can smbd explain how mortgage process works?

Tykva

Hello everyone,


we are in a really strange position. Our mortgage has been issued on July 23 but it still hasn't reached our solicitor.


Our mortgage broker is London and Country, lender is Nationwide. We are using a solicitor who is not on a Nationwide panel, as a result it is dual representation, which our solicitor explained as a fine thing to do and it is not the first Nationwide mortgage she is doing.


We had lots of arguments with a broker back and forth. They previously explained that they lost the offer and now that it is found they will send it to lender solicitor, then they will send it to our solicitor. Now two weeks later, they say that it is Nationwide that needs to send an offer to their solicitor and they cant influence Nationwide.


What is going on, can somebody explain? what is the process? and what would your advise for us to do be? Thank you!


We have this strong that L&C is trying to sell their solicitor to us or any additional services, and causing all of this just for us to step back and buy some additional services via them.

Thrugelmir

Why don't you just use the appointed panel solicitor?

kingstreet

The lender issues the mortgage offer to the borrower, the solicitor and the broker by post.

In your case, it will have gone to the panel solicitor acting as agent for your solicitor. It will then have to be passed from one solicitor to the other.

If it has not arrived, someone (broker) needs to ask Nationwide to re-issue it to the solicitor.

Unless this is a paper application (porting an existing rate for example) the broker can go into NFI Online and download the offer as soon as it is produced. The broker could email a copy of the offer to the solicitor with the link to the solicitor docs page where they can obtain the correct Mortgage Deed and Certificate Of Title;-

http://www.nationwide.co.uk/about/media-centre-and-specialist-areas/information-for-lawyers/forms-and-downloads

Tykva

Thrugelmir wrote: »

Why don't you just use the appointed panel solicitor?

it is probably something that we should have done at the beginning, but as we first sold with our solicitor and she then told us that she can cover a purchase as well, we stayed with her.

Tykva

kingstreet wrote: »

The lender issues the mortgage offer to the borrower, the solicitor and the broker by post.

In your case, it will have gone to the panel solicitor acting as agent for your solicitor. It will then have to be passed from one solicitor to the other.

If it has not arrived, someone (broker) needs to ask Nationwide to re-issue it to the solicitor.

Unless this is a paper application (porting an existing rate for example) the broker can go into NFI Online and download the offer as soon as it is produced. The broker could email a copy of the offer to the solicitor with the link to the solicitor docs page where they can obtain the correct Mortgage Deed and Certificate Of Title;-

http://www.nationwide.co.uk/about/media-centre-and-specialist-areas/information-for-lawyers/forms-and-downloads

Thank you. We applied on the phone to L&C, Im guessing they applied online further to Nationwide. So does it mean that in our case this link can be used? Can we somehow contact lender directly ourselves?


What could be the reason and why would L&C do it? Are there legally set datelines within which offer should be sent? Broker keeps saying that if we go with the solicitor on the panel, they would be able to influence Nationwide. They even already got a quote from solicitor on the panel, with whom we suspect they are connected and can get a commission for bringing us in.


Thank you.

Michelle2014

I don't know if it is helpful but I spoke to Nationwide directly yesterday about a mortgage application we made via a broker and they were content to update me on my application. In fact, it proved I was being told a pack of lies by the broker!

kingstreet

Choice of solicitor has no relevance on when offer is issued, just if it is issued.

If Nationwide is not supplied with a panel solicitor's details, your application can't be submitted. Therefore, you would not get an offer. Therefore, in your case, your broker has put details of a solicitor acceptable to the lender on the application...

You can contact Nationwide directly, but if you are going to use a solicitor off-panel via an agent, I suggest you do not shout about this to the lender, as it unlikely to be well received.

An offer is issued when the lender is satisfied with the application, supporting documentation and valuation. There is no set timescale, it's just as soon as those items are checked and accepted.

Broker keeps saying that if we go with the solicitor on the panel, they would be able to influence Nationwide

Influence what? I don't understand what this means. Your mortgage offer was issued on 23 July. Do you have your copy of the offer? Which solicitor is named on it?

Tykva

Michelle2014 wrote: »

I don't know if it is helpful but I spoke to Nationwide directly yesterday about a mortgage application we made via a broker and they were content to update me on my application. In fact, it proved I was being told a pack of lies by the broker!

Michelle, this is really helpful. Which Department did you call to? Thank you!

Tykva

kingstreet wrote: »

Choice of solicitor has no relevance on when offer is issued, just if it is issued.

If Nationwide is not supplied with a panel solicitor's details, your application can't be submitted. Therefore, you would not get an offer. Therefore, in your case, your broker has put details of a solicitor acceptable to the lender on the application...

You can contact Nationwide directly, but if you are going to use a solicitor off-panel via an agent, I suggest you do not shout about this to the lender, as it unlikely to be well received.

An offer is issued when the lender is satisfied with the application, supporting documentation and valuation. There is no set timescale, it's just as soon as those items are checked and accepted.



Influence what? I don't understand what this means. Your mortgage offer was issued on 23 July. Do you have your copy of the offer? Which solicitor is named on it?

Yes, this word is confusing but it is used by our broker. As I understand they will be able to call/speed up both Nationwide and their solicitor O'Neill.

We do have a copy, O'Neill is mentioned there, however our solicitor did contact them and they say they haven't got our offer, and L&C knows and agrees with that. This other solicitor of whose quote L&C got to us is another solicitor. So that is why we have this strong feeling that L&C are trying to sell us either insurance, or solicitor and whatever other services connected with them to get a commission for that from them as well.

So do I understand it correct from your last post is that since it is not our solicitor who is mentioned in the offer but O'Neill (who appears to be on Nationwide panel), the offer wont be sent to our solicitor ever and we'd rather change a solicitor to proceed? Would O'Neill be happy to send our offer to our solicitor or they might be not happy too? Cant we just use O'Neill as a solicitor, why L&C offers some other solicitor who is on Nationwide panel as well?
Thank you!

kingstreet

Tykva wrote: »

We do have a copy, O'Neill is mentioned there, however our solicitor did contact them and they say they haven't got our offer

So do I understand it correct from your last post is that since it is not our solicitor who is mentioned in the offer but O'Neill (who appears to be on Nationwide panel), the offer wont be sent to our solicitor ever and we'd rather change a solicitor to proceed? Would O'Neill be happy to send our offer to our solicitor or they might be not happy too? Cant we just use O'Neill as a solicitor, why L&C offers some other solicitor who is on Nationwide panel as well?
Thank you!

If you/your solicitor was planning an agency arrangement, your solicitor would need to contact the firm concerned and check they were on Nationwide's panel. Then you would give the agency firm's details to your broker to go on the application.

Your solicitor may have a firm it does this with on a regular basis.

Where did O'Neill come from? Who appointed them?

If they have no relationship with your solicitor, they will not be sending your solicitor a copy of the offer.

If you are using dual representation, where the lender is represented by its solicitor and you by yours, the situation is different to the above. Is that the case?

If it is, you will pay for your solicitor and the lender's.

Either way, you are going to have to decide how you want this done. Agency or dual, then you tell your broker what to tell Nationwide.

Tykva

kingstreet wrote: »

If you/your solicitor was planning an agency arrangement, your solicitor would need to contact the firm concerned and check they were on Nationwide's panel. Then you would give the agency firm's details to your broker to go on the application.

Your solicitor may have a firm it does this with on a regular basis.

Where did O'Neill come from? Who appointed them?

If they have no relationship with your solicitor, they will not be sending your solicitor a copy of the offer.

If you are using dual representation, where the lender is represented by its solicitor and you by yours, the situation is different to the above. Is that the case?

If it is, you will pay for your solicitor and the lender's.

Either way, you are going to have to decide how you want this done. Agency or dual, then you tell your broker what to tell Nationwide.

Thank you!


O'Neill is solicitors on Nationwide's panel as I understand and they were appointed either by the broker or Nationwide.


Our solicitor said that it is called dual representation (she will act for us, O'Neill for Nationwide) and we pay only her, and there will be no double fee. Or is it her who confused us from the start and that's not possible? Thank you!