Are we being messed around... what to do?** Update**....

Jamaicanmelaff

onlyliveonce said:

carriesmonkies said:

Our mortgage offer (as first time buyers with an AIP and a straightforward application) took just over 5 weeks to come through and if you take a read on the mortgages page, you’ll see that this is not unusual at the moment.  

Everything is moving at a snails pace.  2 months doesn’t seem like an unreasonable timeframe to me and you risk waiting much longer and being in the same situation with regards to waiting for a mortgage offer if you put your house back on the market.  

Its not 2 months its the end of septemberiwb100 said:

Mortgage offers take a while, conveyancing takes a while. In England for a move to complete from July to September would be very fast in normal circumstances with Covid impacting on chains significantly it would be very very unusual.

Come on 7 weeks for a mortgage offer, i waited 2 weeks, i know this quick at the mo but for 7.

Our sellers want out asap. They are moving abroad.

Then we need to think about another lockdown that could happen.

I wouldnt be putting any offers in for houses if i wasnt proceedable anytime soon.

They told our estate agent they had nothing to sell an aip in place, there solicitor also confirmed there broker didnt see any issues with placing a mortgage. 
To me they wanted to get things moving asap.

But as people are telling you, 7 weeks isn’t that unusual atm for a mortgage offer either, particularly if they may have a low deposit. If the banks request extra docs you go back to the bottom of the underwriter’s queue which may take another 10 working days to get to the top, then they might ask again.

I had an AIP, I have nothing to sell and a 20% deposit,  my mortgage offer still took over 2.5 months just because I’m self-employed. And I hadn’t been affected by COVID at all. 

You should go and check out the mortgage board. You’ll see waits like 7 weeks are not that unusual at all atm. Some people are having to wait weeks for direct appointments to get their applications in for 90% LTV mortgages with HSBC because broker applications are extremely limited. These are strange times. I don’t see any indication from anything you’ve said that means they weren’t proceedable like they claimed to be at offer like you seem to be implying. 

swingaloo

Buying and selling is  frustrating and long winded at any time. I'm buying at the moment, its a cash purchase so I'm not waiting to sell anything, buying a house which is empty and probate has been completed so there is no chain at all, all surveys and enquires done  and it's been 11 weeks now since our offer was accepted we are still waiting for completion.

Its slow, your buyers are probably as desperate to get into their new home as you are to get out of it, I don't think they are being difficult at all. The saying they want to move asap isn't them being deceptive, they are probably as frustrated as you are. At the end of the day the buyer wants your house, the agent wants his commission and you want your new house.  It just takes longer than you ever expect and starting again will only delay thing even  more. If you find a new buyer do really want to have to go through all the hassle again from the start.

orangepeel105

As everyone is telling you, 7 weeks is a very realistic timeframe to be waiting for a mortgage offer at the moment!  My partner and I had an AIP ahead of making our offer 3 weeks ago.  The valuation has only just been booked by the mortgage company and then they are saying 8 working days to review once that has been completed and returned to them, plus 8 working days to review each time they request any additional documents.  Some mortgage companies are booking valuations in up to 4 weeks ahead.  Lenders are overwhelmed which is why so many products have been introduced and then pulled again from the market, they can't keep up with the demand and timeframes are getting longer and longer.

onlyliveonce

orangepeel105 said:

As everyone is telling you, 7 weeks is a very realistic timeframe to be waiting for a mortgage offer at the moment!  My partner and I had an AIP ahead of making our offer 3 weeks ago.  The valuation has only just been booked by the mortgage company and then they are saying 8 working days to review once that has been completed and returned to them, plus 8 working days to review each time they request any additional documents.  Some mortgage companies are booking valuations in up to 4 weeks ahead.  Lenders are overwhelmed which is why so many products have been introduced and then pulled again from the market, they can't keep up with the demand and timeframes are getting longer and longer.

Thanks for the explanation, but we are in scotland the valuation is done by home report transcript.

comeandgo

Being in Scotland I would also be suspicious.  The sales I see here are completed within weeks though it would not be first time buyers.  I would be asking my solicitor for a more detailed reply or house goes back on the market.

Rural_Puppy

Have you asked your solicitor to find out from the buyer's solicitor what is happening? Did you use an estate agent? Have they been in touch with the buyer directly?
Presume you have not concluded missives? If not, then either party can walk away up to that point without penalty.
I accepted an offer on my house in Scotland in December. My buyers had sold their house, but needed a mortgage, and a surveyor's query delayed matters slightly as a further report was needed. The date of entry was finally agreed for early April which suited the buyers as they had to move out of their sold house then. (we had already moved).
We managed it, just, despite it being during the early stages of lockdown. Even my solicitor was amazed it all went through relatively smoothly.
Buying and selling is very stressful at the best of times, and we are all continuing to live through the most extraordinary times, so instead of speculating, get either your estate agent, or solicitor to find out what is happening and when the buyer is likely to wish to move in. Ultimately if you think they are flakey or may not get a mortgage, you can only put your house back on the market and hope it gets them to move things on more quickly. Risk of that is that you hack them off and they walk away, and you may or may not find another buyer quickly, or who is prepared to pay the same price as before. You may also find you cannot proceed with your purchase, and your seller decides to put that property back on the market too.
Best of luck!

onlyliveonce

comeandgo said:

Being in Scotland I would also be suspicious.  The sales I see here are completed within weeks though it would not be first time buyers.  I would be asking my solicitor for a more detailed reply or house goes back on the market.

Yes i agree. I asked my solicitor to ask for an update on the mortgage application front, i also told him i would ask our estate agent to contact them directly, she has been unable to get a hold of them and sent them an email.

Rural_Puppy said:

Have you asked your solicitor to find out from the buyer's solicitor what is happening? Did you use an estate agent? Have they been in touch with the buyer directly?
Presume you have not concluded missives? If not, then either party can walk away up to that point without penalty.
I accepted an offer on my house in Scotland in December. My buyers had sold their house, but needed a mortgage, and a surveyor's query delayed matters slightly as a further report was needed. The date of entry was finally agreed for early April which suited the buyers as they had to move out of their sold house then. (we had already moved).
We managed it, just, despite it being during the early stages of lockdown. Even my solicitor was amazed it all went through relatively smoothly.
Buying and selling is very stressful at the best of times, and we are all continuing to live through the most extraordinary times, so instead of speculating, get either your estate agent, or solicitor to find out what is happening and when the buyer is likely to wish to move in. Ultimately if you think they are flakey or may not get a mortgage, you can only put your house back on the market and hope it gets them to move things on more quickly. Risk of that is that you hack them off and they walk away, and you may or may not find another buyer quickly, or who is prepared to pay the same price as before. You may also find you cannot proceed with your purchase, and your seller decides to put that property back on the market too.
Best of luck!

At no point have i made any speculation. 
I have come on here to ask for thoughts on a situation i cant fathom out.

Offer made on the 2nd of july, stating there status; mortgage aip nothing to sell MB confident of placing a mortgage.
Fast forward 7 weeks, no mortgage offer in place and wanting an end of september entry date. 
All sounds a bit drawn out. They should tell us now if they can proceed or not, have they been declined a mortgage earlier. Let us know.
There not replying to our estate agent.

Rural_Puppy

The speculation is in the thread title - "are we being messed around?". With all due respect, we cannot possibly know that.....There could be lots of reasons why they are not responding.
If you or your agent are asking for updates and getting no response, then the only thing you can do is instruct your EA to put it back on the market. 

Jamaicanmelaff

Honestly, even without the need for a valuation survey I really don't think waiting 7 weeks is unreasonable for a mortgage offer in the current climate. We don't know their circumstances, but like I said some people needing 90% LTV mortgages are having to wait up to 4 weeks just to get a direct appointment with HSBC to submit an application. Brokers are limited in the number of mortgages they can submit at that LTV, and by all accounts that quantity runs out quickly every morning. Other lenders are also having delays for various reasons. Are they first time buyers? How long has the estate agent been trying to contact them? If they stop responding entirely or you are unable to get an update on the progress, by all means put it back on the market, but don't expect every person to be able to move as quickly as you are hoping to and you may well lose your ongoing purchase in the meantime.

Girlisgettingthere

We are in Scotland and just concluded missives on our sale (missives for the property we are buying due to be done this week) both my partner and the buyer of our home had mortgage offers within a week. With not having to have a valuation as we had updated home reports this seems to make things a lot faster. We are due to complete on 4th September for both properties so I definitely would be suspicious of your buyer as to why 7 weeks down the line they dont yet have a mortgage offer. Fair enough if there's a reason they don't but you really should be made aware of why.