Is it possible...

InLimbo_2

Here is the chain:

Us- first time buyers who have everything in place on the property we wish to buy and are ready to exchange

House we are buying- ready to move, just transferring mortgage

House they are buying- no mortgage (downsizing), survey is happening on it today, searches were started on Monday

Final house- vacant/no mortgage on it


Is it possible, honestly, for us to be moved into the property we are buying by the end of this month?

Everyone in the chain is willing to move this month, it is just solicitor's and banks that need to be sorted?

I need some honest advice, as everyone I speak to at the moment is an optimistic friend with little experience.

hazyjo

Average transaction takes around 3 months. I've done it in 5 weeks start to finish before, but that was just us (FTBs) and the bloke we bought off. It was hell. The last one (this year) took 5 months.

These things take time... Bet it still takes around 7-8 weeks.

Have you had a survey done? When was your offer accepted (ie how long has the transaction been going on)? Has your mortgage been agreed? I'm guessing it's been going on for a few weeks already if you say you're ready to exchange. Got the impression first off that you'd only just started the process, so a tad confused as to how you seem to be so much further along with the purchase than the vendors are with theirs.

Good luck.

Jx

kingstreet

House we are buying- ready to move, just transferring mortgage

There's no such thing as transferring a mortgage. They will pay off their old mortgage on selling and need a new mortgage on the new property, regardless of whether they stay with the same lender or go to a new one.

We get lots of threads on here from people who though they could simply shift a mortgage from one property to another who get quite a shock when they are told they have to apply like everyone else and satisfy the lender's criteria, affordability and loan to value requirements.

Often, these assumptions mean they leave the mortgage until the last minute, then end up asking for advice as the mortgage isn't portable like they thought it was.

InLimbo_2

We had our offer accepted 12 and a half weeks ago.

All was in place and ready to exchange but vendor decided to pull out of previous property he was buying and buy a new one (this weekend)!

He seems to think that the mortgage he already had on the previous property he was going to buy will be valid on the new property, as it is for the same amount.

Very disappointed to be honest

kingstreet

InLimbo wrote: »

We had our offer accepted 12 and a half weeks ago.

All was in place and ready to exchange but vendor decided to pull out of previous property he was buying and buy a new one (this weekend)!

He seems to think that the mortgage he already had on the previous property he was going to buy will be valid on the new property, as it is for the same amount.

Very disappointed to be honest

I see. It's not the mortgage on his current home.

He'll have to have a new valuation done and perhaps be re-scored and supply updated documentation but it'll be marginally quicker than a new application.

InLimbo_2

So.. realistically... not going to happen by end of this month?

GAH

Its impossible to say dates from just the information you have given, the are so many other factors ivolved that can hold things up.

But from the info you have given, end of this month doesn't sound realistic.

Once estates agents and solcitors start talking rough dates, you can expect it to take another two-three weeks from there.

So all in all, I would see at least 6 weeks away at the moment.

InLimbo_2

GAH wrote: »

Its impossible to say dates from just the information you have given, the are so many other factors ivolved that can hold things up.

But from the info you have given, end of this month doesn't sound realistic.

Once estates agents and solcitors start talking rough dates, you can expect it to take another two-three weeks from there.

So all in all, I would see at least 6 weeks away at the moment.

I would swear but instead I shall say... I am gutted. I will not be the first or the last person to say that the house buying process in England needs a stiff shake up! :mad:

The vendor has proposed an alternative scenario:

We complete on his property this month.

He completes on the new property, draws a contract up so that they can stay there for a while longer and moves in with his mum in time being.

(Vendor seems to think that when we complete on his house, his mortgage must go to next purchase, otherwise he has a mortgage against no property... surely this isn't true?)

hazyjo

Can't just complete on a property, let the vendor live there, then let the solicitors, etc catch up in the meantime. Is that what he's proposing? The current vendor you're buying from would then become a LL. He would not want to go down that route - and more than likely wouldn't be able to (even if he could buy the property without all the legal work being finalised first, which he can't).

Why can't you just wait a few more weeks? Honestly, these things take a while. Hurry it along by all means, I know you're anxious to get in, but it will only add to the timescale if you start trying to change the legals now. Just let them get on with it, and hopefully you'll be in by the end of Sept.

If a mortgage is being ported, they will be allowed a certain number of months in which to buy their next property. But, if they lost that house, they could end up paying the penalty if it takes them several more months to move.

They could just sell to you now, then be homeless for a few weeks/months. Would you want that? Maybe they could stay with family or something, but I doubt they'd want to sign up for a 6 month rental (which is probably what they'd have to do).

Am I missing something re the rush?

Jx

puddy

well the last time i ported a mortgage it took from january to june. the bank lost loads of paperwork, this wasnt communicated to us until the last minute, then we had difficulty with communicatin with them because apparently one part of barclays cant email or fax other parts of barclays to check that they have paperwork, and the managers in branches cant speak to the mortgage dept either. it was the most stressful time of my life.

about a week before completion, they said that they couldnt release the funds because they didnt have a signature on some form or another, that should have meant they shouldnt have confirmed our mortgage, but they had some months before, this meant more faxing, more tears, more panic. by then i had moved into my parents spare room and put my funiture in storage or i would have lost my buyer.

you cannot rely on anything or any timescales and that is enough of a reason not to enter into agreements about completing on a property and being allowed to live there by the vendor. just wait

InLimbo_2

Hiya HazyJo, you commented previously on one of my previous threads (have done this one due to the fact the 'game plan' has changed in terms of what the vendor is offering)!

Having waited 12 and a half weeks... I just feel it is extremely unfair that we have done everything we were meant to do and then the vendor has mucked us about so monumentally (I know, I know, everyone has the same problem).