Mortgage Turnaround Times

Pixie5740

I'm buying a flat in Scotland. My offer was accepted 30th April. My broker submitted my mortgage application to NatWest 6th May.

The vendor's solicitor has been chasing ever since 8th May for me to sign the missives which my solicitor has advised against because I don't have a mortgage offer yet. Very sensible.

On Friday my solicitor received an email from the vendor's solicitor saying that we'd had the missives for long enough now and the vendor had instructed him to put the property back on the market that night.

Luckily I had the vendor's phone number so I contact him about this and it was news to him that he was going to re-market the property.

The vendor spoke with his solicitor today who advised that signing the missives takes 5-10 days and that Halifax are turning around mortgage offers in 2 days. That sounds hell of a quick to me, especially with MMR. Do those timescales sound right to anyone else?

The vendor is now saying that if I don't sign the missves by Friday then they'll remarket but since today is a bank holiday I can't get hold of my mortgage broker.

The vendor's solicitor is also claiming that he just told my solicitor that the vendor would have to start thinking about re-marketing the property which is a load of Horlicks because I've seen his email.

Surely if the property goes back on the market they'll just have to wait for someone else to get a mortgage unless they can find a cash buyer?

Thrugelmir

Pixie5740 wrote: »

The vendor spoke with his solicitor today

On a bank holiday?

Pixie5740

I emailed my solicitor today after I receiving the text message from the vendor and she replied to me even though it's a bank holiday.

Her response was, "2 days to issue an offer of loan?! Your lender isnt the Halifax so not sure why that is relevant to your case in any event," which is what I was thinking too.

Bossypants

Thrugelmir wrote: »

On a bank holiday?

Believe it or not it does happen. I got an email from my solicitor on the last one to let me know some search results (clean, yay!), I nearly fell off my chair!

He's emailed me on Sundays too without prompting, it's getting downright scary.

davidmcn

Ignore the threats. They know it will take even longer for them to find another buyer, who will have a similar timescale for getting their mortgage offer.

davidmcn

Thrugelmir wrote: »

On a bank holiday?

Not a holiday for everyone - I think plenty are working in Edinburgh, for example (news report today from the Andy Coulson trial at the High Court).

Pixie5740

I kind of know that the vendor's solicitor is just trying to rattle me but it is working....a bit. I'm worried in case the seller listens to his solicitor, since he is paying him for advice, even though I know his solicitor is an out and out liar.

I suppose I'm just looking for reassurance that I'm not taking an unusually long time to sign the missives or get a mortgage, and that Halifax turning around mortgages in 2 days isn't that common.

ellie27

I am in Scotland.

I think its very unrealistic to expect missives to be signed by your buyers within 3 weeks.

Most folk take more than that for a mortgage application.

Our sellers took 3 weeks to send our solicitor a written acceptance to our offer! Our mortgage was through before that time!

We accepted an offer from our buyers 20th April and our solicitor told us that our buyers mortgage papers have now come through to them 22nd May and missives will be concluded this week and our buyers move in this friday.

Our mortgage took 2 weeks and 5 days to come through, which I think is quick.

Hope it all works out for you x

Pixie5740

Thanks Ellie. That's just convinced me even more that the seller's solicitor is just being an !!!!!.

My offer was accepted Thursday 30th April, my broker found a mortgage and asked me for payslips, bank statements, etc Friday 1st May which I sent him. Monday 5th May was a bank holiday so my mortgage application was submitted Tuesday 6th May. Thursday 8th May their solicitor is phoning mine asking why I haven't signed the missives yet. :rotfl:

I'm almost tempted to tell them to poke it. I'm renting just now and can carry on renting whilst looking for somewhere else.

Pixie5740

I contacted my broker this morning who gave NatWest a nudge. NatWest have given confirmation that your home report has been adapted to Natwest requirements and the case is now in final assessments stage.

The vendor said last night, "If NatWest doesn't come off the pot tomorrow please let me know your intentions as I'll have to put the flat back on the market on Friday."

Now I'm not sure if the vendor believes the timescales given to him by the solicitor or if he is now complicit.

I like the flat but there will be others, it's not my dream home. Short of acquiring a balaclava and a shot gun, and going into a branch of NatWest, I'm not going to get the money any faster. So I'm just going to relax and have a cup of tea. Que sera sera.

Pixie5740

My mortgage offer from the lender came through yesterday. I was tempted to leave the seller stewing over the weekend but in the end I decided to forge ahead with concluding the missives.

There were two things that stood out on the home report:

1) The dormer windows. Added at a later date to the property but I don't know when and there doesn't appear to be any local authority planning consents and building warrant approvals documents. My solicitor asked for these documents in the missives but the seller's solicitor return the missives having scored out this condition.

2) Evidence of woodworm in the attic. The building is 130 years old so the woodworm probably came and went some time ago. As a condition of the missives my solicitor asked for timber treatment guarantees but again the seller's solicitor has scored this out. Apparently timber isn't important. I mean the rafters only hold up the roof...right?

How worried should I be about these things? The woodworm I'm not particularly bothered about but I am slightly concerned about the dormer windows. I don't want to buy a flat that ends up being a turkey I can't sell because of these dormer windows.