Address on mortgage offer

samsam89

Afternoon.

We’ve had our offer from TSB on a new build (previously had offer from Santander but it expired), but they put the address of the new build site - not our actual property. This is despite me having input everything properly onto habito.

As it is help to buy property - BPHA are really particular about the addresses all matching up & this is delaying our authority to exchange coming through.

Habito have just come back to me and said that TSB need to get the amendment of address sent back to the surveyor to update the valuation report before they will change the address. This could be middle of next week...

My solicitor tells me however that the “TSB portal” has got the new correct address on it.

Couple of questions. Is this my brokers fault for inputting the wrong address in/not changing it to the new property address?

Also if the portal says the right address, why wouldn’t the mortgage offer?

PS. I’m also told TSB require 5 working days notice to release funds...is that correct? Clearly exchanging and completing on the same day would be impossible with them in any case?

Yellow_mango

On your last point, we have a TSB mortgage and exchanged 5 March, completed 8 March. I believe the solicitor was able to ask for expediated release of funds.

With a new build, is it not more common for exchange to be months prior to completion though?

davidmcn

samsam89 wrote: »

I’m also told TSB require 5 working days notice to release funds...is that correct? Clearly exchanging and completing on the same day would be impossible with them in any case?

In practice, lenders don't usually need that long, they just don't make promises to do it any faster. And funds can be requested before you've exchanged (if the solicitor is reasonably confident of when that will happen).

samsam89

I believe it is more common on larger developments to exchange way in advance. However this is a small development of 10 properties built by a local builder so the usual routine hasn’t been followed.

I will have to speak to my solicitor in that case to see how quickly we can look to complete.

kingstreet

The contract, valuation, offer and Property Information Form (and hence Authority To Proceed) all have to show the correct address.

You need to make sure each one is right based on the Royal Mail PAF output you can find here;-

https://www.royalmail.com/find-a-postcode

If it is not yet visible, the builder should have a spreadsheet with the plots and their postal addresses thereon.

The builder should have supplied a UKF Disclosure Form to the surveyor showing the 100% correct address. This would then be added to the valuation and TSB should have queried that for the offer.

No point quibbling about who is right and wrong. That is simply going to waste time.

samsam89

kingstreet wrote: »

The contract, valuation, offer and Property Information Form (and hence Authority To Proceed) all have to show the correct address.

You need to make sure each one is right based on the Royal Mail PAF output you can find here;-

https://www.royalmail.com/find-a-postcode

If it is not yet visible, the builder should have a spreadsheet with the plots and their postal addresses thereon.

The builder should have supplied a UKF Disclosure Form to the surveyor showing the 100% correct address. This would then be added to the valuation and TSB should have queried that for the offer.

No point quibbling about who is right and wrong. That is simply going to waste time.

Well at last TSB have sent through a letter confirming the address. The mortgage offer, CML form, PIF & RES form all now match up.

Hopefully it all now goes through without hiccups.