Buyer's Mortgage Offer About To Expire

MFWannabe

ccfc1972 said:

Hi, hoping for some advice here as we're in a bit of a tricky situation.
We are selling our house and purchasing one ourselves. Both sales are well underway but our house sale was started first and is a little further along than the one we are buying. Our buyers have a mortgage offer that expires in January and they are not sure that they would be able to extend the mortgage offer. We could potentially complete on our house sale within this time frame but the property we are buying probably wouldn't be completing until a few weeks later at least.

What are our options? Obviously we don't want to lose the buyer. Is it ever an option to complete on a sale but have an agreement to stay in the property until our sale goes through? I know you are supposed to vacate on the day of completion, but I just don't see too many other options. Ideally, we would just wait to exchange contracts until our new property is ready, but If they cannot extend their mortgage offer and have to complete before then or pull out, what options do we have?

Any advice gratefully received.

Think they need to ask if they can extend their mortgage offer? Not just say they’re not sure it’s possible?  Things are taking longer at the moment so surely it may be a possibility 
If that’s refused then could you not move in with family for a while? 
I cant imagine you being allowed to stay in the property when everything goes through 

ccfc1972

Yes i've asked them to find out definitely if they can extend their offer, that would be the ideal scenario. I was just wondering what our options were should this not be possible.

ccfc1972

I have spoken again to the buyer. He says that their mortgage offer expires on the 16th January and that their mortgage advisor has told them that, quote "extending it would be too much time and hassle" 🙈🤷‍♂️

Drawingaline

We are in the position of our mortgage offer expiring at the end of Jan and our purchase is ready to complete. Unfortunately our sale stalled and then our buyer pulled out, we found a new buyer within 48hrs, but with Xmas it is really tight. We don't want to extend our offer, they were absolute pigs about my income before issuing the offer and it will be a lot of hassle when we potentially could get it over the line. 

I am giving it another week then will contact my broker to see about an extension. If we can't complete before the end of Jan it will prob be mid Feb, so frustrating when we were ready to exchange on both sides from a legal pov, just our original buyers faffing with finances and deciding at the last minute they were not happy with the interest rate offered on their mortgage offer. (BTL investors🙄🤦) just wish they had been upfront and pulled out a month before they did!

Crashy_Time

Can`t see BTL rates getting any better TBH.

ccfc1972

I think we have to try to get it over the line before the 16th Jan, or they will probably pull out. They seem cool, so hopefully they will be open to the idea of not taking possession for a week or two later, should ours not complete at the same time (it may do). Absolute nightmare, haven't even told the wife yet, she has her heart set on the house 🙈