Don't know what to do

SunnySwansea

Hi all

We put our house on the market at the end of April then accepted an offer after 4 days. Really quick!! I then texted the buyer a week later to say that we had had paperwork from our solicitor and for us to just keep in contact. She said that she was going to her mortgage advisor that day which was a week after offer to sort mortgage. In the meantime the house we put an offer on was accepted and survey arranged for next week which will be 24 days after offer. The house we are buying owners have had their offer accepted so now a chain is kind of happening. I text the lady yesterday for an update as we haven't had a date for survey or our solicitor hadn't heard from theirs and it's now 2 weeks since offer. This is the reply

Hi not at all sorry I have been meaning to ring you. The last Morgage I had in place was for a new build the Morgage advisor has had to put in a new application because the deposits are different apparently. I don't understand the difference if I am honest. I have asked if I can carry out the searches etc while I wait and he had told me not too until I hear back from him. I am contacting him again Monday as I have sent all my information to him so hopefully then I will have news. I will keep you posted really sorry this is taking so long. Thanks

Should I be concerned that her mortgage is taking this long. She's getting the mortgage for her son and his partner. We've decided to give them until Monday with a plan to remarket on Tuesday.

Thanks for reading and any advice greatly appreciated

Lokolo

Your dates are a little confusing.

You say you put it on the market at the end of April, and 4 days later an offer was accepted. And we're now only mid-May, so it's been 2-3 weeks?

Then you say its been 24 days? So basically 3 and bit weeks? Some mortgage offers take longer than others. Why are you rushing?

Have you spoken to the Estate Agent?

Lauralou79

Our mortgage appointment wasn't until 10 days post offer acceptance. The mortgage was approved quickly subject to valuation but we had to wait another ten days for that to actually happen. Plus it was Easter/may bank hols in the middle of it all. A month after offer the survey and valuation were complete and offer approved. Just awaiting solicitors/legal now. Sometimes things take time. I guess you have to take the buyer at their word although I'm confused she's arranging a mortgage for her son/partner as they would have to that themselves or is she buying the house so her son can live there?

SunnySwansea

Hiya

Sorry we put it on the 21st April and offer was accepted on the 25th April. I'm only concerned as already our survey has been planned for the 19th. We found out that our mortgage was accepted in principle the day after we applied (3rd May). Is it usual for mortgage advisors to take a while? My experience has been that it has taken a few days but according to the buyer she took all her info on the 2nd May and is still waiting?

SunnySwansea

Her son and his partner are only young so she's getting the mortgage for them to live in. I haven't done this in a long time so maybe I should just have more patience lol!! Because our mortgage was approved subject to valuation so quick I just assumed others would be to. Her mortgage advisor said not to contact her solicitor yet until he gets back to her. Is this also the norm?

mouthscradle

I think the speed of your own application is the exception, rather than the rule.

I imagine their broker has told them not to start things in motion with the solicitor yet as he doesn't want them to waste money on searches if the mortgage company don't approve the loan. Again, I think this kind of caution is fairly standard unless someone is really in a huge rush.

mrginge

You rushed off to sort your purchase out before having concrete info on your sale.

Slow down.

pinkshoes

SunnySwansea wrote: »

Hiya

I'm only concerned as already our survey has been planned for the 19th.

It is generally not a good idea to book surveys until your own buyer has booked theirs on your house.

As their mortgage application is slightly more unusual, then it will take a little longer.

If you start threatening to put it back on the market, your seller might decide to do the same if you are no longer a proceedable buyer...

Patience my dear Watson...

SunnySwansea

Thank you all for your replys. I do think that I need to be more patient and just wait. The house we are buying is a relatives which was always the plan and tbh everything does seem rushed. Our mortgage advisor is a family friend so the plan is to have the mortgage offer in place because it will last six months; the relative we are buying from went ahead and found another house quickly which we didn't plan on. I have just felt as I hadnt heard much could she even get a mortgage but I suppose that's the chance that everyone takes. Hopefully we'll hear more regarding whether they've managed to get a mortgage sorted next week. Thank you again for your replys and I will definitely try to have more patience and relax.

G_M

Just chill!

Stop texting the buyer/seller and just let things run their course.

Yes, it takes time. Yes, there'll be uncertainty (till Exchange). Yes, it's worrying. But if you spend every day worrying about the possible meaning of every question, or lack of answer, etc, you'll be a nervous wreck.

Get on with your life and when it happens, it happens.

SunnySwansea

Hi all


It's now nearly 4 weeks since we accepted an offer (25th April) and have heard no more. Our EA said that our buyers are still waiting to hear about their mortgage and I understand that theirs is a little tricker as its a self employed mortgage which is effectively a buy to let as they are buying for their son but how long should we wait for them to be able to get a mortgage. My fear is that we keep waiting to hear something and then they can't get a mortgage after all. Should we give it a few more days and then look at relisting or keep giving them the benefit of the doubt?