Optima

kellysaxo

Hi Guys

Does anyone know or have any past experience of how long they take to complete after receiving mortgage offer?
It's a remortgage btw

thanks in advance

Kelly

Slayerx

Depends which fee earner you get and how straight forward it is.

Is it freehold?
Any Early Repayment Charges?
Who's the mortgage with and who is it going to ?

I would say from when I worked there a really straightforward case once we had the borrowers questionnaire, mortgage deed and mortgage offer could be as quick as a few weeks.

kellysaxo

Its from HSBC to Natwest
Optima have all paperwork
It's freehold and no repayment charges.
How long ago did you work there?

Thanks Kels

Slayerx

I left just over 2 years ago.

Optima are a bulk conveyancing firm so can be hit and miss.

One thing that might impact them is how efficient HSBC are at providing a redemption statement and also if you have just made a payment and it hasn't cleared yet they might wait for this.

kellysaxo

The redemption figure was showing as scanned on yesterday.
So far so good

Slayerx

A straightforward case should have:

Borrowers questionnaire/Authority

Occupiers Consent (only applicable if someone will be living at the house that isn't on the mortgage) the age this is required varies from lender to lender typically 18+ and if there children of the borrower some banks/BS don't need one.

Mortgage Offer

Mortgage deed signed not dated which will of been with your questionnaire

Redemption statements (typically 2 as they will get one at the start of the case to see if they suspect a shortfall and another if that one is no longer valid/you've made a payment.

The bank will want normally between 3 and 5 days notice for funds to be sent to Optima and you will of stated on the questionnaire how much you expect back and how to pay you.

Hope that helps.

kellysaxo

Thanks Slayer

Mortgage deed received 10 days ago same as questionaire
I am borrowing more than what is outstanding on existing mortgage so no shortfall.
All waiting is mortgage offer which will be sent to them tomorrow.
So should be quite fast then after that?

Slayerx

Fingers crossed yes as long as they get the one addressed to them as it will have conditions they need to meet before they can send the COT (Certificate of title) to the Natwest and ask for the Advance.

When they get it this is normally less the CHAPS fee the lender charge you to send it to Optima.

kellysaxo

So best case scenario when do you think the funds will be in my account?

thanks

Slayerx

If all goes well maybe a week I would give them a call and let them know when you want to complete by asap to gee them along.

afzaal1988

Sorry for hijacking this thread but i was wondering if Slayerx could answer my question.

I received mortgage offer in June and optima were instructed by Yorkshire bank. I have returned the questionaire and mortgage deed.
I had ERC until 3/8/14 so they waited and on 4th august they received redemption statement.

My question is when i log in on Optima it still shows as mortgage offer outstanding.
Could it be that they haven't updated or forgot to do it otherwise why would they get redemption statement?
Also they were instructed by bank and if they haven't received the mortgage offer why haven't they asked for it its been 6 weeks now almost.
Bytheway i have sent them email and i m still waiting for there reply.