What happens now?

[Georgiegirl]

Long story short - buying first house, everything going hunky dory, nearly ready to exchange and then bam, our solicitor is not on the approved panel of the mortgage company. They are appealing this, but how long will it take?

[scotal]

Depends entirely on the lender.
They might add the solicitor to the panel.
They might make you pay for their approved sols to double check your solicitors work from their point of view.

Out of interest why didn't you ask the lender this?

Edited by scotal on Thursday 9th September 14:29

[Georgiegirl]

I haven't actually had any dealings directly with the lender - I am going through a mortgage broker, which I assume I am not allowed to name on here. They told me last night, they said the lender would not provide information about the decision other than the decision itself. My solicitor confirmed this morning they have been denied.

Have to admit I am very very green about this, tried to do all of my reserach of course but this is one thing I didn't see coming! The mortgage broker has been less than useless so far actually.

Edited by Georgiegirl on Thursday 9th September 14:32

[scotal]

Georgiegirl said:

I haven't actually had any dealings directly with the lender - I am going through a mortgage broker, which I assume I am not allowed to name on here. They told me last night, they said the lender would not provide information about the decision other than the decision itself. My solicitor confirmed this morning they have been denied.

Have to admit I am very very green about this, tried to do all of my reserach of course but this is one thing I didn't see coming! The mortgage broker has been less than useless so far actually.

Ah, right. Well the Broker should have been able to give you an idea of what would happen. That would have been my first question to the lender as a broker, if only because its is going to cost you (the client) in some way shape or form. They should also have an idea of what the likelihood of a successful appeal was (No chance is my best guess, especially if the lender is question is a large Spansih lender)
The lender should be able to give you an outline timescale on that. as much becuase it could conceivably cost you the house as anything else.
However as you say some brokers are a bit poor, and you are an FTB.

[Georgiegirl]

No the lender is a smaller building society. Their football club ends with Forest (subtle hey?!)
Just had a call from solicitor, they hope to have an answer tomorrow or Monday. It does seem ridiculous as the solicitor is on several other panels, with much larger lenders! Fingers crossed. Thanks for your help.

[scotal]

Georgiegirl said:

No the lender is a smaller building society. Their football club ends with Forest (subtle hey?!)
Just had a call from solicitor, they hope to have an answer tomorrow or Monday. It does seem ridiculous as the solicitor is on several other panels, with much larger lenders! Fingers crossed. Thanks for your help.

Ah. them. Interesting choice of lender.

[Georgiegirl]

Oh God. Tell me??

[scotal]

Georgiegirl said:

Oh God. Tell me??

There's nothing greatly wrong with them. YHM