Lender requiring homebuyers report and chain issues

breakfast_epiphanies

In a chain of 5, I’m FTB at the bottom. A couple of issues I’m getting concerned about I’d appreciate input on. Chain completed in September. 

5 has pulled out, 4 says they will go into rented to not hold up the chain, I’m dubious they will do so - how common is it for people to stick to their word on that?

3 has still not got their mortgage in place, which strikes me as odd. Every time I get an update, they’re still waiting and the latest is that “they didn’t realise the lender wanted a homebuyers report not just a valuation”. I’ve not heard of that before, is this usual?

We’re ready to exchange, so this is all frustrating. 

Crashy_Time

Lenders are being very careful just now, and rightly so.

NatNat77

We're buying and selling at the moment and agreed our sale and onward purchase in (late) September too, we got our mortgage offer 2 weeks ago and our buyer is still waiting for theirs, same lender. So not too unusual especially if they waited for a buyer before looking. The home buyer report part is a bit strange though, if that's how their lenders do their valuations then I'd have thought they'd ask for that early on. Not sure it's anything to worry about but I'd keep applying a bit of pressure, it's frustrating that everything is taking so long atm

NatNat77

Oh and we'll also be relying on the top of the chain to move out regardless, I think there's not much you can do but hope they stick to their word. Our chain will collapse if they don't and we miss the stamp duty deadline as a result 

Thrugelmir

breakfast_epiphanies said:

 Every time I get an update, they’re still waiting and the latest is that “they didn’t realise the lender wanted a homebuyers report not just a valuation”. I’ve not heard of that before, is this usual?

Sounds as there's an issue that requires investigation/rectification. 

greatcrested

I know this isn't the answer you want or expect but.... what's the point of asking?

The chain is being held up for reasons unknown. However much you ask your solicitor,or agent, you'll never know the truth. They'll only tell you either what hey in turn have been told (which may or may not be true), or what they think it's best totellyou (eg agent desperate to keep you hanging on so they get theircommission).

The only issue is how long you are prepared to wait before you start looking at other properties.

breakfast_epiphanies

Thrugelmir said:

breakfast_epiphanies said:

 Every time I get an update, they’re still waiting and the latest is that “they didn’t realise the lender wanted a homebuyers report not just a valuation”. I’ve not heard of that before, is this usual?

Sounds as there's an issue that requires investigation/rectification. 

Yes that’s my thought too, probably got undervalued in the initial report. 

breakfast_epiphanies

greatcrested said:

I know this isn't the answer you want or expect but.... what's the point of asking?

The chain is being held up for reasons unknown. However much you ask your solicitor,or agent, you'll never know the truth. They'll only tell you either what hey in turn have been told (which may or may not be true), or what they think it's best totellyou (eg agent desperate to keep you hanging on so they get theircommission).

The only issue is how long you are prepared to wait before you start looking at other properties.

No I agree. And in answer to your last point - not very. We actually offered on this property back in June, it’s taken this long to form the chain. I’m not inclined to wait on more issues to be rectified. 

greatcrested

breakfast_epiphanies said:

greatcrested said:

I know this isn't the answer you want or expect but.... what's the point of asking?

The chain is being held up for reasons unknown. However much you ask your solicitor,or agent, you'll never know the truth. They'll only tell you either what hey in turn have been told (which may or may not be true), or what they think it's best totellyou (eg agent desperate to keep you hanging on so they get theircommission).

The only issue is how long you are prepared to wait before you start looking at other properties.

 ... I’m not inclined to wait on more issues to be rectified. 

So start looking around.

No need to withdraw from this purchase - after all, it all might suddenly come together next week!

Though you might consider instructing your solicitor to stop work so that you minimise costs if you do find somewhere else before this one progresses.