Help with chains!

Alison.Sarah

Hi All

I need help please!!

We are buying a house and are the 2nd link in the chain. Our buyers are 1st time and we have been told they have the AIP (which is why we agreed to go with them).

We have had the survey done on the house we want and it was all approved by the bank yesterday and the official paperwork arrived in the post this morning.

My concerns are, our buyer told me last night that even though they have the AIP, he has been self-employed and the mortgage company need to see 2 years of his P60’s. He said he accountant said he doesn’t have them, as all the VAT was recorded through the company and not his personal allowance. I have been assured he will have it all sorted by next week at some point – is this true or am I being spun a line?

My other issue is, the lady we are buying off, said she didn’t want her house putting as SSTC until the survey was done, this has now been done and she is still refusing until we have had the survey done on ours. Is she being unreasonable? Or am I too sensitive (currently 5 month pregnant)?

Thanks

Alison

questionss

It sounds like your buyer will have minimal income on his P60 and will need to rely on his company accounts too. Or possibly self assessment paperwork if he takes income as dividends. Depends on his lender as to what they'll accept from self employment etc. Could be awkward.

How saleable is your house? If this buyer can't get a mortgage? I can understand your vendors point of view - did you offer near asking? I told our buyers that their first offer wasn't enough for us to remove it from the market, although if we had no other offers before we found something I'd come back to them - at that point we had nothing to view! They went to asking & we stopped marketing it.

Has she got somewhere to go? Is she chain free?

Alison.Sarah

We had 8 viewings in 6 days, 3 offers (one wasn't sold, the one we accepted and another which was too low).


We are £2k under asking price. She says she does have somewhere to go and she wants to complete in 5 weeks - to get the Easter weekend to move, but she hasn't had the survey done on her house. No she isn't chain free, I think she is buying outright from the sale, but has someone in the house she wants.

questionss

As long as her purchase is the end of the change then upper end shouldn't cause too many issues. Longer her house is available the less attractive it is to searches.
I wouldn't worry too much about her if you're sure she wants to sell (downsizers and relationship splits sometimes aren't invested in selling...)

I'd tell your buyers that you'll go to one of the other offers if you don't get progress within a week.