Vendor still not got mortgage offer.. when should I become concerned?

Diabhay15

Hi all,
I will try and cut this as short as possible! We had our offer accepted on our purchase on 20/10/20. We were informed at this point the vendors had not yet found somewhere, which was fine. We had an offer on our property on 23/09/20 and accepted this. Person buying ours was a FTB. 

We were informed on 15/11 that the vendors had had their offer accepted on their purchase, and the people in that house were buying a chain free property with cash, therefore the chain was complete.
our solicitor received the draft contract pack on 20/11/20 and ordered the searches. We had our mortgage offer through just before this. 

We had a survey on our purchase on 15/12/20, and enquires were raised from this and the search results on 19/12/20. 

Our buyer was becoming increasingly impatient and was a very difficult person to deal with so we decided to complete on our property. Our stuff is currently in storage.

Moving on to today, I have chased to see if the vendor had received the enquires raised at the beginning on December, and we have been informed that the vendor has not yet had a mortgage offer on their property, nor have they sorted a survey yet. I was quite shocked by this. Should I be concerned? Or am I being impatient?

thanks in advance for any replies 

m0bov

I'd be looking elsewhere.

Diabhay15

m0bov said:

I'd be looking elsewhere.

Thanks for this. I’ve been looking just Incase but can’t find anywhere we like as much. The one house we do like is up with the same agent.. but we don’t want to express our interest should the rest of the chain actually start to progress. I’m rubbish at this whole process and just don’t know at what point I should give up hope!

Racky_Roo

I'd be booking in an appointment to view the other house and also drop into the convo you're viewing others with other EA's (small white lie but needs must), the EA will realise you're serious about moving on should the sale not progress and should give them a kick to pressure the vendors

Diabhay15

Update... just had a call from EA following on from a very abrupt email I sent earlier. He has apparently spoken to the vendor who has now said they have had a survey in November and that they are just awaiting offer from Santander. Not sure what to believe to be honest as the last time I spoke with them, no survey had been undertaken!! 

Are Santander mortgages known to be taking a long time? We had our offer with Halifax and it took 2 weeks from application to offer 

Crashy_Time

Totally depends on the financial health or otherwise of the vendor, and the banks valuation/lending policy at the moment?

knightstyle

We gave up on a vendor after 7 weeks of prevaricating and are about to exchange/complete, we hope, on another property after 9 weeks.

beebop1

Diabhay15 said:

Update... just had a call from EA following on from a very abrupt email I sent earlier. He has apparently spoken to the vendor who has now said they have had a survey in November and that they are just awaiting offer from Santander. Not sure what to believe to be honest as the last time I spoke with them, no survey had been undertaken!! 

Are Santander mortgages known to be taking a long time? We had our offer with Halifax and it took 2 weeks from application to offer 

I am SE and it took us 8 weeks for santander to come with offer

springmagpie

We got a decision in principle at the end of Sept, and still not had the final mortgage offer, although there are no issues just a slow turnaround. We are with a subprime lender though.

Drawingaline

Our Santander offer took 7weeks back in the summer. They quibbled over my 10k self employment income to a ridiculous extent! Not one question about husband's income. So it may just be that there is a self employed element to it that means it is taking its time.

Diabhay15

beebop1 said:

Diabhay15 said:

Update... just had a call from EA following on from a very abrupt email I sent earlier. He has apparently spoken to the vendor who has now said they have had a survey in November and that they are just awaiting offer from Santander. Not sure what to believe to be honest as the last time I spoke with them, no survey had been undertaken!! 

Are Santander mortgages known to be taking a long time? We had our offer with Halifax and it took 2 weeks from application to offer 

I am SE and it took us 8 weeks for santander to come with offer

Thank you, this has reassured me a little. Going to wait until next week, chase the EA regularly, and if still no progress then reassess