Middle of the chain hell - Please help

Davwar1981

Hi all,

I'm in the middle of a house chain. Its been absolutely horrible, even though it could have been worse. The house I am purchasing and myself are both done and ready. Unfortunately it's transpired that my buyer has had an issue with his mortgage.

Hopefully this should be sorted Thursday the 4th Feb and all sides wanted to complete on the 12th Feb.

However my solicitor has said the buyers solicitor shouldn't accept an electronic copy of the mortgage offer so we will have to wait for post. Therefore his offer is finalised on the Thursday it will be the following week before a hard copy is with a solicitor. Does anyone know if this is CORRECT??

I'm getting alot of pressure of the seller of the house I'm buying. Mainly because we should have completed 3 weeks ago but for this mortgage issue.

Any help gratefully appreciated.

Thanks

Thrugelmir

Why hasn't your buyer got a mortgage offer in place?

Davwar1981

They went through a broker and thought it was all ok. Apparantly though it got hung up at the underwriters as his current employment contract didn't state permanent. His contract is being reissued Thursday at the underwriters have said they have prioritised so it will go through the same day.

I feel confident the mortgage will go through I'm just not sure if his solicitor needs a hard copy of the mortgage

davidmcn

Davwar1981 wrote: »

I'm just not sure if his solicitor needs a hard copy of the mortgage

Pretty normal for them to be faxed/emailed, not sure why your solicitor is certain that they'll need a hard copy.

Thrugelmir

davidmcn wrote: »

Pretty normal for them to be faxed/emailed, not sure why your solicitor is certain that they'll need a hard copy.

One assume that they'll be other documentation with the mortgage offer that will require completion.

Davwar1981

My solicitor has been incredibly diligent maybe more than I would like at times but definetley preferred.

I'm just wondering if this is another example of that or as commented there maybe documents within the hard copy.

Is a week between exchange and completion realistic?? Everyone is ready to move

Thanks for the replies.

Thrugelmir

Davwar1981 wrote: »

I'm just wondering if this is another example of that or as commented there maybe documents within the hard copy.

Is a week between exchange and completion realistic?? Everyone is ready to move

I would suggest your buyer isn't. There's more that the buyers solicitor will need to do for the lender. Little point in parties agreeing completion dates until everybody is at the point of exchange of contracts.

Davwar1981

Fair enough. The buyer was with his solicitor on Saturday and has indicated everything other than the mortgage is finalised.

I suppose I will just have to wait and see.

davidmcn

Thrugelmir wrote: »

One assume that they'll be other documentation with the mortgage offer that will require completion.

Yes, but typically nothing these days which isn't available by other means e.g. downloadable from the lender's website. And that shouldn't hold matters up anyway if they're initially just wanting to verify that a mortgage offer has been issued.

Davwar1981

I think we will exchange on mortgage offer (at least I hope so) but it's the delay on completion.

As with the whole process it's as clear as mud.

I will keep hoping but maybe in the backing my mind thinking it's not going to happen and my purchase gets a little more uneasy.

Thrugelmir

davidmcn wrote: »

And that shouldn't hold matters up anyway if they're initially just wanting to verify that a mortgage offer has been issued.

Pure supposition as to what the buyers position actual is. I would therefore err on the side of caution.