LBS & Repo house

whunt18885

So I have a AIP from 10 days ago with Leeds Building Society (LBS), I put an offer on a £70'000 house which was accepted. I completed the full mortgage application with my mortgage broker who took also processed 3 recent playslips and copies of my bank statement and Savings account statement (showing 15% deposit).

I am a bit anxious as to the turnaround time as my mortgage broker sent all the above stuff off along with application a week ago, LBS have said that they are still waiting to process my application.

The flat I am buying is a a repo from halifax, Halifax have put into the condition of sale that exchange should be done within 28days of offer and that valuation should be done with 7 days of offer. My mortgage adviser said that this in not going to happen and is a completely unreasonable to meet these requests.

Given that its a very new property that is empty and my searches etc are complete and I have everything else in place How long roughly before I can expect an offer of mortgage ?

Secondly are the sellers likely to back out if I can't exchange in 28 days ?

Thanks

dotdash79

A repo is a race to exchange, the house will still be shown to people and you might get out bid.

A quick look around here would tell you that the Leeds BS are extremely slow at the moment, your broker should have been aware and advised.

It might be worth paying a few pounds extra a month to secure the property, as a delay could see you losing out and you having nothing to show.

Senior_Paper_Monitor

Leeds is without doubt one of the slowest and least flexible lenders on the planet - certainly not the place I'd be looking to take any case:

From their current published service standards ......

Application processing - Starts 4 to 6 working day(s) after receipt of minimum required documentation not including the day of receipt of the final item of post

Post (means any secondary documents whether by post, email or fax) - Starts 5 to 7 working day(s), not including the day of receipt.

AND I have never known a case not lead to supplementary questions (usually several) with Leeds however well we package them.

Good luck - but if we use Mr Dotdash's 'race' anology - you have just opted to run with both legs tied together !!

whunt18885

Well that sucks, unfortunately I have already paid £300 application fee/ Valuation etc so I don't want to just scrap them and go elsewhere so I will have to wait and see.

My mortgage adviser told me that I was limited in my choice as despite only wanting a property of around £70'000 with £10'500 deposit (85% LTV) because I only earn £14k a year there were not many people who would lend the required £60k

The only choices I could find who would lend enough were LBS, Virgin Money and Yorkshire Building society.

I guess if I am still waiting after another 2-3 weeks I will have no choice but to try one of the other lenders.

Thanks for advice

kingstreet

I did a Leeds case on Monday morning. The fees are paid and all the docs uploaded. It won't be looked at until Monday next week, but I still reckon it'll be offered within two weeks, as my last case was.

A week doing nothing, then another week to offer.

They have a list of very specific requirements. If you supply what's requested and they are uploaded using Voltage, it's really satisfying to get your acknowledgment letter with a big blank space where the additional requirements normally appear.

whunt18885

Oddly our mortgage broker told us to bring him 3 x payslips, saving account statement and my most recent bank statement (printed from online banking).

He verified them as an FSA member and sent them off.

Oddly though the LBS website states that they will not accept printed statements and they require 3 statements.

My guess is they wil come back to me in a few days time to say they need x,y,z

Knowing what I know now I would have gone with my bank

kingstreet

PDF of submission requirements for standard case;-

http://www.leedsbuildingsociety.co.uk/introducers/pdf/min-document-standard-residential.pdf

If you don't adhere to that, you can have stuff going to and fro for weeks.