Should we be doing something else

lilybugs

We had our offer accepted on a house about five weeks ago so started looking at mortgages but stopped as it looked like it might take a while for the vendors to find a house they wanted to buy. We've also found a solicitor but haven't instructed them to do anything as we don't want to start spending money, just in case this all falls through before it even started.

Are we doing the right thing in waiting or should we be doing things now? I should point out that we see absolutely no problem in getting the mortgage we want. We have just under 45% deposit and although we will get a joint mortgage, one of us could cover the payments with our basic salary.

The vendors says they are registered with every estate agent in the area and call them daily but obviously they haven't found anything yet. Think they are looking for a detached in a very specific area for about £450k and I know there isn't much on the market right now.

I'm also worried that if we have to wait too long the house prices might rise and they'll ask us for more money, which we don't have.

Any advise would be great.

JennyW_2

are you a FTB? If so I'd strongly recommend you get your mortgage agreed, even in principle - lenders issue certificates to prove how much they are willing to lend before issuing an offer.

We've also found a solicitor but haven't instructed them to do anything as we don't want to start spending money, just in case this all falls through before it even started.

a chance you take I'm afraid. Things can fall through anywhere down the line. Advise your solicitor what's happened to date. At least he can start to get some paperwork underway. I wouldn't just be sitting around waiting for something to happen.

Tahiti

I'd get a mortgage AIP, and work out which solicitor I was going to go with, but not instruct them just yet. Just my opinion.

Doozergirl

I agree not to instruct your solicitor to do anything until your vendors have found somewhere. Get your mortgage offer too - that way you know you've got the best deal. I hope you're using an independent, whole of market advisor rather than trawling the high street?

Don't worry about being asked to pay more. House prices aren't exactly rocketing and you've already agreed a price so they would be wrong to ask for more. If the house is off the market noe then you won't need to worry about being gazumped by anyone else either.

Both sale and purchase are stressful and your vendors will be just as worried that you won't wait for them and will find somewhere else, just as much as you're worried they're going to ask for more money!

MORPH3US

I had EXACTLY the same situation happen to me:

myself and gf are FTB's and had an offer accepted. Didn't have a clue on next step so booked in to confirm mortgage with bank and then started getting quotes from solicitors then realised "wait a minute, what happens if it all falls through?"

E-mailed the very helpful solicitor in question and they advised that we check with the Estate Agent if the chain was complete and if it wasn't then to wait until it was before instructing them!

So my (and my solicitors advice) is wait until the chain is complete. It might take ages and also might never happen if the vendors can't find a house of their own. You can't rush it at the moment and trying to will just create a rift between you and the people you are buying from.

You have 2 options, wait and see, or carry on looking yourself and see what happens in the mean time!!!

M

beckstrous

Myself and my boyfriend are also FTB's. We had an offer accepted and the buyer asked if we could complete within a 6-8 week timescale, saying they were really keen to move and would move in with friends/into rented if need be.

So we applied for the mortgage as soon as the offer was accepted, and now we're in a situation where things have been delayed their end due to a rights-of-way issue that they knew about when they purchased the house 7 years ago. This could delay things beyond the expiry of our mortgage offer, and I am a bit cheesed off with them for that. They should not have pressured us to get going so quickly if they had known.

Luckily our solicitor is good but she says that at their end (they are buying an empty house) things are not going as quick as they should be. I feel we have been misled by the vendor/EA (not sure who) as they implied that the house was effectively chain free, when in fact it is not.

Anyway, lilybugs - good luck to you!

Beck

Omertron

It might be worth checking with your solicitor if they'll charge extra if the deal falls through and you go for another house. My solicitor was very good and charged me the fee just once even though the property I was selling fell through twice before being finally sold. Having said that, there were no complications and no real extra work for him. Might be worth checking.

BenL

Keep on looking around houses I say as well.

You may find a better one that you can move on straight away.

You haven't signed anything or commited so you can do as you please.

If they don't find a house they will pull out without a 2nd thought of you hanging on.

Be loyal to yourself as Martin would say.

Ben

lilybugs

Arg, this is so frustrating. Another month goes past and still nothing (our offer was accepted 7th Feb). According to the EA, the vendors are actively looking but I want them to be actively buying.

Sorry rant over.

PS. I don't think we're classed as 1st time buyers. I've had a mortgage before and then sold up. Currently I'm living in a flat that I own outright (but is more of a family thing) that I won't be selling as my brother will stay in.

silvercar

Ask your sellers if they would consider exchanging with you and then agreeing a delayed completion. That way you know you have got your house at the agreed price.

lilybugs

My Dad mentioned that and I wasn't sure it was done here (he is in Scotland). The thing that I worry about doing this is if another house comes up for sale on the same road, I'll be gutted if it is more to our style or less money. It also might mean that the vendors wouldn't feel so pressured to find somewhere as they wouldn't loose us as buyers.