I put down 4000 on a house as an initial booking fee(aboiut 1 month ago). My mortgage got pre-approved about 2 weeks ago. In that time the builders wanted the next bit of the deposit. I got a bank draft but my solicitor can not do anything until the mortgage comes through. My solicitor rang the builders solictior to say we had the cash and got them to hold on. Is it up to my solicitor to get onto my mortgage place to get it hurried through???? I rang the mortgage place and they were pretty lax. I am just worried that the builders will say get lost cause they have been holding on over a week at this stage. (this includes the 3 weeks they wanted me to pay the 2nd part of the deposit). what normally happens?
There's no such thing as a rubbish question! You need a full mortgage offer before you can sign contracts and pay the balance of the deposit because you are then legally committed to buying the property and would lose your deposit if the mortgage wasn't approved. You should get onto your lender morning, noon and night until they either fax or courier the loan offer to your solicitor.
Thanks sarah. I guess i am just worried i will get a call from my solicitor saying that the builders are not going to wait any longer and give the 4000 back and say good luck to ya. The mortgage guy does not seem to be too worried. I have explained the situation to him. It has been 2 weeks since pre-approval, but he claims he is waiting for "head office" to get back to him??!!! Can builders just pull the plug on you or do they give warning? thanks again.
There is no such thing as a rubbish question, only a rubbish answer.
Start bluffing to your bank. Ring them and tell them that you have approval from another bank and thet they have guaranteed that paper work will be available in x days. One step ahead would be to actually go to other lenders and ask if they approve you and if they can have paper work ready by x date.
Also ring the manager of your branch and tell him the same thing. It worked for a friend of mine after threatening 3 times, upon which the documents were hand delivered to his solicitor in a matter of a few hours.
Will prob have to give that a shot chris. I am just a bit annoyed and dont want this mortgage guy to cost me the house. The bad thing was he was recommended by someone.
The builders can and will return your deposit if they have someone else lined up and ready to sign. Hassle your lender until they issue the offer to get you off their backs! Who is it BTW?
It is with the EBS. I met them at least 4 weeks ago. Got a call that they wanted to see me. Went down and your man goes "I forgot to get you to sign one part of the form". this was 2 weeks later. He rang me the next day to say the mortgage had been pre-approved. I payed the 120 to have it valued. and have heard nothing. Meanwhile i have the 2nd part of the deposit ready for at least a week. My solicitor got the builders to hold on, but they can only do this for so long. I am getting no joy from them (EBS) at the moment.
You can call head office directly too...as Sarah says the quickest way to get this dealt with is to ring them yourself- don't worry about appearing a pest- the more you ring the more they'll want your stuff dealt with so they dont have to take any more calls from you.