28 days after MOS to exchange. I'm worried. Advice needed.

Adeljay

Hey guys first timer buyer here and it's a shared ownership property. Now I received my MOS on 25th October and my mortgage broker applied for my mortgage on the 1st of November with leeds building society. Now valuation still ain't booked and I've instructed my solicitor but she hasn't started anything because she needs all my verified ID which my Mortgage broker has. Now I called him and asked him to send it and he told me wait till you get your morgage accepted which is understandable but I'm worried because what happens if I can't exchange contracts within 28days from mos because it's not my fault I'm just following the advice of my mortgage broker and are they strict on this 28days bearing in my mind the mortgage broker is from the estate agent and the solicitor has been refereed to me by the mortgage brokers. What do I do?

anselld

Where is the 28 day deadline coming from?

Adeljay

The estate agent

TamsinC

Adeljay wrote: »

The estate agent

And therefore completely unenforceable

Adeljay

I don't understand why would they say it then is it just so they can speed up the sale

theartfullodger

Adeljay wrote: »

I don't understand why would they say it then is it just so they can speed up the sale

Someone/some (t*ss*r..) office has probably got some sales target with a possible bonus.


Ignore them, communicate via solicitors

Poppycat68

Average time in UK from MOS to exchange is between 8 and 12 weeks. 28 days is not usually enough time to get the surveys and searches done.

You can work towards a 28 day deadline but cannot guarantee it

[Deleted User]

When I was involved in a shared ownership purchase, it was 28 days as well, although we were allowed a week extra in the end. I don't think its that uncommon for SO. However they are normally ok about allowing a little extra time as they would have to go through the same problems with another buyer as well.

Surrey_EA

theartfullodger wrote: »

Someone/some (t*ss*r..) office has probably got some sales target with a possible bonus.


Ignore them, communicate via solicitors

Or maybe it is on the instructions of the vendor....?!

Either way, rarely does anyone take much notice, as long as the sale is moving along, and the buyer is doing what needs to be done, having survey/mortgage val, solicitor instructed, raising enquiries, searches applied for, etc, etc.

Nobody is going to do anything if 28 days go by and exchange hasn't happened.

cloo

Always Ignore Agent Stress Buttons

Agents will say any old cr*p to speed up the sale and get it through. If an agent puts time pressure on you, it's a nonsense. If you're worried, call your solicitor and they will confirm it is total rubbish - the solicitor is the one who knows the real state of play, the agent is just the one trying to get their commission.

getmore4less

Adeljay wrote: »

Hey guys first timer buyer here and it's a shared ownership property. Now I received my MOS on 25th October and my mortgage broker applied for my mortgage on the 1st of November with leeds building society. Now valuation still ain't booked and I've instructed my solicitor but she hasn't started anything because she needs all my verified ID which my Mortgage broker has. Now I called him and asked him to send it and he told me wait till you get your morgage accepted which is understandable but I'm worried because what happens if I can't exchange contracts within 28days from mos because it's not my fault I'm just following the advice of my mortgage broker and are they strict on this 28days bearing in my mind the mortgage broker is from the estate agent and the solicitor has been refereed to me by the mortgage brokers. What do I do?

Make sure you get all the backhanders documented.

Is this a new build?