Buyer taking too long?

kdot1983

Hi all, just an update, the buyer applied for a mortgage with another lender, which I appreciate as interest rates of gone up. Three days ago I had the EA for the house I'm buying call up and telling me that the seller is concerned how long things are taking (I accepted the offer on the 16th and had my offer accepted the week before) and that he has already given notice to the tenants who will be moving out shortly. 

The new lender my buyer has gone with had a survey done on Wednesday. When can I expect him to get a mortgage offer through? I've really been pushing to make things progress as quickly as possible but it's not my fault the seller gave notice to the tenants, especially given I've been given a provisional completion date of August. However the EA's manner has made me worried and stressed again.  

Ksw3

Who is the new lender? We applied with Barclays and it was 5 working days to offer from valuation but believe Nationwide for example were taking 12 days last time I checked. 

trakky14

kdot1983 said:

Hi all, just an update, the buyer applied for a mortgage with another lender, which I appreciate as interest rates of gone up. Three days ago I had the EA for the house I'm buying call up and telling me that the seller is concerned how long things are taking (I accepted the offer on the 16th and had my offer accepted the week before) and that he has already given notice to the tenants who will be moving out shortly. 

The new lender my buyer has gone with had a survey done on Wednesday. When can I expect him to get a mortgage offer through? I've really been pushing to make things progress as quickly as possible but it's not my fault the seller gave notice to the tenants, especially given I've been given a provisional completion date of August. However the EA's manner has made me worried and stressed again.  

That's his fault he's given notice, what a silly thing to do! You can't do any more, your solicitors and agent should be telling his that you are doing all you can. Survey can take a week or two to come back...was it the valuation or the survey? Valuation to offer can be days to weeks, it depends. 

In honesty all parties need to be aware this is going to take months not weeks.

kdot1983

Ksw3 said:

Who is the new lender? We applied with Barclays and it was 5 working days to offer from valuation but believe Nationwide for example were taking 12 days last time I checked. 

Not sure who the lender is, hope it's Barclays!

trakky14 said:

kdot1983 said:

Hi all, just an update, the buyer applied for a mortgage with another lender, which I appreciate as interest rates of gone up. Three days ago I had the EA for the house I'm buying call up and telling me that the seller is concerned how long things are taking (I accepted the offer on the 16th and had my offer accepted the week before) and that he has already given notice to the tenants who will be moving out shortly. 

The new lender my buyer has gone with had a survey done on Wednesday. When can I expect him to get a mortgage offer through? I've really been pushing to make things progress as quickly as possible but it's not my fault the seller gave notice to the tenants, especially given I've been given a provisional completion date of August. However the EA's manner has made me worried and stressed again.  

That's his fault he's given notice, what a silly thing to do! You can't do any more, your solicitors and agent should be telling his that you are doing all you can. Survey can take a week or two to come back...was it the valuation or the survey? Valuation to offer can be days to weeks, it depends. 

In honesty all parties need to be aware this is going to take months not weeks.

Yes agreed, I mean the sellers are experienced property developers so I have little sympathy. Apologies, yes it was the mortgage company's valuation. 

housebuyer143

kdot1983 said:

Hi all, just an update, the buyer applied for a mortgage with another lender, which I appreciate as interest rates of gone up. Three days ago I had the EA for the house I'm buying call up and telling me that the seller is concerned how long things are taking (I accepted the offer on the 16th and had my offer accepted the week before) and that he has already given notice to the tenants who will be moving out shortly. 

The new lender my buyer has gone with had a survey done on Wednesday. When can I expect him to get a mortgage offer through? I've really been pushing to make things progress as quickly as possible but it's not my fault the seller gave notice to the tenants, especially given I've been given a provisional completion date of August. However the EA's manner has made me worried and stressed again.  

You need to give him a deadline. I had a buyer exactly the same. Waited 2 months to get the mortgage, and he didn't. Went with another company and declined again and then he pulled out. 
Don't wait indefinitely for this offer that might not come. 

K_S

kdot1983 said:

The new lender my buyer has gone with had a survey done on Wednesday. When can I expect him to get a mortgage offer through?   

@kdot1983 Depends on the lender, when the full application was submitted, how well it was packaged and the applicants circumstances.

For example if it's a slightly tricky application with Halifax, even with a few to-and-fro queries it can go from application to offer in a week. The same with Nationwide, NatWest, Virgin currently would probably mean 4++ weeks at least as they're all struggling with volumes.

The valuation having happened doesn't necessarily mean that underwriting is complete as quite a few mainstream lenders will instruct valuation on application or at initial assessment.

Tiglet2

kdot1983 said:

Hi all, just an update, the buyer applied for a mortgage with another lender, which I appreciate as interest rates of gone up. Three days ago I had the EA for the house I'm buying call up and telling me that the seller is concerned how long things are taking (I accepted the offer on the 16th and had my offer accepted the week before) and that he has already given notice to the tenants who will be moving out shortly. 

The new lender my buyer has gone with had a survey done on Wednesday. When can I expect him to get a mortgage offer through? I've really been pushing to make things progress as quickly as possible but it's not my fault the seller gave notice to the tenants, especially given I've been given a provisional completion date of August. However the EA's manner has made me worried and stressed again.  

I would advise you to read the threads regarding giving tenants notice.  The tenants may leave when the notice period is up, but they don’t have to.  If they want the council to re-home them, they will be advised to stay put until until the landlord takes them to court and the court evicts them - it’s a long process taking many months. You will not be able to exchange until the tenants have gone. 

The buyer’s mortgage could be the least of your problems.

kdot1983

K_S said:

kdot1983 said:

The new lender my buyer has gone with had a survey done on Wednesday. When can I expect him to get a mortgage offer through?   

@kdot1983 Depends on the lender, when the full application was submitted, how well it was packaged and the applicants circumstances.

For example if it's a slightly tricky application with Halifax, even with a few to-and-fro queries it can go from application to offer in a week. The same with Nationwide, NatWest, Virgin currently would probably mean 4++ weeks at least as they're all struggling with volumes.

The valuation having happened doesn't necessarily mean that underwriting is complete as quite a few mainstream lenders will instruct valuation on application or at initial assessment.

Thank you this is useful, if not slightly disheartening! Like someone above said, need to accept it'll take months rather than weeks.

Tiglet2 said:

kdot1983 said:

Hi all, just an update, the buyer applied for a mortgage with another lender, which I appreciate as interest rates of gone up. Three days ago I had the EA for the house I'm buying call up and telling me that the seller is concerned how long things are taking (I accepted the offer on the 16th and had my offer accepted the week before) and that he has already given notice to the tenants who will be moving out shortly. 

The new lender my buyer has gone with had a survey done on Wednesday. When can I expect him to get a mortgage offer through? I've really been pushing to make things progress as quickly as possible but it's not my fault the seller gave notice to the tenants, especially given I've been given a provisional completion date of August. However the EA's manner has made me worried and stressed again.  

I would advise you to read the threads regarding giving tenants notice.  The tenants may leave when the notice period is up, but they don’t have to.  If they want the council to re-home them, they will be advised to stay put until until the landlord takes them to court and the court evicts them - it’s a long process taking many months. You will not be able to exchange until the tenants have gone. 

The buyer’s mortgage could be the least of your problems.

I don't think that's likely to be an issue. The tenants have agreed to move out and currently pay £2k a month on rent (private tenant), so don't think they'd be eligible to be rehomed by the council. I may be mistaken. 

trakky14

We offered at the end of May, chain wasn't complete till 2nd week of June..our mortgage application started a few weeks ago with Halifax but still waiting on a decision as they now want to do a in person valuation and that's not booked till Friday the first! So we're using one of the so called speedy lenders and it's taking ages. We're nor paying for a survey till the mortgage is agreed in case they undervalue it by a lot...we're not dragging our heels its out of our control sadly. We're keeping everyone updated though (vendors and buyers via estate agents)

eidand

Look, the buyer not answering in a timely manner is a huge flag. Yes, sometimes things take a while but a simple reply is not too much to ask for. 

The fact they had to apply to someone else for a mortgage is a red flag and sometimes buyers will delay and not answer while frantically trying to raise the funds. 

There is a very high probability that this buyer cannot get a mortgage.

I'd set a deadline and then re-market.