Buyer Awaiting Solicitor Allocated by Lender

loonywitch

2 weeks ago we accepted an offer on our home. We’ve done everything we can on our end but the buyer is apparently awaiting allocation of a solicitor by his lenders. Has anyone had any experience with this? How long can it take? Or are we being fobbed off?

Thanks

davidmcn

Who is the lender?

Thrugelmir

Has the buyer had their mortgage offer yet? Solicitors are unlikely to undertake any work until this is issued. 2 weeks isn't long post an offer from a potential buyer.

loonywitch

I have no idea who the lender is.

Bit of an update, their mortgage offer hasn’t been approved yet. How long would you expect before things start moving Thrugelmir? The estate agent said the buyers are known to them and doesn’t anticipate any issues

Thrugelmir

loonywitch wrote: »

I have no idea who the lender is.

Bit of an update, their mortgage offer hasn’t been approved yet. How long would you expect before things start moving Thrugelmir? The estate agent said the buyers are known to them and doesn’t anticipate any issues

Has the surveyot booked a valuation yet?

There's no set timescale for mortgage applications. Too many variables to factor in.

Stay in close contact with your estate agent. They should be keeping all parties informed.

loonywitch

No, they have not. This is the first time we've sold a property so we don't have any idea of timescales etc. When we purchased our house, it was straightforward due to the market at the time and the fact it was a new-build.

I hate not knowing!

Thrugelmir

loonywitch wrote: »

I hate not knowing!

I can highly recommend yoga! We all vow never to move again.

loonywitch

Update - still no solicitor but they can confirm that their full mortgage application has been submitted. Hopefully this means things are progressing as they should. I wonder if the solicitor will be allocated before the valuation is instructed.

Thrugelmir

loonywitch wrote: »

I wonder if the solicitor will be allocated before the valuation is instructed.

Doesn't mean that they will do anything. Unless their client instructs them to. Appointment of solicitor is a minor issue in the bigger picture.

KnowledgeIsLife

I assume if the lender is appointing a solicitor the buyers have chosen an incentive normally called free legals these won't be appointed until the application is approved by underwriters it is also not the lenders that appoint the solicitors it is legal marketing services (LMS) if straight forward perhaps 1-2weeks before it is approved depending on the chosen lenders service levels.

dimbo61

Your looking at 3/4 months unless this is a well motivated buyer with experience of the system.