Need to Vent - Why Is It Taking Sooooo Long???

pinkteapot

That's so annoying.

I'm really sorry - you've learnt a lesson the hardest possible way. It's not worth spending any money (starting your legal work or applying for your mortgage) until the chain is complete. I.e. everyone's found somewhere, starting with a FTB/cash buyer and ending with a purchase with no onward chain.

I desperately hope your broker can sort something out with Nationwide for you. If not, please don't apply for another mortgage or spend any more money until the chain is complete and everyone is ready to start doing their legals simultaneously.

GeorgeBee

Yeah we'd have to reapply and that's not straightforward as although I'm employed so its a simply payslip my OH has his own business, a decorating partnership so we need accounts and stuff!


Plus then there's the fees we've already paid!


I think any deadline just heightens the stress levels! I knew all along my mortgage offer expired end of July but now it's less than a month away its panic stations!!!

GeorgeBee

Mylo - Our vendor's quite similar, absolutely no sense of urgency!!! He's getting on a bit and I get the impression he doesn't have internet so assume he was physically looking in estate agent windows rather than getting alerts from RightMove or the like! He took forever to find somewhere (hadn't even started looking when we made the offer in November) and then when he did the people he's buying off seem just as bad!!


No one seems to give a hoot that my mortgage is running out either!!

egoode

GeorgeBee definitely make everyone aware of when your mortgage offer expires and stress how long they are taking to apply for at the moment.

I did have to go through 2 applications as the first one expired however in the end it worked out better for me as I'd saved enough to have a 20% deposit rather than a 15% deposit and managed to get an interest rate 0.9% cheaper than my original offer. If you do have to apply again I hope something like that happens for you as well.

Annie1960

pinkteapot wrote: »

That's so annoying.

I'm really sorry - you've learnt a lesson the hardest possible way. It's not worth spending any money (starting your legal work or applying for your mortgage) until the chain is complete. I.e. everyone's found somewhere, starting with a FTB/cash buyer and ending with a purchase with no onward chain.

This is exactly what people should do. EAs often encourage people lower down the chain to get their mortgage, survey, etc. The reasoning seems to be that once people have paid out money for these, they are less likely to pull out. However, it leads to problems if the people higher up the chain take some time to find somewhere,

It makes much more sense for everyone to wait until the chain is complete, then everyone has surveys etc. done together.

Annie1960

GeorgeBee wrote: »

No one seems to give a hoot that my mortgage is running out either!!

So when you made your offer, did you say that you needed to exchange/complete by a certain date? If time is critical to you for whatever reason, you need to make this clear when you make your offer.

Unitoons

My purchase is also taking it's sweet time!

I waited until the chain was complete but then my vendors purchase fell through after five weeks! Back to square one and money already spent.

I followed the "complete chain" advice but it still hasn't helped as chains can break down at any stage! Fingers crossed for you though!

GeorgeBee

Sorry pinkteapot completely missed your reply earlier! The solicitors didn't do any legal work until 12 June 2014 when we were told chain was complete and they needed a 28 day exchange. Which later turned out not to be true!!!!


We got our mortgage in hand in January as we were told that the vendor wouldn't accept our offer until they had got somewhere, so we were given the impression the chain was complete on 17th December also and the estate agent was pressing for the mortgage offer already having had the AIP!


Certainly if the worse comes to worse and I do have to re-apply I won't be reapplying until everyone is ready to go! I've been saying this for months hoping that it wouldn't come down to that of course!


I wish that I hadn't applied for my mortgage then as the deadline we've had because of it has just caused additional stress. Hindsight is a wonderful thing!

ReformedShopper

GeorgeBee wrote: »

Certainly if the worse comes to worse and I do have to re-apply I won't be reapplying until everyone is ready to go! I've been saying this for months hoping that it wouldn't come down to that of course!
I wish that I hadn't applied for my mortgage then as the deadline we've had because of it has just caused additional stress. Hindsight is a wonderful thing!

The thing is, you might have to re-apply with the new mortgage rules in place, so more scrutiny of your bank statements and affordability, and higher chance of decline. Fingers crossed OP!

egoode

GeorgeBee wrote: »

Egoode - 15 months!!!!! Wow! I feel bad complaining about 6/7 months now!! Hope everythings still going smoothly - you must be 2/3 days away now?

Well yet another issue has arisen at the last minute to delay the exchange and completion which was meant to happen today. I really think I'm cursed when it comes to buying a place as I tried years ago only for it not to happen due to various things happening at the time.

This time though the delay is due to something I initially raised in May last year and was told there was no need to worry about it. So I'm not very happy it's suddenly become an issue when it could have been sorted at the same time as they were sorting out the loft issues.

I also realised the other day i completely miscalculated how long it's taken and it's actually been 16 months and 2 weeks as of today.