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Solicitor issue

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  • G_M
    G_M Posts: 51,977 Forumite
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    gemmy26wales wrote: »
    The survey was a homebuyers report done through the mortgage company so it meant that I had the valuation and report done by the same person.
    Then this makes no sense. You have misunderstood something.


    If the mortgage Valuation was done in April, the the mortgage cannot have been approved in March!


    The full mortgage offer would not be made until the Valuation was done.
  • kingstreet
    kingstreet Posts: 38,766 Forumite
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    HSBC has a two stage process for those going direct.

    It underwrites a full application on the individual and issues an offer "subject to valuation."

    Then you go back, provide the property details, the valuation is done and a final offer is issued.

    In the event of a price reduction, we would view actioning that with the lender as our job, not the solicitors; so if no broker is involved, it should be the applicant's responsibility to explain to the lender what the new purchase price is and how it impacts the amount being borrowed.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • gemmy26wales
    gemmy26wales Posts: 656 Forumite
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    edited 26 June 2018 at 9:20PM
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    Sorry, the survey was done towards end of march. She never had a copy of the mortgage in principle because by the time the mortgage offer was through after the survey, only then I paid for the searches and brought documents down.

    No broker involved, just myself, hsbc and solicitor

    Soooo, got the keys today! Solicitor emailed on Friday to say hsbc would only lend x amount so the solicitor has made up the difference by taking it off their fee.
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