Arrrgghhh stressing!!

confusedroast

Hi All

We put our flat on with housenetwork a month ago and sold for nearly asking price within a week! All good, now the people buying from us are a young couple, first time buyers and their dad is aguarantor and is putting up £50k towards the flat. We found or dream house last week and its chain free so we are aiming for a 4 week completion date. We applied for the mortgage on monday and by thursday the survey was all done and good - now I am getting jittery because for the last two weeks they have been saying the survey will be done but still nothing!
I spoke to them onthe phone last friday and said "Look I need to know you are serious as we have shelled out nearly £2k for mortgage costs and survey, solicitors etc but your survey for our place still hasnt been done" They said they are chasing the mortgage company as Barclays are doing it but they are dead serious and would even offer to put £30k into our account upfront to show that they want the place.....

Today is tuesday and still not had a call to arrange the survey, we have 4 weeks to complete does this seem realistic?

poppysarah

You're rushing a bit... mortgages are getting harder to get...

QTPie

You have 4 weeks to complete from now? Are you buying a reposession?

Personally I would say it was too tight: mortgage companies can vary on how long it takes (yes some can be all done within 2 weeks, but ours - to quote the branch assistant would be "straightforward and done within 2 weeks" - took 6 weeks.... We has a gift of £95k and they seem VERY twitchy about gifts...).

Even after the mortgage, there are always things that crop up with the conveyancing and it also depends on how quickly both sets of solicitors work... (they may have other things to prioritise...).

Have they even instructed a solicitor and started the conveyancing yet?

QT

not_loaded

You’re right to be twitchy. We have found that the ‘professionals’ take their own sweet time absolutely regardless of what anyone says to them or requests.

You’re probably going to be okay, but four weeks is very optimistic.

If I were in your place, I think I’d definitely go for the £30k offer. That is very unusual, rather strange, and most definitely to your advantage. I’m sure there’ll be strings attached, or maybe it’ll never materialise…

Good luck!

confusedroast

they have £50k from their dad - they have instructed a solicitor who has already requested all the paperwork for leashold details and contents etc.
We are relying on this sale for the £70k deposit on our house, our house is probate that we are buying so empty and its been empty for a few months now so son and daughter are emigrating to oz and want a quick sale

confusedroast

HOW would it work though? They put £30k into our account now and then what??

Fiddlestick

confusedroast wrote: »

HOW would it work though? They put £30k into our account now and then what??

And then like we hear so often on these boards, they claim it was a gift and nothing more :j

not_loaded

Nice gift though!

Unless I’m misunderstanding what you’re saying, they’ve offered £30k up front to ‘reassure you of their intention’. Just bank it safely, and then later in the process your solicitor puts it in as a credit in the calculation.

If they renege on the deal that’s when it gets tricky though, which is why I said to expect ‘strings attached’.

confusedroast

Spoke to our solicitor who said and I quote" Hmm that's nice of them but it doenst quite work like that....the money would go into a solicitors nominated account and be held and then taken off the final sale...I dont think at this stage even if the survey was done this week that 4 weeks is a realistic turn around time - your probably looking at 6-8 weeks still"
Now our buying people have asked us to move in on or before the 27th august...what do we do? SHall I let them know next week that its highly unlikely? We go on holiday the week after too so its going to be the second week of september realistically, does that mean they might put it back on the market?:mad:

sarah_elton

I very much doubt they'll re-market it. If they did and someone made an offer now, they'd be hard pressed to complete by the second week of September as you can do.

Did you check with your buyers before committing to a four week completion with your sellers? Four weeks is exceptionally fast. I sold last year to a 100% cash buyer and I wasn't buying anything so no chain at all. It still took five weeks from offer to completion and that was with both of us hurrying the process along.

not_loaded

confusedroast wrote: »

Spoke to our solicitor who said… ...I dont think at this stage even if the survey was done this week that 4 weeks is a realistic turn around time - your probably looking at 6-8 weeks still"…

That’s because the ‘professionals’ involved in house buying/selling work reactively, not proactively. The job sits on the shelf until someone phones or something comes in the post, and sometimes not even then does the file get looked at. Thus, if the other party drags their feet, your sol does nothing as ‘nothing’ is happening.

I have a solicitor in Torbay who, if I email him, replies by Royal Mail… :mad:

The adjacent EA in Torbay gets stroppy with me if I dare to ask anything about the progress of the sale. Dismal, dismal, dismal.