Offer accepted! BUT vendors have only started viewing-how long should I wait?

sterl1ng

Last weekend saw the ideal property and managed to get offer accepted plus being FTB I mentioned at time that I was happy to take slow process as appreciate they are only now starting to look now that EAs will take them seriously given they've a buyer on their flat. I know they are in rush to move also. Now thing is halifax are paying stamp duty if I apply before 6th may. Whilst that's 2mths away how long should I wait?

I'm not the kind of person to say one thing then do other and I do want to stay true to vendors as I know they were concerned as to timescales but since learning of this offer yesterday not sure how long I wait before I pester agent. I'm thinking maybe end of month?

Anyone had similar experience? Did it turn out alright? How on earth do sellers put up property without having offer accepted on their property?

sterl1ng

Btw as it stands I haven't applied mortgage as pointless till they have something ready

Popsicle

Hi last time I moved it took 2 weeks to find a house and our buyers kept chasing us to progress. I personally think May is more than enough time to find somewhere. If they don't, can you not apply for the mortgage but not carry out any searches, valuations etc until they find somewhere?

Congratulations on finding your house though :-)

sterl1ng

Popsicle wrote: »

Hi last time I moved it took 2 weeks to find a house and our buyers kept chasing us to progress. I personally think May is more than enough time to find somewhere. If they don't, can you not apply for the mortgage but not carry out any searches, valuations etc until they find somewhere?

Congratulations on finding your house though :-)

Thanks . Thing is the fee for mortgage is £995 so I don't want to pay for that otherwise could be a waste. it's not even been a week and I'm already pondering only cause of that halifax offer! Hopefully will turn out ok

pawsies

There will be other mortgage offers if you don't meet the deadline. I wouldn't worry too much, otherwise they may refuse to sell at all and you'll be back to square 1

ConfusedofYorkshire

sterl1ng wrote: »

Thanks . Thing is the fee for mortgage is £995 so I don't want to pay for that otherwise could be a waste. it's not even been a week and I'm already pondering only cause of that halifax offer! Hopefully will turn out ok

could be wrong- but i don't think you would have to pay that straight away...
do you know how long the offer lasts for once you get it? mine was for 6 months. But from application to full offer was 2 weeks. so you could bide your time for a few weeks, then apply. it should give them plenty of time and if they are in a hurry then they will be motivated.

its always hard sitting on your hands though

[Deleted User]

We are also FTB's and our offer was accepted in November - our vendors have still not found anywhere to move to.

They insisted (or their EA did) that we have the mortgage in place before they would accept our offer....the clock is ticking on the mortgage offer expiring.

We are considering walking away. In addition to not finding anything yet, thy are really poor at staying in touch and communicating with us, they are causing us no end of stress.

What is the most annoying is that THEY wanted a quick sale!!!!

sterl1ng

I'm not sure how long it would offer, maybe I'll try find out tomorrow via mortgage adviser. I guess I thought that once we are all on same page in terms of offers being accepted I then get ball rolling. I think I'll give it till end of month nothing worse than watching a kettle boil

sterl1ng

Domino9 wrote: »

We are also FTB's and our offer was accepted in November - our vendors have still not found anywhere to move to.

They insisted (or their EA did) that we have the mortgage in place before they would accept our offer....the clock is ticking on the mortgage offer expiring.

We are considering walking away. In addition to not finding anything yet, thy are really poor at staying in touch and communicating with us, they are causing us no end of stress.

What is the most annoying is that THEY wanted a quick sale!!!!

Oh dear sounds like a nightmare! I only had agreement in principle but that was from other lender as halifax deal hadn't come to play till yesterday. So if I apply for this product say around mid to late April will I pay fee upon application being approved and then mortgage has expiry date? Not quite sure how it works

DRP

Domino9 wrote: »

We are also FTB's and our offer was accepted in November - our vendors have still not found anywhere to move to.

They insisted (or their EA did) that we have the mortgage in place before they would accept our offer....the clock is ticking on the mortgage offer expiring.

We are considering walking away. In addition to not finding anything yet, thy are really poor at staying in touch and communicating with us, they are causing us no end of stress.

What is the most annoying is that THEY wanted a quick sale!!!!

Have you told them there is a mortgage deadline beyond which you will be pulling out?

AndyT678

I've been on both sides of this and there's no simple answer.

Is your mortgage fee payable on application or completion? If you don't pay until you complete then it's not a problem.

My advice is, if you really like the place then be patient but keep looking too. The sellers are also taking a risk by delaying.