Advice please

Aria1986

We accepted an offer from a buyer they had an AIP, so we thought they’d go on and submit an application for a mortgage.
We are weeks away from completing to be told their first mortgage application was rejected and they’ve applied again. But this has only been done last week.

They put an offer in 2 months ago…I’m wondering why their solicitor has allowed them to get this far into the process with no mortgage!?

Hoenir

Solicitors work at their clients instructions. They get paid whatever !

BarelySentientAI

Nothing sounds unusual about that at all.

AIP =/= will get mortgage offer.

Mortgage application does not get done on the day a purchase offer is accepted.
Mortgage decision does not happen immediately after an application goes in.
Second mortgage application does not happen immediately after a first rejection.

Jemma01

My solicitor did everything she could while we're waiting for my mortgage offer to come through. It'd be slow to work sequentially, nothing stopping searches from being requested while the client is managing their m. application

Hoenir

I'd have concerns if two months has since the offer was made. Have you spoken to the EA? 

BarelySentientAI

Hoenir said:

I'd have concerns if two months has since the offer was made. Have you spoken to the EA? 

What exactly would be concerning you, and why do you think the EA would be able to assist?

Aria1986

BarelySentientAI said:

Hoenir said:

I'd have concerns if two months has since the offer was made. Have you spoken to the EA? 

What exactly would be concerning you, and why do you think the EA would be able to assist?

Personally I’m more worried as we have a confirmed move date between all parties, I’m probably over thinking it.
But is this a more common thing than what I’m thinking? 

I wouldn’t expect them to get a mortgage offer accepted straight away but I suppose I thought they’d at least apply for it asap. 

ACG

BarelySentientAI said:

Nothing sounds unusual about that at all.

AIP =/= will get mortgage offer.

Mortgage application does not get done on the day a purchase offer is accepted.
Mortgage decision does not happen immediately after an application goes in.
Second mortgage application does not happen immediately after a first rejection.

Not having a mortgage offer after 2 months is MASSIVELY unusual. 
That being said, I have had cases where we did everything back to front. Because my clients generally have adverse, there are times we have to wait until a certain date. So there have been times where we have started the legal work and then the mortgage application down the line - but I only advise clients to do that when I am 99.9% sure everything will be ok as I do not want to be dealing witht he fall out if it goes wrong. 

Aria1986

ACG said:

BarelySentientAI said:

Nothing sounds unusual about that at all.

AIP =/= will get mortgage offer.

Mortgage application does not get done on the day a purchase offer is accepted.
Mortgage decision does not happen immediately after an application goes in.
Second mortgage application does not happen immediately after a first rejection.

Not having a mortgage offer after 2 months is MASSIVELY unusual. 
That being said, I have had cases where we did everything back to front. Because my clients generally have adverse, there are times we have to wait until a certain date. So there have been times where we have started the legal work and then the mortgage application down the line - but I only advise clients to do that when I am 99.9% sure everything will be ok as I do not want to be dealing witht he fall out if it goes wrong. 

Thank you…what do you think there chances are of getting a mortgage? I’m trying to prepare myself for possible options if it doesn’t go through, they have a mortgage broker, so I was surprised.

BarelySentientAI

ACG said:

BarelySentientAI said:

Nothing sounds unusual about that at all.

AIP =/= will get mortgage offer.

Mortgage application does not get done on the day a purchase offer is accepted.
Mortgage decision does not happen immediately after an application goes in.
Second mortgage application does not happen immediately after a first rejection.

Not having a mortgage offer after 2 months is MASSIVELY unusual. 
That being said, I have had cases where we did everything back to front. Because my clients generally have adverse, there are times we have to wait until a certain date. So there have been times where we have started the legal work and then the mortgage application down the line - but I only advise clients to do that when I am 99.9% sure everything will be ok as I do not want to be dealing witht he fall out if it goes wrong. 

I would think that someone trying to self-arrange and going to an inappropriate lender, then getting a rejection and casting around wondering what to do, before finally finding a sensible broker to find them an appropriate deal is well within the realms of experience of someone like you.

Last time I bought, it was 3 weeks between having an offer accepted by the vendor and my mortgage application meeting - so there being 7 weeks between putting in the purchase offer to an estate agent and a second mortgage application doesn't seem massively unusual to me at all!

housebuyer143

Aria1986 said:

ACG said:

BarelySentientAI said:

Nothing sounds unusual about that at all.

AIP =/= will get mortgage offer.

Mortgage application does not get done on the day a purchase offer is accepted.
Mortgage decision does not happen immediately after an application goes in.
Second mortgage application does not happen immediately after a first rejection.

Not having a mortgage offer after 2 months is MASSIVELY unusual. 
That being said, I have had cases where we did everything back to front. Because my clients generally have adverse, there are times we have to wait until a certain date. So there have been times where we have started the legal work and then the mortgage application down the line - but I only advise clients to do that when I am 99.9% sure everything will be ok as I do not want to be dealing witht he fall out if it goes wrong. 

Thank you…what do you think there chances are of getting a mortgage? I’m trying to prepare myself for possible options if it doesn’t go through, they have a mortgage broker, so I was surprised.

This happened with my buyer who had bad credit, the first lender took 3 months to come back with a no and then the buyer dropped out. 
If your buyer is going with a subprime lender they can take a significant amount of time to approve.