Solicitor wants updated offer from broker who I have paid already

housebuyer143

DaffyDuck316 said:

Thanks for your opinion housebuyer,

I will check the terms and conditions. Myci

I think even if I were to get a refund, if I was to combine that with the money I have, I would still need £5000, and currently there is no overtime available to me which is frustrating. The seller has already been waiting seven months, I'm not too sure what their mindset is as the sale is going through an estate agent. Umm, I have nothing to sell. Perhaps I could find some extra work, but I already work 60 hours/week, I could maybe stretch out to 100 hours/week, but that would be hard to fit the extra hours around the hours that I do work and I still feel like it would take too long to get to where I need to get to though.

I'll see if I hear back from any brokers, and otherwise I can try and negotiate with the seller. Maybe if I get an extra job, I might get lucky and the seller could maybe freeze my rent payments for a couple of months. That would save me £2000.

The seller might reduce £5k tbh if you explained the situation and told them there was no possibility of you being able to buy it without them doing so. Don't withdraw until you ask. I really am crossing everything for a good outcome for you. 

If it doesn't work out then 100% look to get your money back from the broker and if the broker told you, you could get the mortgage and that then was the catalyst to starting the legals then I would be looking to be compensated for more than just a refund on the fee. 

DaffyDuck316

Thanks housebuyer,

I have received some good news at long last!

My estate agent sent me a contact to an independent mortgage advisor, and they found me a lender!

But as always there is a slight drawback. I need to match the deposit contribution to that of the seller and pay the new mortgage advisor too at the application process.

This equates to about an extra £2000. Ah, you know what, I'm sure I will find a way, especially if I were able to get a refund from the original broker. Hmm, but I sort of want more than a refund as I accrued extra solicitor fees, and that would probably take time....(I did send that email btw)

Lots to think about, thank you to everyone who has tried to help.

Myci85

Fingers crossed for you, I hope there is a way. I know all too well the pain of trying so hard to make a situation work so you can get on the property ladder and out of the rental trap. I didn't honestly believe we would ever get there, but we did, and I hope you do too.

DaffyDuck316

Thanks Myci, I hope your journey wasn't too stressful, but it sounds like it was. Actually, it feels like everyone has a story to tell when it comes to buying a home.

I think this is going to work out for me if I can get a positive response to one last question.

If I pick a date for completion that will he after I have been paid but before any utility/grocery bills have gone out etc etc, and give evidence of proof of funds around that date, would that be acceptable?

Then I can focus on saving for the solicitor which shouldn't be too much more to save. They did tell me they will charge for the extra work caused by the old broker though. I'll have to find out what that would mean.

housebuyer143

DaffyDuck316 said:

Thanks Myci, I hope your journey wasn't too stressful, but it sounds like it was. Actually, it feels like everyone has a story to tell when it comes to buying a home.

I think this is going to work out for me if I can get a positive response to one last question.

If I pick a date for completion that will he after I have been paid but before any utility/grocery bills have gone out etc etc, and give evidence of proof of funds around that date, would that be acceptable?

Then I can focus on saving for the solicitor which shouldn't be too much more to save. They did tell me they will charge for the extra work caused by the old broker though. I'll have to find out what that would mean.

I am glad it's hopefully going to work out. Yeah, everyone definitely has a story, if you don't you are one lucky person 😂. 
This group was so helpful when my purchase almost collapsed because my solicitor didn't understand what was required, and it took me taking the information from here and fighting with her to actually complete on my house. Got there in the end and I'm sure you will too.

What you are doing should be fine with the proof of deposit 👍 

Herzlos

DaffyDuck316 said:

Thanks Myci, I hope your journey wasn't too stressful, but it sounds like it was. Actually, it feels like everyone has a story to tell when it comes to buying a home.

I think this is going to work out for me if I can get a positive response to one last question.

If I pick a date for completion that will he after I have been paid but before any utility/grocery bills have gone out etc etc, and give evidence of proof of funds around that date, would that be acceptable?

Who, the bank? They'll want to see 3 months of statements rather than just a snapshot. Otherwise you could cash a check for £10k, get a statement and then have it bounce.

DaffyDuck316 said:

Then I can focus on saving for the solicitor which shouldn't be too much more to save. They did tell me they will charge for the extra work caused by the old broker though. I'll have to find out what that would mean.

Make sure you get that in a separate invoice so you can take the broker to small claims court for the cost of their mess. I'd also be talking to the FCA about the dodgy advice.

DaffyDuck316

Hi Housebuyer143,

Yes! I have been delighted by the amount of support I have received in trying to make sense of everything. In my mind I expected maybe one or two people to hopefully assist me in this topic, but I have been overwhelmed by how many people have tried to help me make sense of the situation.

Hi Herzlos, I'll check with my new mortgage advisor about the money. It's not a case where I have the money for 1 day of the month and not for 30 days, but rather that I have the money for 20 days of the month, and not for 10.

I'll start off with a bit of debt after completion in this scenario, but I should receive back a tenancy deposit at some point.

DaffyDuck316

Hi everyone,

I thought I would share back the response I received from my original broker. I can't tell if she is being truthful or not, because she has ignored me for two weeks, and sent me a quote for a new solicitor which did not have any contact details on it. Just to be clear, I'll be sticking with my new mortgage advisor. I hope it is ok to post this on here, I would love to know your thoughts and I figured you might be interested..

I'll post my original message as well, followed by the response...

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Hi (broker),

I am disappointed you didn't call me back yesterday like you said you would.

I really would like to know your thought process at this time.

From what I can see:

- A gift from a landlord cannot be used in a Gifted Deposit application 

- A Genuine Bargain Price application cannot be used in conjunction with a Helping Hands Mortgage

I can understand why we might be able to persuade a solicitor to change their mind to use a Gifted Deposit mortgage, but I have recently contacted Nationwide and they have been insistent for months that this needs to be done as a Genuine Bargain Price mortgage.

Now, I can understand if a mistake has been made and I would have accepted it. What I cannot accept is that you haven't been forthcoming about the situation, and recently (although I did ask for this) you recommended a new solicitor to me. I'm not sure that is looking after my best interests. I have also accrued solicitor fees for the extra work this has caused them.

As you have not been forthcoming and I am exhausted trying to be able to get in contact with you, unless you can tell me what you consider your thought process to a solution to the situation to be, I will be forced to escalate this matter.

Please write back to me.

Thanks,

(Me)

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Thank you for your email.

I’m really sorry I missed our call—on Thursday I had to leave the office unexpectedly due to a family emergency and was off on Friday. I appreciate your patience and understanding.

 

Just to clarify, your application doesn’t need to meet the Genuine Bargain Price criteria as its classed as concessionary purchase for a landlord. I’ve provided confirmation from a Business Development Manager at Nationwide to support this, so everything is in order and no errors were made.

I completely understand if you’d prefer not to switch solicitors—I only suggested it as a possible way to speed things up and help move things forward for you. If you’d like, I’m happy to explore alternative lenders as well so you can keep your solicitors, it will just take longer than switching solicitors.

I’ll be back in the office on Monday, so please let me know your availability and we can arrange a time to catch up properly.

Apologies again for any inconvenience caused by my absence and thank you again for your understanding.
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Tiglet2

DaffyDuck316 said:

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Thank you for your email.

I’m really sorry I missed our call—on Thursday I had to leave the office unexpectedly due to a family emergency and was off on Friday. I appreciate your patience and understanding.

 

Just to clarify, your application doesn’t need to meet the Genuine Bargain Price criteria as its classed as concessionary purchase for a landlord. I’ve provided confirmation from a Business Development Manager at Nationwide to support this, so everything is in order and no errors were made.

I completely understand if you’d prefer not to switch solicitors—I only suggested it as a possible way to speed things up and help move things forward for you. If you’d like, I’m happy to explore alternative lenders as well so you can keep your solicitors, it will just take longer than switching solicitors.

I’ll be back in the office on Monday, so please let me know your availability and we can arrange a time to catch up properly.

Apologies again for any inconvenience caused by my absence and thank you again for your understanding.
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I haven't commented on this thread so far, but did just want to say that changing solicitors will take you back to the beginning of your conveyancing transaction so please don't think that switching solicitors will be quick.  I don't believe your broker is correct with this statement.   

DaffyDuck316

Hi Tiglet2,

I'm quite surprised to see a new face to the topic, I appreciate your comment.

I have not really heard of an application that is concessionary purchase for a landlord.

If she speaks the truth, then well I have paid her fees, and her job is done. I can take the hit for this not going through.

And you may wonder why I am so intent in pursuing this. Well the truth is I paid over £1000 in fees. I knew the cost was high but I wanted the best chance in securing the property as my own.

I'm sticking with the new mortgage advisor and original solicitor.