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Property/DIY

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Original poster

AIBU to not pay for our survey until we have confirmation our buyers have paid for theirs?

9 replies

puffylovett · 21/03/2011 15:43

My EA thinks we are. We accepted offer about 6 weeks ago, very quickly found somewhere to go on too. Our buyers came round 3 weeks ago to measure up and let slip that they'd sorted their mortgage application the week before with HSBC, so they're 4 weeks in to their process.

Our mortgage is sorted, just waiting on survey now but I'm so twitchy about it falling though we're reluctant to spend £300+ on our survey until we know what is happening with our buyers. But obviously we want to show we're committed to purchasing.

But we're not in a position to write off upwards of £300 if our buyer changes his mind or has problems with his mortgage.

Argh ! I hate moving house, but we're so desperate for space, it's taken us 18 months to sell... not sure what to do and the EA has left umpteem messages for the buyer since last week.

What can I do? any suggestions?

OP posts:

minipie · 21/03/2011 18:54

Well it really depends on whether your seller will tolerate the wait or not.

If they are threatening to put it back on the market, and you think they really will, then you don't have much choice...

northerngirl41 · 21/03/2011 18:58

Tell EA that you're putting house back on the market unless it's sorted by X date. Be ruthless.

I honestly don't get this system - if you want to buy the house, you should bridge the gap. E.g. if you were buying a classic car, you wouldn't dream of making the seller take it off the market and hang around for 6 months whilst you sorted out the sale of your last car.

Original poster

puffylovett · 21/03/2011 19:04

It has occured to me to do that northerngirl, but it's taken us 18 months to get a buyer and I'm worried that if we do, he'll pull out on principle. But then equally it's not fair to mess us around is it? Argh I just don't know what to do for the best. Our vendors are committed to completing within a certain timescale, so they will start pushing us soon.

It sounds silly doesn't it, worrying over only £300+. But things are so tight for us.

OP posts:

hksi · 21/03/2011 19:19

They may be waiting for you to pay for your survey before they pay for theirs and you end up in a catch 22 situation.

MrsOliverQueen · 21/03/2011 20:05

Your buyers could be going ahead without having a survey done? It's not a legal requirement to have one and not all banks necessarily need to come and visit to make sure the property is good to lend on.

Personally I would go ahead and pay for the survey, it shows good will to the people you are buying from. Fingers crossed they won't al all, but if your buyer pulled out, the people you are buying from might be more willing to wait for you to find a new buyer if you have already had your survey done...it shows you are committed to their house and you could be in a position to move faster with a new buyer than a brand new purchaser starting from scratch.

It is a ridiculous system though, it makes things such a gamble!

sixtiesqueen · 21/03/2011 20:17

This happened to us. Our buyers were 100% genuine but self employed and their lender took ages to go through their accounts to give them the go-ahead. Itt took about 6 weeks for them to get their survey done and in the meantime we had ours done.

I was twitchy about it but it worked out fine.

Do you know what their reasons are?

Original poster

puffylovett · 21/03/2011 20:58

Just that he had to drop some extra bank statements off to the HSBC, but he did that over two weeks ago now.

I know it's daft to be twitchy, they measured up the other week so they could get sofas on order for heavens sake. But there's that pessimist in me that says he was just making sure he was doing the right thing in buying our house.

Our EA says it's because HSBC do things backward and get the mortgage underwritten first before doing surveys. OK fine I could go with that except we're with First Active who do it the same way and we're ready to rock and roll and were 2 weeks behind our buyer in putting our mortgage app in. AND we had to give extra info. Meh the system sucks.

Sorry for the whinging indecision

OP posts:

sixtiesqueen · 21/03/2011 21:25

Their lender did it that way round too. I suspect you're fretting without needing to, but I remember how it felt and you have my symapthies!

loftyclodflop · 22/03/2011 08:11

We are buying a house and our lenders get the mortgage underwritten first before doing surveys. They have admitted to us that they have a huge backlog of applications due to the very good deal they were offering. Also because DH was SE last year they keep requesting more and more ruddy info.

I understand you're feeling jittery but your buyers could be acting in good faith and feeling really frustrated by the system too.

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