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FTB_Seeking_Advice
Posts: 4 Newbie
Hello,
We are first time buyers. Our offer on a property was accepted on 15th of January and our mortgage application was approved on 27th of January.
The property we are buying is being rented at the moment and the tenants have been given a notice on the same day our offer was accepted (so we have been told). Whilst visiting the property, we did come to know that tenants are looking for a new property to rent.
To our knowledge, there is no other party interested to buy the the house. Our offer is very close to the asking price.
Our estate agent is a local agent who doesn't reply to emails so we have to call them to get any sort of update.
We are waiting for the vendor's solicitors details to be confirmed and the sales memo be issued.
Because everything takes a long time with the EA, we have our reservations that the vendor could change her mind or not keen to sell.
How long should we wait to look for another property? Any other feedback is welcome.
We are first time buyers. Our offer on a property was accepted on 15th of January and our mortgage application was approved on 27th of January.
The property we are buying is being rented at the moment and the tenants have been given a notice on the same day our offer was accepted (so we have been told). Whilst visiting the property, we did come to know that tenants are looking for a new property to rent.
To our knowledge, there is no other party interested to buy the the house. Our offer is very close to the asking price.
Our estate agent is a local agent who doesn't reply to emails so we have to call them to get any sort of update.
We are waiting for the vendor's solicitors details to be confirmed and the sales memo be issued.
Because everything takes a long time with the EA, we have our reservations that the vendor could change her mind or not keen to sell.
How long should we wait to look for another property? Any other feedback is welcome.
0
Comments
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Do push the seller to get solicitors instructed. If the vendor has instructed solicitors and their solicitors are responding to inquiries then you know they are invested in the process.
A sensible seller will not exchange contracts until the tenants have left. However, the time it takes the tenants to leave will probably be shorter than the time it takes your solicitors to do searches and deal with enquiries so best to get started.0 -
Allow two weeks, but ask for updates.
There is some paperwork they need to complete before their solicitor can act."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
FTB_Seeking_Advice wrote: »
We are waiting for the vendor's solicitors details to be confirmed and the sales memo be issued.
Your mortgage application was only approved 2 days ago. Takes time for the news to filter through and be actioned upon.0 -
Why did you submit the full application before the sales particulars etc were sent to your solicitor, and before the sellers had instructed solicitors?Mortgage started 2020, aiming to clear it in 2026.0
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Actually, I wasn't sure about the mortgage so my mortgage adviser said that I should instruct my solicitor once my mortgage application gets accepted.
Hence, now that my mortgage application has been accepted, I have arranged a solicitor.
The solicitor has asked that a sales memo to be send through to them including a starter package and solicitor details of the vendor.
EA says they don't have the vendor's solicitors details. When the offer was accepted, EA said they should have the solicitor details by Monday and now its Wednesday.
EA is saying they don't really know when the vendor is going to share their solicitor details so this makes me think if one can't be bothered to get a solicitor arranged then probably they aren't serious to sell or they have second thoughts?0 -
The vendor hasn't provided solicitors details yet and that's what makes me a bit anxious with this deal.
I just don't know how long should I wait to for the sales memo be issued. EA doesn't really bother to reply to emails and wouldn't clarify the vendor's position on my phone calls.
EA did say that the contracts will only be exchanged when the tenants move out. I believe even if we start tomorrow, the tenants will move before the contracts get exchanged.0 -
Call the Estate Agent and tell them you are worried you have not received anything.0
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A proper seller would have solicitors ready to go and once agreeing a sale, would provide them with what they need. Many sellers think that this can wait but it ought not to. 2 weeks is entirely unacceptable - if your seller wants to do the deal, they need to show willing and get a move on with their role in this - which is instructing their solicitor and filling in the relevant forms / replies to enquiries.
This sort of shoddiness is why people hate conveyancing in England - the delays to actually getting going are half of the problem.0 -
Call the Estate Agent and tell them you are worried you have not received anything.
This. Just phone the EA every day or two till it's sorted. It's not hard to instruct a solicitor so the vendor doesn't really have an excuse. If it goes on more than a week, say you're concerned about the vendor's commitment to selling.0 -
I agree with the above especially as there are currently tenants in situ, which could- potentially- complicate things further.
I'd have a cut-off date in mind if I were you, and be prepared to look elsewhere if things haven't started to happen by then.0
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