How long between offer accepted and house moving to 'Sold STC'...? FTB and stressing!

MaryNB

My vendors refused to have it marked SSTC until I had a mortgage offer. This was last year when banks were starting to tighten up on high LTV mortgages (mine was low LTV) and mortgages for FTBs. It was very frustrating, very hard not to throw my toys out of the pram. Especially after I had to have a call with the EA's mortgage advisor as part of a "financial check" before my offer was accepted. Ultimately I wasn't gazumped so it worked out.

Falafels

When I sold my house, it appeared on RM immediately as 'Under Offer' once I'd, er, accepted an offer. When the solicitors were all lined up a couple of days later, and the Memorandum of Sale appeared, this changed to 'SSTC'.

We're now in the process of buying, and the house still appeared as available for around four weeks after they'd accepted our offer. We'd sorted the solicitors but told the EA that we wouldn't be sending our surveyor round until it had been taken off the market. They did so that day. We had been reassured that if anyone asked to view, they would be told that it was not available, but didn't put this to the test.

KausarT2021

Thank you all for your responses, I wasn't aware of the 'Memorandum of Sale' stage, so didn't release we needed this. Thank you all! I have now spoken to the EA who have said they were waiting on solicitor info and then would issue it, so the house will then move to SSTC. 
The seller I believe still has not found a property so I'm not sure if we should still power ahead on our end or wait...?? 

GDB2222

KausarT2021 said:

Thank you all for your responses, I wasn't aware of the 'Memorandum of Sale' stage, so didn't release we needed this. Thank you all! I have now spoken to the EA who have said they were waiting on solicitor info and then would issue it, so the house will then move to SSTC. 
The seller I believe still has not found a property so I'm not sure if we should still power ahead on our end or wait...?? 

If the seller has not found anywhere, there's no point in your spending loads of money. Your mortgage approval may expire whilst you're waiting. Likewise, your searches. And, if your vendor can't find anywhere to buy, they may eventually apologise and decide not to sell. 

I'd keep an eye on the market and see what else comes up for sale.

oniongirl

KausarT2021 said:

Thank you all for your responses, I wasn't aware of the 'Memorandum of Sale' stage, so didn't release we needed this. Thank you all! I have now spoken to the EA who have said they were waiting on solicitor info and then would issue it, so the house will then move to SSTC. 
The seller I believe still has not found a property so I'm not sure if we should still power ahead on our end or wait...?? 

I wouldn't. I wouldn't get a mortgage offer yet, either. Our FTB did this early before the chain had completed, and their offer expired just before we were all ready to exchange, so we had a delay getting a new offer.

The problem with ploughing on before the chain is complete is that until your vendor is also committed to buying somewhere else, you are going to be paying your solicitor to do work for you that you might not need. What if they still haven't found somewhere in 3 months? Are you still happy to wait? What if something else comes up in the meantime?

AdrianC

KausarT2021 said:

The seller I believe still has not found a property so I'm not sure if we should still power ahead on our end or wait...?? 

Don't do a thing until the chain is complete.

And I mean COMPLETE. Your vendor may find a place, but if the vendor of that hasn't found a place... all the way up the chain.

badger09

oniongirl said:

KausarT2021 said:

Thank you all for your responses, I wasn't aware of the 'Memorandum of Sale' stage, so didn't release we needed this. Thank you all! I have now spoken to the EA who have said they were waiting on solicitor info and then would issue it, so the house will then move to SSTC. 
The seller I believe still has not found a property so I'm not sure if we should still power ahead on our end or wait...?? 

I wouldn't. I wouldn't get a mortgage offer yet, either. Our FTB did this early before the chain had completed, and their offer expired just before we were all ready to exchange, so we had a delay getting a new offer.

The problem with ploughing on before the chain is complete is that until your vendor is also committed to buying somewhere else, you are going to be paying your solicitor to do work for you that you might not need. What if they still haven't found somewhere in 3 months? Are you still happy to wait? What if something else comes up in the meantime?

AdrianC said:

KausarT2021 said:

The seller I believe still has not found a property so I'm not sure if we should still power ahead on our end or wait...?? 

Don't do a thing until the chain is complete.

And I mean COMPLETE. Your vendor may find a place, but if the vendor of that hasn't found a place... all the way up the chain.

Unless your vendor says they will move into rental/temp accommodation and, like us, actually mean exactly that.
Sadly, many say they will, until faced with the reality of all it entails.
Or, worse still, don't mean it in the first place.

Thrugelmir

 By mortgage agreement I assume you mean an AIP which carries no weight.  Is your actual mortgage offer in place yet?  Vendor isn't going to start expending money until there's certainty. 

lookstraightahead

Thrugelmir said:

 By mortgage agreement I assume you mean an AIP which carries no weight.  Is your actual mortgage offer in place yet?  Vendor isn't going to start expending money until there's certainty. 

Our mortgage offer took four weeks after the AIP and everything carried on as normal in those weeks.