PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

At what point while buying do you cut your losses and back out?

Options
I'm buying my first home at the moment, at least I'm trying to. Offer accepted in July, mortgage agreed quickly, generally happy with the survey. Since the start of August however I've been waiting for the buyer to get a regularisation certificate for a removed wall, without which my solicitor said I won't be able to get my mortgage.

I am struggling to get any information whatsoever, all I get from the solicitor about an update is 'I'll chase their solicitor but he's not telling me anything' - my solicitor has been unable to even confirm if they have even agreed to get the certificate, I asked the estate agent who said as far as they know they are getting it done but they haven't heard much.

I've not had an update in nearly 2 months (only 'sorry, we don't have any new information'), I can't get anyone to give me any indication of how long it'll be, I feel like no-one will tell me anything and very much reaching the point where I'm thinking I should be cutting my losses (approx £1000) and dropping out (more from the lack of communication than anything else).

However... there is an additional complication. Earlier this month I was made redundant, I found a new position within a few days, with a 20% pay rise, but as a result I'm now a new employee and while I would have a slightly larger budget I'm assuming that mortgage providers don't want people who have only been in their job a few days/weeks, this is the main reason I haven't already jumped ship on the communicationless house.

Is this a reasonable time to be unable to get any information? Am I being silly wanting to jump ship over a couple of months delay (so far.. no indication of when the delay will end)? Can you get re-approved for a mortgage if you're in a new job?

Arrrgh.

Comments

  • Hoploz
    Hoploz Posts: 3,888 Forumite
    This isn't just a delay, this is no info at all! You need to be asking for an update on exactly what progress has been made with the application, if indeed they have made one. If you don't even have confirmation they are starting the process then I'd be worried. Was your lender not satisfied with an indemnity policy?
  • Was your lender not satisfied with an indemnity policy?

    I don't believe the lender has been directly involved. My solicitor told me that I'd be unable to get an indemnity policy because the seller has previously approached the Local Authority and had it marked as pending approval with them and that she'd have to inform the mortgage company and I wouldn't be able to get the mortgage.

    The wall in question was removed over 20 years ago before the current owner purchased the property.
  • kinger101
    kinger101 Posts: 6,572 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    No need to pull out yet, but you should certainly be continuing your search for properties. Start by viewing one this weekend with the same estate agent. Vendor might pull their finger out their rs when their agent gives them a call.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • Doozergirl
    Doozergirl Posts: 34,074 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Considering that indemnity isn't an option, I'd phone building control yourself and speak to someone helpful. Grovel a bit.

    What you really need is a letter saying they won't take action as that is all the indemnity covers. It is ridiculous as they can't enforce now, not without real concern about public safety and a huge amount of paperwork and court cost. Never going to happen after over 20 years. You have to satisfy yourself that it is safe by means of your survey.
    Everything that is supposed to be in heaven is already here on earth.
  • Lenders may be a little picky if you are still in a probationary period, but continuous employment is good even if it's not with the same company.

    When does your mortgage offer expire? We jumped ship two weeks ago. We bought the house "no chain"...after 2 months of constant stalling and no information being provided by them or their solicitors, we found out that they needed to purchase now as they had "changed their minds". Property was no longer chain free and they said they were highly doubtful that they would find anything this side of Christmas.

    The lack of communication and the stalling led us to lose complete faith in our sellers. We were also at risk of losing our buyers (see signature for that!)

    I would be starting to give ultimatums/deadlines and start viewing other properties. It's awful and some people just have no thought about how their actions are influencing others.

    Good Luck!
  • Regarding the Regularisation Certificate, not sure if time scales are different in other areas.

    We are in Manchester and our buyers solicitor wanted us to get a Regularisation Certificate for the roof.

    We were informed of this on the Monday, contacted the Council on the Tuesday, paid the fee on the Wednesday and the inspector came out on the Thursday. He advised what we needed to do to comply (just add another layer of insulation to bring it up to the stated minimum thickness - I think it was 200mm from memory). He advised us to ring him once it had been done. We did this on the Monday morning, he came back out to inspect on the Monday afternoon, and emailed the certificate to me first thing Tuesday morning.

    So, all in all, from first being informed of the need for a certificate by the Solicitor on a Monday, we had one in our possession by the Tuesday (8 days later). Even if things are different area to area, a delay of several months seems a bit extreme.

    Hope you can get this sorted.

    PP
  • NicNicP
    NicNicP Posts: 249 Forumite
    Seventh Anniversary Combo Breaker
    My husband was in the process of starting a new job when we applied for our mortgage. We were asked to get his employers to fill outvdone details of his wage, etc and headed paper and they based the mortgage on those details rather than the job he was currently in.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.