How long should I wait? FTB

lalalayummy

Hello!

I am a FTB and I put in an offer about 5-6 weeks ago which was accepted. Unfortunately the vendor hasn't found a place. They have yet to instruct their solicitors - I have been told by the EA that they have been looking but just haven't found an appropriate place.

I have a mortgage in principle at the moment - should I start the mortgage application now?All my documents are ready and I have a solicitor lined up too. How long should I wait? I am a FTB so no chain, but I don't want the vendors taking their time and not being serious about this. Would it be possible to specify an estimated date for completion/exchange? At this stage, should I ask if they would consider going to a rental property?

Thanks!

Malmo

As a seller/vendor, I would demonstrate at least some commitment by appointing a conveyancer and enabling the selling agent to distribute the Memo of Sale to all parties. Their representative can then at least get the ball rolling with paperwork on that side, if nothing else. Perhaps even a private communication initiated by the seller to explain things might help.

As a buyer, I would want to see something happen, even if it's a token step, just to reassure me that the seller is serious. I wouldn't apply for the mortgage just yet as you'd start incurring certain upfront costs & the offer expires within a defined time limit (often 6 months), without any guarantee about the upward chain. Sit tight for now, especially if you have no specific circumstances that are forcing you to move on from your current residence and the property you have offered on is a good one that you'd like to hold on to.

rosie383

As Malmo says. ▲▲▲▲

As has been said on here many, many times, find your own conveyancer. If you bow to the EA's will and use their recommendation, most of the fee you pay goes to the EA with less than half going to the solicitor. Find a decent conveyancer who offers no purchase, no fee. Then if you get fed up waiting, you won't have lost solicitor fees.

As for asking the vendor to move into rented, that is very unlikely to happen unless you are paying so much for the house that the vendor would find it hard to replace you if you walked away. Everything may happen very quickly or you could be waiting for six months.

lalalayummy

Thank you for your replies! at the moment all i have is a written confirmation that my offer's been accepted. I don't have a memorandum of sale- the agent said that will be issued when the vendor has found a place.

i guess i'll wait a bit more and then push for memorandum of sale?

SplanK

Defo sit on your hands as it were. You could find this with any property. Just keep asking for updates with the EA weekly


However, it wont do any harm to keep an eye on the market so if you do pull out, you have an idea as to what's around.


ITs not easy being a seller, especially if the property you want simply is not on the market. No point putting things in place costing money until the chain is complete.