Kent reliance

ArfaanO

cllola said:

ArfaanO said:

Hi all. Such a good thread! I wanted to give you all a bit of background into my journey so far (which is far from over). I found the perfect shared ownership property on sharetobuy and registered my interest back in December 2021. I got signed off by the housing association on the 14th January and began my search for a mortgage offer. I have some adverse credit with registered defaults in 2017 and the latest one in 2019. I also had to make an arrangement to pay on my car finance November 2021 which is now clear (arrears are cleared and account back up to date). I went with a broker who arranged a DIP with Together within 2 days, I paid the valuation fee and a day before the valuation was carried out my MB called and said Together have declined the application due to the underwrite not being happy with the adverse credit. I then approached Kensington and got declined due to the arrangement to pay on the car finance. At present, my MB made the full application to Kensginton on the 28th Feb and my valuation was carried out today. My MB said that KR won't look at the documents until they have the valuation so as you can imagine I am extremely anxious. The valuation has taken place today and so it's now a stressful waiting game.. Good luck to everyone on here. If anyone needs any advise on the conveyancing aspect of it, let me know as I do this for a living. 

That's quite a rollercoaster. Hopefully KR are fine with that. 
Re Conveyancing - does it tend to be a faster process with a new build do you know? 

That depends really. If your new build is part of a large development and you are using a solicitor who is on the panel for the housing association handling the development then its easy as all the documents and reports etc are the same. Normally a new build property requires more work as there are a large number of title and planning documents to review. It also comes down to how good your Conveyancer is and workloads etc. I'd touch base with your lawyer once a week or so to see how they are getting on as with conveyancing a lot of work happens silently in the background 

cllola

ArfaanO said:

cllola said:

ArfaanO said:

Hi all. Such a good thread! I wanted to give you all a bit of background into my journey so far (which is far from over). I found the perfect shared ownership property on sharetobuy and registered my interest back in December 2021. I got signed off by the housing association on the 14th January and began my search for a mortgage offer. I have some adverse credit with registered defaults in 2017 and the latest one in 2019. I also had to make an arrangement to pay on my car finance November 2021 which is now clear (arrears are cleared and account back up to date). I went with a broker who arranged a DIP with Together within 2 days, I paid the valuation fee and a day before the valuation was carried out my MB called and said Together have declined the application due to the underwrite not being happy with the adverse credit. I then approached Kensington and got declined due to the arrangement to pay on the car finance. At present, my MB made the full application to Kensginton on the 28th Feb and my valuation was carried out today. My MB said that KR won't look at the documents until they have the valuation so as you can imagine I am extremely anxious. The valuation has taken place today and so it's now a stressful waiting game.. Good luck to everyone on here. If anyone needs any advise on the conveyancing aspect of it, let me know as I do this for a living. 

That's quite a rollercoaster. Hopefully KR are fine with that. 
Re Conveyancing - does it tend to be a faster process with a new build do you know? 

That depends really. If your new build is part of a large development and you are using a solicitor who is on the panel for the housing association handling the development then its easy as all the documents and reports etc are the same. Normally a new build property requires more work as there are a large number of title and planning documents to review. It also comes down to how good your Conveyancer is and workloads etc. I'd touch base with your lawyer once a week or so to see how they are getting on as with conveyancing a lot of work happens silently in the background 

thanks! I didn't want to be a nag and contact them all the time but equally, want to know how it is progressing

ArfaanO

cllola said:

ArfaanO said:

cllola said:

ArfaanO said:

Hi all. Such a good thread! I wanted to give you all a bit of background into my journey so far (which is far from over). I found the perfect shared ownership property on sharetobuy and registered my interest back in December 2021. I got signed off by the housing association on the 14th January and began my search for a mortgage offer. I have some adverse credit with registered defaults in 2017 and the latest one in 2019. I also had to make an arrangement to pay on my car finance November 2021 which is now clear (arrears are cleared and account back up to date). I went with a broker who arranged a DIP with Together within 2 days, I paid the valuation fee and a day before the valuation was carried out my MB called and said Together have declined the application due to the underwrite not being happy with the adverse credit. I then approached Kensington and got declined due to the arrangement to pay on the car finance. At present, my MB made the full application to Kensginton on the 28th Feb and my valuation was carried out today. My MB said that KR won't look at the documents until they have the valuation so as you can imagine I am extremely anxious. The valuation has taken place today and so it's now a stressful waiting game.. Good luck to everyone on here. If anyone needs any advise on the conveyancing aspect of it, let me know as I do this for a living. 

That's quite a rollercoaster. Hopefully KR are fine with that. 
Re Conveyancing - does it tend to be a faster process with a new build do you know? 

That depends really. If your new build is part of a large development and you are using a solicitor who is on the panel for the housing association handling the development then its easy as all the documents and reports etc are the same. Normally a new build property requires more work as there are a large number of title and planning documents to review. It also comes down to how good your Conveyancer is and workloads etc. I'd touch base with your lawyer once a week or so to see how they are getting on as with conveyancing a lot of work happens silently in the background 

thanks! I didn't want to be a nag and contact them all the time but equally, want to know how it is progressing

Understandable! A lot of waiting around when it comes to conveyancing so if you don't hear anything it doesn't mean nothing is happening. Legals are the last of my worries however.. 

cllola

ArfaanO said:

cllola said:

ArfaanO said:

cllola said:

ArfaanO said:

Hi all. Such a good thread! I wanted to give you all a bit of background into my journey so far (which is far from over). I found the perfect shared ownership property on sharetobuy and registered my interest back in December 2021. I got signed off by the housing association on the 14th January and began my search for a mortgage offer. I have some adverse credit with registered defaults in 2017 and the latest one in 2019. I also had to make an arrangement to pay on my car finance November 2021 which is now clear (arrears are cleared and account back up to date). I went with a broker who arranged a DIP with Together within 2 days, I paid the valuation fee and a day before the valuation was carried out my MB called and said Together have declined the application due to the underwrite not being happy with the adverse credit. I then approached Kensington and got declined due to the arrangement to pay on the car finance. At present, my MB made the full application to Kensginton on the 28th Feb and my valuation was carried out today. My MB said that KR won't look at the documents until they have the valuation so as you can imagine I am extremely anxious. The valuation has taken place today and so it's now a stressful waiting game.. Good luck to everyone on here. If anyone needs any advise on the conveyancing aspect of it, let me know as I do this for a living. 

That's quite a rollercoaster. Hopefully KR are fine with that. 
Re Conveyancing - does it tend to be a faster process with a new build do you know? 

That depends really. If your new build is part of a large development and you are using a solicitor who is on the panel for the housing association handling the development then its easy as all the documents and reports etc are the same. Normally a new build property requires more work as there are a large number of title and planning documents to review. It also comes down to how good your Conveyancer is and workloads etc. I'd touch base with your lawyer once a week or so to see how they are getting on as with conveyancing a lot of work happens silently in the background 

thanks! I didn't want to be a nag and contact them all the time but equally, want to know how it is progressing

Understandable! A lot of waiting around when it comes to conveyancing so if you don't hear anything it doesn't mean nothing is happening. Legals are the last of my worries however.. 

Hopefully if your valuation is done now you wont have long to wait

ArfaanO

cllola said:

ArfaanO said:

cllola said:

ArfaanO said:

cllola said:

ArfaanO said:

Hi all. Such a good thread! I wanted to give you all a bit of background into my journey so far (which is far from over). I found the perfect shared ownership property on sharetobuy and registered my interest back in December 2021. I got signed off by the housing association on the 14th January and began my search for a mortgage offer. I have some adverse credit with registered defaults in 2017 and the latest one in 2019. I also had to make an arrangement to pay on my car finance November 2021 which is now clear (arrears are cleared and account back up to date). I went with a broker who arranged a DIP with Together within 2 days, I paid the valuation fee and a day before the valuation was carried out my MB called and said Together have declined the application due to the underwrite not being happy with the adverse credit. I then approached Kensington and got declined due to the arrangement to pay on the car finance. At present, my MB made the full application to Kensginton on the 28th Feb and my valuation was carried out today. My MB said that KR won't look at the documents until they have the valuation so as you can imagine I am extremely anxious. The valuation has taken place today and so it's now a stressful waiting game.. Good luck to everyone on here. If anyone needs any advise on the conveyancing aspect of it, let me know as I do this for a living. 

That's quite a rollercoaster. Hopefully KR are fine with that. 
Re Conveyancing - does it tend to be a faster process with a new build do you know? 

That depends really. If your new build is part of a large development and you are using a solicitor who is on the panel for the housing association handling the development then its easy as all the documents and reports etc are the same. Normally a new build property requires more work as there are a large number of title and planning documents to review. It also comes down to how good your Conveyancer is and workloads etc. I'd touch base with your lawyer once a week or so to see how they are getting on as with conveyancing a lot of work happens silently in the background 

thanks! I didn't want to be a nag and contact them all the time but equally, want to know how it is progressing

Understandable! A lot of waiting around when it comes to conveyancing so if you don't hear anything it doesn't mean nothing is happening. Legals are the last of my worries however.. 

Hopefully if your valuation is done now you wont have long to wait

Fingers crossed. Hope yours goes smoothly too. If anyone does need a good Conveyancer to act for them, reach out and I can give you my email address 🙂 

ArfaanO

I don't want to scare anybody but just an update on my case - it got declined over the weekend even though the valuation was carried out. The reasons given were:
1) Kent Reliance were not happy with the fact that the whole of my deposit is gifted
2) They were worried about the shared ownership rent being too high
They had all of this information at the DIP stage and I have sent an official complaint for a refund of the £450 I paid. 

cllola

ArfaanO said:

I don't want to scare anybody but just an update on my case - it got declined over the weekend even though the valuation was carried out. The reasons given were:
1) Kent Reliance were not happy with the fact that the whole of my deposit is gifted
2) They were worried about the shared ownership rent being too high
They had all of this information at the DIP stage and I have sent an official complaint for a refund of the £450 I paid. 

Oh no! Sorry to hear that. Is there another lender you can use? 

my portal is showing as all documents satisfied and valuation was on 8th. I hope I’m close to an offer!!

90love

Just to provide a quick update. Things had gone quiet in the group so I’m surprised and glad at how many more comments we’ve had.

11/01 received DIP
13/01 full application made 
19/01 questions missing statement provided 
20/01 valuation done & more statements 
21/01 further bank statements requested due to lapse
24/01 formal mortgage offer given 🎉 at 90% dream come true!!

history - offered 65% LTV from Kensington which was not affordable at all

single applicant 2 children
shared ownership 35% £113k

10/03 all solicitors checks complete awaiting exchange on completion no further checks required 

completion date 22/04

Rc0105

90love said:

Just to provide a quick update. Things had gone quiet in the group so I’m surprised and glad at how many more comments we’ve had.

11/01 received DIP
13/01 full application made 
19/01 questions missing statement provided 
20/01 valuation done & more statements 
21/01 further bank statements requested due to lapse
24/01 formal mortgage offer given 🎉 at 90% dream come true!!

history - offered 65% LTV from Kensington which was not affordable at all

single applicant 2 children
shared ownership 35% £113k

10/03 all solicitors checks complete awaiting exchange on completion no further checks required 

completion date 22/04

That’s great news I got my offer on 18.02 but still waiting for sellers solicitors to get a move on and finalise enquiries. 

cllola

Offer received in the post this morning!! Before the broker knew apparently…2 weeks from application