Valuation

Tjrw1985

Applied for our mortgage at the end of May via a broker, chased him up again yesterday to get told " Don't worry, the developers aren't chasing yet, and the valuation should be instructed tomorrow, if my previous case submitted to them is anything to go by"

1. I don't give a flying **** if the developers aren't chasing, we are.
2. 4 weeks to instruct a valuation. !!!!!!

Dave_Ham

Who is the lender?

Assume you had this conversation with the broker?

kingstreet

You could have instructed the lender/broker to have the valuation done earlier. It would have meant risking your valuation fee, of course.

Which lender and what type of product (NewBuy etc)?

Tjrw1985

Leeds, Shared Ownership.

Yes had this conversation with the Broker who doesn't seem to give a flying now he has had his money.

kingstreet

If you get everything Leeds might need, right at the outset, they manage to get a case from application to offer in two weeks.

My latest 95% SO newbuild case with them was submitted on 10 June and offered on 24 June. However, they did not even look at the case until 17 June, so a week passed before the case was even acknowledged.

Does your case have any particular issues which would cause them to need unusual additional information? They won't risk your/their* valuation fee unless everything is back and acceptable.

*They are paying valuation fees, so this may be an issue for them.

Tjrw1985

One additional form asked for which I think the broker should have submitted at the outset. Apparently, they came back and asked for a confirmation of sale document.

kingstreet

Memorandum of sale?

Has to be signed by the Housing Association, note the rent and service charges for the property and the broker has to certify it as a true copy.

One of the things you really must get up front and do if you use LBS for SO cases on a regular basis.

Still, it normally only take a day or two for the HA to email that over, so no need for such a delay.

Tjrw1985

Thats the one. Thanks.

I thought the same, and it is just frustrating as our broker just keeps on saying it's all ok for your date.

But no matter how many times we put in the email we need to give notice to our landlord and have not yet instructed our solicitors, who may take up to 3 weeks to complete all searches etc.

We have already missed the exchange date (although agreed this in writing with the developer), I am not comfortable in pushing it close to the completion date, which at this rate is going to be tight.

In your experience, if they instruct the valuation today, how long before this is done? and how long after does the offer get issued, providing the valuation is ok?

Thanks

kingstreet

As I mentioned, my case went in fully packaged and from 17 June when they first looked at it to offer on 24 June, was just a week.

No reason why they shouldn't be able to achieve that in your case.

Tjrw1985

I'm beginning to think our broker just does not care now he has his money.

Really should not have used the one recommended by the developer.

kingstreet

We are used by a number of developers and housing associations, so I can honestly say that may not have had much to do with it.

There are lazy disorganised people in all walks of life. Those who let down developers don't often last very long.

Assuming they would also be paid commission by Leeds on completion, they still have something to gain from getting your case completed.