Selling- but 7 weeks in, zero progression

Tiglet2

The survey is commissioned and paid for by the buyer and is independently undertaken from the solicitor's work. 

The solicitor would however advise the buyer not to pay for a survey or searches until a valid mortgage offer is in place. 

The buyer would be silly to spend additional money otherwise, because if they don't get a mortgage offer, then they cannot buy the property.

GDB2222

I would have remarketed the property weeks ago. 

kingstreet

A mortgage valuation can now be done remotely without a physical inspection being needed. A call for access from a surveyor is no longer indicative of progress towards a mortgage offer.

GDB2222

kingstreet said:

A mortgage valuation can now be done remotely without a physical inspection being needed. A call for access from a surveyor is no longer indicative of progress towards a mortgage offer.

Still, 7 weeks and no mortgage, no searches, no enquiries. Something is wrong.

JustMe18

We are selling now for 24 weeks and still going....our solicitor is sooo slow

Midlander123

pjs493 said:

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. 

They have finally responded - stated that searches will be ordered before the end of this week. It's so frustrating when my partner's house and his buyers are so efficient. His is now ready for exchange! 8 weeks! This was my previous experience when I sold my first house! 

My estate agent clarified they have seen proof of funds, but there is no official mortgage offer yet 

Midlander123

john-5-2 said:

We sold at the start of Febuary & still no where near exchanging.
However 8 weeks ago we completed to the point of exchange on our onward purchase. So just waiting for my sale to catch up........if it ever will ?

We waited 9 weeks for my buyer to get a mortgage offer in place. Then another 5 weeks for searches, The last 4 weeks has been backwards & forwards with enquiries.
My Vendor is getting a bit annoyed now....like i say we were done on the purchase on the 15th April, So almost 9 weeks

Coordinating sales is highly frustrating. 

We are on drafting contracts on the house we are buying. 
My partner is at exchange and waiting to agree completion date. 
And I can't say I'm any further forward since SSTC. And we both went SSCT in the same week, and had an offer accepted the following week. Our solicitor is Brilliant. It seems luck of the drawer with buyers. We have a tiny bit of time to play with as my partner is keen to move the start of the school holidays (he's a teacher) so that gives us 6... or so more weeks. 

UnderOffer

My estate agent clarified they have seen proof of funds, but there is no official mortgage offer yet 

What proof have they seen then? 

Slinky

Are these FTB in rented? Are they trying to delay until reaching the end of their rental contract to avoid paying rent and a mortgage at the same time? Happened to a friend of mine.

Midlander123

UnderOffer said:

My estate agent clarified they have seen proof of funds, but there is no official mortgage offer yet 

What proof have they seen then? 

Absolutely no idea. I used this estate agent last time. But considering they are working for me, I can't say their service has been great this time round.