Skipton's audit team have pulled my mortgage prior to exchange - does anyone know their timescales?

soundtimes

Hi,
Hope someone can enlighten me.  We were due to exchange last week but Skipton's audit team are reviewing the case.  Does anyone have any experience of how long they take to complete the audit process?  We have now been waiting 6.5 days on the audit and the vendors have just put the house back on the market so we are at risk of losing the purchase.  
Thanks!

lisyloo

Have you asked Skipton how long they will take?
Why are they reviewing the case?
Have you gone direct or via a broker?

soundtimes

Hello @lisyloo,
Thank you for responding!  They have said that they aim for 7 days but can take as long as they like which doesn't help.

I have gone through a new broker but it's been a bit challenging with communication, so I found myself going direct to the lender to check if they had all documents needed, felt like I needed to step in to do the communication.  My broker tells me that it got pulled for audit because there were so many enquiries on the case.  I was given an unrealistic 4 week exchange deadline by the vendor and so had to stay on the case.
Thanks

lisyloo

It sounds to me like your seller is putting the pressure on but they have no realistic prospect of getting another buyer any quicker.
A new buyer would have to start from scratch even if they have cash.
If it's outside of your control then no amount of pressure from the buyer will speed things up.
They'll be cutting off their nose to spite their face to cancel the sale for the sake of a short amount of time.

soundtimes

Thanks @lisyloo, I agree but it's just a level of stress and pressure that no-one needs.  Keeping it all crossed that it works out ok in the end.  It's so nice to have someone at the end of the line!

housebuyer143

soundtimes said:

Thanks @lisyloo, I agree but it's just a level of stress and pressure that no-one needs.  Keeping it all crossed that it works out ok in the end.  It's so nice to have someone at the end of the line!

If everything is as your described in the application I don't think you have reason to worry, it's just stress you don't need and time to don't have.
Is it really because you called a lot about it or just a coincidence? Probably the latter 

soundtimes

In case anyone else has looked at this thread, Skipton issued the mortgage offer on working day 8 after the audit process began.  They apologised for the delay as it turns out that they really do try to keep within 7 days.  We managed to exchange, so ours turned out well, we so didn't the additional stress but greatly relieved now.