7 weeks in - no movement from buyer

goodwithsaving

I just want some thoughts.

I am 7 weeks in to my sale and my buyer has so far messed up 1 mortgage application and submitted another application 9 working days ago but so far, I have heard nothing about a valuation request on my property.
I have also asked whether my buyer's solicitor has raised any queries and they have not as yet. A homebuyer survey has been done and the searches were requested 6 weeks ago. I am in an area where searches are taking 10 weeks.

The property I am purchasing is one I never thought I would be able to buy and will serve me well for the rest of my life, if I want it to.

My property went to offers over and I require the 'over' part which puts me in a predicament. I am unable to borrow more for my onward purchase. However at 7 weeks in I am  furious that my buyer has done near-nothing.I also face a significant upheaval in my personal life in a couple of weeks time and could do without this stress.

It is a difficult situation of waiting and hoping it comes right, or needing to find another buyer. There are financial implications for this, and time, although the process doesn't seem to be underway on my buyers side. If I wait longer, I could well lose my onward purchase because in the current move-time frame I have enough time to get a buyer to restart, but will not in a couple of weeks. In a couple of weeks I will also be into the life upheaval. I also worry about how long it would take for the other side to return all documents and certificates for me to send to a solicitor for another buyer.

What would you do?

Tiglet2

Do you know when your solicitor sent the draft contract pack (including the forms you completed - Fixtures & Contents, Property Information Form etc) to your buyer's solicitor?

goodwithsaving

It was sent 6.5 weeks ago from my solicitor to my buyer's solicitor (and received)

MaryNB

My bank's surveyor was a bit slow to schedule a survey (last August so high demand on surveyors then as well) so I got the surveying company's number and gave it to my seller's EA. The EA got in contact with them and the survey was scheduled in really quickly after that. Could your EA try the same thing?

goodwithsaving

I could understand the valuation being slow (although the last valuation for application 1 was quick) but I am concerned that no queries have been raised. Searches have been requested, but they should be raising queries now, and dealing with just the search queries once those are back.

ele_91

I had this situation when selling as my buyer really wanted the house but was having trouble with securing the mortgage. They really liked the house, so weren’t honest with me. I would set a deadline by which time you need proof that a valuation has been booked, perhaps within a week. Otherwise the house goes back on the market. If the buyer secured the mortgage after the house is back on but before you resell it, they get first refusal. I did exactly this and secured a new buyer the day after putting the house back on the market.

Lorann_86

Some solicitors like to wait until the searches are back to raise enquiries so they are doing it all in one go(as more enquiries can arrive). Our buyers solicitors did. Where as our solicitor raised enquiries on our onwards purchase while waiting for the searches. The buyer is likely to be letting the solicitor work in their own way and not much they can do. 

Thrugelmir

Without a mortgage offer in place and the transaction proceeding forward. Starting enquiries is jumping the gun. Without the searches back simply creates additional unnecessary work as well. Solicitors work on the instructions of their clients. 

I'd be more concerned with the lack of a mortgage offer and lack of communication in this regard. 

Indigo_and_Violet

It doesn't sound to me like your buyer has done near-nothing. They've started all the important bits - mortgage, searches, survey. It may well be that their solicitor, seeing that they are not working towards the SDLT deadline and might not get their mortgage has put their file to the bottom of the pile to be dealt with in one go once everything is back.

What timeline were you imagining for a sale? If you have a look at the waiting to exchange thread, four months is good at the moment. Given that searches in your area are taking 10 weeks you can't really have imagined it would take less than 14 weeks to complete the sale? 

If you've made no commitment to your buyer in terms of taking your property off the market then there's nothing to stop you calling your EA and asking if they have anyone else interested, but at this point unless they're a cash buyer they're unlikely to move much faster. If you are very worried about your buyer getting a mortgage then you can go for the approach that ele_91 suggests, which seems fair. Set them a deadline and follow it, but be aware this is also not risk free as there's no guarantee you'll quickly get another offer at the current level. 

It sounds to me a little like life is very difficult at the moment with lots of moving parts and that you're projecting some of your stress on to your buyers. This is fine - its sometimes useful to have an anonymous scapegoat - I would just try to be conscious of it in your communication with your solicitor/EA/buyers.

goodwithsaving

@Indigo_and_VioletI think you have hit the nail on the head:
"It sounds to me a little like life is very difficult at the moment with lots of moving parts and that you're projecting some of your stress on to your buyers. This is fine - its sometimes useful to have an anonymous scapegoat - I would just try to be conscious of it in your communication with your solicitor/EA/buyer"

Thank you. I have had a call with my EA (who fortunately knows what I am like with anxiety) and he has been a wonderful source of calm/sanity.

I think I am being unreasonable. Thank you for making me see that. I'm used to a 'normal' market but there is nothing normal about this market at the moment.

davilown

Just with regards to the mortgage valuation, more often than not, this will be a desktop valuation with no viewing of the property.

I wouldn’t send any enquiries until the searches are back either.

GLWS!