When should I pull out of my sale?

sturgeon

I would have pulled out but there was a clear explanation for a delay at the beginning as he went away on business for a week. I then started to lose patience when he inexplicably hadn't engaged a solicitor and made it clear what the agreement was when I accepted his offer. As he's had a mortgage lender for a while in his application there was no reason for me to pull out as it was moving along, albeit slowly.

I've paid upfront for my initial estate agent and if it happens I can get a cash buyer plus one that can pay a tidy amount more than the current agreed price then I'm fine with that. Hopefully it won't have to come to that. It's just tricky as we're almost there, as in potentially a week or so away from his mortgage offer but there is delay after delay.

kinger101

Having the mortgage agreed isn't "so close". Have they had a survey done yet?

sturgeon

There's no survey required as it's a pretty new build flat. So that's why once the mortgage is agreed, yes there could be enquiries from the solicitor but I don't envisage major issues.

His first application was with Accord mortgages, as he was naive and the broker applied through them. Never heard of them but the online reviews were atrocious. They didn't decline him but after the valuation they then decided the service charge was large and reduced the amount they'd lend to him. Broker then recommended that rather than arguing back and forth for weeks, going with a much smoother lender, Halifax, who very quickly put in the full application and full credit check and instructed valuation. Allegedly all is fine and they just require his October payslip but proceeded with the application anyway.

It's for this reason, that this payslip is required this week and then (assuming that valuation was OK) the offer is submitted is why i feel it would be stupid to pull out right now, as that offer could be here within a week max. Any longer and i'll have to move on.

As mentioned valuation was done last week so whenever this payslip is submitted this week I'll need to give a very tight timeline for the offer to come through. It's just due to him being slow, naive and me doing all the chasing, as well as the first lender application hitting a brick wall about a week ago that almost 7 weeks later we are this stage.

leespot

I appreciate every lender has different criteria when it comes to paperwork, but is there a reason why are they insisting on the October payslip? My mortgage (Abbey) was offered based on the previous 3 months payslips. My application was processed and an offer given within about 5 days. I applied just before September pay day and gave them my June, July & August payslips.

Thrugelmir

sturgeon wrote: »

There's no survey required as it's a pretty new build flat.

Lenders aren't going to advance thousands of pounds without a survey/valuation (at the buyers expense). Simply not worth the risk.

sturgeon

I'm not sure of the October payslip requirement. I read online that some lenders ask for this if your salary is anything more than a pure basic monthly salary as they need 3 months worth (i.e. overtime or commission). Maybe he got a pay rise recently-same scenario happened to me when I applied for my mortgage recently and had to submit 3 payslips, proof of bonus and 3 months bank statements. Or maybe he has misplaced a payslip-god knows!

The 'survey' is different to a valuation and I mentioned above the valuation has been carried out last Wednesday and I've not heard any news since.

leespot

Quizzical_Squirrel wrote: »

I'm a wee bit skeptical about having to provide a pay slip that's so up to date it hasn't even been issued yet.

To me that suggests there was a blip in his recent financial history that stopped him getting this mortgage amount because he needs to provide three(?) good pay slips. Hence suddenly needing a future pay slip.

Job change?

If so, he can still pull through but he was rather ambitious with his offer to you. Ambitious is perhaps putting it kindly and I would be a little wary of him because, unless he's very young and incredibly naive, he's a bit of a chancer.

You explained it better than I did OP - if the buyer is waiting for an actual mortgage offer, you should be prepared to move quickly in case they don't get one based the possibility of their next payslip not being enough. Best of luck with the sale.