Buyer taking too long with conveyancing

spandiswoman

Hello it's been 14 weeks (last Nov) since buyer made an offer on my house. Now after extensive queries from the buyers solicitor I have been informed that they have received the mortgage offer but is appears the mortgage lender is using a separate solicitor which usually raises a large number of enquiries and other requirements. They won’t discuss dates until the lender’s solicitor is satisfied with all replies. I'm fed up now, it's an empty property that my mother lived in (she is now with me) and I think that now it is spring i should put it back on the market. It is selling a bit below market price for the area. Any advice? 

Grizebeck

Patience, young padawan is the all advice you need

housebuyer143

14 weeks with Christmas close down isn't unreasonable. It sounds like it's moving so just be patient.. They can't help it if the lender requires another solicitor to look over the file. If they already asked extensive enquiries potentially they have no more to ask and it just needs to be looked over. 

Just because it's empty doesn't mean it's going to complete really fast. It goes as fast as it goes..

user1977

spandiswoman said:

Hello it's been 14 weeks (last Nov) since buyer made an offer on my house. Now after extensive queries from the buyers solicitor I have been informed that they have received the mortgage offer but is appears the mortgage lender is using a separate solicitor which usually raises a large number of enquiries and other requirements. They won’t discuss dates until the lender’s solicitor is satisfied with all replies. I'm fed up now, it's an empty property that my mother lived in (she is now with me) and I think that now it is spring i should put it back on the market. It is selling a bit below market price for the area. Any advice? 

Having a large number of enquiries doesn't mean much about how long it will take to get to completion - just answer them! Many are going to be not applicable or have easy and non-contentious answers (or have already been answered from the earlier enquiries). I doubt finding another buyer will be any faster.

35har1old

spandiswoman said:

Hello it's been 14 weeks (last Nov) since buyer made an offer on my house. Now after extensive queries from the buyers solicitor I have been informed that they have received the mortgage offer but is appears the mortgage lender is using a separate solicitor which usually raises a large number of enquiries and other requirements. They won’t discuss dates until the lender’s solicitor is satisfied with all replies. I'm fed up now, it's an empty property that my mother lived in (she is now with me) and I think that now it is spring i should put it back on the market. It is selling a bit below market price for the area. Any advice? 

Had a offer in one week but it still took a further 18 weeks to complete no mortgage involved and only became  aware of completion within a few days from date 

jonnydeppiwish!

Average time is 4 months, not including Xmas break. The separate solicitor isn’t a massive issue as others have said - just answer the queries. 

If you remarket now, you’ve at least another 4 months till the sale completes.

Hoenir

spandiswoman said:

They won’t discuss dates until the lender’s solicitor is satisfied with all replies.

Perfectly reasonable. With two other sets of solicitors involved. Going to add time to the transaction. 

njkmr

Sold a property a couple of years ago that took almost 12 months to complete...!
More recently sold one in August and completed in December.
Hang in there.

Rodders53

Starting from scratch will take at least another 14 weeks, probably a lot longer. 
This buyer could wrap it all up in a couple of weeks or so?

What does your estate agent advise?

SkyeD

My deceased parents' house was on the market for 10 weeks before I had an offer.  Then it took just over 16 weeks for the conveyancing including the Christmas period and waiting for the buyer to get a mortgage offer.  It completed last Friday

It sounds as though you are on track for the average length of conveyancing - the estate agent told me right at the start that it's currently taking 16 weeks.

peterhjohnson

Here's a guide https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/how-long-does-it-take-to-buy-or-sell-home/