Complaint: Urgent Broker advice needed!

Thefutureisbright

We recieved an offer from Precise after the valuation came and matched our offer.

Had the offer through.

Had the coal interpretation report and due to a mine shaft 20m away from the property (and the fact the land the garage is on is rented and not part of the deeds) the valuers dropped it by £10k. Our sellers met us half way and we were footing the rest.

New offer received.

We are now just over a week away from completion and Precise have now come back this morning and said they are revaluing the house and are knocking another £8k off their offer.

No new information has come to light regarding the mine shaft, there have been no issues since the current occupiers have been in (15 years), they have had al of the information since day 1 and since the original valuation.

Has anyone ever heard of them doing this before?? 2 offers, 3 different valuations...I can't make sense of it!!

We are homeless in 2 weeks!!

Pixie5740

Don't know about the valuations but why will you be homeless in two weeks?

Thefutureisbright

Because we have sold our house, we have exchanged contracts and our moving date is the 27th June. Precise have decided to do this 2 weeks before we are due to complete.

Our solicitor and broker have never heard of this happening before so they have no idea what advice to give.

amnblog

Tell your Broker to phone 'Roger' up and politely explain to him that Precise will be honouring the offer you exchanged on as per the EU Directive.

Thefutureisbright

Thanks amnblog.

Does it seem a very odd situation to you and do you think we have a leg to stand on with the honouring the offer?

amnblog

Offer conditions will probably say something like.


This Offer is conditional upon us being satisfied that:



There has been no change to the condition, value or title to the property which would have a material impact on the suitability of the Property as security for the Loan.


This may be the angle the Lender is working on.


I do suspect that the relevant pressure from the Broker will put this back on track and assume they are working on it?

Thefutureisbright

No joy I'm afraid. They won't budge from the revaluation so I've no option but to pull out.

I've been trying to chase my broker all afternoon but no reply, which is strange as I've never had a problem getting hold of them before!

I've spoken to my solicitor and from all of the paperwork she has seen, she cannot see an issue with the mineshaft so I can't help but feel like these cowboys are simply having a laugh at my expense.

I've now got to make the call to the estate agents and put 2 options to them...

1. We all walk away
2. We will offer them the original price and source another lender

silvercar

Have you exchanged on your new home? If so you can't just pull out without penalty.

Thefutureisbright

It's an impossible situation, either way we're screwed.

MoneyGeoff

Its always baffled me that on exchange the solictor informs you how binding it is and that your deposit is commited. You also have to get buildings insurance from that point because you are liable for the new property.

Yet at the same time the letters from the mortgage lender state it's conditional and they can change their minds or pull out completely under various criteria.

Exchange and completion on the same day is quite common, it's probably best to stick to that after hearing this situation.

Sorry I don't have any actual advice. Is there any way you can raise the £8K shortfall from friends or relatives?

Thefutureisbright

They (Precise) were trying to tell us that because of the mine shaft, we needed to take out indemnity insurance. When our solicitor went back to them and told them it doesn't exist for such a matter, that's why they dropped the value again. We had our quotes for insurance and no issues, but because they were wanting us to get something that doesn't exist, they penalised us again. Makes zero sense in my eyes or our solicitors. Unless we're both missing something...?

Today, we have spend the day searching for a rental to no avail so we've got ourself a storage unit and a van and Thai weekend we are moving most things out and temporarily staying with the in law until we can sort something more permanent out.

Our broker has suggested that we try through NatWest...he has spoken with the BDM who will be reviewing our case before we get a DIP as my CCJ which is the main reason behind is having to go through Precise drops off in 3 weeks.

I've advised the EA of the situation, she can't believe it, and is waiting until we hear something back from NatWest hopefully on Monday before she tells our sellers of the situation.

What an absolute mess.