Ready to exchange and complete today but Accord has delayed releasing the funds. How long?

watermelonspring

How long are their underwriters taking to review things these days?

Edit 1600 : Sorted the same day!

It was 6 working days back in November. 

We were going to exchange and complete today but as the property has been granted a new lease 2 days ago and now it has to be reviewed by the underwriter. 

I’m devastated because I’ve literally packed up my entire house ready to go today.

K_S

@watermelonspring Accord are currently having a bit of a staffing problem due to some employees testing positive for covid at their main processing site where most underwriters are based. As a result, they're temporarily working with a reduced number of underwriters. I guess they don't do work from home for the underwriting team. That could mean a bit more delay than usual.

Having said that, they have withdrawn a range of new business products temporarily to ease the burden, so hopefully the existing caseload is being prioritised.

davidmcn

Why is there a new lease starting two days before completion? Surely the solicitors would know that the lender needs that to be taken into account? Doesn't sound like Accord are at fault here.

watermelonspring

davidmcn said:

Why is there a new lease starting two days before completion? Surely the solicitors would know that the lender needs that to be taken into account? Doesn't sound like Accord are at fault here.

Huh? Where have I mentioned that Accord are at fault?! I haven’t said anything negative about them. I simply asked how long their underwriting process is these days as their previous estimate of 6 working days in November was very accurate?! You have misread the purpose of my post. 

watermelonspring

K_S said:

@watermelonspring Accord are currently having a bit of a staffing problem due to some employees testing positive for covid at their main processing site where most underwriters are based. As a result, they're temporarily working with a reduced number of underwriters. I guess they don't do work from home for the underwriting team. That could mean a bit more delay than usual.

Having said that, they have withdrawn a range of new business products temporarily to ease the burden, so hopefully the existing caseload is being prioritised.

Thank you for the info. Would this sort of thing require a new mortgage deed?

K_S

watermelonspring said:

K_S said:

@watermelonspring Accord are currently having a bit of a staffing problem due to some employees testing positive for covid at their main processing site where most underwriters are based. As a result, they're temporarily working with a reduced number of underwriters. I guess they don't do work from home for the underwriting team. That could mean a bit more delay than usual.

Having said that, they have withdrawn a range of new business products temporarily to ease the burden, so hopefully the existing caseload is being prioritised.

Thank you for the info. Would this sort of thing require a new mortgage deed?

@watermelonspring Do you mean a new mortgage offer? I wouldn't think so. I guess they just need to take a look at the new lease to make sure it still fits their criteria under which they've made the existing offer. Just routine stuff I'd imagine.

davidmcn

watermelonspring said:

davidmcn said:

Why is there a new lease starting two days before completion? Surely the solicitors would know that the lender needs that to be taken into account? Doesn't sound like Accord are at fault here.

Huh? Where have I mentioned that Accord are at fault?! I haven’t said anything negative about them. I simply asked how long their underwriting process is these days as their previous estimate of 6 working days in November was very accurate?! You have misread the purpose of my post. 

Your subject line says "Accord has delayed releasing the funds".

watermelonspring

davidmcn said:

watermelonspring said:

davidmcn said:

Why is there a new lease starting two days before completion? Surely the solicitors would know that the lender needs that to be taken into account? Doesn't sound like Accord are at fault here.

Huh? Where have I mentioned that Accord are at fault?! I haven’t said anything negative about them. I simply asked how long their underwriting process is these days as their previous estimate of 6 working days in November was very accurate?! You have misread the purpose of my post. 

Your subject line says "Accord has delayed releasing the funds".

That still doesn’t mean I’m blaming them. I don’t see your train of thought at all, and I’m not sure that it matters either. I’ve clarified that I am not complaining. If I was complaining I would’ve....complained in the post not simply asked about their timeline. 

watermelonspring

K_S said:

watermelonspring said:

K_S said:

@watermelonspring Accord are currently having a bit of a staffing problem due to some employees testing positive for covid at their main processing site where most underwriters are based. As a result, they're temporarily working with a reduced number of underwriters. I guess they don't do work from home for the underwriting team. That could mean a bit more delay than usual.

Having said that, they have withdrawn a range of new business products temporarily to ease the burden, so hopefully the existing caseload is being prioritised.

Thank you for the info. Would this sort of thing require a new mortgage deed?

@watermelonspring Do you mean a new mortgage offer? I wouldn't think so. I guess they just need to take a look at the new lease to make sure it still fits their criteria under which they've made the existing offer. Just routine stuff I'd imagine.

Thanks for the clarification!