Mortgage provide changed criteria at last minute!

london21

There will be a way. House purchase can be stressful and long but once it's all sorted will be worth it. 

Your current solicitor should have asked who your lender was at the beginning to check they were on the panel.

Hopefully something can be sorted for you. 

lika_86

shorty1988m said:

Poquito said:

Don’t let them make you mad or ruin your plan! Have a coffee, take a breath and try and get back to it. Explain this to your solicitor, find out which companies are on the approved list. Getting a new solicitor sorted should be relatively quick. Pay what you owe to the initial solicitor and get your home purchase back on track. I know you feel deflated right now but if there’s any chance you can sort part of this today you will feel accomplished. Home buying is one of those things that test us. Good luck, I know you can do it!!

Unfortunately it’s not as simple. I’d have to change solicitors and get back to the same point I’m at now in the next 14 days as I won’t be able to sign physical documents after that time. I just don’t have the ability to be able to do normal home buying things after the 20th Nov. 

This isn't impossible. Get your KYC done for the new solicitor then everything should proceed as normal. If you've signed everything you need to already with your current solicitor, what's the issue? It sounds like the work is done, so your new solicitors will just have to satisfy themselves they are happy with it and don't have anything further to raise, but the draft contract, mortgage deed etc shouldn't change at all.

shorty1988m

simon_or said:

My broker always confirms that the solicitor is on the bank's panel before putting in an application. If you used a broker then ask them for advice.

Hope it can be sorted out one way or the other.

Yeh this is the annoying bit. The broker was the one to tell me today. 

The broker who knew my conveyancer on the first day and doesn’t seem to want to take any responsibility for it

JMA74

Unless you are using a very obscure lender the solicitor was presumably on the panel when the application was submitted and then removed at some point during the process.  99% of lenders systems would not allow us to even submit a case without a valid solicitor.  The panel search is built in to the application process.  

It could be that your current solicitor can just re-register with the lender.  Or it may be that the no longer meet criteria to be on the panel. One of the more common ones is to have a set number of partners in a firm.  If one leaves or retires then they dip below the required number and they can no longer act for that lender. 

It has absolutely nothing to do with the lender not wanting to honour the rate. If I am joining the dots and the solicitor has been removed mid application then its not the brokers fault and not the lenders fault.  

There has been some news the last few days about some very large conveyancing firms about to go under. Maybe related to that?  Which firm is it? 

K_S

@shorty1988m Sorry to hear about all the trouble.

I'll echo what JMA said. Off of the top of my head, for all the mainstream lenders I can think of, the broker will have needed to find the solicitor using the firm name and/or postcode on the lender's application system so if they aren't on the lender's panel at that point, they usually wouldn't come up.

What conveyancing firm and lender is it?

shorty1988m

JMA74 said:

Unless you are using a very obscure lender the solicitor was presumably on the panel when the application was submitted and then removed at some point during the process.  99% of lenders systems would not allow us to even submit a case without a valid solicitor.  The panel search is built in to the application process.  

It could be that your current solicitor can just re-register with the lender.  Or it may be that the no longer meet criteria to be on the panel. One of the more common ones is to have a set number of partners in a firm.  If one leaves or retires then they dip below the required number and they can no longer act for that lender. 

It has absolutely nothing to do with the lender not wanting to honour the rate. If I am joining the dots and the solicitor has been removed mid application then its not the brokers fault and not the lenders fault.  

There has been some news the last few days about some very large conveyancing firms about to go under. Maybe related to that?  Which firm is it? 

At the minute I can’t get answers to why this happened. They’ve said criteria change but then in the same breath said that it should have been picked up at underwriting. Either way I’m on the hook for money due to absolutely no fault of my own. 

After a nice weekend of worrying I received an email from the person who was managing the case (not the advisor that recommended the mortgage) which was a pdf of the mortgage companies (MPowered) panel and just said ‘hope this helps’

i have absolutely no idea what I’m supposed to do here. The only option available to me is to pay a solicitor to act on their behalf but I don’t think I should be instructing them as they are doing the work for the lenders, not me. They can’t answer these questions and unfortunately it looks like the house is in the pan because I can’t keep stringing the seller along, changing my own conveyancer will make delays of time that I just don’t have and the advisors just can’t tell me what they need. I’m going to try and phone MPowered myself tomorrow to see what the score really is. 

It’s got me so angry. Not only have I lost the money I’ve spent but the seller will not get the same sale price so they’ve lost out and I won’t be able to buy a house now until the dust settles. This was all discussed on Friday and today I get one email with a PDF and ‘hope this helps’. 

On the plus side this has given me the opportunity to quit my job and move country which I’d sacrificed to buy a house.