Leeds Valuation Money taken - good sign?

merkat1

Hi guys,

I know i should just wait and see but i'm too eager!

The money has been taken out of my account for the valuation etc does that mean they are likely to offer? I just presumed the valuation would be the last bit hence they wouldn't take money unless they were happy with all the other bits?

Thanks

mai_taylor

We applied through Leeds. Heard nothing for two weeks and no valuation money was taken then we got told they weren't willing to give us the full amount so applied with someone else. Sounds like things are progressing for you so that must be a good sign.

merkat1

Thanks for that Mai

I rang Leeds and looks like it doesn't mean much it just means they have all the documents and are happy with them and now they pass the case to the underwriter!

They said max it can be after they have passed the case is 3 working days though, so looks like i'll be having a stressy weekend!

Hope you had better luck elsewhere!

linzijoy89

We heard nothing for a couple of weeks. Then money got taken out of iur account. We then had the surveyor the our plot but they then asked for p45 which we lost and now it is back with the underwriter. Just wish we knew whether they were going to give us an offer it seems to be takubg forever. I dont know whether to call the leeds direct as it always seems to be 2+ days before MA gets back to us. Quick question does underwriter gave it first and then go back to them if issues? As we were told it has gone 'back' to the underwriter?

amnblog

The one thing that Lenders are particularly efficient at is taking the money for the fees.

The rest of the process can be subject to some minor delays!

linzijoy89

We have now recieved a valuation report. Does this mean we are any closer to an offer?

Nxa219

Leeds are an absolute joke. We had a DIP around May 10th. Took them 8 weeks to even look at the application despite chasing constantly and had to get DBM involved. We were close to losing our property and had to change product to a non free valuation to keep vendors happy, they keep asking for various documents which we give same day/next day then to goes to back of the queue. They never ask for all documents in one go. So we forked out extra £329 to pay for valuation to get things moving on BDMs advice.

And finally we got a letter and it said the checks have been done bla bla this is your product. We will be in touch if further documents required. Then the useless jokers want more documents for previous completed mortgage. The documents were given over two weeks ago and their 'will be done in a few days' seems to drag on and on. They cant cope with demand and need more competent staff and less anal underwriters. I wouldnt use them again or touch them with a bargepole, ridiculously slow.. 12 weeks and counting no mortgage offer letter yet for a very straightforward case no working people, all statements and payslips in order, no finance/credit issues.

Val fee was taken over three weeks ago, admin fee was taken 5 weeks ago...

kingstreet

linzijoy89 wrote: »

We have now recieved a valuation report. Does this mean we are any closer to an offer?

It does if all the other documentation is in place and acceptable.

imnothere

I received my valuation report and my application is still being referred to the underwriter. Don't think them taking the money means anything as personally for me, they can still revoke their offer . My mortgage advisor said that we should still proceed with getting the valuation done as it only costs £25, and will speed the process up if Leeds decide to honour their offer.

I hope everything turns out ok

merkat1

Oh dear!

Was feeling quite positive after speaking to mortgage advisor and Leeds on Friday they both assured me it has been passed to the underwriter and as long as they don't require any more information they will have a decision by close of play Wednesday?

But having read all this now I feel sick again! I'm hoping as I used a broker and have the paid option for valuation I might be one of the lucky ones, god knows my sellers won't wait any longer for us! Eek

linzijoy89

Absolutely gutted we were almost at mortgage offer stage and now leeds have under valued out plot an dont accept appeals!! Now we have to go with an entirely different lender!!