How long should we wait for buyers

dianah

new_home_owner wrote: »

The mortgage we took out last time was with the bank of scotland and we couldnt even arrange it through a branch they told us if we went in we would have to do the mortgage over the phone, the only thing the branch did was copy our documents to validate who we was and what we earned.

i live on the isle of man and the finance regulations are different, i.e. if you open a bank account in england, all the paperwork including your id's has to be sent to the bank HQ - over here, they have to keep it all in branch. i went through a financial advisor but know for a fact it was the branch that processed the application; i know this isn't relevant to the op, i'm just saying what my situation is.

Having a aip is really nothing, i got one emailed me from the post office instantly, but a aip does not really mean anything until you have the funds released but you will soon realise this.

i'm not saying it's going to be quick because i got the aip. but if it takes longer than anticipated, i will chase and i will keep the seller informed of where things are at.. which the op's buyer doesn't seem to be doing.

the post office aip you got - sorry, i've never done this before - you said it was emailed to you... did you have to send in all your id's and payslips etc?
what we did was fill in a mortgage application, submit all the necessary documents and now we've found a property, we just let them know the address and the agreed price. this was on thursday just before closing time so obviously they couldn't have done much, but apparently they should do the survey next week.

dianah

new_home_owner wrote: »

You had a offer accepted last thursday, i think you might be in for a bit of a shock, depending on who you have your mortgage through i read from your other post your expecting the valuation to be done next week, the valuation is one of the last things they do, i hope it all goes through in a few weeks but i doubt it will.

good luck anyway

thanks, fingers crossed!

that's what the bank is saying.. a guy i work with had an offer accepted on wednesday, he's getting mortgage from the same bank and they said the same thing, that they can't do any valuations over easter but would do one next week.
but as i said, this is the isle of man...

new_home_owner_3

dianah wrote: »

thanks, fingers crossed!

that's what the bank is saying.. a guy i work with had an offer accepted on wednesday, he's getting mortgage from the same bank and they said the same thing, that they can't do any valuations over easter but would do one next week.
but as i said, this is the isle of man...

You usually find the surveyers are ususally local to you i had to wait two weeks for the homebuyers report, it was quite a big document, i did speak to the surveyer, and he told me the valuation was okay this was two days later, but he did say it would take him a bit of time to it typed up.

I have read posts when people have said you can complete in 4 weeks, our house was probate and we had to wait ages for enquiries from the sellers aswell, their solicitors sent everything by post, and this was whilst the postal strike was on, plus i think they charge 100 pound a letter, so they make more money from letters then email of faxes.

what bank have you got your mortgage with?

dianah

new_home_owner wrote: »

You usually find the surveyers are ususally local to you i had to wait two weeks for the homebuyers report, it was quite a big document, i did speak to the surveyer, and he told me the valuation was okay this was two days later, but he did say it would take him a bit of time to it typed up.

I have read posts when people have said you can complete in 4 weeks, our house was probate and we had to wait ages for enquiries from the sellers aswell, their solicitors sent everything by post, and this was whilst the postal strike was on, plus i think they charge 100 pound a letter, so they make more money from letters then email of faxes.

what bank have you got your mortgage with?

i've spoken to all the rics approved surveyors on the island on thursday - all of them basically said they could do a survey mid next week if i let them know on tuesday.
however, the valuation survey is included with the mortgage - it is with abbey (offshore though) - so we don't choose the surveyor for this.

all we need to know is whether the roof joints & beams are ok - then i'll be happy.
given that we're buying an old cottage, we're expecting the bank to request specialist surveys so i think we'll wait for them to do the valuation and see.

i mean, while i'm hoping to have this completed by mid may, we're going to give the notice to the landlord in may rather than in april, we pay rent on the 14th so hopefully by the 14th of june, we should be out.

new_home_owner_3

Hopefully the bank wont want specialist reports, if they think its worth what you are offering they simply just say we value the property at the amount you are offering the wont put it any more, even if it is worth more.

Anyway its all good, and i bet your well exited, we was when we bought, just dont get too stressed your in a really good position being a first time buyer with no chain, i reckon you should easily be in by mid june.

I dont know how quick Abbey are with their mortgages but it might be worth a search in the mortages forum.

Anyway dont forget to report back, and hopefully this time in two months you will in your own home...

dianah

i'm quite hopeful - the sellers have only lived there for two years and they had a mortgage so obviously also a valuation to get the mortgage. but the house is easily 150 years old. my husband can pretty much check all the inside, subsidence, windows, doors but he doesn't know anything about roofs so even if the valuation goes ok, we'd get a roof survey done.

i am excited but i'm trying not to get too excited - once the surveys are done and are all ok, i'll get really excited then!

i'll have a look at the mortgages forum! and i'll report back once i know anything new!

minikem

Thanks everyone for their responses. I agree it doesn't look good.
Our EA assured us that they had gone through their finances with them in detail, particularly bearing in mind what happened with our first buyer. They say they are sure they want to buy the house but that it is just first direct being extremely slow and that the buyer doesn't know what more he can do.

Part of me thinks, be patient, the other part of me thinks I will feel like a bit of an idiot if I am still sat here in 2 months.

If I say to them that I will sell to them if they sort out their mortgage but I am going to put it back on the market in the meantime what problems will that cause me. Will the EA actually bother to market it when they know a sale is in progress. Will anyone actually want to view it knowing that someone else is, sort of, proceeding with it. I would feel quite bad if someone else offered and incurred costs and then the 1st lot did manage to get their mortgage.

My husband also suggested that we charge them £250 per week for every week they delay. Has anyone ever heard of this being done in practise?

Chinkle

I tend to disagree. I think they are serious buyers, just very savvy ones. They have had their own survey done so have thrown some money at this purchase already.

They are probably MSErs wanting to get the best mortgage deal, now they've found one that everyone else wants too and hence the delays. Yes, there were probably a few fibs at the beginning of the process, but I think it's the EA trying to keep this sale together.

By all means tell the buyers that their offer was accepted on the basis that things would be tied up by March end and that their delays have made you nervous, therefore for your own protection you have ask the EA to re-market the property. Hopefully this will spring them into action. If you seriously want the EA to actively market you'll need to chase them to do so, as they're probably sitting with their feet up thinking this one was in the bag.

Yes, you may get another offer, but you can deal with that as and when it arrives, by then hopefully you'll know whether your current buyers are goers or not.

vegasvisitor

I can speak as a customer of First Direct, recently gone through an application, had a survey done only last week.

We first applied for the mortgage based on different figures for another house, and got an agreement in principle. We chose a scheme 2 survey done privately as it was more expensive to go through FD, and I also wanted to choose my surveyor and be in control of the situation. FD do a scheme 1 survey only on the product I chose, but I could pay (expensive) for that to be upgraded hence my choice to instruct my own - they would have still instructed their own too though.

That house fell through. We then offered on a house with a Home Report (Scotland) which is a scheme 2, so we opted for First Direct's 'free' survey. We had the agreement in principle, but had not sent out paperwork away yet (bank statements etc) which is needed before you can get an actual mortgage offer and instruct a survey. We sort of started that as we offered a few times before it got accepted, so we cut 2 weeks out of the process basically by the time our offer was accepted. That meant we were ready to go and instructed the survey. We offered Monday, it took them till about wednesday/thursday to contact the surveyor who then couldn't fit it in till following monday. So 1 week turnaround on that is normal - assuming that you have already had your mortgage agreed though. Next bit was quite quick. Surveyor sent back the survey using an online system, and bank got that instantly (tuesday). By Friday we had the paperwork from our lawyer telling us they had everything to conclude the missives. This will happen in the next few days....

Hope that helps a little. It sounds like your buyer has started from scratch with FD, and that it will take time. They won't send a surveyor until the borrower has fulfilled all credit checks, both to open a bank account if not already a customer and for the mortgage. They needed all sorts of statements etc, one of which my husband had to ask the bank for a copy of - so there could be such delays.

I would say it should all be fine with the mortgage as long as everything they've said in the application process (on the phone) was true (correct earnings, number of bank accounts, any loans and credit cards etc).

dianah

if i was buying a house and agreed on a sale and the seller decided to put it on the market while i'm sorting out my mortgage, i'd pull out. also, you may get another offer but you might end up waiting even longer.

as for charging them £250 per week, i'd probably take off as well... they've already paid for a survey and a mortgage fee (if first direct charges that)

i really think this is a communication problem - if i were in your situation, the thing i'd find most unnerving is that i wasn't being told what was happening.