Buying a house in 28 days?

ckimberley

ok so we have had an offer accepted but a condition was that we'd exchange with the sellers in 28 days

however our mortgage company / banks are being a right pain in the posterior...

mortgage company (intouch financial) comes sends out guy to give us agreement to sign
over phone it was mentioned id have to show ID and 3 months wage slips guy turns up sign documents, nope dont need wage slips
few days later get phone call from mortgage people need some wage slips
ok so we post them
few days later ring up sorry bank is really busy at them moment will be 48 hrs before we can look at it
a week later natwest have finally got round to looking at our application ring me up to say they need 3 months bank statements before they can go any further faxed today if possible
so i have to cycle back home at lunch to grab my wifes bank statements and print off my internet bank statements as i dont receive paper statements
but after another phonecall im told these arent good enough i need them stamped by my bank,
so go to lloyds, im sorry we dont stamp them anymore only the ones sent through the post are valid they will take up to a week to reach you


Its never going to be done in 28 days what can we do, will the sellers pull out?

jw2003

Try not to worry too much, ours was supposed to be within 28 days and it wasn't, I think we went over by about a week in the end. Whenever we queried how close we were getting to the 28 day point we were told it was fine and it was largely to to keep things moving ie no chain/house to sell etc. You should hear within a few days that your mortgage offer has been accepted (after all the info has been received by the bank), we applied Thursday and heard Saturday and that should take a bit of the pressure off you. Good luck with your purchase

kaych

Hi yeah. I know it is a very stressful process especially when the stuff that is causing the delay is out of your control. But with us, we were supposed to exchange contract on the 16th April (yup, so 11 days ago) but we still haven't. That's because we have raised some questions to the seller's solicitor and they haven't been able to provide us with satisfactory answers. anyway it looks like most stuff are solved now, so we are likely to exchange sometime this week.
Good luck with yours!

ALP2010

there are lots of things that need to be in place. Can you try to get ahead of the game by instructing a solicitor, asking the mortgage co to organise the valuation/survey whilst they're mucking about with your bank statements? That will show the vendor that you're a serious buyer and want to make it happen quickly. Obviously you'd want to be confident that the bank WILL approve your application as it's all at your risk..

Cardinal-Red

I'd suggest to you that it's highly unlikely that a seller would pull out because you go over the deadline, especially in these market conditions.

When we sold our property we went for a 30 day deadline. Even with both sets of solicitors being "friends" of the respective parties and putting extra effort in, with a mortgage of only 10% needed, and with no chain, we still overshot the deadline by 2 weeks.

At no point though did it even cross our minds to call it off. As somebody alluded to above, it's more likely to be a way to focus everybody's attention on getting things done quickly.

(And it seems to have worked, what with you cycling home to rush things into the post!)