22_2

Thanks, thats really helpful!

bretts

kingstreet wrote: »

Mortgage report and valuation carried out by lender's surveyor establishes property is suitable security for mortgage and the purchase price is reasonable.

Survey carried out by surveyor of your choice. Report on condition of property prepared for and paid for, by you. Should find major defects and recommend any repairs and updating considered necessary.

Searches carried out by solicitor. Check property is not subject to any planning issues, mineshafts in vicinity, establish clear title and that any charges on property will be repaid before completion. Environmental search checks flooding, land contamination issues etc. Water search checks sewers adopted.

Hi Kingstreet

I have actually told my solicitor that we have mortgage offer and he said once he gets the offer letter from the bank which should be in the post as I have already got a copy of it from my MB he will start the searches and work towards the completion and exchange of contracts but how long does the solicitor takes from once he gets the offer letter to getting the keys, just a rough idea as I am stuck in a 6 months rent agreement and thinking as to when I should talk to my existing letting agency about terminating the lease early. I know its not easy but just to give a heads up to the letting agency to see what are my options well in advance.

Thanks a lot

Brett

japmis

Sally22 wrote: »

For what its worth, we have taken a risk and already instructed our solicitor to start his searches, so hopefully it all goes through ok. Everyone has reassured me that we are completely affordable but until I have the keys, Im on edge all the time!!

I instructed my convenyancer as soon as I had a DIP, I don't think it's that risky. I didn't want to appear to be dragging my heels with the vendor.

japmis

bretts wrote: »

Hi Kingstreet

thinking as to when I should talk to my existing letting agency about terminating the lease early. I know its not easy but just to give a heads up to the letting agency to see what are my options well in advance.

If your mortgage has been approved I wouldn't hesitate to inform your current landlord/letting agent.

bretts

japmis wrote: »

I instructed my convenyancer as soon as I had a DIP, I don't think it's that risky. I didn't want to appear to be dragging my heels with the vendor.

Hi Japmis

So your searches are already done?

japmis

bretts wrote: »

Hi Japmis

So your searches are already done?

Yep I'm about 80% complete with the conveyancer, just finalising a few queries with the leasehold (like who to pay the ground rent to and when!) and then should be ready to exchange contracts when the tenant is vacated mid-May.

bretts

japmis wrote: »

If your mortgage has been approved I wouldn't hesitate to inform your current landlord/letting agent.

I am a very pessimistic person unfortunately, i was a little happy after my MB called but then NW called my office to check something on my payslip, and my office people confirmed everything is ok but its just me who gets really nervous as soon as anything goes a little wrong.

Even I am thinking of talking to them atleast to get an idea as to how much they will keep as they already have 6 weeks deposit which is a huge amount and if they do decide to keep then a lot of furniture of my house it outta window for sometime :rotfl: