How long to arrange a mortgage?

Scully38

Hiya,

I'm in the middle of selling my house, my buyers buyers have been stalling for months. If it's not one thing it's another. They've been saying now for a few months that they're arranging a mortgage. My question is should it really be taking 2 months to get the money through? Or am I and my buyers being messed around. This has been going on for months. Prior to this it was to do with the land registry now they're saying it's to do with their mortgage.

They've said they're changing their normal mortgage to a BTL and then using the capitol to put forward on another property. Surely if they already have a mortgage, changing it or getting a new one shouldn't take more than a few weeks. Would it? I'm at the point of wondering whether to put the house back on the market for a third time. Thanks in advance.

anselld

Just changing to BTL will not release capital anyway. They sound like time wasters.
Ask you solicitor to get confirmation that they are in a position to proceed and if not ask your agent to remarket.

Wh05apk

You are presumably paying estate agents a small fortune to sell your property? speak to them and get them to earn their money, they need to be pinning the chain down and finding out exactly what the hold up is, even a potentially complex situation of a btl and a resi mortgage, with the worst/slowest lenders shouldn't take more than amonth to get moving.

Depending on the feedback from the agents, I feel it may be time for you to remarket the property?

chopper78

It took me 2 months to go from an AIP and then putting an offer down on a property to actually getting a mortgage, but I had a complex situation of being self employed so that took a while to get sorted out.

Scully38

Thanks for the responses, this has been going on since July, i've already broached my fear to my buyers and told them in no certain terms to either exchange within the next week or the house is going back up. Unbelieveable! Third time this has happened to me, there really should be a law against being messed around like this.

Plumbing007

Nice post.Thanks for sharing.

Scully38

Just to say thanks for your help. Have had to put the house back on the market for a fourth time. I swear there really needs to be a law against what people are doing and pulling out days before completion.

I finally found out that the people who were buying mine, their buyers have been a pain in butt! It turns out that they signed contracts on Monday, but have no mortgage. How the hell things got this far is beyond me. Apparently this couple had charges against their property, hence a two month delay getting these charges removed from the land registry, then advised the EA they had a mortgage when in fact they didn't. It also turns out they had two sols and two mortgage advisers. Why either of the solicitors didn't check when they signed the papers, and why the hell the EA didn't do the proper checks is beyond me!!

I'm furious that they've wasted 5 months of my time and money I don't have, and to be told a day before we were to exchange that they can't because they no mortgage is just unbelievable and I have no recourse at all because we haven't exchanged. And now having to put the house back on the market for the fourth time in an unstable environment and double dip recession!! :mad: Any advice on if I can get anything back for the wasted time and money?