FTB issues

Lolly_foz

Soooo we had our offer accepted in April this year, we’ve been told numerous times that things are going well and even been given dates that are vendors were expecting to be able to complete. Since then everything’s gone quiet and the latest is that the top of the chain is having to go through probate. we have made lots of decisions based on what the agent has told us about how well things are going which in hindsight is probably our fault but being first time buyers we assumed what the agent was telling us was true. Has anyone had a similar experience? We have been told that someone in the chain has been offered an incentive to break chain, but again have not heard anything about this for a couple of weeks. What sort of an incentive could this be? Has anyone ever been in the position where someone has broken the chain to get the purchase through? We are really panicking now as our mortgage offer runs out in October. 

Thanks in advance 

TheJP

The EA will tell you what they know, if the EA at the top of the chain wasnt truthful about their clients position then there is not much the EA handling your purchase can do.

Look into wether your lender offers extension on offers, its not the end of the world if it runs out. You might even get a better rate. 

JM68

Any chain can have delays and problems and about one in three chains break. Our first one did (just a chain of two and our vendor had a late chnage of heart and decided to stay put) and our second attempt went right to the wire (again, only two in chain, but a complex lease issue came up that needed resolving). People marketing a property they will inherit before probate is actually granted is also often a cause as numerous threads of this forum show.  And nothing is certain until you exchange contracts. You need to chase (pref get your solicitors to chase the others' solicitors) but sometimes finding out exactly what the issue is can still then be difficult.  So you also plan your other options e.g. what to do if the chain breaks, see what your mortgage provider's offer extension policy is, etc. Good luck!!

Albermarle

People marketing a property they will inherit before probate is actually granted is also often a cause as numerous threads of this forum show. 

OP - Ideally people should not put properties up for sale until Probate is granted. However it happens and Vendors/EA's may muddy the waters about the exact probate status.
To add to that there are delays in the Probate office itself, and anything non standard could easily drag on for 12 months or more. 

It is unrelated to you being a FTB, it can happen to anybody.

RAS

At present, standard on-line applications are taking about three weeks once the application is made.

You could ask when it was made, but that will cost everyone money going up the chain. 

Paper applications take longer. If the executors are solicitors, distribution takes even longer.

If there is anything wrong, and we see some clangers here starting with the basic of not fastening pages, it could take a lot longer although it's quite rare.

Albermarle

RAS said:

At present, standard on-line applications are taking about three weeks once the application is made.

You could ask when it was made, but that will cost everyone money going up the chain. 

Paper applications take longer. If the executors are solicitors, distribution takes even longer.

If there is anything wrong, and we see some clangers here starting with the basic of not fastening pages, it could take a lot longer although it's quite rare.

I was surprised they were that quick, but a quick google showed that extra staffing and increased number of digital application has reduced wait times by two thirds. So thanks for the update.

Lolly_foz

I’ve been told today that it might not need to go through probate now. Apparently lady selling wasn’t executor but there has been documents signed making her now able to sell the property. Actually no idea what they are going on about to be honest 🤣

Yorkie1

If you are renting, do not give notice until you have actually exchanged contracts. As you can tell, things can crop up at any point ... and you don't want to end up homeless because your landlord has accepted your notice and let your rented property to someone else!

Lolly_foz

Yorkie1 said:

If you are renting, do not give notice until you have actually exchanged contracts. As you can tell, things can crop up at any point ... and you don't want to end up homeless because your landlord has accepted your notice and let your rented property to someone else!

Yes unfortunately that’s exactly what we did when we were told sellers wanted to exchange mid July. Bad bad move on our part but we live and we learn. We have friends and family who will help us out so we will be ok 😊 still hoping for a miracle!