Banks house surveys

[Cuiky_Hibby]

ok currently in the process of buying my first house and starting to wish i didnt now!

First off are all mortgage advisors tools? or just mine. First off from the start i was refused a mortgage because she couldnt work the system then the next day was offered because im guessin the little computer had a gremlin in it that day.
Second with all the property details in hand and taking her through all the stuff everything seemed bonza but low and behold the phone call came 3 weeks later(yes 3 weeks)i now needed 20% deposit instead of my 10% because its a new build which apparently is common knowledge among these folk :rolleyes:
So having pulled together another £11 grand which was painful and not proud of the stuff i did(hold the jokes) thinking im all set.
Now near the start of the process i was advised to give up the lease on my flat on the advisement of my solicitor and mortgage advisor which is up in a weeks time. The last hurdle seemed to be the bank doing a survey on the property now baring in mind the property was valued at £140,000 8 months ago and im buying for £110,000 i thought no problem this will sail through......the phone call came "hi just to say the survey went fine and everything seems to be good to proceed with goin to your solicitor"
Result this lady might be goin back in my good books, oh how wrong i was.
Around dinner time i get a call from my favourite person yup you guessed it "im sorry there seems to be a problem with the survey it doesnt meet our valuation and will be needing £3000 more of you"
Now im really pissed off and with the prospect of being homeless in just over a weeks time im really bricking it and raging

that concludes my rant thank you for listening

[CropleyWasGod]

Without commenting on the ability, or otherwise, of your advisor, .... speaking from my own experience, and that of other accountants and lawyers, there is a culture around just now among lenders that seems to say "if we have the slightest doubt about lending you money, we won't give you it."

You might have got caught up in that a bit, being a first-time buyer. I could have pointed you in the direction of an advisor I have a lot of faith in, but whether that would have made it less painful for you.....:dunno:

These days, the accepted best practice seems to be..... get the finance in place (which would, of course, rely on the survey) and only then put the offer in. Once that's all sealed, you can go about quitting your own place.

[Cuiky_Hibby]

Without commenting on the ability, or otherwise, of your advisor, .... speaking from my own experience, and that of other accountants and lawyers, there is a culture around just now among lenders that seems to say "if we have the slightest doubt about lending you money, we won't give you it."

You might have got caught up in that a bit, being a first-time buyer. I could have pointed you in the direction of an advisor I have a lot of faith in, but whether that would have made it less painful for you.....:dunno:

These days, the accepted best practice seems to be..... get the finance in place (which would, of course, rely on the survey) and only then put the offer in. Once that's all sealed, you can go about quitting your own place.

Thanks mate, understand i have no real knowledge of the housing market and was acting on the advisement of the lawyer and mortgage advisor which seems to have got me into a right pickle

[CropleyWasGod]

Thanks mate, understand i have no real knowledge of the housing market and was acting on the advisement of the lawyer and mortgage advisor which seems to have got me into a right pickle

So.... now you know, moving house is almost as stressful as it gets. They say it ranks along with divorce and bereavement. I'd go along with that :agree:

Next time... :aok:

[Speedy]

So.... now you know, moving house is almost as stressful as it gets. They say it ranks along with divorce and bereavement. I'd go along with that :agree:

Next time... :aok:

I'm moving next week. I'm only renting and that's stressful enough.

[easty]

We bought our first house a few months ago, I have to say I didnt find it stressful at all. We'd saved up the deposit which was ready and in the savings account, the bank were willing to lend us £60k more than we needed to borrow (which to be honest was ridiculous because the repayments on borrowing the maximum would have been killer) so the mortgage was signed off no problem. The day we went to sign all the documents in the bank the women checked to see if she could get us a better rate, and she could.

I was surprised, and happy, with how easy it all went, considering what I'd heard from others.