Offer of loan timeline

cj333

Hello - really just looking for someone to relive my anxious mind.

Sold my property 20th Jan. Buyers due to move in 14th March but they still do not have their offer of loan. A refreshed home report was needed and that was done over two weeks ago now - is this an average timescale to be waiting for a an offer?Will their lender know they are due to complete on the property so soon and make sure they have the offer in time? 

Are offer of loan timescales just taking a bit longer just now?  I’m just not sure if I’m worrying for nothing.

I have also bought else where and am due to complete on my new place also on the same day!

cj333

I should have mentioned when I’m talking about an offer of loan I am referring to a mortgage offer 

Windofchange

This is a bit of a how long is a piece of string question. You probably aren't party to the financial position of your buyer, so a group of people on an Internet forum most certainly aren't. You'll see mortgages offered in a few days, you'll see some taking months. Maybe they have particular financial circumstances that are holding everything up. Maybe the bank isn't happy with something. Maybe they are dragging their heels signing paperwork and the such. It sounds like you are in contact with them (through the estate agent?), so what are they saying? 

stek2008

Sounds pretty tight to me - what are your conveyancers saying? 

When you say due to move in on 14th if there's no mortgage in place you can't have exchanged yet so I assume this is an aspirational date rather than an actual completion date organised between solicitors?

kingstreet

It's Scottish, stek.

Thrugelmir

cj333 said:

Sold my property 20th Jan. Buyers due to move in 14th March but they still do not have their offer of loan. 

Pointless agreeing completion dates until the process is nearing it's conclusion. The timeframe you quote is extremely tight even at the best of times. 

cj333

Yeah it’s all just the date we are aiming for that was set by solicitors, of course it’s not set in stone as no missives are signed as of yet.
It was more the mortgage offer - seem to have been waiting a long time for it, was just looking to see if a 5 week wait time was average during these times but I guess as someone mentioned above it’s not really a question that can be answered.