Timescale for buying

toshwriter

Hello all,

I'm a first-time buyer, and dealing with the seller's estate agent is proving 'interesting' to say the least. I believe there is a disconnect between what he tells me and reality. He is clearly trying to apply pressure to me. Given my inexperience, I would really value some opinions on one of his latest communications.

In the 'Memorandum of Agreed Sale' I received by post yesterday, there was an 'Agreed Timescale', which is something I had not agreed to! The offer was placed and accepted on Monday 15th September, and since then I have appointed a solicitor and a mortgage broker. The timescale states: 'All surveys to be booked in by 26th September 2014. Buyer to be in a position to exchange by 14th November 2014 with a preferred completion date of 24th November 2014.' From the date of offer, these are 1.5 weeks, 8.5 weeks and 10 weeks respectively.

Could someone who has been through the process please give some comments on how realistic this is? Also is it common to put these sorts of time scales out there without discussing it? I should note that the accompanying letter states 'can you contact us immediately so that we can agree revised dates'.

The letter also states 'We would normally expect to hear from a surveyor within seven days of an offer being accepted.' Is this realistic? I do not want to get a survey done until the mortgage people have confirmed that they're happy to lend me money, but I'm happy to go ahead if it shows the seller I'm serious; I am reasonably confident I should be able to get a mortgage.

Many thanks!

snifflette

We were chain free buying an empty property first time round and start to finish took about five weeks. Selling and buying now and we lost buyers, lost our mortgage, our buyers solicitor didn't request the surveys until about eight weeks had passed and our management agent has taken six weeks to send the leasehold pack. I hope yours is smoother! Find out if the dates are a deal breaker for the seller.

BlaEm

If the seller had a specific timescale in mind then they should have communicated that to you when accepting your offer.

IMO 7 days for a survey is unrealistic unless you are a cash buyer (which you aren't) - some lenders will arrange survey, then underwriting, others will do underwriting first which can take weeks.

I would call them up, but not be antagonistic - if you're chain free exchange and completion in 8.5 weeks and 10 weeks isn't that unrealistic; however you need to express that the timing of the survey is out of your hands. If you are using a broker you can chase them up, too.

I imagine what the vendor wants is some kind of commitment from you, so you're not just going to wait around for a few weeks then withdraw. You could start the rest of the conveyancing whilst waiting for the surveys (make sure you have draft contract and property information forms from the vendor, first!)

TrixA

I agree with BlaEm. You can't control the timing of the survey. Our mortgage is with HSBC and they don't arrange the valuation survey until after the mortgage offer, from memory it was 2-3 weeks after the offer was accepted.

I also think it's cheeky to present something as an 'agreed timescale' when the buyer hasn't been consulted. Perhaps ask your solicitor's advice about this - I was under the impression that the timing for exchange was something the two solicitors agreed between them after speaking to their clients.

Definitely don't be antagonistic, and stress that you're committed to proceeding with the sale.

lmwarr21

I would not agree on any time scale. State you will work towards these dates however most of it is out of your hands so cannot wholly agree to same.

toshwriter

Many thanks for all the comments - to summarise I think all people agree that it's impossible to predict, so I should not agree to specific dates. My mortgage broker (who I actually rate, despite her working closely with the estate agent) thinks that the lender I'm going with (Nationwide) is generally pretty rapid with these things. I've now provided the initial fees to go ahead with the mortgage, including the survey, so I think this should give a clear indication to the seller that I'm serious.

I'm drafting a diplomatic email saying that I am fully committed to processing everything as quickly as I can from my end, but the dates are for the solicitors to decide and this will have to be handled by them.

martin.cat

The time scales are realistic and possible but something could slip.

We accepted offer on 15aug from ftbs living with parents and bought house on 26aug surveys were done last week mortgages are now fully signed off so waiting on solicitors to do their bit now. We had said half term at end of October but it may be then or it may be a bit later