For 6 months, I have been trying to get my name of the title deeds and a mortgage to a property owned by my husband. I only went on the deeds with a 1% interest so that he could meet their lending criterea (he did not have a residential property in his own name).
I wanted to come off of the mortgage and this company owned by {Mod - a hint which is intended to identify is as bad as simply naming}. This organisation is running the most shambolic administration teams and I urge any others thinking of taking a mortgage out with this group to run a mile.
My husband has had to go through a complete remortage application even though his income is in excess of £50K- its a small mortgage and ltv is about 55% and a good rental income. In February, they told us that I could come off the mortgage if we reduced the loan by £18K as there was a change to their lending criterea. I paid off the £18K straight away. Two weeks later, we get told it has to go back to the underwriters???
Then we had weeks of chasing for the mortgage offer to be sent out. Husband signed paper work and returned it promptly. Then even more delays because the big company hasn't forwarded the paperwork to their solicitor. More stress and constant chasing! So we are now at the end of April when solicitor then states, the company now want an indemnity insurance policy taken out. What - where did this come from? More delays!!
Husband and I sign the TR1, then wait over 2 weeks before Director of large organisation signs. 3 weeks ago, I finally feel happy when solicitor confirms documents have gone off to landregistry. Today, an email from solicitor saying LR want some further information which is going to cause delays. I got really frustrated and told solicitor this was not acceptable etc. I called the LRegistry and guess what?? The TR1 is not valid because only 1 Director of said firm had signed it and it hadn't been witnessed either. Apparently one Director can sign but only if they use a special seal and that hadn't been used. I have never been so frustrated in my life. This is bad on the Company's side and that of the Solicitors - they should have spotted this mistake and instead of owning up, they tried to say we needed to provide further information to cover up the delay.
Please, if you are thinking of using the same company for your BTL mortgages - think very carefully. The simple task of taking me off the mortgage has taken almost 6 months and the light at the end of the tunnel still isn't in sight!
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Something that makes me laugh, I did my own conveyancing a couple of months back transferring 100% of a mortgage free property into my sole name. It went through without a hitch. Involve expensive solicitors (as lender requires this) for a simple transfer of 1% and the transaction is fraught with errors because of the incompetancy of the so called professionals. -
Claymore I share completely your frustrations with lenders , although on a different plane I have recently experienced significant issues with the business prevention unit of a significant lender within the BtL market, reaching a point where I was forced to make asubmission to someone with seniority; whilst I was successful I was made aware that my card may have been marked as I had had the temerity to challenge an underwriter. Pragmatism has gone completely out of the window and whilst they talked about a case being credible and reasonable they canin fact prove very obdurate when they feel If is necessary.
Dontlet the b.....s grind you down
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