Hi there. Hoping someone can help. We had a short settlement period and my conveyancer just went on holiday as of today and won't be back for 2 weeks (the entire office is shut). I came home to read an email from my broker to say he still didn't have any contact from my conveyancer and he needs the first page of the contract, to submit our application to our lender to subsitute security on our portable loan. (I then got very worried)
I earlier spoke to the lender who's rep said they prioritise applications according to settlement date but usually it takes 10 days to process. I gave all my broker's contact details to the conveyancer's office last Friday and thought everything was in order and progressing nicely. I am now hoping the paperwork was mailed but I assumed it might emailed or faxed since the settlement date was so close.
Because of the delay, what will happen if we can't settle because the application has been delayed because of the above???
2nd irritation: All previous sales and purchases have gone smoothly but this one has been a bit of a nightmare. All loans were previously directly through a credit union and although they cost a bit more, at least things went smoothly and we were always looked after. This time, our broker tells us to see the bank. The bank gets annoyed and says because it is a third party loan we should call the lender direct. The lender tells us to call in and see the bank. To exacerbate matters the local bank manager is about as sharp as a bowling ball and always gives the wrong information!
Please excuse rant. Just hoping someone can help with the first issue.
Thanks
Hi Boshy – sounds frustrating – and unfortunately this time of the year, not looking too good.
Realistically, regardless of whether you use a broker, a credit union, or bank direct, the solicitor/conveyancer has the responsibility to get the contract to them, usually this is after both the lender (and hopefully broker in this case) and both yourself have usually requested it. If this still has not happened, you have a fair way to go with the deal yet Boshy.
A good conveyancer would normally be in contact with the lender, perhaps via email, and will fax the contract first, and follow up with a copy via mail – hopefully yours is there!As far as your other points go, it is true – sadly your broker IS fobbing you off, telling you to go and chase up the lender yourself. This is his/her job, and what they get paid commission (sometimes thousands of $) by the lender for doing. Some banks (rightly so) now have broker areas to contact direct, to streamline things, have the one centralised point of contac, and so the local branches dont get chased by several people all at once, having to double explain everything to two or more parties, and leave the deals/clients they are working on themselves that want to have a direct relationship directly behind some of the broker initiated ones.
It all comes down to communication, and that should be addressed on your behalf by whoever you chose to originate the loan through – bank, CU, or broker directly.While banks generally are understaffed and not geared up to handle numerous deals going pear shaped all at once, many brokers also are inept and love to blame everyone else bar themselves (I've seen plenty of 'Yes, I'm waiting for the bank to get back to me' or 'waiting for lender to do valuation' excuese, when the broker has not even communicated with the lender at all yet!)
But this time of the year, not looking too good. Why not get a copy of the contract from the estate agent, and use this to get the ball rolling – it will have all the detail as far as Lot, title, DP number etc on it, which will allow your loan documents to be prepared, and you may be able to get some sort of dispensation to get things set up ready to go pending receipt of the executed
contract when your solicitor gets back to work.With the late settling, and all solicitors on holiday, I dont think too much will cause you grief. Essentially, you will be issued with a notice to complete due to the breach, which gives you a time frame to do so in, which I'm sure you will then do. They can't give you the letter if they are not in their offices! Stuff happens.
all the best. …..in a few weeks time it will all be history and you will have another house
Thanks V8ghia. I contacted the broker the next morning who then told me the conveyancer had contacted them after lunch and sent through the paper work. A phone call or follow up email on the same day to confirm this would have prevented the ensuing anxiety and sleeplessness.
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