Need some HELP......so worried

Losingthewill

The date of entry for our buyers is 6 weeks, so we have to be out then. We can't make an offer on the house we like as there is no mortgage in place and were advised not to offer until mortgage is 100% confirmed.
Yes the Xmas period will delay everything hence we were A - surprised at the referral and B - it's knock on effect of delaying us making an offer, it being declined or accepted, then counter offer etc etc before Xmas.
NW said we would have an answer Tuesday at the latest but it hasn't materialised, additional requests for more information, all promptly supplied by us yet we are still waiting!!!
Ooh sooo frustrating!

Thanks to everyone......

Losingthewill

Sorry, should have clarified, it's Nationwide not Nat West!

sammyjammy

If you don't have a property that you've offered on what exactly is the underwriter agreeing to? Is it just for a decision in principle. I'm not sure why you are trying desperately to get hold of the Advisor, if its gone to the underwriter then there'll be nothing they can tell you.

There is a thread on this board about the length of time Nationwide applications are taking.

Losingthewill

No idea why it was referred to underwriters!?
When the advisor tells you that a decision will be made by Tuesday and this doesn't transpire, of course we tried to get hold of him.....we were preparing to make an offer on the property we liked so wanted to know what was happening, so 6 calls made in total and not one responded to, that's what I mean about poor service. Ok I can accept that there may be a backlog but that information came from here, not from Nationwide themselves and that's poor customer service. If i ignored 6 requests to phone a customer back, my boss would want to know why.
It's the lack of communication that's the most frustrating.

Cara79

I don't understand....

If you've not had an offer accepted on a property then how can you have applied for a mortgage and for the underwriters to look at it?!

Is it an agreement/decision in principle you're waiting for?

Normally it wouldn't go to underwriters until your made a full mortgage application, which would include the agreed purchase price, a survey on the proposed property etc.

X

Losingthewill

Because as I said previously, the mortgage needed to be in place prior to an offer being made, as in Scotland, once an offer is made and accepted its binding. What if we had made an offer, had it accepted, then applied for a mortgage only to find ourselves in the position of potentially not getting one?

Losingthewill

It's the current mortgage being transferred to another property so additional borrowing is needed. Once the application was made online with the advisor, it came up as referred.

Thrugelmir

Losingthewill wrote: »

once an offer is made and accepted its binding.

I never purchased in Scotland. However that would be surprising. As there must be formalities to be concluded not least sight of title etc.

Thrugelmir

Losingthewill wrote: »

If i ignored 6 requests to phone a customer back, my boss would want to know why.

Some customers are impatient. At a point they become time wasters. Taking staff away from more important productive matters.

Not said personally I should add. Sometimes things just take time.

Losingthewill

The law is different here re house buying and selling. Once a solicitor, acting for the seller, verbally accepts an offer, they cannot then entertain a second offer. A second offer can be made, but the solicitor who accepted, on a sellers behalf, would be unable to deal with another offer. The seller would need to fire them, hire another firm and then deal with the second offer. At conclusion of missives the deal is legally binding. Ours were concluded in about 2 weeks for the sale of the current house. So, taking that as an average, if we had gone ahead and offered when we saw the property we liked, in about 4 days or so, assuming its not nearly Xmas, we would be almost at conclusion of missives and legally bound to proceed.......but with no mortgage in place..!