Should I be concerned about my buyers?

Loopy28

I am having a major panic at present so any thoughts/advice would be much appreciated.

I accepted an offer on my property at the beginning of November from FTBs.
I found a property to move to about a fortnight ago with no chain.
I applied for my mortgage last week to move house and this has already been approved subject to survey.
I am concerned because I have not had anyone come to complete a survey yet for the FTBs mortgage provider and I was told they applied at the beginning of November.
Spoke to my solicitor today who said that draft contracts were sent 20 November to the buyers solicitors but there has been no response or contact since. My solicitor said the update on 20 Nov was that they were waiting for their mortgage offer and were yet to pay for their searches. He is contacting them and getting back to me with an update.
I also got a call from the EA about a fortnight ago to tell me they hadn't yet paid for their searches or had their mortgage offer but were about to do all that.

I am about to pay for my own searches and survey but should I be worried? Maybe they have held things off because I hadn't found anywhere but am concerned about their commitment at the moment. Surely over a month and no mortgage offer is a concern or is that the standard for FTBs?

EverGreen_2

I have learned from this forum that:
"Everything is possible till the minute of signing and exchanging contracts". That is the only minute of commitment you would have. So, you need to bear that mind, use your instinct and think of your options.

Wassa123

This isn't in the RG14 area is it?

I seem to be in the exact position although I'm the FTB.

My seller accepted my offer in November but hadn't found a house. After applying for a mortgage the estate agent was 'happy' I was serious and advised me not to bother booking a survey or paying the solicitor any search fees until the chain had been completed.

Just got the phone call today to say they have found a place so started applying now .

lindsaygalaxy

No agent around here will accept an offer without proof of an AIP.

Loopy28

Thanks for your replies. No not RG postcode, I am in Cornwall. Your story gave me some hope though!

I know they have an AIP because the EA ensured they did before they made the offer and I believe they used their broker. Just seemed strange that no surveyor had been around yet after 6 weeks but could be like you say that they have been holding off to wait for the chain to complete. Fingers crossed then.

Hopefully my solicitor will have some more info for me from their solicitor although imagine that might be after Christmas now.

Oh the stresses of house purchasing/selling...

Loopy28

We had 13 viewings cancelled when it went to sale agreed, we would have no issue selling it again but chances are I would lose the house I am hoping to buy as things are moving fast here at the moment in terms of properties going to sale agreed.

I am hoping it is just a case that my buyers were waiting for the chain to complete. I personally wouldn't have paid out for any searches if I was in their position until the chain completed when I think about it.

laurathree

Me and my partner are FTBs and our mortgage offer came in just under a fortnight after our full application, but the whole process from offer accepted to mortgage offer took about a month.

However, I am a PhD student with two casual part time jobs and a bursary. Partner is very straightforward, but my financial situation needed a LOT of paperwork to back it up.

You can also chase the Estate Agent to chase the buyers and their solicitors. Might be good to double check and just get them moving before solicitors and banks completely shut down for Christmas.

brett84n

Wassa123 wrote: »

This isn't in the RG14 area is it?

I seem to be in the exact position although I'm the FTB.

My seller accepted my offer in November but hadn't found a house. After applying for a mortgage the estate agent was 'happy' I was serious and advised me not to bother booking a survey or paying the solicitor any search fees until the chain had been completed.

Just got the phone call today to say they have found a place so started applying now .

Chancellors?

suse*

Could it be they aren't having a structural survey? Not all banks actually come to the house to do a valuation for the mortgage as they base it on other houses recently sold etc.

They might not realise that the valuation for a mortgage isn't the same as a structural survey, which would need someone to come dig about in all the nooks and crannys.

Wassa123

brett84n wrote: »

Chancellors?

Yep. They seem good so far. Have you had any experience with them?

My last purchase fell through with Downers, ended up being told several different reasons for why one wall was covered in mould!

brett84n

Wassa123 wrote: »

Yep. They seem good so far. Have you had any experience with them?

My last purchase fell through with Downers, ended up being told several different reasons for why one wall was covered in mould!

We're in the process of buying through the Thatcham branch ( exchanged Friday)

The agent we dealt with was pretty good, I found their ways slightly annoying, not listing properties as sstc or under offer until chain is complete etc especially when looking for a property calling up only to be told they'd already accepted an offer.