Accepted Buyer's offer but still no Survey

picklepick

It's just taken Santander 3 weeks to do our valuation. And that was with us calling them every other day!! They have a massive backlog at the minute apparently.

Tim_Bisley

The mortgage and legal process should be run side by side. We wouldn't even consider a property as "under offer" until solicitors were instructed by both parties. They need to be applying for searches etc which all take time and will drag the process out even further if they are not under way.

Put a rocket up their backsides - so far you haven't seen any commitment from your buyers.

Jaynorth_2

Lovelyjoolz wrote: »

This would really concern me. I moved house in December and my mortgage was with Santander. 8 weeks after our offer was accepted, we moved in! And we weren't particularly motoring. Unless Santander have drastically changed the way they do things in the last 9 months, I can't see why they wouldn't have done the survey yet. They did ours 7 days after the offer was accepted.

If I were the vendor and this happened, I'd be thinking the worse, assuming the buyer couldn't get a mortgage and the house would be back on the market and I'd be accepting viewings.

The problem is it was never officially taken off the market so now I have the added hassle of a lying EA, not unusual but still something I could do without, and I can't get rid of the EA just in case my buyers get their mortgage approved.

Jaynorth_2

Tim_Bisley wrote: »

The mortgage and legal process should be run side by side. We wouldn't even consider a property as "under offer" until solicitors were instructed by both parties. They need to be applying for searches etc which all take time and will drag the process out even further if they are not under way.

Put a rocket up their backsides - so far you haven't seen any commitment from your buyers.

How? I had a go at the EA last week about not getting any more viewings and as if by magic a viewing was scheduled for the following day. Not sure if the viewing was 'staged' as the couple went round tapping walls, they did not switch on the light in the main bathroom and did not seem aware that there was also an ensuite shower room, and there has been no feedback.

No doubt if I have another go at the EA there will be similar viewings and at this point I just can't take it - I have been on the market since March and can just about keep a straight face when I do get a viewing.

DRP

Tim_Bisley wrote: »

The mortgage and legal process should be run side by side. We wouldn't even consider a property as "under offer" until solicitors were instructed by both parties. They need to be applying for searches etc which all take time and will drag the process out even further if they are not under way.

Put a rocket up their backsides - so far you haven't seen any commitment from your buyers.

agree with this.

We took our house off the market as soon as we accepted the offer, but it would have gone straight back on after a couple of weeks if we hadn't seen any progress (survey booked in, solicitors etc).

I think it is fair that both sides show a bit of commitment

Wantahouse_2

We had an offer accepted about 4 weeks ago. We applied for our mortgage straight away and still don't have an offer yet. Our valuation survey hasn't been arranged because we'd have to pay for it and run the risk of them rejecting us based on 'affordability'. So we need to wait to get past that stage and then they'll instruct the valuation.
Barclays only looked at our application last Thursday and then told us they needed more information so we've spent the past few days gathering that informaition. So its not really our fault that its taking so long. However, we have got a solicitor, we've just told her not to do anything that will cost us until we have the mortgage offer. We have our 'mortgage certificate' from Barclays which is our AIP and so far our vendor is happy with that.
According to my broker, some banks are taking a really really long time to look at applications, longer than even ours has been. I wouldn't jump the gun with re-marketing just yet - though I would ask that they at least give you the name of the solicitor they plan to use to show that they've made some efforts.

Tim_Bisley

Jaynorth wrote: »

How?

Tell them you need to see a solicitor instructed by the end of the week at the very latest. So far the buyers have not shown you any commitment in 6 weeks. They may have told the EA that they have applied for mortgages, and this may be true but you only have their word. As I said, the mortgage is just half of the process. The danger is that you let it drag on for a few more weeks, nothing else happens and you are into October trying to get another buyer.

The EA is working for you. Ask them how they feel the sale is progressing - it may be more than they have told you, but it looks like nothing has happened so far. If it were me, I would say to the buyers that if a solicitor is not instructed by the end of the week you will remarket the property. If they are serious they will jump to it. If not you will flush them out.

Frustrating I know, but you don't want to get messed about for another two months...

scottishblondie

6 weeks seems like a long time with no movement to me. I'm 2 weeks into my buying process and I'm expecting to be signing my missives (in Scotland) this week. I've been accepted for the mortgage with HSBC and the surveyor went out to see the house today, which is only 10 working days since I applied for the mortgage. My solicitor sent me the paperwork to look over at the end of last week.

TBH as a buyer I'd be raging if the bank hadn't even looked at my application after that long!!

Ivana_Tinkle

Agree that they need to instruct a solicitor. I think when you're dealing with FTBs you (and your EA) need to work on the assumption that they know nothing at all about how the process works. I know that sounds really patronising (obviously FTBs on MSE are going to be much more clued up!) but we once sold to a FTB who instructed a solicitor but then when he did nothing at all for two months it never occurred to her that perhaps she should give him a ring and find out what was going on!

As for Santander, my recent experience would suggest that six weeks to the survey is completely standard. They're glacially slow. I think our offer took 10 or 11 weeks from application, and that was a straightforward application, small income multiple, v small LTV, chasing every other day, sending back all paperwork immediately etc etc.

Jaynorth_2

Tim_Bisley wrote: »

Tell them you need to see a solicitor instructed by the end of the week at the very latest. So far the buyers have not shown you any commitment in 6 weeks. They may have told the EA that they have applied for mortgages, and this may be true but you only have their word. As I said, the mortgage is just half of the process. The danger is that you let it drag on for a few more weeks, nothing else happens and you are into October trying to get another buyer.

The EA is working for you. Ask them how they feel the sale is progressing - it may be more than they have told you, but it looks like nothing has happened so far. If it were me, I would say to the buyers that if a solicitor is not instructed by the end of the week you will remarket the property. If they are serious they will jump to it. If not you will flush them out.

Frustrating I know, but you don't want to get messed about for another two months...

Hmmm, I don't want to scare them off but I understand what you are saying. The EA seems keen to keep things going from the updates that they have been providing but I have noticed 1 or 2 discrepancies in the information provided which points to them saying the right things so that I give my buyers more time which I find strange because when I was buying I remember the EA constantly on my case to get things moving once my offer had been accepted, unless things have now changed?

I definitely will not let things drag on for another 2 months, I will give it till the end of this week then raise the issue of them retaining a solicitor before the end of next week as suggested. I am prepared for the worst case scenario of the deal falling through by the end of this month in which case I may just withdraw my property from the market and wait till next year to re-market it.