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Valuation, Mortgage Offer, Leasehold / Freehold Question
sm77j
Posts: 48 Forumite
I've got a mortgage application in with platform, 85% LTV. Application submitted the first week in July.
To cut a long story short, they've had a huge backlog and our valuation / home buyers survey was only completed 2 weeks ago. It all apparently came back fine and we were expecting the offer this week. MA is on holiday, but her colleague informed me today that she had chased platform and they had to go back to the valuer to confirm the property was freehold, as the valuer said it was leasehold.
After speaking to my solicitor, the property has both leasehold and freehold titles that have never been merged, and we are buying both the freehold and the 999 year leasehold.
MA has escalated the case, so hopefully we will hear back soon. I guess I'm just looking for reassurance in the meantime that this is not likely to affect our mortgage offer? We've been waiting 9 weeks now, and all solicitors searches etc are completed we are waiting on our mortgage offer to proceed.
To cut a long story short, they've had a huge backlog and our valuation / home buyers survey was only completed 2 weeks ago. It all apparently came back fine and we were expecting the offer this week. MA is on holiday, but her colleague informed me today that she had chased platform and they had to go back to the valuer to confirm the property was freehold, as the valuer said it was leasehold.
After speaking to my solicitor, the property has both leasehold and freehold titles that have never been merged, and we are buying both the freehold and the 999 year leasehold.
MA has escalated the case, so hopefully we will hear back soon. I guess I'm just looking for reassurance in the meantime that this is not likely to affect our mortgage offer? We've been waiting 9 weeks now, and all solicitors searches etc are completed we are waiting on our mortgage offer to proceed.
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Anyone able to give any insight? Not heard back today so long wait until Monday!0
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