First time buyers - 5 months and counting :-(

readytofly

Friday will mark 5 months since we offered on our house. Our mortgage offer runs out 12th October. The chain is not complete and the seller is being tricky. No one can tell me anything apart from 'there's nothing you can do'
I am getting seriously fed up and think my husband and I are stuck in an impossible position. I think We, as first time buyers, are easily replaced in this current market and 2 bed houses have rocketed out of our price range in the last 5 months.
So fed up! Is anyone else feeling like this? Our tenancy has rolled into a period contract now but I really don't want to stay here past Christmas :-(

kingstreet

readytofly wrote: »

The chain is not complete

Was the chain complete when you forked out mortgage, survey and legal fees or did you not wait for a chain to form and it hasn't since?

readytofly

Yes- isn't it obvious from my post? We are FTB, ie we have no clue how the whole operation works. No matter how many times I read 'how to' guides and tips, it doesn't really prepare for reality. We have learned the hard way with costly (financial and time) mistakes. We have been pressed at every turn and thought we were doing the right thing, especially with the mortgage but we have clearly been naive. We went about it alone taking advice from agents, mortgage advisors. At the moment we stand to lose £1100 if it all falls through, and we won't be making that mistake again.
I'm just so stressed out by the whole thing that I would rather it all just went away. I can't see the light at the end of this tunnel.

mumcoll

When we were first time buyers it took us 8 months and 5 houses!

readytofly

urge mumcoll that sounds awful! I'm starting to look at other options now, if we don't exchange within 3-4 weeks I'm done with this house and the sellers. We're going to have to move right out of London

cinnamon442

Eight months and three houses, still haven't completed! I'm inclined to say have patience, it sometimes does take a while but if you want the house, it's worth it.

You could always call your mortgage adviser and see if there's anything you or they can do about the mortgage expiry.

If you're not sure though and are giving up and want to pull out in 3 weeks if nothing happens, then it might even be worth telling the sellers, solicitors and estate agents that you're at that point. It might set a fire under them. Alternatively, it could mean they go 'Go on then' and you lose it. But if you're at that point anyway, is it a loss for you?

clayton16749

When we were buying our first house I thought we were quite well prepared and knew our stuff. Looking back, that was far from the case in reality. It's a massive learning experience and there are so many things we'll know about to be able to do differently when/if we move on.


Good luck though, hope it all works out.

martindow

If the chain is not complete there probably little you can do. What does the estate agent say? They will be keen to try to get things together if they know that you may pull out and put their fee at risk.