Put house back on the market?

[Babygotblueyes]

Accepted an offer on my house a few weeks ago, first time buyers, thought it was just the woman, turns out it is her bf too, both FTB. Offered on a house with no chain in my turn, thinking it would be straightforward. 4 weeks later the mortgage my buyers had supposedly been accepted for is proving a problem - turns out bf has a CCJ (he says its a mistake) and after a few weeks of my following up the latest is that she is going to buy it by herself (so I guess his CCJ is more of a problem than presented). Called for an update today, and now hearing that the electoral roll needs updating before their mortgage person can put their application through - last week was told it would be done by yesterday, now being told it may happen tomorrow.

I am obviously concerned not to lose the house I am trying to buy which is going through probate. We have been told 8 weeks is the average time at the moment. We have lost about 4 weeks to this dicking around.

I am away next week (unavoidable). Today I told the estate agent that if it is not worked out when I get back I want to put the house back on the market. Now thought it over and am wondering if it is unreasonable to put it back on the market now with a view to getting viewings set up for when I am back. If the current people get themselves sorted before I accept another offer great.

I dont want to be an arsehole about this, but I am really getting concerned about my purchase. And feeling a bit annoyed that I feel like I am being strung along by my buyers. AIBU to put the house back on the market now?

[FlossieF]

Re. Probate - it could take much longer than 8 weeks. I submitted an application in late November and the letter of administration was only issued a couple of weeks ago. There were no problems with it, it just took over 4 months, and regular irritated phone calls before anyone even looked at it. Once someone looked at it, it was approved straight away, so if there are issues, who knows how long it could take.

[Honeyroar]

If this has been going on for 4 weeks I’d say enough now. The house is going back on the market. If they can come up with a concrete offer with mortgage in place you’ll take it off again, but you need a real buyer so you can proceed with your purchase, so sorry but the house is still for sale.

[JackieTheFart]

Are they also going through your estate agents?

I ask because I’m porting my mortgage and borrowing a bit extra, I know for a fact there is nothing wrong with my application (I work in mortgages although not for my lender) but it is taking an insane amount of time to get anything done. We’ve just been told that the lender is very busy - and to be frank, we’re going through a broker because they couldn’t accommodate us just going through one of their internal mortgage advisors for FOUR MONTHS when I called them!

We had an AIP done but it’s been two weeks and seemingly nothing has happened yet although our buyer (FTB, Natwest) has had his done on ours).

We’re with Leeds BS. If they’re going with a smaller lender they may have a similar situation.

Having said that - don’t compromise if you might lose your purchase. Is it possible to have a frank discussion with them about your concerns?

[ballsdeep]

I'd be more concerned your estate agent is telling you confidential financial information!

[Babygotblueyes]

Thanks @SarahAndQuack - I think you are right. I have been giving them the benefit of the doubt but it is really starting to worry me that I will lose the house I am trying to buy. There were some cash buyers who tried to outbid me and the sellers stuck with me, so I have no doubt it would be snapped up if there was a problem at my end. Seems like for all the assurances about probate that is probably going to be longer than thought, although the website said 8 weeks when I checked a few weeks ago. Anyway, fingers crossed we can all work it out. I really liked the girl, I think it would be heartbreaking to have problems like this because your partner has problems from the past that you didnt know about.

[SarahAndQuack]

[quote Babygotblueyes]@AgileMadness - what they could have done is be honest about what was going on. If it was a hold up in the processing of paperwork, that is fair enough. They did not tell me about the CCJ at first, then someone in the office let it slip an then I got a big story about how it was a mistake, they had sorted it, then turned out they had not. I dont think I am being unduly threatening, but seems like if you want to be treated fairly, you shouldnt lie?[/quote]
They honestly may not have realised. As I said earlier in the thread, I twice got a mortgage in principle (in the past year) and thought everything was fine. The first one might have squeezed through, but I was quite naive about (DP's) credit ratings and had no idea it was borderline; with the second one, it was only after I (less naively) pushed for extra checks that I found out my DP had a second default.

It would not surprise me at all, from what you say, if the woman here didn't know all the details of her partner's CCJ initially; it may be she was honest with you, but didn't know the full situation. It might also be that neither she nor her partner really understood the situation in full - if someone is not great with finances, it can be that a very thorough credit check shows up things they had no idea about.

I am not saying this to excuse your buyers, btw. I think you should re-list the house. You don't owe them anything. If they're anything like me, they would actually be mortified if they made someone else lost out on a house.

[Babygotblueyes]

@AgileMadness - what they could have done is be honest about what was going on. If it was a hold up in the processing of paperwork, that is fair enough. They did not tell me about the CCJ at first, then someone in the office let it slip an then I got a big story about how it was a mistake, they had sorted it, then turned out they had not. I dont think I am being unduly threatening, but seems like if you want to be treated fairly, you shouldnt lie?

[awkwardusername]

If it makes you feel better, my sellers are buying a house that is going through probate, we were told 8 weeks...at the start of January. Still no sign of it even though we are assured it’s a “simple one”

[DogInATent]

You don't need to take it off the market until contracts are exchanged. Get it back on ASAP.

[FeelinHappy]

I would give them the extra week. Viewings won't take a long time to arrange if you do need to go back to market.

[AgileMadness]

@Slippy78

We have been told 8 weeks is the average time at the moment.
8 weeks for what?
Some lenders are currently taking 3 months just to approve mortgages. Average time between a chain forming and completion is now 25+ weeks.

I agree that lenders are taking longer for full mortgage approvals.

We are in the same boat as your buyers OP. We had the offer accepted 4 weeks ago. We already had an AIP, but the full process is taking much longer than usual. We are not first time buyers and it definitely didn't take this long a few years ago when we bought.

We're in constant communication with our broker who says it's just the current timelines.
It'll be interesting if our sellers also threaten to put the house back on market. There's really nothing we can do to quicken the process.

[SarahAndQuack]

I'd put the house back on the market. They will find another house to buy and they don't have a chain; they will be ok. But you might lose the house you want and you get to take that into account.

I had no difficulty getting a mortgage in principle twice. Because I am a worrier that I asked the broker to look into the specifics a bit more (DP doesn't have a CCJ but has an expired DMP and a recent default). It was only then that it became clear that, in practice, we wouldn't be approved for a mortgage. Getting a mortgage in principle seems to me to be a bit too easy really.

[Babygotblueyes]

@Doghead

Why have you posted two threads about this?

See previous reply

[Crazylemon86]

This was last year but the house we bought it took nearly 4 months for probate. So it might not be as quick as you think. We were told 8 wks initially

[Slippy78]

We have been told 8 weeks is the average time at the moment.
8 weeks for what?
Some lenders are currently taking 3 months just to approve mortgages. Average time between a chain forming and completion is now 25+ weeks.

[Doghead]

Why have you posted two threads about this?

[Faithtrusts]

Just a little comment on the electoral roll issue - It is in most areas Election Day tomorrow so it's likely with the best will in the world that this won't be done today or tomorrow.

Sounds like you've had a few bumps in the road, right now the market is hot so relisting it would be a feasible solution if you are anxious to get moving

[Danxoie]

I had the exact same problem. Decided to give our buyer a chance. Ended up they couldn't get a mortgage at all even when they had a mortgage in principle at the start. They couldn't buy our house in the end and then the house we were buying wouldn't wait for us to find a new buyer as it was about 10 weeks in so we lost out on the house we wanted.

Put it back on the market. One thing I've learnt is it's a rough world in the housing market but you've got to be mean and put yourself first.

[MagicMatilda]

Go back on the market! They sound hard work, first time buyers often are. You have to look after yourself in this situation and can’t take the risk of losing the house you are buying.

[Astronaut8]

I wouldn’t waste time, get some back up viewings lined up.

[1Morewineplease]

I'd put it back on the market. It'll just be one thing after another.

[Dogfan]

They sound like a shambles. Don't waste any more time and get it back on the market!

[Coldilox]

Fair enough. Put it back on though. 4 weeks and no form mortgage offer is ridiculous

[Babygotblueyes]

@Coldilox - they had one! But now there is nothing but issues with putting in the full application.

[Coldilox]

I wouldn’t have taken it off the market without seeing an agreement in principal. Put it back on now