Waiting to exchange but buyers are now waiting to confirm if on lenders panel

Bidds10

We’re nearly right at the end of our sale and move. But as the buyers of our house are a company apparently we are now waiting for their lender to confirm if their solicitor is on their approved panel for a company purchase. My solicitor says they are approved individually but not as a company. If it comes back as not approved they could have to find another solicitor which could slow the process even more. 

What I’m asking is how long should this take as I believe this is now week 3 at being told this. Is this normal this far into the process? We’re literally waiting to exchange contracts. 

Thanks in advance 

m0bov

Sounds like they've not even started the buying process. That's the first step.

Bidds10

Our solicitor says not and on our online portal it says we are right near the end at ready to exchange waiting for other side. Apparently, because it’s a company they tend to do extra due-diligence when it comes to checks. Like I say this is probably going into week 3 now. It’s driving me nuts!  

Hoenir

Other party is stalling for time. You may well never find out the real reason why. 

m0bov

There can't be a lender in place if the solicitor is not on the panel. I would be going back to market.

Bidds10

Really? We’ve gone through the enquiries and everything. In total next week will be into week 11 since accepting offer. Albeit the last 3 weeks have been very slow indeed. Is it really worth going back to market? 

housebuyer143

Bidds10 said:

Really? We’ve gone through the enquiries and everything. In total next week will be into week 11 since accepting offer. Albeit the last 3 weeks have been very slow indeed. Is it really worth going back to market? 

I had a buyer who did all the paperwork and then had to switch lenders at the end... The lender wasn't on the panel and so he would have had to instruct a new solicitor who would then review all the paperwork and raise more enquiries if they were not happy.
It should be very easy for the solicitors to know if they are on panel - it wouldn't take 3 weeks. Maybe they are trying to register with the lender? Otherwise something should be happening by now I would think. 

saajan_12

This should have been a  basic thing to check if they knew they were always buying as a company. If it turns out to be not on the panel, then the process of enquiries etc will largely have to start again, either with a new solicitor or new lender. 

I would 
1. Give them 1 week to either switch to buying in their personal name instead or get the answer from the lender. 
2. Then go back to market - you can still keep this one on the backburner and revert to this buyer if they ever do get it sorted. 

Bidds10

Thanks Saajan_12. This is exactly where I am. I’m going to email them tomorrow. 

This is the last email I’ve had from my solicitor today - 

I am still waiting for the buyers solicitors to confirm all enquires are satisfied and they are happy to proceed to exchange and completion. I am chasing them but they do not seem to want to respond. Until I hear from them I cannot comment on why there is a delay

 

I have advised your sellers solicitors if the situation as it is not us who is holding up the chain. We are ready to go, all I need to do is get the up to date redemption statements when a completion date is agreed.

 

I will contact you once I have any further information.

Arghhhhh!!