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Precise mortgage

Laceygray
Laceygray Posts: 9 Forumite
in House buying, renting & selling
Hi Everyone,

Just wondering if anyone has experience with a buyer who have got their mortgage through Precise.

Its now been 8 weeks since we accepted the buyers offer. They finally got their mortgage offer through precise last wednesday. Their solicitors said lastweek the missives would be concluded on monday. I have phone my lawyer this morning to be told that because theu are using Precise her current lawyer has to wait on papers from the lawyer that precise is using before contracts can be concluded!? Im baffled by this & now wondering how long this process is going to take?

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Sounds like the normal Scottish process. Nothing to do with using Precise.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    G_M wrote: »
    Sounds like the normal Scottish process. Nothing to do with using Precise.
    Not quite - the lender appears to be separately represented, which isn't normal (though may be for Precise) so it will take however long it takes Precise's solicitor to complete their due diligence - could be hours, could be days. The buyers aren't likely to conclude missives until the lender's solicitor says they're happy.
  • Laceygray
    Laceygray Posts: 9 Forumite
    So its normal for the buyers to have 2 different lawyers for the purchase of one house?!
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Laceygray wrote: »
    So its normal for the buyers to have 2 different lawyers for the purchase of one house?!
    The buyers have one lawyer, their lender has another lawyer. Like I said above, no, it's not normal, but it is fairly common. Doesn't normally add too long to the process as the information they need should already be available, but it's possible they'll pick up on something which the buyers weren't concerned about.
  • kingstreet
    kingstreet Posts: 39,335 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Instead of using a solicitor on the Precise panel, the purchaser has used a different firm.

    http://www.precisemortgages.co.uk/ConveyancerPanel

    As a result, Precise has its solicitor and the purchaser has theirs.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
This discussion has been closed.
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