Is anyone else having timing issues with Woolwich?

jellyfish76

Just checked into the online tracker and it's been updated to show that my Valuation (done yesterday) has been approved. Just waiting on offer now (hopefully!)...

antonyc79

Saw you got a cancellation i'll have to try that as people are starting to want to get things moving. Hopefully mine will get done in the next week or so then

jellyfish76

They couldn't but I called up on Monday about lunchtime and asked if they had any last minute cancellations. I managed to rebook for yesterday. Luck was on my side!!

My think was that any cancellations would probably happen on a monday morning!

meacynic?

So, several of you on here are brokers; Any advice on what to do about the situation I posted earlier today 'Barclays Mortgage application £2000 wasted...' Is it really reasonable for an underwriter to make an offer based on remedial work costing < 1% of the proprty value to be done BEFORE I can have the mortgage ? How do I challenge this ludicrous decision ?

BlueberryB

Oh goodness I feel your pain!!!! :mad:

Our broker submitted our woolwich application on the 10th June after we were left hanging for a month then declined my nationwide, so naturally I am a bit more anxious!

Our valuation was done on 17th July although on the "track it" service it still hasn't been updated to say it has been done. Downloaded the copy of the survey from countrywide and looks great.

That is 2 weeks past the valuation now and I was getting very very nervous how we hadn't heard back yet! I called broker on tues evening and she said that they asked for 3 months wage slips for myself from our company which she contacted our accountant directly for so that reached her on tues and she was uploading them that night. But she also said that Woolwich/Barclays were a pain in the *** but she said just to persevere as they get there in the end, and we are buying a new build so have plenty time yet, also our case is not the easiest either with us having a Ltd company of 19 months and other self employment, so we knew it would take time. I just wish they would hurry up, I am at my wits end.

ACG

How have you wasted £2,000?
The only money spent before you have an offer should be for a valuation/hombuyers/survey and they dont cost £2k.

You need to follow the woolwich process, they go off the advice of the surveyor so you either go with it or find a new lender - as harsh as that sounds, you would just be wasting time otherwise.

meacynic?

I paid for a full Structural Survey, on the understanding - as printed in the Banks description of the survey - that I get the full survey and THE BANK gets a valuation report. The house is ~125 years old, and I was looking for some assurance that it wasn't going to fall down around my ears, or that some major work was required that I had missed when I inspected it.

That Survey cost ~£1,000 and the Surveyor DID NOT provide a valuation to the Bank, or to me, even though their description of said survey said it includes a appraisal of the Market Value of the property at the time of inspection.

The Surveyor said I needed 3 further Surveys BEFORE he could give a valuation, these cost ~£1,000, and told me things I already new - it needs a DPC (it wasn't built with one back in 1890ish) and the wiring needs updating (I'm going to build and extension and rewire anyway).

Based on this, he has THEN given a valuation of £0.00 until remedial works costing ~£1,700 pounds are completed after which the value will be £250,000.

The initial survey had to be done by Woolwich surveyors apparently.
It was 67 pages, initially full of formatting characters, Tabs etc and obviously hadn't been proof-read; And it was factually inaccurate :

Stating that the DPC had failed, when houses of this age and type in our area were not built with DPC.

And questioning whether the 'Loft conversion' had been built to regulations and had the necessary permissions, when in fact the house was built with servants quarters in the attic, so had always been their as evidenced by the Stone Window surrounds matching the rest of the property, and the design of the staircase and landing.

Most of the report was boilperplate, explaining what a survey is and what it means, and there was nothing in it that I hadn't noted for myself - except that a greenhouse in the garden did not have safety glass in it !

I used local companies for the additional 3 required surveys; DPC, Structural and Electrical. DPC will knock the cost off the work , should I use them to do it; Structural said there's nothing wrong with the wall he was asked to look at, and the Electrician agrees with me that it needs updating, and then rewiring completely when I build the extension.

So, instead of providing a Valuation report to the Bank, and separate Structural Survey to Me, the Surveyor used the full survey which I paid for, and subsequent surveys he demanded, to inform his valuation to the Bank; Whereas if I had not paid for that survey, he would in fact have ticked the box that said 3 bed semi on his survey, estimated it's value based on size, general appearance and area, and come up with a figure of £250,000.

The process has wasted weeks of peoples time and, as I said £2,000 in survey fees. We now have to start again and apply elsewhere, explaining that we weren't refused a Mortgage but WE refused the Banks offer because it was ridiculous.

We went to Barclays/Woolwich because we already bank with them and have a small mortgage on our existing home with them; Suffice to say, that will be paid off and I'll be moving my money and subsequent business elsewhere, just as soon as I can.

ACG

Appreciate your annoyed but if there are potential issues I would rather now before completing on the sale.

meacynic?

I agree, that's why I had the survey. My problem isn't with the survey as such, but the Surveyors not providing, as contracted, a market valuation of the properrty at time of inspection. To say that a property is worth nothing until remedial works costing less than £2,000 are carried out, after which it will be worth £250,000 is ludicrous.

And based on that Surveyors report and (lack of) valuation, the Bank will not lend anything against the property until the work has been done.

ACG

So they have provided a value, just not one your are happy or agree with.

I think you are getting the wrong end of the stick, the surveyors job is to ensure the property is a good risk for the lender to lend against. I do not know what the work is but if that work could lead on to something that could make the property unsafe if not rectified then why would a lender want to lend (anything) against it for 5, 10, 20, 30 years?

By ensuring the work is carried out, it removes that risk.

If it will cost £2k to rectify it, then by the sounds of it that is very little to you so where is the issue in exchanging contracts getting the work done yourself and then completing? Or having the work carried out and then exchanging?