Help! Kept in the dark!

Mrsf2023

We sold our property end of may. In a chain with 3 other people.

We’re buying a house with no chain, those buying ours are selling an apartment and at the bottom of chain is FTB.

Our purchase and sale is ready to go BUT the sticker is the apartment and bottom of the chain STILL unable to obtain a mortgage due to something to do with the ground rent and potential indemnity policy required. 

Now we’ve had no update for FOUR weeks…. It’s constantly the same thing re the bottom of the chain and no further update. 

Our buyers solicitors seem to be shocking for providing information and dragging it out. 

Our mortgage offer runs out 3rd of September, how do I get this moving?? 

Our solicitor keeps pushing for updates, or estate agent too to be ignored! I feel like we’re not being told something and time is of the essence.

our mortgage offer runs out then we’re stuck as I’m back at work and will have to redo the whole process again! 

MattMattMattUK

Mrsf2023 said:

We sold our property end of may. In a chain with 3 other people.

We’re buying a house with no chain, those buying ours are selling an apartment and at the bottom of chain is FTB.

Our purchase and sale is ready to go BUT the sticker is the apartment and bottom of the chain STILL unable to obtain a mortgage due to something to do with the ground rent and potential indemnity policy required. 

Now we’ve had no update for FOUR weeks…. It’s constantly the same thing re the bottom of the chain and no further update. 

Our buyers solicitors seem to be shocking for providing information and dragging it out. 

Our mortgage offer runs out 3rd of September, how do I get this moving?? 

Our solicitor keeps pushing for updates, or estate agent too to be ignored! I feel like we’re not being told something and time is of the essence.

Realistically you cannot, it is down to your buyer.

Mrsf2023 said:

our mortgage offer runs out then we’re stuck as I’m back at work and will have to redo the whole process again! 

You are not stuck, your broker can either extend, or reapply, neither of which will take more than a week at most.

Bigphil1474

You might find you can get a better mortgage in September (possibly). Rates are expected to be cut this month. Unfortunately, you can't do much other than stress about something that is outside of your control. I expect the FTB's are equally as frustrated. The good news is that if an indemnity policy covers the issue, they are fairly easy to sort.

Yorkie1

It's possibly that the buyer's mortgage company need to approve the indemnity policy re. the ground rent which could be part of the reason for the delay.