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Waiting for vendor to buy - proceed with mortgage/solicitors?
PeteW
Posts: 1,213 Forumite
Hi,
We've accepted an offer on our house and had our offer accepted on another house. The people we are buying from have not found anywhere to buy yet, and I'm not sure how long this is likely to take.
What's the norm in this situation - do you proceed to apply for your mortgage and instruct a solicitor and surveyor (ie, start paying for things, potentially thousands)? Or do you wait until the vendor has found somewhere and therefore the transaction is more likely to go ahead before committing to these costs?
Cheers
Pete
We've accepted an offer on our house and had our offer accepted on another house. The people we are buying from have not found anywhere to buy yet, and I'm not sure how long this is likely to take.
What's the norm in this situation - do you proceed to apply for your mortgage and instruct a solicitor and surveyor (ie, start paying for things, potentially thousands)? Or do you wait until the vendor has found somewhere and therefore the transaction is more likely to go ahead before committing to these costs?
Cheers
Pete
0
Comments
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Wait for the chain to fully form and don't embark on potentially wasted expense diving off ahead of everyone else.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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I'm also waiting for a vendor to buy. The vendor's EA wanted details of a solicitor, so I found one. The solicitor immediately asked for money and I refused. They threatened to "lock my file" which was fine with me as I don't want them to actually do anything at the moment. When the chain is complete, I'm now minded to go with a solicitor with better social skills."Real knowledge is to know the extent of one's ignorance" - Confucius0
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I'm also waiting for a vendor to buy. The vendor's EA wanted details of a solicitor, so I found one. The solicitor immediately asked for money and I refused. They threatened to "lock my file" which was fine with me as I don't want them to actually do anything at the moment. When the chain is complete, I'm now minded to go with a solicitor with better social skills.
Go for it remember they are working for you, NOT you for them if they cant be polite and talk to you with respect then ditch them, plenty around“People are caught up in an egotistic artificial rat race to display a false image to society. We want the biggest house, fanciest car, and we don't mind paying the sky high mortgage to put up that show. We sacrifice our biggest assets our health and time, We feel happy when we see people look up to us and see how successful we are”
Rat Race0 -
^^ agree with this soo much....
If they have poor comms skills now then walk away and find somebody willing to put the effort in.
I rang mine a few times before going with them, and there was *never* an issue getting through to him at all. Ok, he is more of the old school type and can be a bit forward at times but he is honest and advises me on what's best rather than what's easiest!0 -
The house we intended to buy when we got our buyer fell through so we frantically searched for another.
There was nothing coming on the market at the time and I'm afraid it took 6 months before we were able to go ahead (when the house we originally tried to buy came back on the market).
We were very surprised our buyer waited so long, but as prices were rising they got a bargain. If we had gone back on the market we would have got another 30k but we stuck with them as they had stuck with us and it got the chain complete.0 -
We went ahead with the mortgage application prior to the chain becoming complete because it was all free, once we had the offer I was happy for the searches to go and a couple of days later the chain was complete.
Suits us because all we have to do now is chill out and wait for everyone else to get their stuff sorted.0
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