Help desperately needed from any mortgage advisors on here...

Thrugelmir

finnmum wrote: »

The solicitors all agreed the dates as the solicitor at the bottom of the chain told everyone that the mortgage offer was in place until ooopps...this week he realised it wasn't! Incompetent idiot. Could wring his neck quite easily.

Solicitors don't agree dates. They suggest dates based in their clients wishes. There's far more to the process than just obtaining a mortgage offer there's the entire legal process to go through. What you are saying simply doesn't sound right.

lonestarfan

I've had 2 same day exchange completion moves and all have been a success. But the difference being we all knew that's what we were doing and that it might not happen. I do feel very sad for you that you didn't know they didn't even have their offer. My estate agent has always chased that part but I'm not sue if its the people who were buying your house who haven't got a mortgage offer.
Fingers crossed things get sorted out for you.

enthusiasticsaver

Probably better for them to go to a broker but if they have had an AIP from the Halifax previously then no harm in trying them first. Mortgage offers can be sorted out quickly if people get their fingers out. It all depends really on why Lloyds turned them down.

finnmum

It's the people who are buying our buyers house. The estate agents did chase things up with the solicitors at the bottom of the chain who advised the mortgage offer for the buyers was in place and everything looked good to go for the 7th. He gave no indication to anyone (our EA or sols) that there was no mortgage offer there. He didn't enlighten us to the fact until today when he said that we couldn't exchange as the mortgage has been declined. Completely different to the story he told everyone last week which was the mortgage offer was there and we were all aiming for the 7th no problem

lonestarfan

How awful. A complete bolt from the blue.
Hope it gets resolved quickly.
Enthusiasticsaver above is quite positive that sometimes it can be quite fast. Let's hope it is.

amnblog

You are quite naturally placing blame with the solicitors but if the buyers have left it this late for plan B it does not suggest either intelligence or commitment.

I suspect you need to prepare for this chain to break unless a new buyer is sought for the bottom property.

If you need to complete your purchase you may need to look at a bridging loan.

finnmum

I do not doubt their commitment but I certainly doubt their intelligence. I agree, why did they not inform anyone that their mortgage offer hadn't been recieved.

May I ask you to elaborate on a bridging loan? I have never heard of thos before

amnblog

A bridging loan can be secured against your current home and the new property in order to complete the sale.


It is short term lending that can be agreed and available in days.


You can pay it off when your current home is sold.


Any good broker can arrange a bridging loan for you (subject to sufficient equity).


It will cost you several thousand pounds but can be a good solution for some circumstances.

Thrugelmir

finnmum wrote: »

I do not doubt their commitment but I certainly doubt their intelligence. I agree, why did they not inform anyone that their mortgage offer hadn't been recieved.

As I said earlier in the thread. What you are saying doesn't tie together. Are you constantly ringing people for an update?

Dave_Ham

Much will depend upon their circumstances and the in house advisor (amazed they could sort one that quickly)


Just for some sort of hope our last 5 Halifax mortgage applications have all been offered within 7 days - 3 days being the best in last couple of weeks


They need to be communicating daily on their updated position, as even if they get the mortgage offer promptly someone else in the chain may bail.


I agree the process is poor for the house buying experience, although complete inept behaviour of the solicitor does not help to be even talking exchange/completion without a mortgage offer.


Time of employment will not necessarily be an issue for Halifax, but obviously there are many other variables and what you are being told is not necessarily the truth