How much to chase? Selling your home to a FTB

BirchFozz

Hello all 👋🏽 first time poster here. 

Long story (fairly) short.

We’re selling our flat - it is a high rise building so had to have a fire safety (EWS1 form). Our flat was ‘fine’ but the balconies had wooden decking (now replaced!).

we know some lenders are still funny, and there’s a possibility we will get pushback on lender valuation approval etc.

my question…

We have a buyer (first time buyer) who has an AIP and we have found a place (vendors have found too.. and it’s end of chain!) so a simple chain. 

But, we’ve been told by estate agent to hold off on paying for our own valuation on our new home until such time we know our buyers lender will be happy…

We’ve not heard anything from estate agent/buyer since they had a second viewing (post offer!)…

How much would you call? who do you call (EA or Solicitor)  how much where you in the loop re: buyers actions?.. how long did it take for the valuation of the sale of your property take? 

our timeline so far….

• 18/03 - First offer made on our flat
• 22/03 Offer on new home  
• 24/03 Back on market (buyer dropped out)
• 29/03 New offer on flat! (FTB)
• 29/03 Vendor found (end of chain!)
• 31/03 Buyer second visit 

eddddy

Assuming you've got a good EA, they should be contacting the buyer regularly and 'moving them along'. So you can contact the EA for updates whenever you feel like it.

If the EA isn't calling the buyer for updates, maybe if you call the EA that will prompt the EA to make some calls.


It sounds like you're saying your EA understands things like potential issues with EWS1 etc - which suggests that they're good at their job. So that's a good sign.

TripleH

It's been less than a week since the offer was made by the FTB so I wouldn't expect a lot if progress made. I'd check with your estate agent that the buyers know what they need to do first?

It could be they have knowledgeable parents helping them along but best not to assume and find 3 months down the line no progress because they were waiting to be told what to do next.

babyblade41

It's only. few days since second viewing , so a long way to go yet, just make sure you get updates from your EA weekly 

GoogleMeNow

When you say 'high rise', how high is it and what floor is your flat on?

Some lenders do not lend on flats above the 7th floor, so it is important that your buyers go with a lender willing to lend. That might be what your EA is referring to.  If your buyers struggle to find a lender, then they won't be able to buy your flat.

As others have said, it's only 5 working days since your buyers offered so it sounds like your timeline expectations need to be adjusted.  All parties - solicitors, EAs, lenders - have many clients and work has to be prioritised in urgency order. 

twoLou

As others have said it’s only been a few days since the second viewing however I’d contact the agent.
It’ll put your mind at rest on the one hand but will also alert you to any potential issues with buyer.

The two agents dealing with my sale and purchase are more than happy for me to email for an update 
once a week I like to know what’s going on rather than sit wondering and worrying.

The best of luck with your move.

BirchFozz

Thanks all! Like I said, it’s only really due to not wanting to hold up my purchase… as I’m not getting my valuation done till I know our buyer is fine. I just wanted to know they’ve done an action.

Plus, we already had one buyer drop out and had to go back on market.. as you can all attest to my nerves can’t handle it aha! 

RE: flat and lend-ability. @GoogleMeNow Our building is 9 floors - we’re on 8th. We bought new (back in 2016)  - the EWS1 form was marked as A3 (so no lenders would touch us!) but now we’ve had all the remedial works done. That said some lenders will not lend until such time a new EWS1 is issued (no easy feat!). We have however has an official signed letter by Bailey Partnership to confirm all works are done. We hope it’ll be enough to appease any lenders worries. 

I’ve emailed the EA now. She said she’s ‘put in a call’ to the buyer and will get me an update ASAP.


Also, our vendor went via Purple Bricks.. we’ve not heard from their after sales care team since the offer was accepted - thankfully the seller herself kept me updated - I know she’s got her lawyers, and that she found and it was end of chain for example. I’ve avoided messaging her (for now) as I’ve not got any update to give. 

K_S

BirchFozz said:

RE: flat and lend-ability. @GoogleMeNow Our building is 9 floors - we’re on 8th. We bought new (back in 2016)  - the EWS1 form was marked as A3 (so no lenders would touch us!) but now we’ve had all the remedial works done. That said some lenders will not lend until such time a new EWS1 is issued (no easy feat!). We have however has an official signed letter by Bailey Partnership to confirm all works are done. We hope it’ll be enough to appease any lenders worries. 

@birchfozz I would not be so sure about the above. If the building is one which requires an EWS1, then most lenders need sight of a form that shows A1, A2, B1 on it and would not be satisfied with a letter from man.co./freeholder. 

Since the buyer has had an offer accepted and also done a second viewing, they should be in a position to put in a full mortgage application, hopefully your EA will be able to ascertain if that is the case.

BirchFozz

K_S said:

BirchFozz said:

RE: flat and lend-ability. @GoogleMeNow Our building is 9 floors - we’re on 8th. We bought new (back in 2016)  - the EWS1 form was marked as A3 (so no lenders would touch us!) but now we’ve had all the remedial works done. That said some lenders will not lend until such time a new EWS1 is issued (no easy feat!). We have however has an official signed letter by Bailey Partnership to confirm all works are done. We hope it’ll be enough to appease any lenders worries. 

@birchfozz I would not be so sure about the above. If the building is one which requires an EWS1, then most lenders need sight of a form that shows A1, A2, B1 on it and would not be satisfied with a letter from man.co./freeholder. 

Since the buyer has had an offer accepted and also done a second viewing, they should be in a position to put in a full mortgage application, hopefully your EA will be able to ascertain if that is the case.

Apparently.. There was an announcement this week (see attached image) Looks like ‘most lenders’ are now in agreement that so long as works are due to be completed… so 🤞🏽 

BirchFozz

Update on this - for anyone dealing with EWS1 issues with lenders and surveyors.

Our buyers original lender Skipton issued survey with Connells - who £0 valued despite RICS guidance to proceed with lending on flats who have work agreed to rectify issues (And ours is completed!) 

our estate agents, local MP and management company tried to dispute this but with no luck.

Buyer is now going with another lender, and it feels more positive that we may get a yes!