Valuation

sparklecity

Thanks @ellyp95 broker did ask for card details for fees when did full application, so far only broker fee has been taken (which I was surprised by as I'm sure he said he would take it at the end) I've also paid some of solicitors fees for them to start the searches. I rang solicitors this morning for an update on searches as I paid a week ago and they said something about the sellers info only just coming back to them so the searches have only been started today and could take 10 days!! (Which feels like a lifetime haha) last heard from broker on Friday which is nearly a week ago now, he just said he'd be in touch.

ellyp95

@sparklecity that is strange, I thought most brokers took their fee after they have actually got you the mortgage? I would be questioning that! We haven't instructed our solicitors to start searches yet as we are waiting to hear back how the valuation has gone first, before spending any more money. Hoping to hear back about it by Monday though, fingers crossed! My nerves can't take much more waiting lol

sparklecity

Yes broker definitely said the same as I remember him saying all fees could be put on an empty credit card and wouldn't need to be mentioned during mortgage application as wouldn't go through till the end! I've just emailed him now to ask, hopefully get a reply tomorrow.

I wasn't aware you had to pay valuation fee before either? My broker made it seem like this fee would also go on a credit card at the end.

I received all the forms from solicitors and asking for part of the fees (about £150) to start the searches and I didn't want to hold anything up so paid it. I'm glad I did with them saying today it's going to take another 10 days.

What date did you put full application in? Mine was done on 23rd Feb and not heard anything since! (Apart from solicitor).

Mizenberg

ellyp95 wrote: »

@sparklecity that is strange, I thought most brokers took their fee after they have actually got you the mortgage? I would be questioning that! We haven't instructed our solicitors to start searches yet as we are waiting to hear back how the valuation has gone first, before spending any more money. Hoping to hear back about it by Monday though, fingers crossed! My nerves can't take much more waiting lol

We are doing the same as you Elly- I have all the solicitors forms to take in today (we are buying and selling at same time), but have agreed with them not to pay the money to start searches until we have a mortgage offer. TBH there is no rush for them to be started, seeing as our vendors are not anticipating completion for a few months yet, as they still have not found anywhere to buy yet.

I am hoping that if and when we get our mortgage offer, it is valid for 6 months as if not, likely to have to do it again, which we really don't want to do!

Mizenberg

sparklecity wrote: »

Yes broker definitely said the same as I remember him saying all fees could be put on an empty credit card and wouldn't need to be mentioned during mortgage application as wouldn't go through till the end! I've just emailed him now to ask, hopefully get a reply tomorrow.

I wasn't aware you had to pay valuation fee before either? My broker made it seem like this fee would also go on a credit card at the end.

I received all the forms from solicitors and asking for part of the fees (about £150) to start the searches and I didn't want to hold anything up so paid it. I'm glad I did with them saying today it's going to take another 10 days.

What date did you put full application in? Mine was done on 23rd Feb and not heard anything since! (Apart from solicitor).

It does sound odd that they have already taken the broker fee, but it is normal for the valuation to be paid up front.

As for the £150 you have paid for searches- fair enough if you don't want to hold anything up, but we are being more cautious and waiting until we have mortgage offer before doing that (as mentioned in our above post, no rush as our sellers still haven't bought a house yet...)

kingstreet

Section 8 of your key facts illustration sets out what mortgage fees are payable and when.

Terms of business or fee agreement will tell you when your broker fee is payable.

ellyp95

@sparklecity our application was put in on the 23rd of February too had a phone call from our mortgage broker this morning saying nothing has been confirmed yet but the lender has been in contact with him saying everything is going smoothly so far and should have an answer early next week

@mizenberg we were holding off the search fees but have received a letter from our solicitors today saying they are starting them! So will be on the phone in the morning asking them to wait until we have a confirmed mortgage offer lol

sparklecity

@ellyp95 I spoke to broker, he said their fee is upfront but will not affect the mortgage. (I was worried as the fee was taken from an empty credit card, which I didn't give info for at application as it was empty so no need!) he also said after application things go quiet for a couple weeks then kick on. Next fee to be taken is housebuyers report. I also received in the post a list from solicitors with sort of an inventory of the house stating what the sellers are leaving.

ellyp95

@sparklecity oh that's good then! I bet you feel more at ease now :-) I'm just trying to rush the weekend for the first time ever haha because I know I should be getting my mortgage offer or decline early next week (w/c 7/3/16)

Mizenberg

Know how you feel Elly! Wishing the time away here!