Valuation to mortgage offer so worried

des123

Im the worst when it comes to worry. I been told im the worst worrier by all my family and friends.

I have sold my house and after a couple of weeks later the chap who bought our house decided to get a basic survey done by a building society. the survey came all ok and very positive . my buyer got the valuation and survey report and he said he was happy with it.

the survey was done on the thursday 14th of june . my buyer got report via post on monday the 18th of june . now two weeks have gone by but still there is no sign of his mortgage offer . today is the 28th of june and over two weeks. 11 working days and still no sigh of his mortgage offer . i have asked him to chase it with his solicitor and bank and he said that he has been doing this with non results

I contacted my buyer today and he said he still have not heard anything yet from his buliding society. im panicking now to why it is taking so long as i have given an offer onto another house and my puschase house solicitors paperwork is near enough ready to exchange .

I Do not know if something is wrong with my buyers mortage offer .that they are taking so long to process his application

can i please ask these questions

1.Do the banks offering the mortgage loan do credit checks and references prior to the bank sending out a valuation survey on the house ?

2. if the valaution survy and basic survey was all fine do the banks normally always offer the morgage .

3. what length of time generally does a building societiey take after survey and valuation to give mortgage offer to a buyer.
can they take this long?
my mortgage with halifax came within 4 days after surveyand valuation .

or am i panicking for no reason

Simon_gloster

Oh dear.......sounds horrendous. Nothing you can do for them unfortunately.

Senior_Paper_Monitor

Two weeks val to offer is not necessarily an indication of a problem - a number of lenders are really struggling with processing at the moment.

Do you know who his lender is ?

Thrugelmir

des123 wrote: »

the survey was done on the thursday 14th of june . my buyer got report via post on monday the 18th of june . now two weeks have gone by but still there is no sign of his mortgage offer . today is the 28th of june and over two weeks. 11 working days and still no sigh of his mortgage offer .

Assuming that the lender received the valuation on the same day. Then discounting today. Only 8 working days has passed. Not an unreasonable length of time to process a mortgage application.

littlesaint

My mortgage is with the Woolwich. Our valuation was done on the 16th. Our broker says that the application is now at the final stage and we are just waiting to find out whether we've been approved. We had some checks before the valuation but I think the full credit check was afterwards. From what I understand from other threads Halifax are quite quick at the moment.

gazfocus

I'm in the process of buying a house with a mortgage through a building society. Our valuation was carried out on 14th May and the report was posted to me on 15th May. However, our mortgage offer didn't come through until 1st June (even then, that was due to our mortgage advisor lodging a complaint with the building society).

des123

the lender is leeds building society . has anyone had dealing with them at all. i really do not understand why on earth they would do a valuation survey if they are not sure to give a mortgage. also why would they waste everyones time after survey to do credit check and then refuse a mortgage.

Dont know if there is anything i could do at my end, but just wait god knows why leeds buiding society takes so long for thier transactions to be processed. halifax only takes 3 days

Senior_Paper_Monitor

Yup - have a current case with them - 4 days to put correspondence on file before it is dealt with (from their published current performance standards).

Relax - start to worry end of next week if no offer/questions.



An indication for you - got a chasing letter from them on Saturday, responded on Monday morning (we are holding progress due problem with housing association building completion date) and have just received their response.

des123

Thrugelmir wrote: »

Assuming that the lender received the valuation on the same day. Then discounting today. Only 8 working days has passed. Not an unreasonable length of time to process a mortgage application.

hi its more than 8 days .
vaulation took place on the 14th thursday today is friday the 29th so its realy 12 working days from 14th

Phil_rich

Dont worry about it, its out of your control. As you will see from other peoples threads on this forum, they are in the situation your buyers are in and the mortgage offer is taking a long time. Thats just banks for you.

des123

waiting game i guess