No chain - acceptable timeframes to exchange?

JustJane101

Good evening all. Me again! 
The mortgage company have come back to let me know they are unhappy with my deposit source. 
My offer was accepted on the house last tuesday, so it has already been a week. I am a FTB, and there is no chain the other end. 

There is another route I can take to pull together my deposit, and the mortgage company will be happy with it. However the whole process could take up to 6-8 weeks from application. This included a mandated "2 week draw down period" - which I have no idea what that means. 
I've emailed my solicitor to tell them the change of plans as it will impact their job. Will they email the vendors solicitor? Is it reasonable to make the vendor wait this long? 

I love this house and it is perfect for us. I really don't want to lose it. I'm already pretty sure we've lost it, as I've got the worst luck in the world and nothing ever goes right for me. This is my last hope to get onto the property ladder this year, and if I don't, my partner isn't going to be able to move up (long story) without massive financial consequences for both of us. 

If you was the vendor, would you be happy to wait? The help to buy should go through with no issues, but I'm really losing hope with anything right now. 

MovingForwards

It's only been a week, offer to completion takes 3 - 6 months in England (assuming that's where you are) or about 2 months in Scotland.

Carl2510

Must be something dodgy if they Arnt happy with your deposit source 

Thrugelmir

If you are in no wish to hurry the process along. Easy enough to extend the process out. A day or two lost here or there soon adds up. Let your solicitor know when you'd like to complete. You are paying their fees after all. 
2 months isn't very long in the scheme of property transactions. While your vendor may grumble at some point. Their not going to be able to sell the property to someone else any quicker. Sometimes transparency is the best option. 

Ace_DK

If you dont mind me asking, what's your deposit source?

JustJane101

Carl2510 said:

Must be something dodgy if they Arnt happy with your deposit source 

Thanks for assuming I'm dodgy! Rofl. 

JustJane101

Ace_DK said:

If you dont mind me asking, what's your deposit source?

I used Stepladder solutions  

It is marketed at a peer to peer lending board to help FTB get property deposits quicker. You join a "circle" - so in my case, 15 of us are putting £500 a month into the circle for 15 months. Each month one person is "awarded" there deposit, which remains in cyber space until you need it for the property when it gets transferred to solicitor. Once the 15 months are up it gets transferred back to us If we haven't purchased by then. 

I had a few reasons for choosing this scheme - I'm in the military so I am moving around every few years, my credit rating suffers and I have no Bills. So for me, this way I can prove to perspective lenders that I can pay out £500 a month, etc. Plus I've not got the best credit rating anyway so I want to try and improve my lend ability.

Weirdly, they won't even accept the money i have so far put into the scheme, even though the co founder has said they will transfer the money I have so far put into my bank account because it is my money because they see this as a loaned deposit. However, they are happy to accept the Forces Help to Buy, which confuses me no end!!!! 
I have applied for the Forces help to buy, but it's not a quick fix. I'm honestly extremely gutted that I thought I was improving my chances of getting a property and I would finally be able to put my past behind me and move on. I am extremely anxious that I'm going to lose out on this house purchase because of this I will be gutted. A property in my budget that requires little work in the area i want come up once in a Blue moon! 

JustJane101

MovingForwards said:

It's only been a week, offer to completion takes 3 - 6 months in England (assuming that's where you are) or about 2 months in Scotland.

I'm in Scotland! This makes me feel better though! Thank you!!!! 

I will get all my paperwork etc done as quickly as possible, and just hope everything goes smoothly from here on in! 

MovingForwards

JustJane101 said:

MovingForwards said:

It's only been a week, offer to completion takes 3 - 6 months in England (assuming that's where you are) or about 2 months in Scotland.

I'm in Scotland! This makes me feel better though! Thank you!!!! 

I will get all my paperwork etc done as quickly as possible, and just hope everything goes smoothly from here on in! 

In that case you can carefully drag it out, using H2B does that for you.

I've been buying since December (own deposit and mortgage) and it's about a month before I will complete, so far my sellers have been fine and I'm looking to conclude missives in a few weeks.