Completion ruined due to lender 'glitch'

lil_miss_insanity

Just wanted to rant as I'm really upset.

Exchanged Monday night, completion set for today. All set and solicitor requested drawdown of mortgage for day before completion to be safe. By mid-morning today no funds had been sent.

At lunchtime I get a message from solicitor saying that the lender has revoked the mortgage offer! I freak out as I'm stuck in a meeting I can't get out of, and can't get mobile signal to find out what's going on. Then by 2pm I finally get through to solicitors who say they've got the offer reinstated and they've agreed to release funds.

3pm, no funds received, and lender can't give a timeline on when they will be. Solicitor says that there is a 40min-1hr wait on phone to lender but they've been on to them all day. I'm stuck on a tube train trying to get home so I can get my paperwork and ring the lender myself.

3.30pm - stuck on hold for 30 mins trying to contact lender. First on number on offer letter, then transferred. Kept being told it was wrong department and that the solicitor should call. I finally was told that some 'glitch' had happened to revoke my offer and that it had been sorted and sent to completions, but they had a big backlog and didn't know when it would go through.

5pm - now we didn't complete, the chain of 3 is broken and everyone is delayed. I'm lucky to have an understanding seller but this is going to be an expensive problem...

I'm so upset I don't think I have any more tears left in me. I've made a fool of myself by hyperventilating and sobbing outside a company-wide meeting. I have no idea how I'm going to move house with nobody off work to help me (I'm disabled and heavy lifting is off limits). Worst thing is - I'm helpless to do anything about it.

Right - rant over. I just wish this situation was too.

hamster2013

what lender was it ?

lil_miss_insanity

hamster2013 wrote: »

what lender was it ?

I don't know if I should say in case it's down as libel or something - but it's one of the major high street banks. One that prides itself on its mortgages.

zzzLazyDaisy

Something similar happened to a friend. The lender was Barclays. She did get compensation to cover the additional expenses as a result of their c0ck-up, so speak to your solicitor about that.

I know this is no consolation to you now, moving house is stressful enough without all this. Is there any chance you can agree a new completion date for next Friday? There is a reason why completions happen on a friday - because it is followed by a weekend! The other people in the chain may also want completion moving to next Friday for the same reason - you can only ask.

I promise you, before long this will just be a bad dream and you will be happy in your new home.

Hugs

Dx