Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Flip

1 2 3

Original poster

Buyers offered in house 2 months ago and not put in a mortgage application...

75 replies

Dollymixtureharibo · 24/05/2021 14:15

Just need to get this out there. AIBU to wonder why the hell our buyers have not put an application in for their mortgage....

Our buyers put an offer on our property 2 months ago almost and today my solicitor informed me that our buyers have not applied for a mortgage yet due to our move date.
We are buying a new build, we have offer in place, reserved property paid for extras and have been told ready Aug/Sept but most likely August. Husband works in construction and after viewing the house a few weeks ago he thinks it will be probably 8-12 weeks.
Now we have never committed to a date but said August.
I am now really freaking out that they have not put an application in and we could lose our dream home.
Have ranted 3 times at the estate agent to question why a buyer would do this and asked for the date of the AIP expiry date to which I was told no date.
And this is now making the gut feeling I have had about the buyers make me want to just put the house back on the market as just feel this is only the beginning of a bad situation

OP posts:

FinallyFluid · 24/05/2021 14:17

Put it back on the market, priced to sell quickly.

Ask your EA why in the name of all that is good and holy they got past your front door without proving that they at least had a MIP.

CuriousaboutSamphire · 24/05/2021 14:19

So, they have put an offer in but have made no moves to get finances in place? How did the agent decide they were well placed to make an offer?

Put it back on the market and tell them that they need to rethink their approach to house buying! And give your agent a bit of a rocket too!

GappyValley · 24/05/2021 14:19

Give them a deadline to get the mortgage sorted, valuation booked etc, or the house goes back on the market

Once a mortgage offer is issued, it is valid for 6 months so there is no reason they can’t have it all sorted on their side and exchange

NeverfishedinFrance · 24/05/2021 14:22

Put it back on the market at a sensible price with a better estate agent (who will only allow proceedable buyers to view) asap. Don't pay the current estate agent and put the reason why in writing. They have not done what you would be charged for

Chocoqueen · 24/05/2021 14:26

Hmm, I can understand why they delayed. Mortgage offers are usually only valued for 6 months and so had they put it in 2 months ago and development was delayed their mortgage offer could easily expire. My friend was meant to move into her new build in February. She hasn't moved yet and doesn't have a date...

Just ask when they're going to put it in.

CliftonGreenYork · 24/05/2021 14:27

Aren't most mortgage offers only valid for 3 months? If they have told that you might not be able to move until September, their mortgage offer would have expired. I imagine they have been told to wait until you are able to confirm date.

person6743 · 24/05/2021 14:28

Oh wow you've been lucky to reserve a new build without a 4-6 week exchange clause. Have you asked why they haven't?!

HotToddyColdSauvignon · 24/05/2021 14:29

I’d put it back on the market today OP.

Tell your agent to speak to the original buyers and if they have put in for their applications and got things moving by (let’s say 9am Thursday) you’ll withdraw it again. But otherwise - full a steam ahead finding a new person I’m afraid :(

Original poster

Dollymixtureharibo · 24/05/2021 14:29

Apparently they have an AIP and did ask that they had this.

We have had questions from the buyers solicitor which we have answered and it was only when I asked our solicitor if they had the mortgage offer yet last week that it appears not as no move date. The words were they have delayed putting the application in because of your move in date!!
What bothers me more is that before a memorandum of sale was drawn the buyers asked us to be our beginning of August regardless of onward purchase.
The EA also then tried to blame my solicitor for getting the draft contract out late which was 2 weeks ago.
Offer accepted 2nd April I then had to get quotes. And instructed the solicitor and then found out we have one dealing with the new build purchase and then one dealing on our sale.
One big headache.

OP posts:

LIZS · 24/05/2021 14:32

Do they need a mortgage? Were they perhaps hoping for a better deal if they waited or to avoid fees? If they have a broker on board it may not take long to arrange.

Noshowlomo · 24/05/2021 14:33

Yeah its a bit ridic. Was the plan you'd move out (into rental etc) so they could move in before your new build was built? Or were they prepared to wait months and months?

Original poster

Dollymixtureharibo · 24/05/2021 14:34

@person6743

Oh wow you've been lucky to reserve a new build without a 4-6 week exchange clause. Have you asked why they haven't?!

It was 28 days but was told at reservation that we did not need to worry about that because of the property we were selling.

OP posts:

Original poster

Dollymixtureharibo · 24/05/2021 14:35

@Noshowlomo

Yeah its a bit ridic. Was the plan you'd move out (into rental etc) so they could move in before your new build was built? Or were they prepared to wait months and months?

They wanted us to go somewhere else! We have also made it clear on the move date being Aug/Sept

OP posts:

Original poster

Dollymixtureharibo · 24/05/2021 14:36

@LIZS

Do they need a mortgage? Were they perhaps hoping for a better deal if they waited or to avoid fees? If they have a broker on board it may not take long to arrange.

Absolutely no clue which is unlike me. I’m normally in the ball with everything but work and life took over in me chasing the EA to check this 😔

OP posts:

Original poster

Dollymixtureharibo · 24/05/2021 14:37

They def need a mortgage and are 1st time buyers.

OP posts:

ForTheLoveOfWine · 24/05/2021 14:38

I would think something has changed and there is an issue with the mortgage
A AIP means they can have the money then they do the final credit checks when they make the actual offer
Get it back on the market if they’ve delayed on this I doubt it will run smoothly from here

ForTheLoveOfWine · 24/05/2021 14:39

Actual mortgage offer I mean not offer on your house

Gazelda · 24/05/2021 14:40

Have they had their own survey done?

person6743 · 24/05/2021 14:41

It was 28 days but was told at reservation that we did not need to worry about that because of the property we were selling.

Sorry completely missing the point of your thread but what does the property you're selling have to do with their deadline? So they're building a house with no idea yet if you can actually take it on when it's ready? Just curious as the 28 day exchange was the most stressful part of the whole process for us, I'm surprised another company is so blase about it.

Original poster

Dollymixtureharibo · 24/05/2021 14:45

@person6743

It was 28 days but was told at reservation that we did not need to worry about that because of the property we were selling.

They said they would wait. Only going on what our situation is. We went through different options with them and even when we viewed the other week they didn’t push. And I meant because of our chain sorry!!!!! Why the question?

OP posts:

Original poster

Dollymixtureharibo · 24/05/2021 14:46

@Gazelda

Have they had their own survey done?

Nope and this is why I asked about them having a mortgage offer

OP posts:

person6743 · 24/05/2021 14:48

@Dollymixtureharibo sorry I'm just being really nosey, no intention behind my question. I'm just really shocked a builder is happy to take a house off the market and beyond the 28 days with no exchange in sight, I'm jealous because our builder was ruthless with the deadline it was awful!

We had a similar situation with our buyer, but with solicitors not mortgage, we were 7 weeks down the line (near the end of our exchange deadline) and found out our buyer hadn't instructed solicitors, we'd assumed searches etc had started, we were devastated!!

StatisticallyChallenged · 24/05/2021 14:50

@person6743

It was 28 days but was told at reservation that we did not need to worry about that because of the property we were selling.

We bought a new build last year - in Scotland. We were also told the official line was 28 days to missives concluding (equivalent to exchange) but that this wasn't enforced so long as things were clearly progressing well. In our case we were under offer when we viewed the property and things were moving along fine, but hadn't exchanged on our sale by 28 days. They were fine with it

person6743 · 24/05/2021 14:55

@StatisticallyChallenged yes we didn't do it within the 28 days, took us about 12 weeks I think! They were initially ok, have us the line about progress, but it got very fraught in the last month with them nearly pulling out the week before we exchanged 🙄 (I think this was largely because of our awful buyer and how slow he was, and tbf their bullying worked in the end but dragged us with it too!)

prsphne · 24/05/2021 15:19

There’s a post on the MoneySavingExpert forum from the exact opposite perspective on this. The buyer is very keen but doesn’t want to apply for a mortgage and then it expire before the vendors new build is ready and have to potentially go through a second application.

I think with an August exchange, now is about the time to start a mortgage application as you are still potentially 3 months from exchange / completion.

I would expect surveys and searches etc to be in progress though.

Flip

1 2 3