House Selling Delays And Time Frames

the_big_1_2

Hi Guys,

A long and complicated story so most will switch off lol but anyone who is an expert on house sales etc, please advise.

My died died last year, beginning of November and me being the only child etc, I had to become executor and apply for probate. I did this and all has gone well etc.

I put his house up for sale end of December and sold it mid January.
The buyer is the next-door neighbour (Another story, will knock house down, add to his half etc etc)

We agreed a price, contracts agreed and signed.

Now the difficulty begins!

He had to go through lots of loop holes to produce three month wage slips, proof of earnings etc and then an insurance schedule for the house he is buying and produce these to his lender. Weeks went buy, dates agreed, then pass requesting it to be the next week etc and then end of last month, the day be for completion, his lender declares his 3 month mortgage agreement has ended and he has to re-apply.
He has to produce another 3 months wage slips, a drive by valuation of the house. I find out later that his lender had caused most of the delays and indirectly pushed it over the three month deadline. (Money making I guess)
I herd nothing for 2 weeks then last week I get an email off my solicitor explaining that the lender was a hard one, his words "A last resort lender" and that he had sympathy for the buyer and his solicitor. He also said "Lets see how the next two weeks go, may have to put the house up for sale" 6 months and back where I started.
Tonight I have had an email from my estate agent who say they have spoken to the buyers mortgage broker and they say they have now forward the relevant documents to the bank today"

A bit confused now.

Is the mortgage broker the troublesome lender mentioned earlier? or is the bank the troublesome lender?
Any ideas on next steps, time frame to completion etc?

People have said set a unrealistic completion dte and say its going back on the market to force them to hurry but not sure thats the best way.


Cheers guys!

sebadee

> Is the mortgage broker the troublesome lender mentioned earlier? or is the bank the troublesome lender?

It would be the bank, the broker wants to close the arrangement as quick as he / she can, as that is when they get a commission.

If its just a couple of weeks, why not wait it out. He seems like he really wants the place. You could say to the agent that you will give two weeks total and then it goes back on the market.

Wish you the best of luck and hope it all works out.

the_big_1_2

Hi,

Yeah I was thinking the same. He is the nextdoor neighbour and if he doesnt get it, it would be a disaster for him as if you picture it, it used to be one big house back in the 1800's etc and was divided in to two around 1900. He has rebuilt his half and this half looks old etc. He would rebuild this half and have one huge house and in the social circles of the area \ society etc, size is EVERYTHING. He has paid for the second valuation, any other fee's etc so its him thats causing the delay although he may not have helped it. Would paper work at the bank now, two weeks be the norm to comletion or would I expect a lot longer?