Ignore EA advice or not???

lis9388

I am posting this thread due to being a bit naive in this house-moving business,

We sold out flat STC a couple of weeks back, since then we have also found a property, which we have put an offer in for that has been accepted. We got our mortgage principle, and proceeded to the point our lenders wanted to send in a surveyor for the property valuation. But when we went to the estate agents to show them our mortgage in principle they advised us to hold off on anything else, so we then rang our mortgage advisor and told them to hold off. We had at this point already paid for our mortgage product fee and our valuation fee, but my mortgage advisor was happy to refund both but said the interest rate offered cannot be secured now until we process with the valuation, even though we had our mortgage in principle? Obviously we want to secure our rate, esp. as rates are so low at the moment, and with the election coming up, we are unsure what may happen in the very near future? But I also understand the estate agents may be advising us this as the our sellers haven’t found a property yet? We obviously can proceed as we where with the valuation fee etc. to put the pressure on as we obviously don’t want to loose our buyers, but wouldn’t know if this was the right thing to do?

Yes this may be a silly question, but this is the 1st time we have bought and sold? And not sure what we should do?!

~Beanie~

Did they give you a reason for advising you to hold off? If not, I think you should ask them.

hazyjo

Not entirely sure what your question is as it's a tad jumbled (sorry!).


Does not sound like your chain is complete - so hold fire and don't spend any money yet.


They're not suddenly going to add 5% to interest rates (don't shoot me if wrong lol).


How can you put pressure on the vendors? If they've not found somewhere, what do you want them to do? Rent? Buy something they're not happy with? They may not sell at all if they can't find somewhere, so bear that in mind. Don't spend anything.
Jx

lis9388

Apparently they want to complete the chain, but as said previously we want to secure our rate and get the house surveyed asap. And I just didn't know weather to over-ride this or is the EA actually giving me good advice?

hazyjo

lis9388 wrote: »

Apparently they want to complete the chain, but as said previously we want to secure our rate and get the house surveyed asap. And I just didn't know weather to over-ride this or is the EA actually giving me good advice?

If I add anything else, I'll be repeating myself.


Re-read and if you have another question, just ask.


To put it another way - what if they don't sell because they don't find anywhere to buy and you have spent money on the transaction and your mortgage?

Surrey_EA

lis9388 wrote: »

Apparently they want to complete the chain, but as said previously we want to secure our rate and get the house surveyed asap. And I just didn't know weather to over-ride this or is the EA actually giving me good advice?

It sounds to me like the EA is giving you some pretty good advice.

The chain is not currently complete, and right now nobody can predict how long before the vendors find somewhere suitable, and what the chain is above.

If you pay for a valuation report, and maybe an arrangement fee, and your mortgage offer is issued, the offer will have an expiry date, sometimes 6 months, but could be as short as 3 months, by which time you need to complete on the purchase, or your mortgage offer will no longer be valid.

I would not apply for a mortgage until you know the chain above in complete.

glentoran99

lis9388 wrote: »

Apparently they want to complete the chain, but as said previously we want to secure our rate and get the house surveyed asap. And I just didn't know weather to over-ride this or is the EA actually giving me good advice?

you wont be securing anything as the offer will only last a finite period of time, if that passes you will not only not be assured of your rate but you will have paid out fees and have to pay them again

lis9388

Haha ! No of course not....I suppose you just worry their sitting their with their feet up....they did say they would consider renting if they couldn't find the right property.
Yes your right I suppose, where just being a tad to eager. Just wanted to make sure the advice the estate agent was given us was good advice. They didn't really make themselves clear and just said it was too secure the chain!

Surrey_EA

lis9388 wrote: »

....they did say they would consider renting if they couldn't find the right property.

If I had a pound for every time a vendor had said this, and then decided against it I would be very wealthy!

lis9388

Yes your right - thanks for the advice guys

hazyjo

tbh, I'm more surprised to hear the EA telling you to wait. They are usually the ones saying 'nah, it'll be fine, get the ball rolling...' lol. We're forever telling people on here to ignore them and not spend anything


Good point above, your mortgage offer will only be for prob 3 or 6 months anyway. The purchase will (eventually) take around 3 months, so def don't rush into it.


Jx