Can the seller just decide to put it back on the market?

pinkteapot

OP - based on all my purchases I don’t think you’ve been slow at all. You applied for the mortgage within days and it’ll always be some days to weeks between that and the mortgage company sending their valuer round because they normally approve you first and then do the valuation to check the house. 

I have also used my own surveyor separately on some purchases - ones where I had specific concerns and wanted a good chat with the surveyor before they went. Slight pain for the vendor if they have two surveyors wanting to come round rather than one (but won’t always happen as mortgage ones are often just a desktop survey). However, that won’t have slowed anything down. 

You’ve got an unrealistically impatient vendor. All you can do is keep pushing on and do anything within your power as fast as possible. Regularly contact the EA and inform them of progress, so they can try to reassure the vendor. 

In the meantime, it may get remarketed but that doesn’t mean she’ll get a new buyer who can get to exchange quicker than you. 

Crashy_Time

Just ignore the seller until the bank values the house, chances are it will be a "down valuation" anyway?

TheArsenal

Crashy_Time said:

Just ignore the seller until the bank values the house, chances are it will be a "down valuation" anyway?

Clown


Ignore this guy. 

Crashy_Time

pinkteapot said:

OP - based on all my purchases I don’t think you’ve been slow at all. You applied for the mortgage within days and it’ll always be some days to weeks between that and the mortgage company sending their valuer round because they normally approve you first and then do the valuation to check the house. 

I have also used my own surveyor separately on some purchases - ones where I had specific concerns and wanted a good chat with the surveyor before they went. Slight pain for the vendor if they have two surveyors wanting to come round rather than one (but won’t always happen as mortgage ones are often just a desktop survey). However, that won’t have slowed anything down. 

You’ve got an unrealistically impatient vendor. All you can do is keep pushing on and do anything within your power as fast as possible. Regularly contact the EA and inform them of progress, so they can try to reassure the vendor. 

In the meantime, it may get remarketed but that doesn’t mean she’ll get a new buyer who can get to exchange quicker than you. 

Exactly .

george4064

Until you have exchanged contracts there is nothing legally binding between you and the seller, hence everyone can do what they want until contracts have been exchanged.

Mutton_Geoff

I would look at what the selling agent also has on their books and make an appointment to view something as similar they have, even if you have no interest. Tell them you're keeping your options open and are also viewing another property with a different agent. This will bring them to put pressure on their client to be more patient.

Phil4432

Browntoa said:

Yes , they can 

But their chances of finding a quick cash buyer to beat you is very very slim.

Small claims is a no , you have no contract with them to purchase

Even if you are a quick cash buyer, you still need to go through the process of surveys etc.  And someone with their mortgage in place, can move as fast as someone with cash.

OP, I'd just say that you are going as fast as the process allows, and if that is too slow for them you're happy to walk away.  She is indeed being unreasonable.  Her property should be presently listed as 'sold STC.'  If not, you stop moving forward until this is the case.

I'd be looking at other houses in the meantime.

Doubtful that you'll get money back on the survey, you could always try though.

allIcouldwishfor

fleur8 said:

I don’t think that sellers have any understanding of the current wait for a mortgage. I had to wait 4 weeks for a valuation and another 3.5 weeks for an offer after valuation! We have professional jobs with excellent job security, a high household income and 25% deposit. It was so frustrating but no amount of chasing could speed them up. 

This is SO true.
Our buyer is still having fun and games getting their mortgage offer - our process started the first week of November, their lender is now insisting on seeing property-specific paperwork. Lenders are taking an absolute age to process everything and are raising queries my EA has never encountered before in their 30 years in the industry.

warby68

Vendor might have been spooked by the first survey turning out to be a 'red herring' in terms of the mortgage offer.
Otherwise timescales are the best you can do - its time for the agent to step up and persuade the vendor that the slow mortgage process is out of your control and entirely normal for the current times and that your commitment is not in doubt. There is nothing more you can do to speed things up so applying pressure is unnecessary.
Christmas often creates an artificial deadline/urgency in some people's minds.
I expect they will calm down once you have the full offer.

DairyQueen

allIcouldwishfor said:

fleur8 said:

I don’t think that sellers have any understanding of the current wait for a mortgage. I had to wait 4 weeks for a valuation and another 3.5 weeks for an offer after valuation! We have professional jobs with excellent job security, a high household income and 25% deposit. It was so frustrating but no amount of chasing could speed them up. 

This is SO true.
Our buyer is still having fun and games getting their mortgage offer - our process started the first week of November, their lender is now insisting on seeing property-specific paperwork. Lenders are taking an absolute age to process everything and are raising queries my EA has never encountered before in their 30 years in the industry.

First week of November? Brace yourself....

Our buyer (no property to sell) offered in the third week of July. Exchange due at the end of Sept - his application failed at the last minute. We were told a week later and our EA's MB became involved. Buyer finally received a mortgage offer organised by the MB in the first week in December. We exchanged last week. By the time we complete it will be nigh on 6 months since offer. 

We are lucky that we don't have to coordinate a purchase with our sale or the chain would likely have collapsed. Our EA advised that the average period from offer to completion is currently 4.5 months - up from 3 months. We were exceptionally unlucky with our buyer but mortgage offers are taking much longer than in normal times and searches can now take up to two months, depending on the council area.

It's a minefield.