Precise Mortgage Valuation Timescale

cp33c

Morning all.

I'm just wondering if anyone has been going through the same issue as us. We're currently waiting for Precise to sort out the valuation on a property we're trying to buy. We were told by our broker on 18/4 that our application had been given the go ahead for valuation. Our broker has been chasing for updates and all he's been getting back is that it's in a queue waiting to be assigned to a surveyor. So from then till now is 3 weeks and it's still not gone any further. Is this normal? 

Thanks

Bigphil1474

3 weeks does seem a tad long, but not horrendously long. We've now sold our house twice and both had valuation surveys completed within about 3 weeks. The last one took a week longer as we needed to do some minor repairs before they came, so put it off a week. It might depend on the property, ours is just a bog standard 3 bed mid terrace.

cp33c

I know it's been nearly a month since I originally posted, however this might have taken a bit of a sinister turn. So firstly, my partner and I are still waiting for the valuation to be booked in. We've been given a number of excuses by our broker, the last one being that they've had to cancel the instruction and resubmit as an urgent case because the panel of surveyors was taking too long. 

Anyway, today I decided to go above our brokers head and contacted the lender direct. I found out that there is no application showing on their system for our purchase. They searched with my name, my partners name and the property we'd like to purchase and only the DIP's showed up. Nothing else. Obviously, we're now in a state of panic. Is this normal for a lender to report this sort of thing about there being no application? We're now 7-8 weeks without the valuation even being booked, so that's an okay time to make these enquiries, especially when the broker isn't giving us details, right? It's been left with the BDM of the lender to contact me by end of play tomorrow. 

Now, I might be jumping the gun here, but what happens if the broker we've got is dodgy in any way? Is there something we can do about it? I'm really hoping this all amounts to nothing and that actually there's been an error or something and that actually everything's fine, but thought I should update this thread and find out other people's thoughts. 

Thanks

kingstreet

cp33c said:

I know it's been nearly a month since I originally posted, however this might have taken a bit of a sinister turn. So firstly, my partner and I are still waiting for the valuation to be booked in. We've been given a number of excuses by our broker, the last one being that they've had to cancel the instruction and resubmit as an urgent case because the panel of surveyors was taking too long. 

Anyway, today I decided to go above our brokers head and contacted the lender direct. I found out that there is no application showing on their system for our purchase. They searched with my name, my partners name and the property we'd like to purchase and only the DIP's showed up. Nothing else. Obviously, we're now in a state of panic. Is this normal for a lender to report this sort of thing about there being no application? We're now 7-8 weeks without the valuation even being booked, so that's an okay time to make these enquiries, especially when the broker isn't giving us details, right? It's been left with the BDM of the lender to contact me by end of play tomorrow. 

Now, I might be jumping the gun here, but what happens if the broker we've got is dodgy in any way? Is there something we can do about it? I'm really hoping this all amounts to nothing and that actually there's been an error or something and that actually everything's fine, but thought I should update this thread and find out other people's thoughts. 

Thanks

Is this being done via a packager - 3MC, Solent, Connect, Brightstar etc? If your broker is working via a packager rather than direct with Precise, that may explain why the application hasn't made its way to Precise yet. Any packager fees on the illustrations?

cp33c

kingstreet said:

cp33c said:

I know it's been nearly a month since I originally posted, however this might have taken a bit of a sinister turn. So firstly, my partner and I are still waiting for the valuation to be booked in. We've been given a number of excuses by our broker, the last one being that they've had to cancel the instruction and resubmit as an urgent case because the panel of surveyors was taking too long. 

Anyway, today I decided to go above our brokers head and contacted the lender direct. I found out that there is no application showing on their system for our purchase. They searched with my name, my partners name and the property we'd like to purchase and only the DIP's showed up. Nothing else. Obviously, we're now in a state of panic. Is this normal for a lender to report this sort of thing about there being no application? We're now 7-8 weeks without the valuation even being booked, so that's an okay time to make these enquiries, especially when the broker isn't giving us details, right? It's been left with the BDM of the lender to contact me by end of play tomorrow. 

Now, I might be jumping the gun here, but what happens if the broker we've got is dodgy in any way? Is there something we can do about it? I'm really hoping this all amounts to nothing and that actually there's been an error or something and that actually everything's fine, but thought I should update this thread and find out other people's thoughts. 

Thanks

Is this being done via a packager - 3MC, Solent, Connect, Brightstar etc? If your broker is working via a packager rather than direct with Precise, that may explain why the application hasn't made its way to Precise yet. Any packager fees on the illustrations?

I don't believe that it has been done via a packager. I've just checked the last mortgage illustration that we received that came along with the DIP and there's nothing in there to suggest that it would be via a packager - no mention, or extra fees.