FTB - Worrying about nothing?

cherryx3x3

We are currently in the process of buying our first home.


We had an offer accepted on 29th April. We submitted our full mortgage application on 8th May and are still waiting to hear back with an offer.


The vendor is constantly asking me if we have heard back from the lender yet, its getting to the point where I think they are being overbearing and its got me worrying they will put the house back on the market.


Am I worrying over nothing or is the vendor being unreasonable as I think things have progressed quite quickly so far!

hazyjo

Have they done the valuation and survey (if having one) yet?


One reason why you should never give your phone number to the vendor lol!


I had pushy EAs once so I took it upon myself to email them saying things like 'no news today, I will chase today and if I've not heard anything by X day, will chase again.' Just send them regular updates with absolutely any bit of info to shut them up.


Jx

always_sunny

we don't know what was discussed between you and the vendor. If it was agreed that it'd be a swift transaction then 13 working days (incl today since the offer was accepted) is a tad long.

Has the lender already completed the valuation? Is it booked? If not, it is very slow.
By when do you want to exchange and complete? Is the vendor on the same page?

hazyjo

Took me over a week to get an appointment with the lender, and took around 3 weeks to get a survey back. I don't think 13 days is a tad long at all.


Absolutely no point in discussing exchange/completion when you're only a couple of weeks or so in. Average is 3 months. I have done it in 5 weeks, but the time I wanted to exchange within 3 weeks (sold to an investor), it took 5 months (despite us being ready). You can say if you're - or if they are - in a rush for a deadline for a particular reason, but rushing for the sake of rushing just sends everyone mad. Nobody wants it to take forever, but just be aware of the 'average' (not the slowest by any stretch) and base it on that.


Jx

Lauralou79

My mortgage was approved very quickly subject to valuation but we had to wait 10 days for a surveyor to value the property for the lender plus there's was bank holidays inbetween. Sometimes things just take time.

cherryx3x3

Valuation was done 3 days after full application. Lender required another statement from us which was uploaded Monday and has to be processed by end of business today.


All being well we should have an offer by close of business Friday, so all in all 10 working days after full application. In my opinion that is quick work as some other people I've seen on here have been waiting weeks!


We want to exchange as quick as legally possible as there is no chain. Solicitors have been appointed already so they are running in the background. I have done everything I can to hurry the process along.


Its put me off ever buying a house again!!

always_sunny

as I said it depends on what was discussed and agreed - if you're on the same page then no need to worry.

After my offer was accepted (Mon morning) lender valuation was booked for mid week (after) and mortgage approved by end of week 2. 9 working days end to end.

My vendor wanted a swift transaction (no chain) but then took ages to get the leasehold pack!

Surrey_EA

always_sunny wrote: »

After my offer was accepted (Mon morning) lender valuation was booked for mid week (after) and mortgage approved by end of week 2. 9 working days end to end.

That is unusually fast.

Length of time varies between lenders, as they have different processes, and often approach things in a different order.

It is not unusual for it to take 3 - 4 weeks from submitting the application to receiving the offer.