Kensington Mortgage Company asking for docs AFTER offer - is this a formalut?

mrsdaviddickinson

Hi,

We've had a nightmare with our buyer's mortgage company, Kensington Mortgage Company.

The valuation took around 3-4 weeks to arrange, then the mortgage offer didn't come back until 5 weeks later, despite the survey report being sent our a week after the valuation.

They've now asked our buyers to provide a copy of the contract, their telephone numbers(?!) and other stuff. Their solicitor has been a bit cagey and we've been assured that it is just a formality.

However, I've read reviews of KMC and they are dire. I'm getting pressure from our vendor and getting panicked. Does anyone know whether these final checks after the offer has been confrmed are just rubber stamping things or does it indicate a problem i.e. their mortgage offer may be pulled. We're trying to make a decision on what to do.

Any helpful advice would be much appreciated. I suffer with anxiety anyway and so I'm not sure if I'm worrying needlessly or right to be concerned.

davidmcn

Is your buyers' solicitor also acting for KMC (as is normal) or are KMC separately represented? If the latter then it would be normal for their solicitor to want to see the contract. I don't see anything to worry about anyway.

mrsdaviddickinson

Post written quickly - obviously meant to ask if a formality!

mrsdaviddickinson

I don't know, tbh. I assume they are from something the estate agent said. It just seems like they keep coming back to ask for more documents.

anfieldred

mrsdaviddickinson wrote: »

Hi,

We've had a nightmare with our buyer's mortgage company, Kensington Mortgage Company.

The valuation took around 3-4 weeks to arrange, then the mortgage offer didn't come back until 5 weeks later, despite the survey report being sent our a week after the valuation.

They've now asked our buyers to provide a copy of the contract, their telephone numbers(?!) and other stuff. Their solicitor has been a bit cagey and we've been assured that it is just a formality.

However, I've read reviews of KMC and they are dire. I'm getting pressure from our vendor and getting panicked. Does anyone know whether these final checks after the offer has been confrmed are just rubber stamping things or does it indicate a problem i.e. their mortgage offer may be pulled. We're trying to make a decision on what to do.

Any helpful advice would be much appreciated. I suffer with anxiety anyway and so I'm not sure if I'm worrying needlessly or right to be concerned.

I'd say it's just normal. if you read through this thread : https://forums.moneysavingexpert.com/discussion/5615665/kensington-mortgage-application-timescale&page=15 Everyone (myself included) has had loads of requests for additional documents, and they do take absolutely ages.

mrsdaviddickinson

Thank you. So 3 months is normal?

I can see one person on that thread said last minute docs request before completion but then nothing...

I just don't know what to do. The solicitors don't seem proactive in chasing either, despite our vendor threatening to relist.

Thrugelmir

mrsdaviddickinson wrote: »

However, I've read reviews of KMC and they are dire.

Presumably you approached KMC for good reason. As they target a particular segment of the mortgage market. Manual underwriting is a labourious process rather antiquated. But neccessary in the context of the mortgage business they write.

mrsdaviddickinson

Sorry, maybe I wasn't clear. It's our buyers who have gone through Kensington. It's our onward vendor who is threatening to pull out. We had two offers on the table and went with this buyer as they were purchasing it as a home, whilst the other appeared to be purchasing it as an investment as they were living abroad for five years. (I've been told they went with another property after, which went through before Christmas...).

I feel sorry for our buyers too, as they must be equally stressed. However, nobody seems to be proactively chasing Kensington.

We've received an update after my post at 5 pm, apparently saying their solicitor did chase early afternoon today and that they were assured that the documents had been allocated to somebody, who would review by close of play. However, by 5 pm they'd still not heard anything.

We have a very keen viewer, supposedly, who has been chasing the second agent we instructed after a slow start, to see if our house has gone through.

I'm therefore trying to establish if there is an end in sight and these final checks (such as requesting to see the contract of sale) are formalities, or if there is a chance that these final checks may result in the mortgage offer being revoked.

Equally, we're not sure if we then risk upsetting our buyer by putting it back on the market.

anfieldred

I think it's just them being slow - we were told countless times we'd have an answer by X date/time, then 5 days later they'd ask for something else.