FTB - mortgage application/survey to take property off the market

satwant76

Hi Everyone.
I'm in need of some advice. We are first time buyers and have a decent deposit (40%) and are currently renting. I have a mortgage broker who says he is confident of getting me mortgage and has done so very quickly in the past. That sale fell through because survey found cracks in the property.
We have found another property and the offer has been accepted. I am able to show my deposit funds to EA. They are now insisting I get me mortgage lender to book in a survey to take the property off the market. The situation is the vendors have not found a property yet and claim they don't want to be rushed.
My broker says why should you do that before you know they are in a position to proceed and have found a place. It could take them months for them to find a place and he does not advice locking in a provider now because rates may change when it time to proceed with the actual sale. I am trying to benefit from the 0 stamp duty however am also concerned if they don't find a property by January/Feb we might not be able to advantage of the zero stamp duty. If we passed March then I would need to re-evaluate the offer price taking into account the additional stamp duty which would be another 15K.
EA says if I don't book in a lenders survey they will keep the property on the market and then sell to someone who is prepared to commit. He says he will not send out offer acceptance letters and tell the vendors to keep property on the market because they have only been on the market for a 2 weeks.
I'm concerned I have no idea how long the chain might be even though the elderly couple is downsizing.
What should I do? Is the estate agents request reasonable?
Should I talk with the vendors directly as I have their number?

Thrugelmir

If you aren't willing to progress a mortgage application then don't expect to be taken seriously. Timewasters abound unfortunately when it comes to making offers. 

AdrianC

Thrugelmir said:

If you aren't willing to progress a mortgage application then don't expect to be taken seriously. Timewasters abound unfortunately when it comes to making offers. 

...but when the chain isn't even complete yet...?

avawat20

It's becoming more normal for vendors to insist they will keep their property on the market until an approved mortgage application so it's not surprising. Also, you are FTB so you'll benefit from less stamp duty even if it goes past March! Yes not as much as it sounds like the property will carry the max £15k but it's still more of a saving than non FTBs!

satwant76

www.reallymoving.com/surveyors/faq/how-long-after-having-an-offer-accepted-should-i-g

satwant76

I had a chat with the vendors directly and they have taken the advice of the EA and keeping the house on the market and looking for someone who will firmly commit to their house. In the link posted in previous post we can see the stand I am also taking is also not unreasonable.
They want to be in seen to be in a strong position with other EAs when looking for their next property. They claim other EAs aren't taking them seriously because they have not sold their house yet. Not sure if there is any truth to that or not.

steve866

Is your lender charging for the valuation?

satwant76

steve866 said:

Is your lender charging for the valuation?

Don't have a confirmed lender yet. Just a broker who says mortgage will not be a problem. I have used him before and he is very fast. This is what he said to the estate agent.

"I understand our mutual client has had an offer accepted through you and I am looking forward to working together. 

I can confirm that XXXXXX is good for his offer and we are ready to move forwards swiftly as soon as the vendor has had an offer accepted.  I have advised our client to hold off just yet from submitting an application as to do so, would be purely speculative. I understand the vendor hasn’t found a property yet and isn’t keen on going into rented accommodation.

The danger we have here is running an unnecessary credit score on our client which if continuously done, will ultimately lead to a reduction in his credit score.  With mortgage offers only valid for a certain amount of time and with products changing on a daily basis, I do not believe there to be any advantage to proceeding just yet."

SpiderLegs

Let’s face it. Unless you start showing some commitment you won’t be buying this house.

Falafels

satwant76 said:

I had a chat with the vendors directly and they have taken the advice of the EA and keeping the house on the market and looking for someone who will firmly commit to their house. In the link posted in previous post we can see the stand I am also taking is also not unreasonable.
They want to be in seen to be in a strong position with other EAs when looking for their next property. They claim other EAs aren't taking them seriously because they have not sold their house yet. Not sure if there is any truth to that or not.

When my EA’s were showing people round, there was a woman who really liked the place - but they didn’t consider her a serious buyer until her own property was under offer. Neither did I. That said, she received an offer ten days later and the sale progressed from there.

So your vendors probably ARE telling the truth. I doubt my EA’s would have shown her round in the first place were it not for the fact that they’re also selling her property.

bucksbloke

You can put in your application and it can be extended. I would also do the same thing, the house stays on the market until a valuation is booked. They could find a house within a few days.