Buyers have no mortgage yet!

[rattling]

I've just chased up our solicitor (in Scotland), about how things are progressing on our sale/purchase as I want to book a removal firm. Our moving date is just over 4 weeks away, it's 5 weeks since we agreed an offer from our buyers and I've just found out their mortgage hasn't been approved yet. Is this very bad? I thought we weren't able to get to this point (both properties are off the market) without the money being available?

Please tell me how much panicking I should be doing. Thanks.

Some lenders are really slooooow. I would start putting pressure on them - to make sure they have handed over all the paperwork/done all the checks that the bank requires - but all is not lost yet. I'm not exactly sure how it works in Scotland but they'll have to cover all your costs if they are unable to proceed, won't they?

I take it that your missives are not concluded then-in other words, no binding contract? I think nowadays it is taking buyers longer to get their mortgages sorted and I have heard of people getting delayed for 8 weeks or so. It took our buyers over 4 weeks to sort theirs. And my neighbours' buyers didn't conclude missives until about 2 weeks before their move for various reasons but it all turned out OK.

That said, your solicitor should have been putting the pressure on for them to conclude by now if your entry date is soon. If there is a reason for their delay their solicitor should be completely up front about it. Ask for a timescale in which this needs to happen. I think sometime solicitors are so used to doing things right up to the last minute and forget how stressful it is and forget that people need guidance!

In England but lenders are lenders and currently takes forever to go from Approved in Principle (ie your wage is enough to borrow x thousands ) to having an actual offer. Our recent mortgage took yonks. We got compensation from the bank the service was so dire. So do not panic, can you ask to speak to their broker for reassurance?

Thank you all. Really shouldn't read updates from the solicitor on a Friday night when I can't speak to them for days.

You have reduced my panic levels enough to enjoy the weekend and deal with it on Monday.

In my experience it can take 3-4 weeks to get loan papers though. Sometimes a bit longer but you are heading towards unacceptable timescales.

On Monday push for an answer. You want a guarantee that the loan papers are coming and that they have been approved. If not approved get the house back on the market.

The solicitors should not have concluded missives due to the lack of loan papers. If they have at anypoint dne this then there could be trouble ahead.