Property purchase fallen thru...please share

Vok_2

Hi,

I applied to Natwest for a mortgage after my offer was accepted on a property. The mortgage was approved on Tuesday subject to valuation. But the purchase fell thru on Thursday, a day before the valuation.

Please has anyone had an experience with this in the past? Usual how long does one have to find another property? I just don't want to rush it now and end up with the wrong property just so that I don't miss out of the mortgage offer. Am too scared to call the bank, but will call them first thing Monday to let them know the situation. Thank you.

Thrugelmir

If the purchase has fallen through you'll need to inform the lender. As the mortgage offer is made against the property.

Landofwood

I had the same thing happen twice and Natwest kindly refunded my valuation fee both times.

I was given 60 days to find another property, but even still they requested up-to-date payslips and bank statements when I did find a new one, so you should prepare for your case to be re-underwritten.

amnblog

Keep your financial situation steady and everything paid on time and you will not have a problem.

Vok_2

Thank you all for your comments.

Landofwood - Did you have to go for the same priced property as the initial one used for the application?

Just spoke to my MA and he said if I find a property the same value or under, then it will not have to ho back to the underwriters.

p1nky

Sorry this has happened. Don't force yourself into a sale just to keep the mortgage offer. If you have paid out any money it's only a few hundred pounds. It may sound like a lot but you will kick yourself down the line if you get a horrible house for the sake of not losing it!

Hope you find something soon. Try keep a level head. It's so hard. Happened twice to us and they put the house back on 2 month down the line for more money and wanted to know if we were still interested.... jog on!

Vok_2

thank you P1nky

Landofwood

Vok wrote: »

thank you P1nky

How are you getting on Vok?

Vok_2

Landofwood, thanks for checking up on me.

11/03/15 - offer accepted on house 1 and mortgage application sent off to Natwest.
Fast forward to 07/04/15 - Got Natwest mortgage application approved subject to valuation
08/04/15 - Purchase fell through as seller refused to give access for Homebuyer survey to be carried out.
11/04/15 - viewed house no. 2 and didn't like it as much as house no. 1 (still grieving from losing my dream house and just comparing everything I see to it)
21/04/15 - house no. 2 was reduced by 7k so I booked to view it again and took a friend with me; and put in an offer.
22/04/15 - offer accepted. Informed bank of new property details
27/04/15 - mortgage approved subject to valuation. Valuation instructed
28/04/15 - valuation carried out
30/04/15 - waiting to hear back �������� (don't want to get too excited, lol)

So how is yours progressing?

Malmo

It's good that you have been able to walk away from house #1. The seller sounds difficult to deal with, even just to get the Homebuyers survey conducted. That suggests there's something to hide and they will find it difficult to sell.

Landofwood

Vok wrote: »

Landofwood, thanks for checking up on me.

11/03/15 - offer accepted on house 1 and mortgage application sent off to Natwest.
Fast forward to 07/04/15 - Got Natwest mortgage application approved subject to valuation
08/04/15 - Purchase fell through as seller refused to give access for Homebuyer survey to be carried out.
11/04/15 - viewed house no. 2 and didn't like it as much as house no. 1 (still grieving from losing my dream house and just comparing everything I see to it)
21/04/15 - house no. 2 was reduced by 7k so I booked to view it again and took a friend with me; and put in an offer.
22/04/15 - offer accepted. Informed bank of new property details
27/04/15 - mortgage approved subject to valuation. Valuation instructed
28/04/15 - valuation carried out
30/04/15 - waiting to hear back �������� (don't want to get too excited, lol)

So how is yours progressing?

I actually moved in a month ago!

I don't mean to scare you, but Natwest had a computer error the day before completion and my mortgage broker had to resubmit my entire application again. They ended up selecting the wrong product - my offer was for a 3 year fix but I'm being charged for a 2 year fix (and online account says I have a 2 year fix).

So all a bit of a shambles on their side, but I got the keys and we're currently having 2 new bathrooms fitted!