Lender's Surveys looking likely to be postponed until further notice.

Mr_P_

ACG said:

Only a small portion of our customers are caught up in this, but even one is still stressful. I have spoken to all of them and they are all happy to wait. Assuming the vendors are also, then it seems it is just a case of everything on hold. 

I suppose if anything it helps that all lenders have taken the same approach. When some lenders start finding ways to move forward, that will be where it starts to help some people but at the same time it will mean some people moving forward and others not and that will be causing potential frictions. 

There is not a lot we can do at the minute but just see how the next few days/week pans out. 

Mr_P_ said:

Am I right in thinking that this is (hopefully) just a pause, if nobody can move on either side of the chain then we'll all just have to wait? 

I want to buy, my buyer wants to buy and the vender wants to sell... I guess we all just have to sit tight. 

That's good advice, thank you.

I'm currently with Santander, if it gets to a point where other lenders can progress but they can't then I can easily switch to another lender if needed (ERC ends 1st July so I'll hedge my bets).

In my original post I asked if all other proceedings could go ahead with the mortgage application frozen, do you know if this is possible? (I can't imagine the solicitors wouldn't be able to do searches etc without a mortgage application).

Dreamingandimpatient

Mr_P_ said:

ACG said:

Only a small portion of our customers are caught up in this, but even one is still stressful. I have spoken to all of them and they are all happy to wait. Assuming the vendors are also, then it seems it is just a case of everything on hold. 

I suppose if anything it helps that all lenders have taken the same approach. When some lenders start finding ways to move forward, that will be where it starts to help some people but at the same time it will mean some people moving forward and others not and that will be causing potential frictions. 

There is not a lot we can do at the minute but just see how the next few days/week pans out. 

Mr_P_ said:

Am I right in thinking that this is (hopefully) just a pause, if nobody can move on either side of the chain then we'll all just have to wait? 

I want to buy, my buyer wants to buy and the vender wants to sell... I guess we all just have to sit tight. 

That's good advice, thank you.

I'm currently with Santander, if it gets to a point where other lenders can progress but they can't then I can easily switch to another lender if needed (ERC ends 1st July so I'll hedge my bets).

In my original post I asked if all other proceedings could go ahead with the mortgage application frozen, do you know if this is possible? (I can't imagine the solicitors wouldn't be able to do searches etc without a mortgage application).

I would be reluctant to proceed with solicitor just in case the mortgage application gets denied. Who knows what till happen with the economy and lenders tightening their belts. So er on the side of caution.  If you go ahead and have to pull out you will be liable for costs.  To know whether or not you can proceed minus an offer , I’m not sure. You may need to check with your solicitor. 

StephanieW

Some banks are looking at allowing 'desk-top' valuations so they don't need to attend the property.
Situations seems to be developing everyday. Everyone is in the same situation so wouldn't panic yet about it all falling apart  

Mr_P_

StephanieW said:

Some banks are looking at allowing 'desk-top' valuations so they don't need to attend the property.
Situations seems to be developing everyday. Everyone is in the same situation so wouldn't panic yet about it all falling apart  

Santander told me yesterday they would "try" to do desktop valuation if they could as the house we're buying was built in 2014.
The house we're selling is 1940s, I'm seriously hoping they can do the same for ours but I won't hold my breath!

Mr_P_

In a strange update, the valuation has already done completed   
It may have been due to the LTV being around 73, or the house is only 6 years old.
Now I have to just wait for our buyer to do the same and the tenants of our new property to move into their new build (could take a while as it's being built atm). 

bell

We are borrowing at 95% LTV. I've ready an article that the big banks will only do desktops valuation where there is a smaller LTV (80% typically) so I'm not holding out much hope for one for our mortgage.

I have been confirmed that I'm. Straight to offer after valuation is finally completed though. 

IAMIAM

Surveying and No People is the problem here. Shifting all resource to help existing customers.

The_Cobbler

Hello
Our mortgage is due for renewal in the next three months, in a normal world, now is the time to move, however given we don't know what the conditions are in the next few months, I'm thinking it would be better to stick with our current lender (as I assume they don't need to do valuations etc) for two years then have a look again in 24 months time.

Thrugelmir

While it's worth shopping around. Always benchmark against your current lender. Remortgaging comes at a cost . Mortgage exit fee, valuation and legal fees. Plus possibly a product fee. Though some lenders offer products with free legals etc. 
3 months time is a lifetime at the moment.