Change of Property - Full mortgage offer received earlier this week - HELP

starliteab

We are in the process of buying our first home. My full offer mortgage was approved earlier this week. However it seems that the seller is not moving fast enough and they haven't even made an offer on the property they want to move to. I need to move out by end of September from the current property we are renting. So it potentially leaves me with two practical options: 
1. take my chances and hope that they close on the property they want to move to. 
- this option is risky and I may have to find a temporary accomodation for a month or two. that will be painful. 
2.  find another chainfree property quickly. 
with option 2:
- how easy would it be to for me to request change of property with the current lender?
- Given that mortgage is fully approved, does it put me in a stronger position while negotiating on the new chain free property? As the seller knows i will VERY likely get the mortgage offer from lender for new property extremely quickly. been credit checked and can move fast?
- Should i be fully transparent about this situation with the new seller/ EA?
 - Would I have to re-do the application from scratch? Presumably the lender will send in their surveyor again to survey new property .
- What if the property we like is say a few £k more than the mortgage approval that has come through? does that mean I have to make up the difference in cash? or will the vendor re-do the process from scratch i.e. credit checks, underwriter check etc thus adding to time lines?

[Deleted User]

I think it's, maybe, less about the seller being slow and more you being a bit too fast, stages of house buying and selling are slow and rushing can lead to the scenario you find yourself in. 

If they've not offered on that property it could be that they're still unsure if it's the right one and are still looking around, it could be that they're having difficulty obtaining a mortgage, or the people below them, in the chain, are having difficulties with one, or below them are being slow, and so on, there are several hurdles and all angst ridden.

Until your chosen property actually becomes available, and you really want that house, and are willing to wait for it, renting is probably the way to go.
Many times i see people, i know, choosing the renting inbetween places being the easiest route rather than continually having to pack/storage/pack again situation.

If you're changing your minds about your chosen property have a look about but don't rush to get almost in by your September goalpost because that puts unnecessary pressure on all persons involved - not to mention you'll buy in haste and very possibly regret your choice at a later point when it's too late.

A chainfree property doesn't mean a fast transaction either, my last move was chainfree and took 6 months to complete.
A house buying transaction is only as fast as the slowest component !

davidmcn

starliteab said:

I need to move out by end of September from the current property we are renting.

That almost certainly isn't the case. You don't need to move out until your landlord gets an eviction order. Realistically you'll have months before you actually need to go.