Vendors can’t find a house

1616six

Hi all

Just seeking a bit of advice if possible!

Here is our timeline:

31st May - broker meeting / AIP

18th June - First viewing 

25th June - Second viewing

29th June - Offer submitted

2nd July - Offer accepted 

5th July - Full mortgage application submitted 

5th July - Conveyancing solicitor instructed

19th July - Application passed to underwriter

25th July - Valuation instructed

29th July - Valuation survey completed

2nd Aug - Broker confirmed mortgage approved pending satisfactory valuation 

4th Aug - Santander formal mortgage offer 

The issue we have is that our vendors can’t find a property. The EA have been completely useless in communication - they never phoned to tell us whether the offer had been accepted even! Then every time I have ever phoned to ask anything I’ve been told they will call back in 5 but then never call. This is Sequence too so not a small company.

When we finally got the offer accepted, EA did the usual pushing to get us to use their mortgage service and conveyancers, in fact they refused to mark it as Sold STC on Rightmove until we’d decided and given details of our own if not using their services.

Due to this we quickly sorted our own solicitor and got the mortgage application in - they never told us that the vendor hadn’t found so we were rushing thinking they were waiting on us.

My worry now is we’ve had this mortgage offer and it expires on 30th Dec, realistically even if the vendors found a house tomorrow - by the time the chain completes, we’ve got very little chance now of getting it done before our mortgage offer expires. 

This then means we have to reapply and obviously will get a much higher interest rate thus affecting our affordability so that in itself could mess things up. 

In short, what do we do? I’ve already asked if they can see if the vendors will move into rented to break the chain but they can’t as they need to port as their early repayment charge is big.

Do we start looking again?

At a bit of a loss!

Thanks 

london21

1616six said:

Hi all

Just seeking a bit of advice if possible!

Here is our timeline:

31st May - broker meeting / AIP

18th June - First viewing 

25th June - Second viewing

29th June - Offer submitted

2nd July - Offer accepted 

5th July - Full mortgage application submitted 

5th July - Conveyancing solicitor instructed

19th July - Application passed to underwriter

25th July - Valuation instructed

29th July - Valuation survey completed

2nd Aug - Broker confirmed mortgage approved pending satisfactory valuation 

4th Aug - Santander formal mortgage offer 

The issue we have is that our vendors can’t find a property. The EA have been completely useless in communication - they never phoned to tell us whether the offer had been accepted even! Then every time I have ever phoned to ask anything I’ve been told they will call back in 5 but then never call. This is Sequence too so not a small company.

When we finally got the offer accepted, EA did the usual pushing to get us to use their mortgage service and conveyancers, in fact they refused to mark it as Sold STC on Rightmove until we’d decided and given details of our own if not using their services.

Due to this we quickly sorted our own solicitor and got the mortgage application in - they never told us that the vendor hadn’t found so we were rushing thinking they were waiting on us.

My worry now is we’ve had this mortgage offer and it expires on 30th Dec, realistically even if the vendors found a house tomorrow - by the time the chain completes, we’ve got very little chance now of getting it done before our mortgage offer expires. 

This then means we have to reapply and obviously will get a much higher interest rate thus affecting our affordability so that in itself could mess things up. 

In short, what do we do? I’ve already asked if they can see if the vendors will move into rented to break the chain but they can’t as they need to port as their early repayment charge is big.

Do we start looking again?

At a bit of a loss!

Thanks 

Chek how long Santander offer is valid till, some lenders are 6 months.

Might be worth looking for an alternative property if the seller would not find a property in time so you do not miss your locked interest rate. 

A lot of EA would not mark property as mark as sold until you provide them solicitor and AIP/broker details just to ensure that you are a serious buyer. 

Check how long your mortgage offer is before it expires and maybe find an alternative property as this current property might not meet the deadline, maybe if you find a property not in a chain.

RM_2013

It’s really frustrating.  We haven’t been waiting as long as you but we’ve sold STC to FTB and the vendors we offered on haven’t found anywhere yet even though we’ve had mortgage approved, valuation confirmed and solicitors instructed. 

I’m continuing to look at market for new properties although I haven’t seen anything else in the same price bracket that ticks all the boxes. I’m worried that the sellers will decide not to sell if they don’t find anywhere as can’t see them agreeing to move into rented.
i hope they manage to find somewhere soon

lookstraightahead

I wouldn't entertain waiting. They're already making you pay so that they don't have to.

They either want to sell or they don't. Whether they buy or not should not be your problem, and you certainly shouldn't be paying for the privilege of hanging around.

MrCarrot

I offered on somewhere which was accepted but the vendor hadn't found an onward purchase.  I got a DIP but didn't proceed with the full mortgage offer or anything else.  6 months later they still hadn't found anywhere and I pulled out.  I'm glad I didn't spend any money.

lookstraightahead

RM_2013 said:

It’s really frustrating.  We haven’t been waiting as long as you but we’ve sold STC to FTB and the vendors we offered on haven’t found anywhere yet even though we’ve had mortgage approved, valuation confirmed and solicitors instructed. 

I’m continuing to look at market for new properties although I haven’t seen anything else in the same price bracket that ticks all the boxes. I’m worried that the sellers will decide not to sell if they don’t find anywhere as can’t see them agreeing to move into rented.
i hope they manage to find somewhere soon

Careful you don't lose your buyers (even if they say they're not in a rush, someone is either keeping them or they're paying rent). 

You could move into rented to keep your sale.

K_S

@1616six With respect to the mortgage part of your quandary - if you like the property, think the vendors are serious and are fairly confident that you won't complete by 30 Dec (and the offer can't be extended), then it may be worth speaking to your broker about getting an offer from a lender that will give 6+3 months or 6+6 months and ideally allow a change of property post-offer.

That way you get a longer period to complete on the current property and at the same time if you find another property that you'd like to buy you can change the property on that offer.

Current mortgage offer - Also, depending on who your current lender is, it may be possible to change the property and reset the validity so you get another 6 months if you find a different property. Whether or not this is possible will depend on your current lender.

Of course your buyers might not be as patient!

1616six said:

Hi all

Just seeking a bit of advice if possible!

Here is our timeline:

31st May - broker meeting / AIP

18th June - First viewing 

25th June - Second viewing

29th June - Offer submitted

2nd July - Offer accepted 

5th July - Full mortgage application submitted 

5th July - Conveyancing solicitor instructed

19th July - Application passed to underwriter

25th July - Valuation instructed

29th July - Valuation survey completed

2nd Aug - Broker confirmed mortgage approved pending satisfactory valuation 

4th Aug - Santander formal mortgage offer 

The issue we have is that our vendors can’t find a property. The EA have been completely useless in communication - they never phoned to tell us whether the offer had been accepted even! Then every time I have ever phoned to ask anything I’ve been told they will call back in 5 but then never call. This is Sequence too so not a small company.

When we finally got the offer accepted, EA did the usual pushing to get us to use their mortgage service and conveyancers, in fact they refused to mark it as Sold STC on Rightmove until we’d decided and given details of our own if not using their services.

Due to this we quickly sorted our own solicitor and got the mortgage application in - they never told us that the vendor hadn’t found so we were rushing thinking they were waiting on us.

My worry now is we’ve had this mortgage offer and it expires on 30th Dec, realistically even if the vendors found a house tomorrow - by the time the chain completes, we’ve got very little chance now of getting it done before our mortgage offer expires. 

This then means we have to reapply and obviously will get a much higher interest rate thus affecting our affordability so that in itself could mess things up. 

In short, what do we do? I’ve already asked if they can see if the vendors will move into rented to break the chain but they can’t as they need to port as their early repayment charge is big.

Do we start looking again?

At a bit of a loss!

Thanks 

1616six

Thanks for the replies all!

I should have mentioned that we are currently in rented so we are in no chain - we’re (in my opinion) ideal buyers for a vendor as we are chain free, mortgage approved and ready to go. 

I think it’s time for me to have a more serious chat with the EA and put it to them bluntly - either the vendor has a bit of a kick up the backside to either break the chain or find somewhere soon, or we consciously try and find somewhere else. 

I didn’t know whether we were being impatient, we are technically in no rush to move but what I don’t want to do is wait another 3-4 months for the vendors to then pull off the market if they can’t find anywhere leaving us getting on for a year later starting from scratch!

Ath_Wat

Why are they moving?  What are they looking for?

Is what they want actually achievable?  

If they haven't found something by now the chances are that either they can't afford what they want on their budget, or it is so specific they could be waiting months longer.

1616six

Ath_Wat said:

Why are they moving?  What are they looking for?

Is what they want actually achievable?  

If they haven't found something by now the chances are that either they can't afford what they want on their budget, or it is so specific they could be waiting months longer.

This is what worries me. We’ve been given very little info other than they are moving to be closer to work, every time I ask for an update the EA just says “the vendors are actively viewing properties however yet to find anything that suits them”

Pretty generic response. These replies to my thread have kind of confirmed the niggling feeling I’ve been having - time to start looking again I think.

eddddy

1616six said:

I think it’s time for me to have a more serious chat with the EA and put it to them bluntly - either the vendor has a bit of a kick up the backside to either break the chain or find somewhere soon, or we consciously try and find somewhere else. 

Well... if you do that, I suspect the EA will just say something like "the vendor says they will find somewhere soon", and you won't be any further forward.


It might be better to just tell the EA you're starting to look at other places. If you find another place you like, you can then review how far your current vendors have got vs the vendor's situation in the new place.

For example, if the new place is empty, you might get a quick purchase. But if it's occupied, you might have the same problem all over again.