Reasonable timeframes?

JesseBirdsall

Hello, we accepted an offer (there were several) this time last week. Buyers viewed once and made offer (as they all did) and they met with MA on Monday but I asked EA to chase MA to see if it has been submitted and he says the "process is starting today". I have asked EA to check the buyer has instructed the solicitors properly, i.e. paid fees etc not just named them.

As I right to be frustrated that a week has gone by and these buyers are being slow. Tempted to go back to the other offers! Buyers are FTBs

PixelPound

One week and you are thinking it's slow

JesseBirdsall

id have expected them to have at least done the easy stuff to get going like submit mortgage application and pay solicitors fees. The rest of the journey i know can be slow, but I'd like the train to leave the station.

I need to start my own mortgage and search fees but holding back until I see commitment!

~Beanie~

That is not slow, that's pretty normal, and most people don't pay solicitors fees up front so checking that won't help you.

mrginge

If you wanted things to run quicker why did you accept an offer from someone who hasn't got a mortgage sorted?

halfabee

Took us roughly a week and a half to go from offer accepted to get our MA submitted. Things like going through all the questions with broker, agreeing with partner that's the right mortgage deal (deals change constantly so something they had banked on might have been removed from the market), getting all the necessary documents (some of which were a surprise to us as lenders have different criteria), posting those off (next day delivery), one day of delay because we hadn't realised we needed to name our solicitor on the application. Another day because the scanned documents were not enough anymore, and I needed to send originals. It all adds up. Although I 'instructed' a solicitor I paid them nothing until I got my mortgage agreed, since I was not prepared to lose out on an extra few hundred if the valuation came back bad. I would say you should wait another week, if they haven't at least submitted the application by then something is probably wrong.

toddler9

The solicitor will advise the client to wait until they have had a satisfactory survey done before instructing/paying for the searches to be started.

It probably takes 2 weeks for the full mortgage application to happen so I don't think they are being slow. Bear in mind that the full mortgage application can't start until they have had an offer accepted. The survey then gets booked as part of that/same time as the banks valuation survey. Perhaps you are being slightly impatient?

LittleMissKitty

A week??

We offered on our purchase 7 weeks ago (it's a NI purchase so the sellers provide the initial) and our solicitors haven't seen a thing from them yet.

Our sale is ready to go.

drivecrazy

Sorry for slightly hijacking the thread ...

we have our searches done , mortgage offered , help to buy in place and even received the contract papers from seller via our solicitors. I think our solicitors would have send the papers to the seller as well to sign ...so ideally from this state how long it takes to exchange of contract . i just want to see is there any legal step involved in this stage or once we send the deposit to solicitors and the exchange can happen just on a day ...

Marvel1

JesseBirdsall wrote: »

I need to start my own mortgage and search fees but holding back until I see commitment!

So you are complaining they are slow, yet you are slow against your sellers, those poor sellers must be wondering why are slow.

tom9980

JesseBirdsall wrote: »

Hello, we accepted an offer (there were several) this time last week. Buyers viewed once and made offer (as they all did) and they met with MA on Monday but I asked EA to chase MA to see if it has been submitted and he says the "process is starting today". I have asked EA to check the buyer has instructed the solicitors properly, i.e. paid fees etc not just named them.

As I right to be frustrated that a week has gone by and these buyers are being slow. Tempted to go back to the other offers! Buyers are FTBs

You are being far too impatient. Typically takes 3 months for the average sale to complete.

I suspect the buyer spoke to MA who took details then went away to do his job and that today he is submitting paperwork to Mortgage company. Depending on who that is and there current turn around times you could be looking at another 2 weeks for a surveyor to be booked in to value property, and that's IF they pass the initial underwriting process.