Nationwide panic

kimmarie

Hello,
I'm in a bit of an odd situation. I am selling a shared ownership flat. I have a buyer who has a ten per cent deposit and who is applying through the Nationwide. I believe that she is doing this directly. She started her application process on June 20th but then the person dealing with it has been away for a week between then and now.
My buyer hasn't any idea what stage her application is at and isn't being communicated to at all. My understanding (from a broker who is helping me with my mortgage) is that I should be concerned as we haven't even got to survey stage yet. Is it natural for things to take this long? I'm so frightened that my buyer will not be able to get a mortgage as I understand that lots of banks don't want to lend on new build flats. It is heartbreaking because I've already had one girl whose application was rejected and if this lady struggles we will be totally stuck. People want this flay but can't seem to get the money to buy it and I can't reduce the price because of the shared ownership (I've already lost money but that is almost beside the point..)
I suppose I'm just looking for some reassurance that this delay is a mixture of standard practice and bad luck and that things will be OK.
It doesn't help that my buyer is a teacher is therefore cannot sit on the phone to try and get through to someone that can help. If the application had been refused surely they'd have said by now?
Any ideas or comments would be gratefully received.
Thanks in advance
X

opinions4u

Shared ownership mortgages are higher risk.

10% deposit loans are high risk.

It makes sense to me that things should be checked out thoroughly before the valuer is instructed.

Senior_Paper_Monitor

Nationwide - by their normally high standards - are particulalrly slow at the moment. Combine this with (apparently) an in-branch application and the person concerned being way, the inevitable 'shared ownership rubbish' and I wouldn't be over worried at this stage.

Give it until the end of the week or even middle of next.

kimmarie

Hello and thanks to you both for your responses.

@Opinions4u. What you say feels harsh but I know it is true. I really regret going through shared ownership. It feels like it has been a con sometimes. But saying that this is the second person who has wanted our flat. There is nothing wrong with it at all. I've already lost some money on it and would take another hit if I had to but I'm stuck because the HA won't allow it. I totally understnad that my buyer needs to be checked thoroughly it is the lack of knowing where in the process that worries us.

@SPM - Good to know that NW are just a bit slow at the moment. Until my broker had started saying where we should be in the process I'd put the delay down to things just taking longer with banks being more cautious and was just encouraging my buyer to hang in there.
I'm not sure if my broker was using this as a way to get more business as she said that she'd be happy to help my buyer etc etc. After awhile it becomes difficult to know who may have ulterior motives and who doesn't. As it stands I'm going to have to try and forget it all until my seller hears back.

The funny thing with all this is that I've got to the point where I don't mind if the place I want to buy falls through. I just want to sell my place and worry about where I'll go later.