Buyer waiting to get buy to let mortgage before ex

Julie67

Hi all,

I would be really grateful if you can give me your thoughts on this.
We accepted an offer on our property at the end of October. We had three offers and within a week of going on the market. The one we accepted seemed to be in the best position, the didn't have to sell their property to buy ours. Their current property is going to be rented out.
So everything moved along ok, surveys done no probs. Christmas came and went which was fine , we were happy to exchange and complete January. Our solicitor advised that we were ready to complete mid January. There is no chain at our end. We are moving in with family whilst we find what we want.
We signed our contract four weeks ago. Also four weeks ago our buyers came for a final inspection. All fine, they can't wait to move in.
Anyway still no date for exchange despite pressure from our solicitor and estate agent.
It turns out the buyers are organising a buy to let on their current property. I suspect they actually only applied for this about a month ago. Several phone calls from the agent to the buyer who keeps saying his buy to let should be through any time and then they are happy to exchange.
My question is, does this sound dodgy, how long do we wait for his buy to let to come through and why didn't he organise this ages ago?
We've given him a deadline for completion 2nd March.
Do you think we are being unreasonable? How long do we wait for him to complete?
Really don't want to go down the route of selling again if it can be avoided plus we have emptied a lot of the house (sold loads as we are downsizing). Any advice or similar experiences much appreciated.
Thanks

silvercar

Anyway still no date for exchange despite pressure from our solicitor and estate agent.
It turns out the buyers are organising a buy to let on their current property. I suspect they actually only applied for this about a month ago. Several phone calls from the agent to the buyer who keeps saying his buy to let should be through any time and then they are happy to exchange.

Shrugs! Sounds plausible, but who can tell.

If they haven't got their mortgage offer they aren't in a position to exchange.

The_Palmist

Apart from the timelines this sounds very much like us.

We are the buyer's with plans to put our property on rent but we made it clear that at time of offer that getting tenants in is not a requirement and we would to complete the purchase asap. The sellers are moving in with family so no chain either end.

Things are progressing ok so far.

Regarding BTL, I have a consent to let from my current lender for next 4 years.This took 4 working days since an online 2 min application. Each case is different though but I doubt it will take that long.

Thrugelmir

Julie67 wrote: »

We've given him a deadline for completion 2nd March.

Little point. You need to exchange contracts first.

Personally I'd speak to your EA about remarketing the property this weekend. Stick to your guns. May cause an effect. If it doesn't you've lost nothing.