House offer/ contracts/ survey(10 Posts)
So I had an offer on my house which I accepted. Unfortunately it is from someone with a buy to let empire who is getting 2 other properties remortgaged to release cash and then needs to get another mortgage on my house to be able to buy it. Complicated!
I have asked that the buyer gets on and books the survey that they need to get their mortgage. Without the mortgage they don't have the money to buy and without the survey they don't have a mortgage. No survey = no mortgage = no house sale!
My estate agent says I'm holding up the sale because I'm refusing to get my solicitor to draw up the contract until the buyer has their mortgage in place! I don't see why I should spend money on a contract if the buyer doesn't have the money to buy the house! Why should I be out of pocket if the buyer has no intention of buying my house?
Estate agent says what I'm doing is completely wrong and that I'm the problem!
Am I? Or is my buyer messing me around and the estate agent is stalling? Estate agent has taken my house off all websites against my wishes and is refusing to do viewings saying it is sale agreed. I have nothing other then a piece of paper saying offer accepted from 10 days ago and the buyer has made no effort to do anything about a survey!
Ask your estate agent what evidence they have that this is a proceedable offer. If an offer is not proceedable then it's perfectly legitimate to keep it on the market. I wonder if this btl buyer is a mate of the estate agent? Did you accept an offer that was lower than you were hoping for?
No it was the asking price. There were 15 viewings within 1 week of it going on the market, so they offered asking price to stop any more viewings but then haven't proceeded.
find another agent and put it back on the market. Tell this 'buyer' to come back when he is proceedable.
It is up to the seller's solicitors to start the ball rolling by providing the buyer's solicitors with draft papers. These are typically the draft contract, draft transfer, office copies (deeds) from Land Registry and the protocol forms (Fixtures & Fittings List, Property Information Form, Leasehold Information Form) and any certificates you may hold (Fensa, building regs, Gas or electrical certificates), EPC etc. The buyer's solicitor cannot start any work on the file without the draft papers being sent to them, so yes, you are holding up work. As far as solicitors go, this transaction hasn't started yet and won't start counting days until papers are received by the buyer's solicitors.
If you sign up for conveyancing to a no sale, no fee firm, you wouldn't be paying out anything except £6 for Register of Title and Title Plan.
Until you instruct your solicitor to start work, this is not proceedable and your Estate Agent is understandably frustrated.
Hope that helps - I'm also a conveyancing assistant.
spickle I'm not asking the buyer's solicitor to do anything! I'm asking the buyer to get the money in place to be able to buy the house, which until they get a survey done, they don't have. So what is the point in drawing up a contract if there is no money?
They are not proceedable , I'd continue to market it.
Point taken, however, mortgage offers can be withdrawn at any time up to exchange for a variety of reasons, so although you state that your buyer needs to get money in place, it is his mortgage lender who deals with his affordability. You have accepted his offer, if you now have serious doubts about his affordability, then decline the offer and market your property again.
Does your buyer want to complete by 31st March to avoid a jump in stamp duty costs? If so, he will probably walk away from your property if you don't instruct your solicitor to start the work soon as transactions generally take an average of 8 weeks from issue of contract papers to completion.
spickle your point about mortgage offers potentially being withdrawn up to completion is completely irrelevant.
As it stands the OP's buyer cannot afford the property until they complete 2 other remortgages then arange their own for this property.
OP, you'd be bonkers to do anymore until you see progress from the purchasers side- the EA is just trying to force things along but you're not the part he should be pursuing.
If you had lots of other viewings I'd reject the offer and remarket the house.
Finally spoke to the manager at EAs. He is taking over, obviously realises that the seller is the client and he is on the verge of losing the sale. He is going to call the buyer and tell them to get on with it. They have till Monday morning and then the house is going back on the market.
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