Nationwide error & exchange date next sunday :\ advice please

exotictramp

Hi,

We are FTB's in the process of buying a new build property with 20% equity loan in the South East. We reserved the plot June 16th with an exchange date of July 19th (which is only a week and a half away!)

We put through our full application on June 17th and the initial process was quite smooth (NW asked for docs which we provided to broker) until it came to the valuation, which was booked for the 29th June. The day came and went and we heard nothing from Nationwide regarding the valuation the until friday, where our broker was told the valuation was received and they hope to offer friday or by the latest monday/tuesday. After hearing nothing all monday, our broker informed us the valuation report had an "admin error" and needed to be sorted.

So, if we are lucky the surveyor will look at changing this small thing in the hope of an offer by the end of the week?? but if things carry on the way they are, we will be lucky to get our offer before the 19th....

we have applied to the solicitors but not yet instructed our solicitor to do the searches because we are worried about a decline in mortgage offer - if we are offered next week, will there still be enough time for the solicitor to carry out the searches and for everything to be in place by the 19th July?

if not, will the new build company be happy to extend the exchange date to allow this error by the banks?

Thanks

libf

As long as you show that you are a motivated buyer it's unlikely that the builder will look for another buyer.

exotictramp

I hope not. We have given them a deposit for upgraded tiles already so I hope that helps show we are motivated ! lol

Do you know how long it takes for solicitors to do their bit?

libf

I've never needed to have them to do it in a rush (or indeed had solicitors that didn't need constant prodding to do anything) so can't help there.

Some local authorities post a timescale for their local searches online though, so you could try looking that up. South Northamptonshire is 3-10 working days.

Angie_B

Without being a pessimist, my recent searches (not new build though) took 2-4 weeks to come back. Nothing was any quicker.

Have you spoken to your solicitor and asked them how long they believe the searches they need to do will take? They are the ones in the best position to advise you. And the sooner you know if you are likely to miss the deadline, the sooner you can sort something out with regard to an extension.

Thrugelmir

Has your solicitor commenced any work yet? The searches are only one aspect.

Jon_B_2

Have you not instructed your solicitor and placed money on account? You have no chance of hitting the deadline if that's the case.

MaDMaX**

couple of things, 1st off, speak to your solicitor and ask if they can do a fees on completion garuntee, i had the same worry with mine and they offered it to me, so i instructed them to go ahead,

2nd thing, nationwide can really drag their feet, we exchanged contracts 4 weeks after the actual date, but the developers were brilliant, they knew we were keen and did everything we could to move the process on, unfotunatley right on top of exchanging contracts the plot had an address change, again everyone else incl Help to buy where brilliant, except nationwide, they got the CML for the address change on 3rd jun, i finally got a text yesterday saying new mortgage offer is coming out to me shortly, it took multiple calls from myself , my broker and solicitors to get them moving!! we complete in 5 weeks !

hope you get it sorted

exotictramp

Hi all, thank you to everyone who has replied - I have spoken to solicitors today (and paid the search fees this afternoon) to inform them of this ongoing NW error, they have contacted the new build site on my behalf to inform them and said they will do what they can to try and get the searches done ASAP.

my broker tells me there has still been no update form nationwide but she has escalated our application to the manager (?) who must look at it today... hoping for an update later.

MaDMaX - your post is quite reassuring! hopefully our builders will have the same attitude as yours

MaDMaX**

exotictramp wrote: »

Hi all, thank you to everyone who has replied - I have spoken to solicitors today (and paid the search fees this afternoon) to inform them of this ongoing NW error, they have contacted the new build site on my behalf to inform them and said they will do what they can to try and get the searches done ASAP.

my broker tells me there has still been no update form nationwide but she has escalated our application to the manager (?) who must look at it today... hoping for an update later.

MaDMaX - your post is quite reassuring! hopefully our builders will have the same attitude as yours

they want your money so they will do what is needed, but thats not to say they are not genuine thou,, we get to go inside our house for the 1st time monday! , looking forward to seeing how its going up inside!!! lol

hopw it all works out for you;)

exotictramp

how exciting

Ours is being built too, possibly slightly behind yours, thought I havent seen it for 2 weeks. Last I saw was the roof on and the bricks being built over the frames.

we had an actual update from our broker after work this afternoon to say the report had been returned, so hopefully will know more tomorrow or monday regarding the offer.