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FTB second lender application
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dalgis
Posts: 17 Forumite
Hi,
We're a couple of FTB with 10% deposit borrowing below our max allowance according to many lender calculators. No other debts, no dependants, good salaries, etc.
We've found a flat in a recently (2015) converted building (used to be offices, now 85 flats). The development is very shiny and fancy looking.
We applied for a mortgage with Nationwide, who sent a valuer that is asking for the structural report from 2015 and won't sign off his report without this. This seems to be the only thing holding the application. Broker and estate agent agree that this is a highly irregular request given the nature of the development.
Our solicitors have requested said documents, many an email have been sent and so far nothing. We're still trying to figure out if it's the landlord, the management agency or someone else that is likely to have it. Seller isn't gonna wait round forever though...
So, onto plan B.
We're looking into applying to another lender and currently considering HSBC.
Our broker has warned us that there's no guarantee a different lender wouldn't use the same surveyor, so risk #1.
Our conveyancer isn't in HSBC's panel (or in most panels for that matter but we trust them and would rather stick with them), and I've read in past threads that HSBC was using (particularly around 2012) Countrywide Conveyancing and they were absolute poop. I asked HSBC and they said their conveyancer is appointed from a random panel and CC is part of said panel. Enter risk #2.
We could go with another lender but at this point the whole thing feels like a minefield. Of course now we're more pressed for time and need an agreeable lender much more than before.
Have you encountered situations as above where such a detailed report is asked for? Would you know if this kind of report would be part of public records?
Are HSBC mortgages where they use their own solicitor more time consuming than other lenders? Is Countrywide Conveyancing still heavily involved and as poop as 2012 forums posts said? To the best of your knowledge, would HSBC be a risky choice given our circumstances?
I'm an absolute newbie in all of this, though God knows I've tried to read everything I can to learn more, and this is absolutely terrifying. We really don't want to lose the flat and I'm afraid of picking the wrong lender and having delays and troubles for a second time. I'm also afraid that our credit reports won't survive 2 lender credit checks if I happen to pick a losing horse again, or that the seller may pull out if there are more delays. SOMEONE HAVE MERCY!








We're a couple of FTB with 10% deposit borrowing below our max allowance according to many lender calculators. No other debts, no dependants, good salaries, etc.
We've found a flat in a recently (2015) converted building (used to be offices, now 85 flats). The development is very shiny and fancy looking.
We applied for a mortgage with Nationwide, who sent a valuer that is asking for the structural report from 2015 and won't sign off his report without this. This seems to be the only thing holding the application. Broker and estate agent agree that this is a highly irregular request given the nature of the development.
Our solicitors have requested said documents, many an email have been sent and so far nothing. We're still trying to figure out if it's the landlord, the management agency or someone else that is likely to have it. Seller isn't gonna wait round forever though...

So, onto plan B.
We're looking into applying to another lender and currently considering HSBC.
Our broker has warned us that there's no guarantee a different lender wouldn't use the same surveyor, so risk #1.
Our conveyancer isn't in HSBC's panel (or in most panels for that matter but we trust them and would rather stick with them), and I've read in past threads that HSBC was using (particularly around 2012) Countrywide Conveyancing and they were absolute poop. I asked HSBC and they said their conveyancer is appointed from a random panel and CC is part of said panel. Enter risk #2.
We could go with another lender but at this point the whole thing feels like a minefield. Of course now we're more pressed for time and need an agreeable lender much more than before.
Have you encountered situations as above where such a detailed report is asked for? Would you know if this kind of report would be part of public records?
Are HSBC mortgages where they use their own solicitor more time consuming than other lenders? Is Countrywide Conveyancing still heavily involved and as poop as 2012 forums posts said? To the best of your knowledge, would HSBC be a risky choice given our circumstances?
I'm an absolute newbie in all of this, though God knows I've tried to read everything I can to learn more, and this is absolutely terrifying. We really don't want to lose the flat and I'm afraid of picking the wrong lender and having delays and troubles for a second time. I'm also afraid that our credit reports won't survive 2 lender credit checks if I happen to pick a losing horse again, or that the seller may pull out if there are more delays. SOMEONE HAVE MERCY!









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Comments
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I might be missing something here, but you shouldn’t be having to play lender Russian roulette when you’re using a broker.
Given that the building is from 2015 surely there are lenders who’ve already lent on flats in the building so it can’t be impossible.0 -
You could go and knock on a few doors and ask who they have their mortgages with?Thinking critically since 1996....0
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Nationwide and HSBC both use Countrywide Surveyors as their panel manager so the risk of the same outcome is great.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.0
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kingstreet wrote: »Nationwide and HSBC both use Countrywide Surveyors as their panel manager so the risk of the same outcome is great.
I don't know who Nationwide used for valuing the property.
The Countrywide issues I found on old forum posts were related largely to conveyancing, not surveying as far as I know.Has anybody checked the planning documents? (which are likely to be available online)
What exactly are the surveyors looking for? Is it a particular report which they know exists?
I don't know if they know it exists. I've seen it mentioned as one of the prerequisites for the New Homes Warranty issued after the development was completed.
They seem to be after a report confirming the building is structurally sound and their justification is due to the conversion of the building.0 -
I don't know who Nationwide used for valuing the property
You have a problem caused by a surveyor instructed by Nationwide Building Society. The instruction goes from Nationwide to Countrywide Surveyors (its panel manager) who will do it themselves, or 'panel it' to a local surveyor if they don't have capacity.
Now, you decide to apply to HSBC which also employs Countrywide Surveyors as its panel manager.
What do you think might happen when your valuation is instructed?
Would you say there is an increased risk of this ending up being sent to the same surveyor?
I would.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.0 -
kingstreet wrote: »Sorry, please let me clarify.
You have a problem caused by a surveyor instructed by Nationwide Building Society. The instruction goes from Nationwide to Countrywide Surveyors (its panel manager) who will do it themselves, or 'panel it' to a local surveyor if they don't have capacity.
Now, you decide to apply to HSBC which also employs Countrywide Surveyors as its panel manager.
What do you think might happen when your valuation is instructed?
Would you say there is an increased risk of this ending up being sent to the same surveyor?
I would.
Apologies, I misunderstood your comment, but I really appreciate the insight.
You're are right, going with HSBC would make it more likely to end up in the same place.
On that note, would you know if Natwest, Platform or Virgin work with the same surveyors or where could I find this information myself?0 -
NatWest can be L&G Surveyors, sometimes Connells.
Don't know about the others. See if any of the other brokers can recall...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.0 -
The broker has confirmed Nationwide used White Horse Surveyors for the valuation. Don't know yet if HSBC or if any of the other top contenders (Platform, Virgin & Sainsbury's) use them.I might be missing something here, but you shouldn’t be having to play lender Russian roulette when you’re using a broker.
Given that the building is from 2015 surely there are lenders who’ve already lent on flats in the building so it can’t be impossible.
The broker is aware of our situation and very proactive. They were the ones suggesting HSBC as they've found them to be straightforward and speedier than others.0 -
The problem here is the lender is not deciding on the surveyor used. It devolves that to its panel manager.
The instructions are passed to Countrywide (that's the point of a panel manager) and if Countrywide have no cover it is they who panel it to whoever has capacity in the area.
If the Nationwide valuation was done by White Horse, it was Countrywide who instructed/arranged it.
Is your broker aware HSBC and Nationwide share Countrywide Surveyors as their panel manager?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.0
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