Solicitor wants updated offer from broker who I have paid already

Herzlos

Good luck!

saajan_12

DaffyDuck316 said:

Thanks Housebuyer,

I sent a different message in the end outlining my frustrations, especially considering the amount of money I paid, and requesting a refund.

And guess what happened...

I received an apology, an escalation, and a promise of full transparency, including the messages to the solicitor and the BDM. Also the option of finding a new lender with the outlook of getting a partial refund on completion.

I feel like I should stick with the new mortgage advisor (I probably will), but I know that will cost quite a few hundred pounds in itself, so I just don't know what to do now.

At least these are good problems to face.

Did they promise or actually send the messages with the BDM?
If they already have the messages but haven't sent them, then whats the hold up.. that sounds non-transparent in itself. They should be able to forward an email and even provide you a contact to get it confirmed directly, already. In which case you could just get that application approved. 

What did you contract with the broker say - if the fee was conditional on them getting you a mortgage and they didn't, then I'd be pushing for a full refund (maybe settle for 75% if they pay now in time for you to use it as part of your deposit). 

DaffyDuck316 said:

Well you might not have to wait long.

The seller has posted a deadline to exchange for Next Friday

I knew House Buying was stressful but this is unreal.

My new mortgage application has been sent in for approval, so I hear there is a chance I can meet the deadline.

Sounds like they might be losing patience, but if you can get any goodwill, the other alternative is instead of gifting you 8k, they just don't charge you rent for 4 months. That way you could save the same amount and its "your deposit" rather than being gifted. You could then use the helping hand mortgage as normal, so if you already have that offer, then you could exchange now so the seller has certainty and complete in 4 months, which will still be faster than finding a new buyer. 

DaffyDuck316

Hi Saajan, thank you for your message. I have yet to see the messages from the BDM and I'm not entirely sure if the solicitor received them. She might have received them and not read the message as she told me she didn't want to liaise with my mortgage broker anymore. These were the exact words my mortgage broker told me.

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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.
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The contract was a bit ambiguous so that could be a problem, but ultimately I face an even bigger problem now.

My new mortgage broker has met with the same issue as my previous broker. She has told me the new mortgage lender will not accept a concessionary purchase without the Gifted Equity, there may be no lender that will do this.

I have pleaded with my solicitor that once the landlord saw I was viable to make an offer they accepted it, drew up a gifted deposit form and took the house off the market. I'm not sure what else I can do at this stage but hope she changes her mind. I'll see if she received that confirmation from the BDM if there is one.

I do like your idea about freezing the rent to make this the gifted deposit! It's certainly worth a shot if I can't persuade the solicitor to change her mind.

Thanks so much for the advice.

DaffyDuck316

Well after a lot of time and effort, I failed to obtain the mortgage. My last hope was to see if the seller solicitor could be open to amending the contract and persuade my solicitor to do the same. But the seller solicitor ended up siding with my one.

I'm not sure what I'll do now, the shared ownership properties have long queues so it looks like I'll be sticking to renting.

saajan_12

saajan_12 said:

DaffyDuck316 said:

Well you might not have to wait long.

The seller has posted a deadline to exchange for Next Friday

I knew House Buying was stressful but this is unreal.

My new mortgage application has been sent in for approval, so I hear there is a chance I can meet the deadline.

Sounds like they might be losing patience, but if you can get any goodwill, the other alternative is instead of gifting you 8k, they just don't charge you rent for 4 months. That way you could save the same amount and its "your deposit" rather than being gifted. You could then use the helping hand mortgage as normal, so if you already have that offer, then you could exchange now so the seller has certainty and complete in 4 months, which will still be faster than finding a new buyer. 

Sorry to hear that. Any mileage in the above suggestion? 

Hoenir

DaffyDuck316 said:

I'm not sure what I'll do now, the shared ownership properties have long queues so it looks like I'll be sticking to renting.

 If you truly aspire to achieve something then it does require putting in the hard yards. Continue to improve your own financial position as much as you can.

DaffyDuck316

saajan_12 said:

saajan_12 said:

DaffyDuck316 said:

Well you might not have to wait long.

The seller has posted a deadline to exchange for Next Friday

I knew House Buying was stressful but this is unreal.

My new mortgage application has been sent in for approval, so I hear there is a chance I can meet the deadline.

Sounds like they might be losing patience, but if you can get any goodwill, the other alternative is instead of gifting you 8k, they just don't charge you rent for 4 months. That way you could save the same amount and its "your deposit" rather than being gifted. You could then use the helping hand mortgage as normal, so if you already have that offer, then you could exchange now so the seller has certainty and complete in 4 months, which will still be faster than finding a new buyer. 

Sorry to hear that. Any mileage in the above suggestion? 

I was well up for asking that. Unfortunately I cannot get any overtime at the moment so I'm worried my affordability will take a slump below the required level, and it would probably take five/six months to raise the money. I think I would be mega anxious about my affordability and letting everyone down.

What if I were to offer the full asking price for the house? Could the sellers still gift me the money, and would it still be perceived to be a discount? I think this would have been mentioned before if it was doable but I can't wrap my head around it at this time.

Bonniepurple

DaffyDuck316 said:

Well after a lot of time and effort, I failed to obtain the mortgage. My last hope was to see if the seller solicitor could be open to amending the contract and persuade my solicitor to do the same. But the seller solicitor ended up siding with my one.

I'm not sure what I'll do now, the shared ownership properties have long queues so it looks like I'll be sticking to renting.

I’m sorry.  Certainly try to get your money back from the original broker.  

DaffyDuck316

DaffyDuck316 said:

What if I were to offer the full asking price for the house? Could the sellers still gift me the money, and would it still be perceived to be a discount? I think this would have been mentioned before if it was doable but I can't wrap my head around it at this time.

 The sale price for the house is £265,000

What if instead of offering £257,000 + £8000 gifted deposit
I offer £265,000 + £8000 gifted deposit 

Then it wouldn't be an Undervalue mortgage?

housebuyer143

Bonniepurple said:

DaffyDuck316 said:

Well after a lot of time and effort, I failed to obtain the mortgage. My last hope was to see if the seller solicitor could be open to amending the contract and persuade my solicitor to do the same. But the seller solicitor ended up siding with my one.

I'm not sure what I'll do now, the shared ownership properties have long queues so it looks like I'll be sticking to renting.

I’m sorry.  Certainly try to get your money back from the original broker.  

I would go as far as getting compensation for your legal fees. If you only proceeded because the broker got you the mortgage offer (when they didn't really) then I would say they are due to repay your losses. If they told you from the outset that you couldn't get it, you wouldn't have proceeded. Go all the way to the ombudsman if you must. 

I am truly sorry to hear it hasn't worked out. I was routing for you.