Cheltenham & Gloucester being awkward

Katykat

Son & GF are buying a house. Its been 11 weeks since their offer was accepted. One delay that they were responsible for was they asked for 100% and it was turned down. They,ve scraped a 5% deposit together and one thing after another has been delaying the sale. The latest from C&G ( via the Finacial advisor attached to the Estate Agent) is that they are concerned that the property needs a new roof- It actually had a complete reroof 5 yrs ago; There may be asbestos in the house- in fact there most likely isn't, it was only built in 1970 and anyway, asbestos is only a problem if it is disturbed; and they are concerned about several hairline cracks in the walls- well, show me house without hairline cracks. Son & GF are on the verge of pulling out because GF is finding it all too stressful. I'm trying to keep them going because it is their dream house. I've told them to tell the finacial advisor that they will arrange their own mortgage if he doesn't complete the deal by Fri this week. although that will delay things further. What is is with these FA's. Never had them when we bought houses a few years ago. Dont seem to recall the same problems then.

dunstonh

I've told them to tell the finacial advisor that they will arrange their own mortgage if he doesn't complete the deal by Fri this week. although that will delay things further. What is is with these FA's. Never had them when we bought houses a few years ago. Dont seem to recall the same problems then.

The mortgage adviser has no say on whether a lender will lend the money or not. Had your son gone into any C&G or LTSB branch they would have got exactly the same outcome.

Mortgage brokers tend to get better deals than going direct and the service is generally better.

Your issue is perhaps with the valuer and what they have reported to the lender. Not the mortgage adviser.

Conrad

Lenders cant win. Take a look at threads on this very website where people complain that a lender 'allowed' the purchase of a property with defects, and now the customer wants heads to roll.

Put yourself in the lenders shoes; If something does go wrong with the roof later (say when your Son wants to sell - on) you will be the first to complain. Also if your Son got repossessed the asset may not be so saleable if there are potential problems.

I think YOU need a rethink, not the C & G.

Dan_Collins_2

The valuer will know the area and may have come across these problems before, you are better off waiting a few weeks than owing money on house that is defect and worth less than what you paid for. The Agent and broker have nothing to do with this, its a policy issue.

What they should do and the broker should do is find out what they need to do to get the deal. Tests can be done and the roof can be looked at. Once the lender is happy bobs your uncle! If not pull out!

dunstonh

Remember that if your son is having issues raised, then its likely the same issues will be raised when they come to sell it. So, if there are problems, its best getting them sorted now and either negotiating with the vendor as to how they will be sorted (i.e. they fix them or reduce the price to make up for it). If nothing happens and your son accepts it then when they come to sell, a buyer then could get the same reports from their surveyor, especially with HIPS being a requirement by then (assuming its not a 4 bed they are buying now) and either try to lower price or pull out.

I should add that I think Conrad is spot on and you are giving them duff advice as well as pointing the "blame" (not that there is any) at the wrong individual. If the house has flaws identified by a surveyor then telling your son to ignore the surveyor could create financial problems for them. I am sure they would be really grateful to you then for telling them to ignore the advice of a professional surveyor.

Katykat

Its all irrelevant now, the seller got so annoyed with the holdups she pulled out. On the very day the mortgage was approved incidentally. Son has lost £800 on surveys???????? and legal fees.

Dan_Collins_2

Katykat wrote: »

Its all irrelevant now, the seller got so annoyed with the holdups she pulled out. On the very day the mortgage was approved incidentally. Son has lost £800 on surveys???????? and legal fees.

I would guess that there would be more to it than that, hold ups probably an excuse. Seeing it every week at the mo!

the £800 lost is a problem with our buying/selling system.

dunstonh

The seller pulling out and blaming hold ups is probably an excuse. Contact the estate agent in a weeks time (dont give your identity away) to see if the property is back on the market. If not, then you will see it was the vendor changing their mind.