What is going on!

Bouncybubbles

Hi
We sold our house back in June had offer accepted on mother in laws house mid July. All progressing well. We had mortgage in place etc by 2/8 hoping to be moving early sept. Now we heard from our solicitors on Thursday that our searches are back on the new place and all seems fine. However when I then asked of there was any sign of a date they drop the bomb that our buyers don't yet have a mortgage offer!!!!??? It's a Middle Aged couple buying it for their son and his partner. Could they really have got this far without a mortgage? I'm getting really concerned that it's going to fall through at this really late stage :-|

Kynthia

I'm confused. You say you sold your house and had a offer accepted on your MIL's house? Are you both selling to buy a house together, have you actually sold your place or just accepted an offer on it, are you buying your MIL's house?

When did your buyers make an offer, have they had a survey done and when, are they definitely buying with a mortgage, and is there a chain that they were waiting to complete first?

Bouncybubbles

Hi
My MIL and husband have bought an empty bungalow. We have sold ours accepted offer in June however no exchange has taken place yet. Their mortgage valuers came in 5 weeks ago and told us that the value would be completed that evening and sent to the bank by the morning the next day. Our buyers have no chain they are keeping their house and using some investments to partially fund a new mortgage on our house for their son and partner to live in. There is no chain as they are not moving simply having another mortgage. So in the chain there is our buyers, us and the MIL who is then buying the empty place.

Bouncybubbles

Also they were thinking of doing exchange/completion on same day due to our deposit being tied in our property capital. So the whole 10% on exchange couldn't be achieved unless it was done this way and the cash passed up the chain so to speak.

anselld

Bouncybubbles wrote: »

Also they were thinking of doing exchange/completion on same day due to our deposit being tied in our property capital. So the whole 10% on exchange couldn't be achieved unless it was done this way and the cash passed up the chain so to speak.

Who was thinking this? Your purchase deposit is no business of your buyers.

Ask your agent to remarket the property if you are not confident the buyers are capable of proceeding.

Bouncybubbles

Hi
I'm not really sure I think it was a combination of our mortgage advisor and our solicitor. I don't really want to pull out as it would delay our sale/purchase massively if not fall through (the guy selling the bungalow is In a rush to get back to spain). I'm going to contact estate agents again tomorrow and solicitors as it really shocked us to learn they still don't have a mortgage after all this time

suziqqq

Tell your EA you want to put it back on the market that should shake them up a bit. The EA works for you so should have kept you up to date but in my experience you need to keep pushing them yourselves. Find out why they haven't got a mortgage , has it been declined or are the lenders being slow, you need to know the facts.

Bouncybubbles

Update:
Estate agents called to say that they have got a mortgage offer! It's been a case of Chinese whispers and it's all been blown way out of proportion! They now say that they are desperate to move in and want to be in by next weekend! Fingers crossed!!!!!!!