Valuation to mortgage offer so worried

Dave_Ham

Leeds can be a bit tricky as they are sometimes mysterious in the what they request and when.

I do not think you want to be too worried as yet, although suspect this will be sorted next week so another anxious weekend.

Fingers crossed all is well..

des123

Hi thanks for you reponse . My buyer contacted me again this morning and they keep saying it should be on its way. They been saying this since last wednesday. he does not obviously want to lose house either and is frustrated and is worried as i am .

Is there anything my buyer could do you think aprt from ringing?

12 days from valuation to mortgage offer seems to be a long time . They might be taking a long time as my buyer is getting a retirement mortgage into 80 . so they might be doing further checks perhaps .
the buyer has sold his house which was under probate and is completeing in 15 days time . his getting about 60 thousand deposit to put down from his fathers will. he gets this money after his father house is exchanged and complted . all hapening in two weeks or so time . i do not know if the bank is waiting for these funds to be cear so to make they have the money beforehand to offer him the full mortgage?

Also do the banks always have to have funds or deposits
in hand before they could give any mortgage offer ?. I dont think this is the lending criteria or is it ?

someone also said that the valution survey would have not been done if they thought of not giving a mortgage offer later as it wastes everyones time and money .

harvey115

No, the lender does not need the deposit to see in your account. They usually ask for the source of the deposit for money laundering purposes and future issues with the stake in the property etc.

The Solicitor usually takes care of the money from the lender, sale and purchase.

des123

dso his solicitor can theoretically push and write the bank i suppose . Could i get my solicitor to contact his solicitor to do this ?

Wh05apk

des123 wrote: »

dso his solicitor can theoretically push and write the bank i suppose . Could i get my solicitor to contact his solicitor to do this ?

You can do, but lenders work at their own speed generally, and no amount of chasing will make them do anything any quicker, at the moment 2 weeks is not excessive with most lenders, particularly the smaller building societies who may be being swamped with business at the moment.

harvey115

You do not need to provide anything unless requested by the lender.

Usually if they require something in terms of deposit evidence Lender's solicitor would check with your solicitor and the information will be flowing their way from that route.

littlesaint

Just been told by my broker that we have been issued our mortgage in advance of approval. I think that means it's been signed off. That is 13 days from valuation to approval for is if I understand that correctly. From what I have heard, some of the smaller lenders, particularly regional building society are slow because they do everything by paper. We were interested in one with the Coventry but our broker warned us off because of the time it would take.

MAFERGAL

Mine is with Leeds BS also, valuation was done 2 weeks ago. They wanted another report done which I've since submitted but I'm also waiting for searches to be completed and all the other malarky that solicitors do. I'm no expert but I'm still thinking it will be at least another 3-4 weeks until I get the mortgage offer.
I assume all the legal searches etc. have been completed and their lender is happy with everything? I would like it if you could update when the offer from Leeds BS finally comes through and they release the funds and the full time scale from everything else being completed to that point to give me an idea how long I may have to wait...

Thrugelmir

des123 wrote: »

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

The lender wouldn't have received the valuation the same day as it was done.

robatwork

Don't hassle the buyer - he will be wanting to get his mortgage approved as much as or more than you. And assuming he has submitted all info to the BS he can do the same as you...not much.

I think if he calls them every day it will take another 7 days. Otherwise if he leaves it, it will take a week.