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Third Survey
geezer46
Posts: 19 Forumite
I sold my house (private sale in West London) in late October to a first time buyer. He was arranging his mortgage through a broker then in early November a surveyor appeared and did the survey.
Following the interest rate hike on 9th November his broker contacted me saying my buyer now wished now to negotiate a fixed rate deal and that he had in mind another lender. In light of this another survey would be required.
In early December another surveyor arrived did an inspection and departed. Of course then everything slowed right down for Xmas.
My buyer contacted me again last night saying there has been an error with his mortgage application (the application was in his and his wife's name) and that he needed the application to go forward in his name only. He was staying with the same lender (he went on to explain that is his wife has very poor credit score) but that the lender would need to conduct yet another survey (third).
My buyers English is not brilliant and I don't think he understands the full process. Clearly he must have a mortgage offer in principle hence the surveys.
I have had no feedback regarding the previous two surveys and I feel confident the property is worth at least what we are selling for it and probably a bit more. We priced it very competitively in order to get a reasonably quick sale. As mentioned it is in West London is a 3 bedroom house end of terrace and comes with a reasonable sized garden, garage and off street parking. We have agreed terms at a figure of less than £211,000. It is also only about 40 years old built in the mid 70's.
We spoke to the mortgage broker only last week before progressing our own purchase and he confirmed the mortgage offer was in place and that there were no problems.
I will be speaking to the broker later but as usual I don't expect him to be very helpful.
Why do you think if my buyer is staying with his current lender that he needs to complete yet another survey? As this is the third it must be costing him an arm and a leg!! Clearly given the current economic climate this is worrying and of course I worry that he might be getting cold feet. But on the other token he was very keen on the property and seems willing to continue to shell out for surveys.
Do you think I am becoming a little paranoid?
Is his mortgage broker leading him up the garden path with the promise of unobtainable mortgages in the hope of striking lucky?
Following the interest rate hike on 9th November his broker contacted me saying my buyer now wished now to negotiate a fixed rate deal and that he had in mind another lender. In light of this another survey would be required.
In early December another surveyor arrived did an inspection and departed. Of course then everything slowed right down for Xmas.
My buyer contacted me again last night saying there has been an error with his mortgage application (the application was in his and his wife's name) and that he needed the application to go forward in his name only. He was staying with the same lender (he went on to explain that is his wife has very poor credit score) but that the lender would need to conduct yet another survey (third).
My buyers English is not brilliant and I don't think he understands the full process. Clearly he must have a mortgage offer in principle hence the surveys.
I have had no feedback regarding the previous two surveys and I feel confident the property is worth at least what we are selling for it and probably a bit more. We priced it very competitively in order to get a reasonably quick sale. As mentioned it is in West London is a 3 bedroom house end of terrace and comes with a reasonable sized garden, garage and off street parking. We have agreed terms at a figure of less than £211,000. It is also only about 40 years old built in the mid 70's.
We spoke to the mortgage broker only last week before progressing our own purchase and he confirmed the mortgage offer was in place and that there were no problems.
I will be speaking to the broker later but as usual I don't expect him to be very helpful.
Why do you think if my buyer is staying with his current lender that he needs to complete yet another survey? As this is the third it must be costing him an arm and a leg!! Clearly given the current economic climate this is worrying and of course I worry that he might be getting cold feet. But on the other token he was very keen on the property and seems willing to continue to shell out for surveys.
Do you think I am becoming a little paranoid?
Is his mortgage broker leading him up the garden path with the promise of unobtainable mortgages in the hope of striking lucky?
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