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    • ardgowanman
    • By ardgowanman 18th Aug 17, 6:34 PM
    • 1Posts
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    Waiting (and waiting) for mortgage offer from Nationwide
    • #1
    • 18th Aug 17, 6:34 PM
    Waiting (and waiting) for mortgage offer from Nationwide 18th Aug 17 at 6:34 PM
    Apologies, this is a long one!

    Put in an offer a couple of months ago for a property that requires fairly significant refurbishment. Applied for a mortgage through Nationwide (directly, through an in-branch visit).

    Before we made the offer we had been made aware by the vendor that the property had suffered from subsidence 30 years previously, had been underpinned, and that there had been no recent movement. They had a report from a subsidence specialist (commissioned by their insurer) confirming that this was the case. They didn't have a formal report about the nature of the underpinning (although they were the owners when it was carried out) although they did have evidence from the local council that it was carried out under the oversight of Building Control.

    After some delay a valuer was dispatched to value the property. In the meantime, we had a full building survey carried out which confirmed what the vendor had told us, which reassured us about the position on movement.

    Our mortgage consultant at Nationwide advised that it was possible/likely that further investigation would be required to understand the nature of the underpinning. Fine.

    We got notification just over a fortnight that the valuation had been submitted and accepted, but that further investigation was indeed required. This is where the fun begins, because having been back and forth to Nationwide for that full fortnight, Nationwide cannot tell me exactly what kind of investigation they require. I've spoken to a number of structural engineers to get quotes, who all advised:-

    a) they cannot act, or provide a quote, without understanding exactly what it is that our lender need to know (do Nationwide need to understand the dimensions of the underpinning? the soil structure beneath? the structural stability of the underpinning? all of the above? something else?) and
    b) in their view (albeit informally) such investigations would be surplus to requirements if, as has been confirmed, there has been no structural movement.

    The last two weeks have involved daily - often twice daily - calls to Nationwide to try to understand what is going on and exactly what it is they need to know. First the issue was being reconsidered by underwriters. Then it was referred back to the valuer. The valuer - a separate company - hasn't replied and there is apparently no mechanism to chase them. There is possibly an issue about the matter needing to be referred on to resolve issues about the insurability of the property. But the vendors' insurers are well aware of the situation and have confirmed that they would be able to continue insuring the property, and our own insurers have confirmed that - with the situation being that as I describe above - they would be happy to insure too, with an increased excess. (As an aside; onward sale is naturally a consideration under these circumstances but we intend being in this property for a significant length of time, and it's priced to reflect its current condition).

    All we want is some certainty from Nationwide about what it is that they want. As it is, we am stuck in limbo, being promised repeatedly that the issue would be resolved, with nothing happening.

    Meanwhile, the vendors are getting more and more anxious, and so are we. Luckily both sides of the transaction are chain free, but for that reason we were all expecting a quick exchange.

    Any advice gratefully received.
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    • Northernhouse
    • By Northernhouse 13th Jan 18, 3:15 PM
    • 1 Posts
    • 0 Thanks
    • #2
    • 13th Jan 18, 3:15 PM
    • #2
    • 13th Jan 18, 3:15 PM
    Hi, I!!!8217;m having a similar problem. I just wondered what your outcome was in the end and whether it was resolved. Did the mortgage company get back to you? What steps you had to take etc? Would be so useful for us to find out. Really hope it was positive for you. Thank you so much!
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