Ditch broker mid application?

ACG

Why would the vendors want to do a transfer of equity prior to selling the property? I can not think of any valid reason for it, it just delays everything.

It sounds like you have been pretty unlucky with it all. I can not really help with Leeds as I do not really use them. If your broker has left the company or is not replying speak to one of his colleagues/boss. They are getting paid to do a job, get them to do the job.

It is always nice to be nice, but there comes a point where you need to let rip and get them to pull their finger out and do he job they say they do.

dunstonh

You are correct, it is L&G insurance!

Independents have access to L&G as well but L&G tied sales reps are prominent amongst mortgage brokers. Plus, L&G haven't been coming up well on insurances recently (at least not for us). So, its possible that your "independent" was about as far removed as independent as you could possibly get.

Enjoy the weekend!!!!

orangecrush

ACG wrote: »

Why would the vendors want to do a transfer of equity prior to selling the property? I can not think of any valid reason for it, it just delays everything.

I don't get it either - all we were told is that they are getting divorced and they need to do a transfer of equity. Lots of things don't stack up at the minute, we've spent the weekend thinking over things we have been told and whether they make sense or not (about half and half).

We have a list of questions to go back to the vendors with, which we'll send via solicitor (if she ever decides to do any work...) and see what happens. There is another property on the market a few doors down that would work for us, so if we aren't satisfied with the answers then we'll just withdraw - we're not in love with the house; it was a "sensible" choice. And if we do withdraw that we'll probably find a new solicitor and a new mortgage broker at the same time and ditch the deadweight :rotfl:

dunstonh wrote: »

So, its possible that your "independent" was about as far removed as independent as you could possibly get.

I am starting to think the same, that "independent" was a heroic claim! But I guess you can't tell in advance - the reviews were all good so I had no reason to think they'd be anything other than advertised. But as with all of this, we live and learn

Thanks for the advice guys!! No more "Mrs Nice Orange"!

orangecrush

Good afternoon all,

I got to the bottom of it. The broker left the company he was working with, and apparently left a mess behind him, and they are trying to unpick what he's done. The director is going to call me back tomorrow.

I also spoke to Leeds directly and they said they were looking at the transfer of equity issue and would be in touch via our solicitor.

I asked Leeds - just out of interest - if we had ditched our broker what would have happened to our application, and they confirmed that we would have to start from scratch with a new DIP and new application. Just thought I'd report this to confirm what MortgageMamma said above.

The bad news is that some things are leading us to believe that the sale won't progress. But the good news is that the butt-kicking email did get someone's attention and we now know what happened. Hopefully the director of the company will help us navigate the next stages and all will be well.

In the meantime there is chocolate and gin!

Anyhoo, just thought I'd update and bring this to a close, and thank everyone for their time!

Very best wishes to all.