Building society left us on the streets!

pinkteapot

Has your solicitor confirmed that they did all their usual pre-exchange checks and were 100% happy the mortgage was in place? Just double-checking it's definitely the building society at fault, not the solicitor. A solicitor won't usually let you exchange unless the mortgage deed is signed, funds confirmed, etc. 

Let us know what happens - I've heard of mortgage offers (rarely) being withdrawn after exchange if someone's circumstances change, but not when there have been no material changes to the application!

Four_Oaks_Bookworm

pinkteapot said:

Has your solicitor confirmed that they did all their usual pre-exchange checks and were 100% happy the mortgage was in place? Just double-checking it's definitely the building society at fault, not the solicitor. A solicitor won't usually let you exchange unless the mortgage deed is signed, funds confirmed, etc. 

Let us know what happens - I've heard of mortgage offers (rarely) being withdrawn after exchange if someone's circumstances change, but not when there have been no material changes to the application!

yes all procedures correctly followed and checks done, like you say they wouldn't have advised us to exchange had fund-release not been confirmed.  They even verbally confirmed to solicitor on completion day that they had messed up and it was their fault...

Section62

Four_Oaks_Bookworm said:

yes all procedures correctly followed and checks done, like you say they wouldn't have advised us to exchange had fund-release not been confirmed.  They even verbally confirmed to solicitor on completion day that they had messed up and it was their fault...

What kind of survey is it that they need to review?

Did they indicate to your solicitor how long it would take?

Four_Oaks_Bookworm

Section62 said:

Four_Oaks_Bookworm said:

yes all procedures correctly followed and checks done, like you say they wouldn't have advised us to exchange had fund-release not been confirmed.  They even verbally confirmed to solicitor on completion day that they had messed up and it was their fault...

What kind of survey is it that they need to review?

Did they indicate to your solicitor how long it would take?

It was a structural report on two single-skin walls (which we knew about and were indicated in the original homebuyer report). It's now been done, and is with the lender as of this morning (still no decision on release of funds) but not before we've had to spend >£1000 on storage, hotels and emergency clothing and food. 

Section62

Four_Oaks_Bookworm said:

It was a structural report on two single-skin walls (which we knew about and were indicated in the original homebuyer report). It's now been done, and is with the lender as of this morning (still no decision on release of funds) but not before we've had to spend >£1000 on storage, hotels and emergency clothing and food. 

Was the homebuyer report done through the lender in any way, or did they just have a separate valuation?

Four_Oaks_Bookworm

Section62 said:

Four_Oaks_Bookworm said:

It was a structural report on two single-skin walls (which we knew about and were indicated in the original homebuyer report). It's now been done, and is with the lender as of this morning (still no decision on release of funds) but not before we've had to spend >£1000 on storage, hotels and emergency clothing and food. 

Was the homebuyer report done through the lender in any way, or did they just have a separate valuation?

No we commissioned the HBR ourselves independently, it's not tied to this lender.  They just sent a separate valuer for their purposes

Section62

Four_Oaks_Bookworm said:

Section62 said:

Four_Oaks_Bookworm said:

It was a structural report on two single-skin walls (which we knew about and were indicated in the original homebuyer report). It's now been done, and is with the lender as of this morning (still no decision on release of funds) but not before we've had to spend >£1000 on storage, hotels and emergency clothing and food. 

Was the homebuyer report done through the lender in any way, or did they just have a separate valuation?

No we commissioned the HBR ourselves independently, it's not tied to this lender.  They just sent a separate valuer for their purposes

Ok, so the success of a complaint about the bank/BS is likely to hinge on when they became aware of the information which caused them concern and how efficiently they dealt with that information.  Because the information came via you (/someone working for you) an ombudsman would also take into account whether the way the information was passed on (e.g. timing/method) contributed to the outcome.

The role of the ombudsman is to see whether you were treated fairly (in the circumstances) not to punish the organisation for errors (the "slap down" comment earlier in the thread is largely nonsense). If you have been treated unfairly then the aim is to restore the situation to how it would have been if the unfairness hadn't happened, in other words to cover any losses and recognise the 'cost' to you of dealing with the situation.

The timescales for ombudsman complaints is such that it won't help you resolve the immediate problems - so see that only as something which might help you get some financial redress if the bank themselves won't pay up.  Complaining to the bank can get them to expedite things, but for the time being, make sure your own personal focus is on getting through to completion, not on the complaint.

Strummer22

Section62 said:

The role of the ombudsman is to see whether you were treated fairly (in the circumstances) not to punish the organisation for errors (the "slap down" comment earlier in the thread is largely nonsense). If you have been treated unfairly then the aim is to restore the situation to how it would have been if the unfairness hadn't happened, in other words to cover any losses and recognise the 'cost' to you of dealing with the situation.

With that in mind, OP should keep records/receipts for all costs incurred as a result of this. Should it be decided that you've been treated unfairly, you should be reimbursed. Note that you can still go to the ombudsman even if your original complaint is upheld, if you think that the complaint has not been fairly dealt with.

Regarding my 'slap down' comment, I merely meant that something like in this example: https://www.financial-ombudsman.org.uk/decisions-case-studies/case-studies/bank-carried-wrong-kind-survey

"To put things right, we said it would be fair for the bank to pay for the cost of some of the repairs. We also told the bank to compensate Wendy for her trouble and upset."

ele_91

I’m surprised they did not pick this up before confirming release of funds. We had a similar situation with a high street bank, when our conveyancer went to confirm release of funds they said they were waiting the results of a structural survey on the loft. We had no idea they had even requested this and had the offer through the post. Luckily we hadn’t exchanged and ended up pulling out.

I would be considering asking someone ‘higher up’ at your solicitor to get involved to double check your solicitor genuinely did the correct checks as well as the advice posted above. Good luck. 

GDB2222

The Ombudsman will not resolve this issue in a timely manner.  There's about a year's backlog.

Take a look here:
https://www.ftadviser.com/fos/2021/03/11/fos-chief-steps-down-amid-case-backlog/