Selling- but 7 weeks in, zero progression

Midlander123

Hi, 
My partner and I are selling both our houses and buying one house together. 

My partner sale is near the end (after 8 weeks). The house we chose to buy, we have a mortgage in place and we have responses to our initial queries so well on our way. 

The trouble is with my sale. Our buyers were vetted by our estate agent. First time buyers. We were told prior to going SSTC, they provided a MIP and solicitors details. This was 7 weeks ago. My solicitor has been chasing weekly and had no response from their solicitor. 

I spoke to my estate agent 4 weeks ago and they reported the sellers solicitor and mortgage advisor are being slow but the buyer is on their case. A week later my estate agent said the same. Then my estate agent said they have encouraged the buyers to go with another solicitor but they have refused too, stating they have paid their solicitor money already. 

Again chasing solicitor and my estate agent yesterday. Same response, nothing from buyers. What do I do? It threatens to derail everything and I'm wondering if I just go back out to the market? 

UnderOffer

Is there no indication on what the delay is? Has your FTB arranged a survey yet? Do you need to sell yours to progress with your purchase or can it be delayed and no impact on your purchase? I’d be tempted to relist your property and find a new buyer. Tell your EA this and to relay message to first time buyers, giving them a week before you relist. 

Bigphil1474

Where are the buyers at? After 7 weeks they should have confirmed mortgage, had survey done, any queries from survey progressed or close to progression, and probably had searches back unless in a really slow area. If they haven't done any of that, then it's probably worth giving them a deadline of a few days and go back on the market. 

Tiglet2

Has the buyer's solicitor received the draft contract pack from your solicitor.  If so, when was that?

Hoenir

I'd seriously consider remarketing the property. Have a serious conversation with your EA. Buyers at the very least are stalling for time. 

Midlander123

UnderOffer said:

Is there no indication on what the delay is? Has your FTB arranged a survey yet? Do you need to sell yours to progress with your purchase or can it be delayed and no impact on your purchase? I’d be tempted to relist your property and find a new buyer. Tell your EA this and to relay message to first time buyers, giving them a week before you relist. 

I did exactly this today, said if there is no evidence of progress by friday, i want the property relistes.

My estate agent said their solicitor is "very old school" and is really sslow. But maintains they are enthusiastic and wanting the property. 

Heard nothing about survey. Literally nothing has come from that side, since the property went SSTC, 7 weeks ago. 

It has a huge impact on the new house. I'm porting my mortgage as it's Just over 2% interest and has 3 years left on the fix. If we didn't port and just took out a full mortgage on the new house, it's £650 more in a mortgage per month. My property would rent for about £1100 but it's the hassle of holding a rental

Midlander123

Bigphil1474 said:

Where are the buyers at? After 7 weeks they should have confirmed mortgage, had survey done, any queries from survey progressed or close to progression, and probably had searches back unless in a really slow area. If they haven't done any of that, then it's probably worth giving them a deadline of a few days and go back on the market. 

My estate agent today said the buyer stated he has confirmed funds..  assuming this means a mortgage but there's been no evidence of this seen. 

No survey yet, no queries raised, no searches even made yet. My solicitor confirmed the latter earlier this week. Literally nothing has happened. 

I've set a deadline of Friday, so let's see what happens 

Midlander123

Tiglet2 said:

Has the buyer's solicitor received the draft contract pack from your solicitor.  If so, when was that?

Yes! This was send on 30 April. My solicitor chases weekly and hasn't got a response at all from their solicitors 

BarelySentientAI

Midlander123 said:

My estate agent said their solicitor is "very old school" and is really sslow. But maintains they are enthusiastic and wanting the property. 

My solicitor chases weekly and hasn't got a response at all from their solicitors

Not a conveyancer - but we're dealing with a solicitor at the moment who "accepts no instructions, clarifications, correspondence or communications by email, nor on CD, nor any other medium besides paper"

ss2020jd

I’m in a similar position except the buyer has had the survey done two weeks after memo of sale but no contact from buyer’s solicitor at all. Some useful replies here too. It is now eight weeks since offer accepted.

https://forums.moneysavingexpert.com/discussion/6531665/almost-seven-weeks-since-offer-accepted-and-nothing-from-buyer-s-solicitor/p1

I spoke to my EA last week who said they would chivvy them along but offered no update and still nothing. I plan to call them again today or tomorrow to discuss options. 

pjs493

Midlander123 said:

Bigphil1474 said:

Where are the buyers at? After 7 weeks they should have confirmed mortgage, had survey done, any queries from survey progressed or close to progression, and probably had searches back unless in a really slow area. If they haven't done any of that, then it's probably worth giving them a deadline of a few days and go back on the market. 

My estate agent today said the buyer stated he has confirmed funds..  assuming this means a mortgage but there's been no evidence of this seen. 

No survey yet, no queries raised, no searches even made yet. My solicitor confirmed the latter earlier this week. Literally nothing has happened. 

I've set a deadline of Friday, so let's see what happens 

This is a huge red flag for me. The EA should have seen proof of funds to decide the buyer could proceed. I’m in the process of buying and one of the first thing the EA wanted after my offer was accepted was proof of funds. 

The buyer doesn’t need to involve their solicitor in the survey. They do that separately. My offer was accepted on a Sunday. On the Monday I got quotes from local surveyors, on Tuesday I appointed one and that same day they contacted the EA to book a mutually convenient time to go to the property and carry out the survey. The survey happened the following week. The buyer may have decided not to have a survey done, but if they haven’t had one it could be a risk depending on your property. For example my cousin didn’t get a survey on their current house because they bought it as a new build off plan without a mortgage. But for anything else a survey would be a sensible idea. 

Searches should have been ordered shortly after your buyer appointed their solicitor. When I instructed mine a few days after my offer was accepted, I paid for the searches and returned the paperwork they sent me and searched were ordered as soon as they had a copy of of the title plan. Again, this would be a huge red flag if my buyer hadn’t ordered or paid for searches seven weeks after having an offer accepted. It shows that they aren’t really committed to the property. 

I’m afraid it looks like they aren’t serious buyers and I’d be surprised if suddenly everything comes together by Friday. I’m sorry. I really feel for you.