Randon Audit Check - very frustrating!

Butagaz

We have had the all clear on our mortgage for a while now and have been waiting for the vendor's mortgage to be processed. We were told last week that their mortgage had been approved and that the solicitor was just awaiting the paperwork from the lender. Today we have been told that their application has bee selected for a random audit check and that there will be 'further delays'.
We were all originally aiming to complete this Friday the 19th and now see no way for this to happen.
Can anyone tell me how long this audit might take as we are having to vacate our current (rented) property by the end of next week!

Any information on this would be much appreciated.

Thrugelmir

Ask your lender. As only they know the timescale of any investigation.

Butagaz

thanks for your reply -
it is actually the vendor's mortgage that is stalling so a) I don't know who the lender is and b)I don't think I can get this information from anyone in the process.

I'm just after an idea of how long these things usually take in other others' experience.

kingstreet

You were expecting to complete on Friday?

Have you exchanged contracts yet?

An audit typically takes a couple of days, unless the lender starts asking for everything to be updated, payslips, bank statements etc.

Butagaz

Thanks for your reply.
We were supposed to exchange Friday 12th and were just being told that the Seller's mortgage offer for his onward purchase was the only thing outstanding. In theory as soon as that came through in the post we would be in a position to exchange.
When we didn't hear anything yesterday or today regarding exchange our solicitor finally discovered the audit issue with the seller's mortgage.

We have been told that the 19th for completion is obviously not going to happen.

I guess 2 days doesn't sound too bad. If the lender asks for updated documents can it take weeks?