Mortgage Approval Delayed

Cessee

Hi! I am plannig to put a deposit to one of the newly built houses thats with SherryFitz but upon speaking with the bank today they said that they are only able to take my application come Jan 2019 as i need LTI exception and bank has fully filled it now.. Just wondering if SF will give consideration for my loan approval around mid Jan 2019? I think they will give out contracts soon, if not end of this month then by mid Nov. Am I wasting time to put a deposit without mortgage AIP at the moment? Would appreciate anyones idea about this or with other sellers, similar situation.. Thanks!

cordy1969

After just trying to buy 2 properties off Sherry Fitz, who couldn't even mange to get contracts raised in 12 weeks, I'd say you have more than enough time. Sherry Fitz seem incapable of doing anything remotely time efficient.

4ensic15

cordy1969 wrote: »

After just trying to buy 2 properties off Sherry Fitz, who couldn't even mange to get contracts raised in 12 weeks, I'd say you have more than enough time. Sherry Fitz seem incapable of doing anything remotely time efficient.

Sherry fitz don't issue contracts. The solicitor for the vendor does. Sherry Fitz have no control over the issuing of contracts.

Cessee

cordy1969 wrote: »

After just trying to buy 2 properties off Sherry Fitz, who couldn't even mange to get contracts raised in 12 weeks, I'd say you have more than enough time. Sherry Fitz seem incapable of doing anything remotely time efficient.

Thank you!! Youve given me a bit of hope! When I enquired with them this week they said that i need to give them solicitor name and help to buy code if i will put a deposit so thinking that they might send contract soon and run the 21 days.. I also heard that the previous phase they released last month i think has already signed contracts this week so thinking our phase is next soon.. but yeah banking that they would be delayed tho i am wondering if they will push signing before year end.. the property turnover is late summer next year and i know they were also delayed with the first few phases.. btw, is it better i tell them now i am to have mortgage in Jan 19 or just not mention it at all? Thanks again!

4ensic15

Cessee wrote: »

Thank you!! Youve given me a bit of hope! When I enquired with them this week they said that i need to give them solicitor name and help to buy code if i will put a deposit so thinking that they might send contract soon and run the 21 days.. I also heard that the previous phase they released last month i think has already signed contracts this week so thinking our phase is next soon.. but yeah banking that they would be delayed tho i am wondering if they will push signing before year end.. the property turnover is late summer next year and i know they were also delayed with the first few phases.. btw, is it better i tell them now i am to have mortgage in Jan 19 or just not mention it at all? Thanks again!

Better to say nothing and delay signing until you have a mortgage. Building is often delayed and you can string things out with surveys.

Cessee

4ensic15 wrote: »

Better to say nothing and delay signing until you have a mortgage. Building is often delayed and you can string things out with surveys.

Thanks! Will do that until they corner me and kick me out of reservation... i wonder if they are gonna do this.. i am serious on buying the house just not so clever applying for the mortgage earlier - no idea lti exception runs like this - like all the banks now!

cordy1969

4ensic15 wrote: »

Sherry fitz don't issue contracts. The solicitor for the vendor does. Sherry Fitz have no control over the issuing of contracts.

Both vendors had exactly the same solicitor which just happened to be right next door to them. So yes I'd say they have something to do with it. Regardless of who issues what the agent should be at least able to offer updates on where it's at. That being said even that was too hard and we had to constantly ring and chase them up.

4ensic15

cordy1969 wrote: »

Both vendors had exactly the same solicitor which just happened to be right next door to them. So yes I'd say they have something to do with it. Regardless of who issues what the agent should be at least able to offer updates on where it's at. That being said even that was too hard and we had to constantly ring and chase them up.

Once an estate agent takes a deposit they write to both solicitors. Everything after that is between the solicitors. It has nothing to do with the agent. It is quite likely the solicitor sent his clients next door when they were selling.

Cessee

cordy1969 wrote: »

Both vendors had exactly the same solicitor which just happened to be right next door to them. So yes I'd say they have something to do with it. Regardless of who issues what the agent should be at least able to offer updates on where it's at. That being said even that was too hard and we had to constantly ring and chase them up.

Just wondering if thats a newly built too you are talking about?

cordy1969

Cessee wrote: »

Just wondering if thats a newly built too you are talking about?

I'll pm you as I don't want to take over your thread, sorry for going off topic.