Chain problems

sal

We are in a small chain with buyers for our property and a mortgage and successful survey completed for the property we wish to buy.

We put our house on the market at a good price for a quick sale as we didn't want to miss the house we really wanted, they had a house they were very keen on too, end of chain. We sold immediately and things were looking good for early completion.

Too good to be true, I know.

Five weeks later out estate agents have informed us that the people we are buying from have still not sorted out a mortgage! Everyone in the chain seriously p**d off now.

Where on earth do we stand? The estate agents have put a rocket up their bottoms so I'm hoping for some movement soon, but it has come as a bit of a surprise as they were so keen to move as early as possible.

Has anyone been in a situation like this before?

sal

dougk_2

Put pressure on the people you are buying from yourself.

Threaten to pull, out unless they get sorted in the next few days.

Personally I would start looking around for other houses (there is pleanty of choice out there at the moment) in case the house you are trying to buy falls through.

Pal

More importantly, tell your estate agent that you are looking around at other houses through them and other estate agents.

It won't help that much but might help encourage the estate agent to nag the sellers to hurry up if they think their commission will be lost.

frugal_dougal_3

sal wrote:

Five weeks later out estate agents have informed us that the people we are buying from have still not sorted out a mortgage!
sal

Whilst it really annoys me that people will even commence house hunting without knowing whether they can get a mortgage, or how much they can borrow, I can't help thinking that the estate agents and solicitors should have picked this up by now.
Five weeks is an awfully long time to be waiting for a potential buyer to process the most fundamental issue in house buying ie "CAN I AFFORD IT"?

If the whole process had continued as expediently as it had started you should be almost completed by now.

In your position I would certainly ask some probing questions such as whether these people were asked about their mortgage arrangements in the first instance. Did they have a mortgage offer "in principle" only to have it withdrawn again, and if so why?

You could ask your solicitor to try and get some answers because this situation has potential for dragging on indefinitely.

In the past I have suffered more than my fair share of time wasters and I am annoyed on your behalf sal. I really am !!!!!!!!!

Let us know how you get on. I am keeping my fingers crossed that it will get sorted to your advantage.