Buying / Selling Legal process - are we doing ok ?

loobylou36

Jorgan wrote: »

Alarm bells would have been ringing 2-3 weeks ago if it was my sale, to be honest. I don't want to worry you, unnecessarily, but you need to find out why this has taken so long. You may also want to check that your buyer isn't re-mortgaging an existing property to get the deposit monies, its quite common, in which case you would have to wait for two mortgage offers to be issued.

Apparantly our buyer is away a lot on business and apologised when we saw him on saturday, he is bringing round a builder on saturday because he wants to do some work and get a quote. He owns other properties in the road and is buying our property with an 85% mortgage. According to my estate agent he knows the person who is dealing with his mortgage and he said there are no problems, except that the buyer has not be at all quick in dealing with it!!

My solicitor has written to the buyers solicitor to say that we are not happy with how slowly they are progressing!!!

twhurl

My buyers survey was done within two weeks and mortgage offer is in.
Contract is drafted and sent to buyer, Buyer enquiries answered.
Im more concerned with buyers buyer as they are a bit behind

Its coming up to 4 weeks now. My EA says min 3 more weeks to exchange
Fingers crossed.

MadMonkey

Well the EA spoke to our buyers buyer today and he said he was doing NOTHING until he has seen a copy of the report saying that the floor is fine.

He has said he needs to see the report and also the surveyors report signing off and then give this to the mortgage company and get them to ok it.

He then dropped in that he no longer needed to exchange by 29th Feb and he had told his solicitor this - but no-one else:mad:

He says he is not in a mad rush anymore.

He has also asked for another viewing - he does not live around here think he is around 3 hours away.

Is he messing around ? Or would you want all the above before exchange ?

The stress of all this is chronic - I have been out and bought gin tonight and our buyer has bought some cigarettes - she does not even smoke !

loobylou36

Well, still no survey booked on our property, spoke to our solicitors if have heard from the buyers solicitors agreeing for completion on 14th March. I can't see how this will happen in time as they need their mortgage offer first

We are going to lose the house we are going to rent if we don't move in by 14th March and there are no other properties around that will take our two small dogs

I telephoned the estate agent earlier to say if the survey is not booked by next week we are taking it off the market.

Jorgan_2

A mortgage offer could be issued within a few days of the survey being done, so the 14th could still be possible. Another problem could be getting the funds from the lender in time, some lenders require 5 working days to draw the funds down.

otter1_2

Solicitor just rang - we have exchanged. The deposit funds took the full three days to clear through to my solicitor's account, so only arrived this morning. An anxious time was had by all!

We have set a date of 19th March for completion, so we will be able to move all the furniture around over Easter.

dweeby

otter1 wrote: »

we have exchanged.

Congratulations, well done!!! no doubt that's a load off your mind.

We've had our mortgage offer, unfortunately the solicitor hasn't received his copy yet. But after that, we should be all set (hopefully!).

otter1_2

dweeby,

Yes and no. Now I have the jitters about whether we did the right thing!

Your mortgage offer finally arrived? Brilliant! It's been aaaaaages.

loobylou36

Finally, after seven weeks we have had the survey done. The surveyor came this morning and told me he will have it sent off this afternoon, really hope our buyer gets his mortgage offer next week but cannot see March 14th happening for completion. Have spoke to the letting agent and he is going to hold the property for another week

We have signed the contract and transfer of deeds and I have finally started packing.

twhurl

We have a delay with the buyer not having a record of his leasehold extension at LR. He extended the lease years ago but LR cant find the record of it ??
Apparently its there but they cant find it. Whats that all about and how long a wait ??:mad: