Offer accepted - but!

FTBFun

Nanao wrote: »

Hello, it's me again with more questions!

OK so we have made an offer on a property and it was accepted. At the time we told the EA the property had to be taken off the market as part of the offer and this was agreed.

A while later we had a call from the EA wanting to sell their mortgage and he said that the vendor doesn't want to take the house off the market unless we arrange a survey or speak to the EA about their mortgage offerings which show that we're serious?? I know the vendors seemed quite keen on selling as they needed the money, but this doesn't sound right to me.

What do we do now? We don't have a conveyancer arranged yet as its the weekend, got some online quotes but need to speak to local firms early next week. Should we be firm and put our offer down in writing, and state that unless the house is taken off the market we will retract our offer? I just don't want to start arranging for everything if there is a possibility of being gazumped.

Hi

I made a thread on this myself a while back! I think the best thing to do, as others have said here, is to get your mortgage application and survey arranged asap. Try to avoid speaking to the EA about any application, as giving them information of your financial situation is too risky.

You also need to get a lawyer instructed today I reckon.

Nanao_2

Thanks everyone. We're gonna go see the EA's mortgage advisor just to keep them happy. We have applied for a mortgage with FD so will bring details of that deal - don't think they'll be able to beat that probably.

Hope to get the mortgage approved soon so that the survey can be arranged!

FTBFun wrote: »

Hi

I made a thread on this myself a while back! I think the best thing to do, as others have said here, is to get your mortgage application and survey arranged asap. Try to avoid speaking to the EA about any application, as giving them information of your financial situation is too risky.

You also need to get a lawyer instructed today I reckon.

Thanks FTBFun, it was helpful to read on your thread and about your experience.

xyellowx

would be careful going to see EA mortgage advisor if you have already applied for a mortgage
they will do countless searches to try to obtain the mortgage could end up harming your credit file

personally id tell EA where to go (threaten to go and knock vendors door and speak to them about EA antics )

betmunch

Dont worry about the EA advisor doing loads of credit searches, just tell him you dont want any done as you have already applied to the mortgage you want.

He/She should be pretty annoyed at the EA staff wasting his time forcing you in to see him!

sarah_elton

Our sellers insisted on keeping the house on the market until our mortgage application was approved (though we had AIP). It took about 10 days and we weren't gazumped. Don't panic - get a solicitor instructed and your mortgage application in ASAP.

If just having a chat with their mortgage adviser will get it off the market then do it, but be tough. You'll probably find this whole thing is a policy of the EA, not the seller, to get you in the door with their adviser. You are under absolutely no obligation to use them, despite what the EA will try and imply.

Only go and see them if you know what products are available to you direct. There is no harm in seeing if they can get a better deal as if they can, it might be worth it! Our EA badgered us to see their mortgage adviser. Conversation went roughly like this:

Us: HSBC will do us a lifetime tracker at base rate plus 1.99%. What can you do?
Adviser: Northern Rock will also do base plus 1.99% on a two year deal.
Us: So clearly HSBC is better as the rate is for the life of the mortgage, not just two years.
Adviser: Well... you could look at it that way.
Us: Ok thanks. Bye.

Nanao_2

Thanks everyone, we did see the mortgage adviser in the end. He was OK, not too pushy and I said we would have a look into the information he had given us. He was quite helpful as we found out the house is a non standard construction therefore we are now having second thoughts about whether or not to proceed with this. I'm going to have a word with FD and see if they will able to lend based on that fact.

jockosjungle

If it is non standard construction people may have struggled to mortgage it before, hence they want to wait for a mortgage offer first before taking it off the market

R

Nanao_2

jockosjungle wrote: »

If it is non standard construction people may have struggled to mortgage it before, hence they want to wait for a mortgage offer first before taking it off the market

R

Yes that would most likely be why they don't want to take it off the market.

I've called FD about the construction of the house, they have informed me that they should be able to lend, so that's reassuring. It will depend on the survey / valuation though.