Complaint: Urgent Broker advice needed!

David_White

When the dust settles I'd be asking why the broker didn't approach Natwest in the first place rather than Precise if that has become a viable option.

I feel for you in this situation as it's everyone's nightmare.

Hold fast though, if your broker is experienced they will be looking at a plan b, c, d etc...

emlet

Thefutureisbright wrote: »

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.

I may be oversimplifying this but don't you have indemnity insurance for it through the report? The reports usually contain any indemnity from the coal board to rectify any issues.

Thefutureisbright

Emlet - that is EXACTLY what we have! Any issues caused by the shaft are covered by the Coal Authority and Precise have this information which is why everyone is struggling to understand...it's ludicrous. Apparently,

Precise are saying that they reduce valuation by 5%/10% if the shaft is treated/untreated but our solicitor is saying that the valuation shouldn't be dependant on the shaft, it's a case of it's safe and mortgageable or unsafe and the lender won't lend.

Thefutureisbright

I have a feeling that my broker is out of his depth with this one.

There seems to be no urgency, no other plans or any inkling of a contingency plan.

Thefutureisbright

Well it's game over.

We've had to pull out of our purchase.

There's been no assistance from our broker. He wouldn't proceed with a DIP and suggested we tried with another sub-prime lender which we just don't have the time to do being so close to being out of our house, and also being so close to the CCJ dropping off so we've thrown in the towel.

I can't help but feel let down every step of the way.

David_White

I really do feel for you as I know exactly how demoralizing this is having lost a property myself a few years ago.

Assuming all hope is lost I'd take a week or so to dust yourself off and then go again as there's always a better property around the corner.

Good luck.

Thefutureisbright

Thanks David, it's been absolutely awful for the last 6 months.

I'm not upset about losing THIS house, I'm just deflated at the lack of anything from pretty much every single person I have dealt with through this whole process. It's been a farce from day one.

I feel like we've gone back 15 year with now having to rent but I'm trying to think of the positives. We now feel like we can breathe, we will have the equity sat in the bank from our sale and hopefully will put us in a stronger position for wherever we decide to buy next.

Torfoxwell

awww i feel for you - i have been following your journey , fingers crossed for next time

Rileybaby

That's awful. I hope you and the onward purchasers haven't lost too much money...on the up side it's likely you'll be able to source a mortgage on the high street without high rates.

I hope you next move goes smoothly.

Thefutureisbright

UPDATE:


I'm after any advise a Broker can offer.


Following the above thread, we have managed to get the house reduced and we are covering the rest. We have requested an amended offer with Precise 2 weeks ago...this is where the advise is required.


We moved out of our property on Tuesday of last week to ensure we didn't jeopardise our sale.


Since Wednesday last week, we have been advised that the offer has been amended HOWEVER they have been unable to send us an amended offer due to 'technical issues with their system and Experian.


I have been chasing and calling our broker and even Precise directly daily, almost hourly, and even as of now, we have still not received our offer. We have our lives in storage which is obviously costing us.


My issues, and where I am looking to seek advise, is surely as a 'reputable' firm, how can IT issues preventing a mortgage from being offered be allowed to carry on for a whole week? Apparently, this is the case with a few offers that are waiting to be sent out but I just find it unbelievable.


I am banging my head against a brick wall with my broker who is hesitant to keep chasing, and I'm going round in circles with Precise, being told the same thing, no timescale is being given and we are completely in limbo with no idea who or how or if it's even worth attempting to escalate this further.


Can anyone suggest anything that we can do or who I couldn't attempt to make contact with who will actually listen to the situation and assist! At the moment, I've scoured the Precise website and have found emails of senor people within Precise and I'm close to emailing them with the predicament as this situation is not showing the company in a good light at all.


Any suggestions would be most welcome!