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

SqueezyPig · 18 October 2016 at 6:42PM

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.

Hoploz · 18 October 2016 at 6:48PM

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?

SqueezyPig · 18 October 2016 at 7:11PM

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 · 18 October 2016 at 9:31PM

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.

Doozergirl · 18 October 2016 at 9:53PM

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.

Bonfire_Bride · 18 October 2016 at 9:57PM

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!

peppapiglet · 18 October 2016 at 10:37PM

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 · 19 October 2016 at 8:06AM

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.

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

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