Is this a "Decision in Principal" (I'm very confused!!)

wewannamove

kingstreet wrote: »

If you are no longer able to proceed, they are going to have to wait for you to find another buyer until you can.

I would not be proceeding with a valuation, nor expending any more money on fees until the chain reforms.

Someone else may come along and purchase your target property while you are waiting for another buyer. Anything you've paid out will then be wasted money.

Thanks, the valuation was paid the day I went into bank with payslips and proof of id, I really do think my buyer is going to come back with a lower offer however, and like I say I can accept that - I don't want to lose out on this new house,

kingstreet

The valuation fee is normally only gone when it's spent. It does vary from lender to lender, but I'd expect to get back the bulk of the money on a valuation which hasn't been carried out, net of any valuation admin fee, or other fee which might be included.

I'd certainly put a hold on the valuation for the time being. Given that a valuation goes stale in six months, we don't know how long it might take the OP to get another proceedable buyer offering an acceptable amount.

I'm cautious with my clients' money.

wewannamove

So any idea why might my advisor be annoyed with me, when this is out of my control?
And surely the mortgage decision must still apply?
Do these things not happen every day?

wewannamove

I think I'm just gonna go ahead and ring bank and proceed with mortgage.

kingstreet

They happen every day, yes.

No idea what your advisor's problem is.

Wh05apk

wewannamove wrote: »

So any idea why might my advisor be annoyed with me, when this is out of my control?
And surely the mortgage decision must still apply?
Do these things not happen every day?

They have targets to hit, and you may have just made them miss theirs, not your problem, but yes it does happen all the time, but if they look after you, you will go back to them, when the chain reforms, or not in this case........

wewannamove

Wh05apk wrote: »

They have targets to hit, and you may have just made them miss theirs, not your problem, but yes it does happen all the time, but if they look after you, you will go back to them, when the chain reforms, or not in this case........

I'm quite confident that he's going to come back and make a lower offer, so hopefully the chain will reform in the next day or so.