Property buying/selling timeline - currently into week 21
04/12/20: Both properties listed for sale
11/01/21: Offers
accepted on both sales & on our joint purchase
25/01/21: Identity checks completed, solicitors instructed
27/01/21: Purchase survey & valuation complete, mortgage offer
received
05/02/21: Reduction agreed on partner's sale (under-valuation) & on
purchase. Mortgage offer amended
08/02/21: Buyers pack returned to solicitor - sellers packs already returned
26/02/21:
Partner's sale contract signed
10/03/21: Purchase searches all back
16/03/21: My sale contract signed
28/03/21: Purchase enquiries satisfied, Title
Report & contracts issued, contracts signed & returned
11/05/21: Still waiting on final enquiry in the adjoining chain to be resolved. Consent to break the chain granted, instruction to move to exchange given.
17/05/21: All parties agreed to June 3rd for completion
27/05/21: Exchanged on my sale only
28/05/21: ALL EXCHANGED!
03/06/21: Completion
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Mortgage surveyor has been cancelled
Comments
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I'd call that a blessing in disguise. Seriously, do not let Countrywide anywhere near your home. Google them. They under-value every house they visit, and not just by a bit, so then the buyers' lender refuse to loan the agreed sale price. If the sale falls through because no-one can/will bridge the gap, the next buyers' surveyor will have access to that information so it could well happen again.0
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traybonoaholly wrote: »Would you assume the buyer has changed their mind and wish to pull out the property. I'm going to be straight on the phone tomorrow but I won't be able to sleep tonight worrying about it as now I'm already incurring costs.
Personally, I'd not assume anything or lose sleep.
I'd know from previous experience that costs, the onward purchase and the final price I might achieve are all unpredictable things.
Your solicitor won't have done much and you'll surely use them at another point if this sale stalls.0 -
ok so ive now spoke with EA. They have cancelled the surveyor for biw as we still havnt found a property which we want to move to. we havnt been sold long though. I totally understand where they are coming from a they dont want to pay for a surveyor incase we pull out.0
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Any update OP?
Edit: Oops, just seen your update!0 -
They should still be applying for a mortgage and having the valuation. Means no commitment from them. I would pop it back on the market.0
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... and I would advise a client to wait for a fully formed chain before spending money on mortgage or solicitor costs.They should still be applying for a mortgage and having the valuation. Means no commitment from them. I would pop it back on the market.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
When i was moving, the first thing an EA would ask is how far into the sales process I am. If another buyer came along and their buyer had mortgage in place they might hold an advantage.
What if the buyer could'nt get a mortgage on it etc...?
P.S
The property we moved into, stipulated that the survey had to be within x number of days.0 -
I'm getting quite frustrated to be honest. I made sure to ask our EA weather of not the buyer is ok to wait whilst we find a house, I was told yes no problem, so I then proceed to send all my paperwork to solicitors.
Today my estate agent rang me to tell me the buyers are constantly in the phone trying to hurry us along, then the estate agent was like we'll what you going to do if you havnt found something in two weeks, will you rent. I made it clear that I'm not going to rent prior to the buyer instructing a solicitor, that my buyer if they want my house will have to wait for me to form my part of the chain, they are in a chain and their buyer had to wait for them to find a property, ive said a gazillion times that I'm looking every day and viewing houses actively but I'm not going to buy a house I don't actually want to so they can complete quicker. I said from the off set if this isn't ok then they should pull out and put my house back on the market. I won't be told what to do or how to do it, being demanded at when I've already took a price drop. I want to sell but I'm not desperate too and if it doesn't it really doesn't matter to me as I don't need to sell. I'm getting so wound up with it all. I don't want the sale to fall through but I'm already getting sick of my demanding buyer. They've instructed their seller to go ahead with all their searches etc knowing that I hadn't found a property yet and now want me to hurry on because of this. I've used the same EA 3 times before but this time they seem all in the interstellar of the buyer and not us the seller which I'm finding really annoying as I'm forking out £1600 for their services not the buyer, it's coming out of my pocket so they should have my interests at best.0 -
traybonoaholly wrote: »I'm getting quite frustrated to be honest....
There's likely to be 2 possibilities...
1. The buyer is genuinely getting jittery
2. The EA is pushing you, because the EA wants to hit their sales/commission target asap.
If you suspect it's option 1 - just provide regular positive feedback to the EA, so that the EA can pass it on to the buyer - to keep the buyer calm.
If you suspect it's option 2 - don't take too much notice.
If you want, you could find an 'excuse' to contact the buyer directly, to find out if they really are getting jittery or not.0 -
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