Buyers mortgage offer pulled for audit

sharkbait556

Hi all


I went to my solicitors this week to sign all of the papers for buying/selling and have been informed that my buyers application has been pulled for auditing.


Can anyone tell me what this means and how long this takes. Everything was in place for exchange of contracts and now im worried


Many thanks

looking_forward

Similar thing happened to me last year , my buyer's mortgage was pulled and audited . It meant that they looked very closely indeed at the details and made sure it complied to the letter , sadly for me after digging further they established his end employer was based in a part of the world this lender prohibited and the mortgage was withdrawn . Hopefully they will not find any flies and you will be back on track in a few days . A stressfull time whichever way - Try not to let it get to you because whatever goes on will more than likely be out of your control .

Jenniefour

This is to make sure lenders are being compliant with current regulations in every respect and are not bending the rules a bit/a lot as was not unknown before the crash. Hopefully, it's being audited because of a random check and not because a flag has been raised somewhere that has drawn attention to it. But it will be gone through with a fine tooth comb. Just wait and see. Hopefully it will turn out OK.

sharkbait556

Hi

So it has been 2 weeks since my buyers mortgage application was pulled for audit. I have contacted my solicitor who contacted my buyers solicitor and all they said was they are waiting for the funds to be released. I don't understand what they mean by this as we haven't even exchanged contracts yet.

I contacted my solicictors again yesterday and was told they have not heard any news yet and that their hands a tied now and that I should contact my estate agent to contact my buyer to try to find out whats happening.

I thought that it was the job of my solicitor to do the job of chasing not my estate agent.

How much longer am I meant to wait to hear something? Everything is in place to go but we are stuck

Any advice would be appreciated

kingstreet

All your solicitor can do is ask the purchaser's solicitor. He can't contact the purchaser, or the purchaser's lender.

Your estate agent has no such constraints.

An audit normally takes about 48 hours, unless the lender requests information it did not request earlier in the process.