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Releasing of Mortgage Funds

  • 20-11-2012 3:54pm
    #1
    Jordan79
    Registered Users, Registered Users 2 Posts: 45 ✭


    I am at the stage where I am waiting for the mortgage funds to be released. A possible problem has been highlighted by the bank...the address on the valuation is "Lawn" and the address on my home insurance is "Lawn Heights". I have been told to not do anything at the moment as the bank are checking if this will be a problem.
    I was just wondering if anyone else can share their experience with something like this...it is obviously the same property but will the bank be that picky (for want of a better word) and not release the funds because of this?
    Thanks


Comments

  • #2
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    Jordan79 wrote: »
    I am at the stage where I am waiting for the mortgage funds to be released. A possible problem has been highlighted by the bank...the address on the valuation is "Lawn" and the address on my home insurance is "Lawn Heights". I have been told to not do anything at the moment as the bank are checking if this will be a problem.
    I was just wondering if anyone else can share their experience with something like this...it is obviously the same property but will the bank be that picky (for want of a better word) and not release the funds because of this?
    Thanks

    What's the address on the Contracts/Deeds? If it's 'Lawn Heights' just get the Valuer to fax a one-liner to the bank confirming they're one and the same property and this will be acceptable.


  • #3
    fricatus
    Registered Users, Registered Users 2 Posts: 5,081 ✭✭✭fricatus


    killers1 wrote: »
    What's the address on the Contracts/Deeds? If it's 'Lawn Heights' just get the Valuer to fax a one-liner to the bank confirming they're one and the same property and this will be acceptable.

    You'd think so, but the banks are being unbelievably sticky at present. The only way the OP will know what's acceptable to the bank is by waiting for the bank's response.

    They may be sensible and accept a one-line fax as confirmation, or else they may be silly, and request that the offending document be re-issued with the correct address as per deeds.

    Part of the problem is also that local staff are so tired of applications being queried on minor points by head office, that they're being ultra-fussy, dotting all the i's and crossing all the t's so that they don't have to deal with files coming back and being queried.


  • #4
    Jordan79
    Registered Users, Registered Users 2 Posts: 45 ✭Jordan79


    Thanks for the feedback. Will update when the bank get back to me.


  • #5
    Kristinew
    Registered Users, Registered Users 2 Posts: 18 ✭Kristinew


    I had a similar issue and its still ongoing. I'm in the process of buying a house in the country and its "known as" the old school house so some documents have this and others don't. The name doesn't appear anywhere on the property and you'd have to be a local to know this. The original application for the mortgage i put this on the form and didnt for the home and life cover. Ive been waiting nearly 2 weeks for the bank to release the funds and have had to change the home and life cover to have this address and have the policy documents re-sent. Im still waiting and have no idea if this name is present on the deeds. one big headache after another. Its the only house on that road!!!! im banking with AIB and anytime i send a document to them there is a week before i hear any further info. i'll let you know how i get on as well.....


  • #6
    Jordan79
    Registered Users, Registered Users 2 Posts: 45 ✭Jordan79


    The bank got back to me and I have amended the address on the insurance policy....I removed the "Heights" part in the address on the policy. Amending the address on the policy was fast with no issues. The bank now have the new policy and seem happy but the final decision to release funds is for the lending unit to make so still not 100% that everything is ok but keeping fingers crossed. Should know later today or tomorrow for sure.

    Kistinew, your situation sounds a bit more complicated than mine. Hope it gets sorted out soon for you.


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