Woolwich, Barclays Bank - Offer

noobie247

Hi,

Apologies for the brisk post without an introduction! I've been a browser of this forum for many years and it has certainly helped me out on more than one occasion.

To cut a long story short, I have a mortgage offer from Barclays (The Woolwich) and it expires in the middle of June. My solicitor has asked if it can be extended for 2-3 months due to them not receiving all of the information they require from the freeholders of the property. The Woolwich will only offer me a 2 week extension (with a 'Certificate of Title') in order to process this extension. There are 2 problems here.. The solicitor will not issue this form as they do not have everything required from the Freeholder, so I fail to see how they will give them a date of completion based on this. 2nd problem, the 2 week extension may not be enough, which means I will potentially still be in this predicament come the end of June, with the only way then to re-apply for a mortgage, and pay the circa £500 in fees once again, through no fault of my own whatsoever.

I was wondering if there is anyone out there who has had an experience that is similar, and how it was resolved? Alternatively, know where I can seek such advice as to actually get an extension onto this, or alternatively, a way to throw any threats to them to take this further etc? My solicitor has asked for 2-3 months to be added to the offer just in case the freeholders are still slow..

Any help would be greatly appreciated.

Thanks all!

minimike2

You will have to re-apply. You will not be able to get an extension as Woolwich do not offer this other than the 14 days you have already stated with the certificate of title sent in. End of.

"Threats" are a pointless exercise which will get you nowhere.

What are these £500 fees you speak of? If it is an application fee this is refundable before completion, so you will get a refund of what you have already paid and you would then pay a new fee for a new product. The legal work already done doesn't need to be done again. Depending on the age of the valuation this may need to be done again.

Have you contacted your advisor regarding this as they would be the best person to speak to....

noobie247

Thanks for the reply.

I paid £300 to the solicitors and £180 to the broker (Valuation Fee), so will these have to be repaid?

I am also worried about giving fresh bank statements also for the previous 3 monthly period, for reasons I wouldn't want to disclose..

noobie247

Alternatively, could I use bank statements but black out what the expenditure was?

So the amount will be visible, but what I purchased wouldn't?

Are they in a position to ask what I am purchasing?

minimike2

You will have to provide all new proof of income and bank statements. You are effectively starting the mortgage application from scratch. The number of months bank statements would depend on the result of the application. Could be 1, could be 3. You will not be able to redact things from it. If you do you will just be asked to send them again. Lenders do not like it when you act like you have something to hide. Why the secrecy around it? If it is something which affects your financial position then it would need declaring anyway.

Your solicitor is best place to advise you of what they can or cant use of what they have already done, but I don't see why you would need to pay them again? The valuation may need to be paid for again, or at the very least an "updated" valuation which would be a lower cost - You will need to confirm this with your advisor who did the application...