House sale

[Louise0485]

Hi just wanting a bit of advice/opinions.
We accepted an offer on our house back in March all searches and everything have been done. Last week I got a call from our ea saying we are aiming for the 16th for completion which I agreed to. Fast forward to wed this week I get an email from our solicitor saying our buyer hasn't even got mortgage offer. The bank came out 7 weeks ago to do the valuation so I'm worried now they can't get a mortgage. I guess my question is is it normal to get this far into a sale with no mortgage offer and what would you all suggest I do 😭 I have been intouch with the ea and she's just telling me not to worry all paperwork is in and should have offer next week.

I assume you’re looking to exchange early next week?

Why have your buyers agreed to this date when they don’t have a mortgage? We’re moving at the moment and when we had our mortgage meeting, the advisor told us it could be 6 weeks for an official offer (actually it was literally 90 seconds). So I suppose it’s feasible that they havent heard, but it doesn’t sound great.

I’d be going back on the market if they aren’t in a position to exchange as planned next week.

We was hoping to yes but solicitor has said the 16th is definitely not going to happen now. They have said they will try for the 23rd now so I'm just hoping and praying the offer comes in early next week so we can get it all sorted. I'm just worrying as the estate agent from the house we are buying is ringing me everyday for updates. I'm worried we will lose our purchase through it all.

You need to find out why they haven’t got a mortgage offer yet - ask the EA for a reason. Have they got an application in progress? You have to be pushy and demand answer.

And this is why you shouldn’t take what estate agents say as gospel. How can you agree a completion date without your buyers mortgage offer? Wait for everyone in the chain to have complete paperwork in their possession including signed contracts and then agree a completion date otherwise you will have false hope and disappointment.

I did ask the ea why they hadn't got one and she said the mortgage company was saying they didn't have a reference from there employer. Buyer has advised they have sent it 3 times but would send it again. Ea has been intouch with the broker who has advised mortgage company now has all of the docs they need and should have offer very soon. I just feel it's all staling tactic and something is going to happen. I am an over thinker though. If they hadn't mentioned dates I don't think I would have been as bad but apparently it was my ea that was pushing for the 16th and surely she would have known they didn't have a mortgage so why mention dates?

I would stop asking the estate agent what was going on (they often don’t really seem to know) and ask your solicitor to find out.

Tell your vendor’s EA to liaise with your estate agent or solicitor , they shouldn’t be contacting you at all.

Our mortgage offer was delayed years ago because the mortgage company couldn't understand DHs payslip. He worked in a job which had fixed and additional overtime, union fees, pension deductions, and various others. In the end we had to get a letter just confirming what his basic pay was to match our application. A long winded way of saying it can happen and try not to worry too much.

Thank you everyone I have phoned our ea and told her that vendors ea keeps ringing and she is going to give her a call on Monday. Hopefully 🤞 we will have some answers this week coming and we can move forward if not I think I'm just going to have to tell them it's going back on the market. Thank you all for your advice 😊