Anyone want to join me? Awaiting Mortgage decision...

kingstreet

You need to speak to your solicitor about the cost.

The outcome will depend on how close, how long ago and what it is.

I bought a house in 2002 and the basic environmental search indicated a bulk fuel storage facility nearby. It turned out to be the former petrol station at the end of the road which had a diesel tank for the MOT station which had replaced it.

Follow the process. Solicitor gets search (which I think is about £50) it's submitted to lender for onward transmission to surveyor. Surveyor reviews data and decides if it affects valuation/security.

Most surveyors have come across similar things before and will have taken them into account. You only get really unlucky if you're the first in a particular area to have this issue.

bexs2247

kingstreet wrote: »

You need to speak to your solicitor about the cost.

The outcome will depend on how close, how long ago and what it is.

I bought a house in 2002 and the basic environmental search indicated a bulk fuel storage facility nearby. It turned out to be the former petrol station at the end of the road which had a diesel tank for the MOT station which had replaced it.

Follow the process. Solicitor gets search (which I think is about £50) it's submitted to lender for onward transmission to surveyor. Surveyor reviews data and decides if it affects valuation/security.

Most surveyors have come across similar things before and will have taken them into account. You only get really unlucky if you're the first in a particular area to have this issue.

Yeah I will speak to solicitors, she wasn't available when I called so will speak to them first thing in the morning.

Just got home to find the actual valuation report has been sent to me and was posted last Wednesday!!! Would have thought virgin could have called me to tell me what they needed!! I had called them Friday to ask for an update which they just said was processing and I had to call them back again today!!

WillyWonga

kingstreet wrote: »

Why? Do you have variable earnings like overtime you are using to meet affordability?

When app completed with broker said had £1600 spare income after bills which was good surplus. I said I do some overtime and look to take home £1500. There is Tax Credits and Carers Allowance on top. There is extra income such as DLA but the broker advised as Natwest doesn't take that into account he left it out.

My mortgage currently is over £150 month more than what I would be paying on this new mortgage and LTV is just under 70%.

harding1985

Come on Nationwide - A nice little email or text confirming mortgage offer would be nice this morning. :D

MissLaura

harding1985 wrote: »

Come on Nationwide - A nice little email or text confirming mortgage offer would be nice this morning. :D

Fingers crossed you'll hear something today. :beer:

harding1985

MissLaura wrote: »

Fingers crossed you'll hear something today. :beer:

I called NW and apparently the application hadn't been properly submitted. So I 'should' hear before Friday. :rotfl:

MissLaura

harding1985 wrote: »

I called NW and apparently the application hadn't been properly submitted. So I 'should' hear before Friday. :rotfl:

Oh gawd... Have you not had a valuation yet then?

Our mortgage is processing through Abbey currently, we're just awaiting the survey which is booked in for this Saturday.

harding1985

MissLaura wrote: »

Oh gawd... Have you not had a valuation yet then?

Our mortgage is processing through Abbey currently, we're just awaiting the survey which is booked in for this Saturday.

Surveys were done nearly two weeks ago, but both the property we are buying and selling were under valued so had a few days negotiation with new figures, which inturn changed the mortgage allowance and requirements.

MissLaura

harding1985 wrote: »

Surveys were done nearly two weeks ago, but both the property we are buying and selling were under valued so had a few days negotiation with new figures, which inturn changed the mortgage allowance and requirements.

That sounds like fun (!)

We're FTB and our seller has bought a new build so we're lucky that this particular experience involves no chain.

harding1985

MissLaura wrote: »

That sounds like fun (!)

We're FTB and our seller has bought a new build so we're lucky that this particular experience involves no chain.

No, not fun at all lol.

Good luck with your purchase!