Conveyancing reporting to lender how long doesn’t it take?

subcapsular

We are close to exchanging contracts, a few things need to be reported to the lender before we move to exchange according to my solicitor.

One of these being right of way not registered on a private road for which my solicitor has suggested indemnity insurance and secondly just a clarification of my gifted deposit (already agreed with lender)

My solicitor faxed the report on Friday to Santander with the above information and the clear AML checks.

How long do lenders take to respond before giving all
Clear to proceed to take out insurance and move to exchange

Many thanks

G_M

Between 24 hours and a month.


Why the new thread? The ROW issue has already been discussedand doubtless the lender will consider the same factors that you've already discussed here.


https://forums.moneysavingexpert.com/discussion/5937813

subcapsular

It’s a different topic not related to the right of way but on response times of the lender

G_M

The respone times will depend on what was reported to them.

The conveyancer is reporting on the ROW (amongst other things). How is that not related?

AdrianC

The report was sent on Friday. That could well have been the afternoon of the office Xmas party. It is now Monday lunchtime.

Give them a chance to get it to the right person, go through it, consider the contents, draw up a reply...

subcapsular

G_M wrote: »

The respone times will depend on what was reported to them.

The conveyancer is reporting on the ROW (amongst other things). How is that not related?

I understand this but as you can see from the thread title that specifically relates to the right of way and potential actions that may or may not need to be taken in relation to this.

This thread specifically is related to time frames and other users experiences in how long they may have waited for reports to come back.

Someone specifically reading a topic on right of ways may not necessarily have any experience in the time frame
On reporting to the lender on a variety of issues not just RoW

davidmcn

The lender may well want to consult with their valuer, in which case you'd need to add in their response time too.

I don't think anybody can tell you more than "it depends".

Surrey_EA

davidmcn wrote: »

The lender may well want to consult with their valuer, in which case you'd need to add in their response time too.

I don't think anybody can tell you more than "it depends".

Precisely, the lender will definitely want the opinion of the valuer, being as they are the only person to have visited the property on the lender's behalf.

The valuer may respond today. or the valuer may be on holiday until the new year.

subcapsular

Thanks for the responses hopefully the valuation won’t be affected too much. As it’s a 50% LTV mortgage.

Surrey_EA

subcapsular wrote: »

Thanks for the responses hopefully the valuation won’t be affected too much. As it’s a 50% LTV mortgage.

It's unlikely to be affected at all, but so much of conveyancing and mortgage lending today is box ticking, and this is just another box that needs to be ticked.