Selling our flat - our buyers mortgage

Hamiltonc

Should we be worrying?

The transaction on the sale of the flat, everything has been confirmed as satisfied by the solicitor but we await our buyer to get his mortgage.  He owns his own business so I suspect getting an offer can be more difficult 

We are also purchasing and on the purchase, majority of things are satisfied with one outstanding 

I don't want to worry about our buyer but I think we are worrying about this - we would suspect he would have been declined by now and he expects an update early in the week 

WindfallWendy

There are lots of things you could choose to worry about when selling your house, but the position of your buyer is not something you can do much about. So I say, don't worry and just be patient. Don't suspect, don't assume, don't think you know anything about your buyer because at the end of the day *any* buyer could just change their mind at the last minute.

Good luck!!! 🫣🙏👍🤞🎉✨

Albermarle

Hamiltonc said:

Should we be worrying?

The transaction on the sale of the flat, everything has been confirmed as satisfied by the solicitor but we await our buyer to get his mortgage.  He owns his own business so I suspect getting an offer can be more difficult 

We are also purchasing and on the purchase, majority of things are satisfied with one outstanding 

I don't want to worry about our buyer but I think we are worrying about this - we would suspect he would have been declined by now and he expects an update early in the week 

I thought normally the conveyancing process was put on hold/slowed down, until it was clear that a buyer had an appropriate firm mortgage offer.
Otherwise you could incur a lot of costs for it only to fall through on this point.
Seems odd that you are all ready to go without having seen proof of this offer.

Hamiltonc

Albermarle said:

Hamiltonc said:

Should we be worrying?

The transaction on the sale of the flat, everything has been confirmed as satisfied by the solicitor but we await our buyer to get his mortgage.  He owns his own business so I suspect getting an offer can be more difficult 

We are also purchasing and on the purchase, majority of things are satisfied with one outstanding 

I don't want to worry about our buyer but I think we are worrying about this - we would suspect he would have been declined by now and he expects an update early in the week 

I thought normally the conveyancing process was put on hold/slowed down, until it was clear that a buyer had an appropriate firm mortgage offer.
Otherwise you could incur a lot of costs for it only to fall through on this point.
Seems odd that you are all ready to go without having seen proof of this offer.

He must have given the go ahead - our solicitor is no move no fee but his one isn't 

eddddy

Hamiltonc said:

He owns his own business so I suspect getting an offer can be more difficult 

After you accepted the offer from the buyer, the estate agent should have done a financial evaluation of the buyer.

That should include seeing the buyer's 'Mortgage Agreement in Principle' - did your estate agent confirm that they had seen it?

An estate agent would be a bit reckless to trust a buyer who said "I haven't spoken to any mortgage lenders yet, but when I do, I'm sure they'll offer me a mortgage of x hundred thousand pounds".



But even then, an Agreement in Principle normally means the buyer has told the mortgage lender their financial position (e.g. Business Owner, annual income, outgoings, etc), and the mortgage lender had confirmed that was all acceptable.

If the mortgage lender does their checks and finds that the buyer has exaggerated / fibbed, or failed to mention something relevant, they might not make a definite offer.

Or i the mortgage lender 'doesn't like' your flat (or its lease), they might not make a definite offer.

Hamiltonc

eddddy said:

Hamiltonc said:

He owns his own business so I suspect getting an offer can be more difficult 

After you accepted the offer from the buyer, the estate agent should have done a financial evaluation of the buyer.

That should include seeing the buyer's 'Mortgage Agreement in Principle' - did your estate agent confirm that they had seen it?

An estate agent would be a bit reckless to trust a buyer who said "I haven't spoken to any mortgage lenders yet, but when I do, I'm sure they'll offer me a mortgage of x hundred thousand pounds".



But even then, an Agreement in Principle normally means the buyer has told the mortgage lender their financial position (e.g. Business Owner, annual income, outgoings, etc), and the mortgage lender had confirmed that was all acceptable.

If the mortgage lender does their checks and finds that the buyer has exaggerated / fibbed, or failed to mention something relevant, they might not make a definite offer.

Or i the mortgage lender 'doesn't like' your flat (or its lease), they might not make a definite offer.

The valuation passed and aip was seen and in place.  They did just request more documents from him and they've been provided 


Out of my control so won't worry but surely he wouldn't have gone ahead if not confident, hopefully offer comes in Mon or Tues