House offer accepted on 2 conditions - What to do?

[united4ever]

I agreed a sale on my flat a few weeks ago and have been looking hard for somewhere but to no avail. This week Bridgfords EA told me the sale had fallen through on a house that I was interested in before and would like to buy.

I have made an offer straight away and Bridgfords have responded saying that the vendor will accept the offer on 2 conditions:

1, completion in 6 weeks. This seems feasible for my sale but what if the sale of my place takes 7 weeks or 8 weeks? would they then put it back on the market and start the process from the beginning with starting the process with a new buyer?

2, They want me to use Countrywide mortgages. Now, the reason they give is that they could do the application much quicker than if I went away and did it myself and this is the only way that I could keep to this 6 week deadline. I very much doubt the mortgage will be as competitive as one I could find with an independent broker and I have doubts if they will be able to get me the size of mortgage I require.

There are 5 people in the chain above this house ready to exchange hence the need for a quick exchange. What are your thoughts on this response from the EA/vendor.

I would normally be reluctant to deal in this way but if they can get me the mortgage at a just reasonable rate (probably go for a short term fixed one enabling me to change to another mortagage in the next two years) then I may be able to get this house which I consider to be just what I am after. Offered on a couple of similar houses in the last few weeks but the offers were rejected and ended up going for more than this comparable house.

I have a meeting with their mortgage advisor tomorrow. What do you think of this? what should I be wary of?

COndition 1 - no real problem with that
Condition 2 - they can get to fuck. No chance would I let some EA or vendor dictate my mortgage!

Oh and re. what to watch out for - filling in mortgage forms would be no.1! When I was buying my first solo property I had one of those "used car salesman" type smarmygits come round and he filled in FOUR mortgage forms for me, to see which one I could get. Luckily I spoke to the really nice EA who was selling my house (post nasty break-up) and he told me to get them back and tear them up as making that many applications could have a negative effect on my credit rating.

Honestly, I don't know who EA think they are. They're selling a house, nothing more. Twats.

Anyway another massive rec for London & country- mortgage sorted in days!

You can agree to do everything in your power to meet 6 weeks.

They can fuck right off on condition 2 though, unless the vendors are willing to drop the price by an amount equal to the difference in cost over 2 years between what countrywide get you and the best deal on the market. If you have to pay £500 in more fees and (for example) 1% more interest on £100,000 over 2 years, compared to what you could get if you went alone, then they drop the price by £2,500 (assuming there are no tie-in or penalty fees beyond 2 years)

what Bowlersarm said.

refuse condition two - it isn't the vendor saying that, it is the agent. Therefore the agent is lying.

tell the vendor that.

Cheeky fuckers ! No no no

You can proceed with the best intent for the 6 weeks completion, of course some things are out of everyones control so yes it is beneficial for everyone to be aware of a deadline to be working too, sometimes the only way to get a chain moving with momentum together but point 2 is a big no no!

Estate agents tried it on with me at my last house move, luckily I already had a tried and tested broker I had used before and was also highly recommended in our area ...... there is no way they can not sell you the house unless you take out their mortgage products only and I'm pretty sure the vendor won't know any of this!!

Tell them you will be happy to complete as quickly as you can. Make sure you have a good solicitor that you can instruct straight away & then get on the case with your mortgage. Ideally use a trusted & recommended IFA or broker as this should help things go more smoothly.

As to their request for Countrywide to do your mortgage - NO NO NO! Our buyers on our first flat used them for all their conveyancing & our solicitor said they were some of the worst they've ever dealt with!

As others have stated, your vendor won't give a flying f*ck who's doing your mortgage as long as you can get one!

Good luck!