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

finnmum

Thank you Dave, that has offered me a bit of reassurance there and that means a lot at a time like this.


Just to update on the situation.....


I have actually managed to speak to the buyers at the bottom of the chain. My buyer is in touch with them and I asked if they would mind passing on my number and having a chat. He rang me earlier this evening. He seems like a genuinely nice guy who is completely devastated this has happened. I feel that what has maybe happened is he has been badly advised by both his sol and also by TSB and got himself into a mess he didn't really know how to get out of. He tells me he and his wife are desperate to keep the chain going and buy my buyers house.


They had an appointment with Halifax this afternoon which lasted three hours. He said they basically scrutinised and questioned him over everything. He said it was like a mini interrogation. He informs me that an AIP was agreed (my EA confirm this as they have been faxed a copy by the EA below us). He sounds very positive and said the Halifax, after looking at all their docs etc are very confused why they were refused by TSB. Halifax advise that their turn around is quick at the moment (thanks Dave Ham for confirming this above) and he may well hear from them by the end of next week.


There is one point he made that confused me slightly and if anyone could shed light that would be great. He stated Halifax have stated they can use the valuation on the house previously done by TSB? Do they buy it from the surveyor company? From TSB themselves? This sounded very odd to me but he was adamant that is what Halifax have said.


This is now getting chased everyday by everyone is the chain, I have put a rocket up my solicitors and EA bum and told them this needs chasing everyday. The buyer promises he will keep every one informed on the progress of the application.


Urgh, I just don't know what to think. I feel so worn out by it all. I just want a definite answer

finnmum

He also stated that Halifax have told him he has been categorised as an 'A'. What on earth does that mean? Any ideas?

amnblog

TSB used to be in the same Group as Halifax and so may well still be using Colleys the Halifax Group surveyor - if so, a re type of the valuation for Halifax may be all that is need.

Shame the buyer had to waste 3 hours of his life but that is what you get when you don't use a broker.

Best of luck to everyone in the chain.

finnmum

Thank you amnblog. Oh yes how I wish they would go through a broker also. It is complete beggars belief to me why they wouldn't find a reliable broker after finding themselves in the situation they are in. Like I say however, I do not think they are being particularly well advised by the EA or solicitor so maybe no one has told them this is the best option.


Yes what he said what Halifax had to apply for the letter head to be changed on the valuation...not a clue what he meant but maybe along the lines of what you have explained there amnblog. Thank you

Thrugelmir

finnmum wrote: »

This is now getting chased everyday by everyone is the chain, I have put a rocket up my solicitors and EA bum and told them this needs chasing everyday.

That will achieve nothing. The mortgage offer is only the start of the process as far as your buyers are concerned. Your solicitor cannot influence matters in the slightest.

amnblog

finnmum wrote: »

I do not think they are being particularly well advised by the EA

There's a first!

Dave_Ham

It does frustrate that more people do not use the free resources out there like this forum (and others) to get some perspective on the process.


A decent broker (and there are many) would probably have an A pass Halifax (with a group valuation in same names) offered within 72 hours.


You are now at the mercy of the local mortgage advisor going on holiday, going sick, getting suspended, having a visit from her boss, having her priority switched to file fails etc. etc.


I am not wishing to worry you, just be aware the branch route can be lengthy.


The people without the mortgage will need to chase the branch advisor daily and take a few visits to ensure they are top of the agenda. May be worth asking the advisor regarding holidays etc. as they simply do not covered anymore.


Best of luck, if the chain stays together I think things will be ok (other things outside information on here being equal) but keeping the chain focussed is key.


The closer you see Christmas, the more likely someone will have a wobble.

finnmum

Dave...many thanks for your replies. If the buyers did chase this daily with the in house advisors then would the process be quicker? They have advised they are going to do this (lets wait and see).


Also Halifax will know about the recent TSB decline....will this automatically ring alarm bells for them and the application will be scrutinized in more detail because of this? Or does it not work like that?


Apparently they were told that due to their A rating and the fact the valuation was already done they would hear something by next week. Could it be this quick?


Desperation and a little bit of hysteria is setting in on my part I think!

amnblog

An A score with Halifax is good news.


Given the scenario you are in the best situation you could be in without broker intervention.

finnmum

Thank you amnblog.


Who knows if the info they've told me is correct after everything that's gone on. However, by the grace of god if it is, maybe there is a tiny glimmer of hope for us.


It's so difficult not to get my hope raised but I can't help it as in our current situation any glimmer of hope I am clinging on to.


Hopefully this time next week things may be looking brighter!