Mortgage reapplication - What to expect from the rest of process

Kad_Williams

Hi there

I come here today for information because my conveyancing process is pretty opaque to me, particularly as it gets longer and comes up against more roadblocks. There's only so much I can ask my solicitor about general info relating to hypothetical scenarios before it feels like I'm wasting their time.

My mortgage offer has expired and I'd like to know more about what happens in the aftermath of that and how quickly and effectively the

I'm gonna try and drill down my situation to bullet points:

- I am the purchaser
- My mortgage offer expired a week ago (enquiries were not yet satisfied)
- Mortgage deal cannot be extended so reapplication has been submitted.
- Lenders valuation is scheduled for Monday 23rd September, so very soon.
- There are now two enquiries left ("confirm you will provide licence to assign on completion", "send us new lease")
- Property is no-chain and I do not need to sell my place nor do I need to move out immediately.
- searches on the property will expire in the middle of next month.

So my questions are:


- My lender has a 10 day target for turning around applications. It's apparently managing 11 days on average. Do you think that that is overzealous and that I will more likely be looking at a much longer wait?

-Assuming that satisfactory answers to remaining enquiries come through by the end of next week and, optimistically, that a mortgage offer comes through shortly after that, should the rest of process be straightforward? Is there just the matter of my accepting my offer and agreeing a date for exchange? Anything else to consider?

- I'm keen to complete as soon as possible and I'd like a simultaneous completion and exchange to achieve this. Is that as simple as telling my solicitor to do it? What sorts of things would be inhibitive to that happening?

(Feel free to ask me anything that helps you respond. Or just anything that makes this thread more informative for anyone passing by!)

Thrugelmir

Kad_Williams wrote: »

There's only so much I can ask my solicitor about general info relating to hypothetical scenarios before it feels like I'm wasting their time.

Take up yoga. Little point in speculating. Matters are outside that of your solicitors control.

eddddy

Kad_Williams wrote: »

- There are now two enquiries left ("confirm you will provide licence to assign on completion", "send us new lease")

Out of interest, why do you need a new lease?

In general, I think I'd be more worried about the time a freeholder might take to get a new lease drafted and agreed, than I would be about the time required for a mortgage application.

(But obviously, I don't know the background here.)

Kad_Williams

@eddddy: New lease incorporates new leaseplan that includes features of the property that are not in the original plan and extends the amount of time on the lease to a length that the lender will accept.



I'm not worried about the time freeholder will take to get the lease drafted and agreed. This is already ostensibly drafted and agreed but Sellers solicitors and freeholder's solicitor have been very slow until recently, hence the expired mortgage deal! They will take as long as they will take sending over these last few bits and I will have to live with that variable. All I can do is keep the Estate agent updated about progress/lack thereof and hope that he will able to help get things moving.



I was just interested as to what the rest of the process might look like if, in fact, things come together soon. How does it impacts the legal process if, for example, the new mortgage offer comes through and that deal is somehow different to the one before?



I'm hoping that actually this all ends up being quite straightforward - that my solicitors will be able to apply the old answers to the new mortgage offer and that I will be able to exchange in a matter of days after that. But my instinct is to think that this is not the case... because nothing ever really seems to happen that quickly.


My other instinct was that somehow electing to have a simultaneous exchange and completion could be less simple than it sounds... maybe because of schedule constraints of the solicitors or because there's something that needs to happen in between those two events.



Pardon me for being maybe overly analytical and curious. I've just found that being diligent and understanding the process as much as possible has helped me negotiate some of the difficult angles of this sale from a logistical point of view.