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Mortgage been put on hold - Should I be worried?
richdeniro
Posts: 308 Forumite
I had an offer accepted on a one bed flat in April for 200k, this was on the basis that the lease would be extended to 99 years.
The valuation on the property was 185k because the lease stood at 77 years but because it has now been a few months since the initial valuation HSBC have now put the mortgage on hold despite it being approved in May.
I spoke to the broker who was unaware the lease was even being extended as were HSBC.
The Estate Agent informed me that my solicitors should have sent a letter to HSBC informing them that this was the case. I have phoned and emailed the solicitors to find out what is going on but they haven't come back to me yet.
Is this something I should be worried about? Whenever I have asked my solicitor about the lease extension they would always claim that the vendors solicitor was being very slow in getting them the information.
The valuation on the property was 185k because the lease stood at 77 years but because it has now been a few months since the initial valuation HSBC have now put the mortgage on hold despite it being approved in May.
I spoke to the broker who was unaware the lease was even being extended as were HSBC.
The Estate Agent informed me that my solicitors should have sent a letter to HSBC informing them that this was the case. I have phoned and emailed the solicitors to find out what is going on but they haven't come back to me yet.
Is this something I should be worried about? Whenever I have asked my solicitor about the lease extension they would always claim that the vendors solicitor was being very slow in getting them the information.
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Comments
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richdeniro wrote: »I had an offer accepted on a one bed flat in April for 200k, this was on the basis that the lease would be extended to 99 years.
The valuation on the property was 185k because the lease stood at 77 years but because it has now been a few months since the initial valuation HSBC have now put the mortgage on hold despite it being approved in May.
I spoke to the broker who was unaware the lease was even being extended as were HSBC.
The Estate Agent informed me that my solicitors should have sent a letter to HSBC informing them that this was the case. I have phoned and emailed the solicitors to find out what is going on but they haven't come back to me yet.
Is this something I should be worried about? Whenever I have asked my solicitor about the lease extension they would always claim that the vendors solicitor was being very slow in getting them the information.
Why didn't you just tell them yourself?
Where did you find the solicitor?0 -
I did tell them.
Found the solicitor through Coop. They put me in touch with a company called Total Conveyancing Services. The communication has been horrendous.0 -
richdeniro wrote: »I did tell them.
Found the solicitor through Coop. They put me in touch with a company called Total Conveyancing Services. The communication has been horrendous.
I hope their on the HSBC panel of solicitors"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
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This is going to fall through isn't it.
It's been six months already and I've been told by the Estate Agent that the vendors are getting extremely frustrated.
I can never get hold of anyone at TCS and they haven't replied to an email since the 12th September.0 -
richdeniro wrote: »I had an offer accepted on a one bed flat in April for 200k, this was on the basis that the lease would be extended to 99 years.
I know this isn't what you're asking, but...
If it's 99 years it will be an informal lease extension, not a statutory one.
You need to look carefully at the ground rent. In extreme cases, an informal lease extension can reduce the value of the flat, rather than increase it.
Your solicitor should advise you on this (assuming you have a good solicitor).0 -
richdeniro wrote: »I don't think they are..... couldn't find any reference to it on their website.
There's the problem there, your supposed to use solicitors/conveyancers that are approved by your lender."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
There's the problem there, your supposed to use solicitors/conveyancers that are approved by your lender.
Oh man, no one mentioned that to me. The Estate Agent gave me a list but all the quotes were ridiculous and I was told that the Estate Agent was probably on some sort of commission from them.
I used this site and it said to give Coop a call :-(0 -
Can I get rid of my solicitor even if it means paying more. I mean all the searches are done.
Just seems to be this lease extension and HSBC putting the mortgage on hold that seems to be the problem now. Can TCS transfer everything over to a new solicitors?0 -
You can transfer solicitor, but like everything they do, it'll cost you!
FWIW My local solicitor wasn't on my lenders panel, but they just charged around £120 on top. That was it.
My current lender seems happy with them.0
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