Home Buyers' Support Thread, Part 4

[BeaufortBelle]

Here we go.

Good luck everybody x

www.mumsnet.com/Talk/property/2139089-Home-Buyers-Support-Thread-Part-3?pg=40

sian,

Applying for a mortgage is a long way short of getting a mortgage offer.

The number of applications that fail/rejected are very high at the moment.

Sian, in my experience if they mortgage company are at the stage of getting a valuation done on the house you are wanting to but that's a really good sign, as they probably wouldn't have got that far if they were going to reject your application for affordability reasons

EXCHANGED!

Empress I'm lucky with my soliciter.....they said the company they use get searches done in two weeks max 99.9% of the time.

Wow, well done Honeydragon! When's completion set for?
I don't think it would matter who we used, we've had every other search back in normal timescales, it's just the local council is apparently hugely understaffed and now has a whopper backlog.
Hey ho, we should get ours back (finally!) tomorrow or Friday then we can finally exchange. Although I'll believe it when it happens!

Hi, can I join? We put our house on the market last summer and have lost several buyers and one dream house over the last 12 months.

Finally got a new buyer in place at Xmas time and within a few weeks a house on the same road as the one we lost came on the market and we had an offer accepted. Took the vendors a while to find somewhere they wanted to offer on but they have done now, it was suggested that we shouldn't incur cost before they did. Problem is we are now the only ones in the chain awaiting our mortgage offer and it's been 5 weeks and still no valuation survey. We have now been told the vendor is considering putting back on the market on Monday. We have been using the broker recommended to us by the EA (vendors) so can't be sure of exact dates of application, EA knows we haven't been entirely happy about levels of communication.

Are Natwest often this slow? My stomach is in knots . So desperate to move, we have completely outgrown our house.

empress .... Completions next Thurday

Littlebigcat, if you've used the EA recommended broker I'd go and throw my toys out the pram a bit. Your seller will think nothing's happening at your end and lose confidence, that's not fair on you or them. I bloody hate all this nonsense, and hope we're done with it now till down sizing time.

LittleBigCat, we have massive issues with NatWest being slow. The buyer at the bottom of our chain had a valuation survey at the end of April and STILL no mortgage offer, six weeks later. To say I am stressed is a complete understatement.

Estate agent hasn't kept us up to date either, they just say everything is fine when I ask for updates. We are ready to exchange. The longer this goes on the more worried I am about the chain collapsing.

Anyone got any positive stories our advice for me? Apparently the estate agent can't get hold of the buyer...

FFS, it would be Natwest you're all talking about! That makes me very nervous!

I could cry! Search is finally back, 8 weeks after being requested and a mere 6 weeks late! Everything's fine, we can exchange at long last. Just hoping vendors can get removals for next week and we can finally move on with things, this whole process has been an expensive nightmare!

WooooooHooooooooooooooo!!!!!!!!

I'd like to think my luck rubbed off on you

thanks for spreading it around Honeydragon! The council have also included a customer satisfaction survey to complete....

A customer satisfaction survey?

Oh dear. I would like to be a fly on the wall when they get that back.

We are with Natwest too, we submitted our application last Monday and it was approved today subject to valuation which is going to be instructed today so maybe we have been lucky so far? My broker said they wouldn't instruct the valuation unless we our mortgage was agreed.

little have you had agreement subject to valuation yet?

Our next hurdle is our vendor allowing the surveyor round, she has been a little difficult with viewings etc and answering the phone so I am concerned the valuation wont be arranged easily.
Our vendor hasn't found anywhere yet either, we just wanted to get the ball rolling as our cash buyer has been holding on for us since March so wanted to show we were doing something. We really don't want to lose her
I feel quite calm at the moment as I know its not really going anywhere but I really want to move into our new house ASAP.

congratulations to those who have exchanged and for you

Isthere - apparently the good news is that the first time buyer just needs to get her HR department to confirm that a document about her roles and responsibilities is true and correct so the mortgage can be finalised. They've been trying to do this for the past four weeks... Apparently.

Had an email from our solicitor to say he's sending out our purchase contract to sign today, once he gets that back we are ready to exchange - hurrah!

The estate agent has told me this morning that the people who are buying our house have decided today that they want a structural survey. I am livid. Why wait until we are ready to exchange contracts to do this? It is booked for 29th June. I am certain we'll lose our house as they are buying a new build and developers have already gone past the 28 days they stipulated for exchange. I'll lay money on it that our buyers will try to knock money off after the survey. Or house was built in the 90s, so even our estate agent has said to them that it's not necessary.

Waiting for a call from our solicitor to see what he suggests. I just can't see this ending well

Surely though if your sellers remarket the property it will take even longer than waiting for you to exchange? I would be really surprised if they cut their nose off to spite their face!! It’s a scary time, I know my friend who brought a new build was in a similar situation but I think in reality the builders/developers have come this far they know it would be stupid to ask the seller to remarket or try to find another buyer.
That’s very annoying of your buyers to ask for a structural report now after all this time – as your house was 90’s its unlikely anything will come up which would enable them to ask for money off, if they are first time buyers perhaps they are having wobbles!!

Hi can I join? Our house has been on the market since late February and we accepted an offer about a month ago- but have really struggled to find somewhere to buy- there is just nothing coming up! Our buyers are getting fed up with waiting and looking elsewhere- and I just am dreading the thought of losing them and ending up back at square one!

Will read the whole thread later but really glad I've found this thread to vent on- and hopefully to help support you ladies through this too!

Congratulations HoneyDragon and Empress.

Cupcake - my experience of buying a new build is that the developer will generally hang on a bit longer when the process is that far through. Do you know how far along the development is? I think the closer to the end it is, the more they risk losing on the sale price as they tend to drop the price on the last few plots.

Honey, congrats on exchanging. We have made this point about our broker. It's become clearer that the pressure is coming from further up the chain and they are worried but I'm not quite sure how re marketing will speed things up!

Is there, no we haven't . We are porting an existing mortgage which seems to take longer as it's done on paper. We are requesting the valuation takes place before the underwriting completes, we know it is risky but it will buy us some more time. Hope your vendor is cooperative!

Tired, we waited about 3 months for our vendors to find somewhere. Half heartedly viewed a few properties and only one came anywhere close. It was mainly to show our buyer we were serious about moving tbh and at the time we were worried our vendor might pull out completely if they didn't find somewhere. If they love yours then chances are they will hang on.

Little- I'm hoping you're right about our buyers. The EA says they prefer ours still to anything else they've seen but just want to get moving- which I suppose is fair enough!

I'm away this weekend but DP is going to view a property which looks promising and isn't in a chain - so that's positive

Hello,

Can I join please? We sold our house STC a few weeks ago and have now had an offer accepted on our purchase. Very excited until we heard that there are six properties in the chain. I'm nervous and think I'll stall on searches, mortgage applications until we're a bit further down the line.

Any thoughts on mortgage brokers? We'd like a lifetime tracker and HSBC has a great deal for people with low LTV (we have a 70% deposit). Is it worth going to a broker anyway?

Good luck to those on the cusp of exchanging and congratulations to those who have already exchanged.

Etoile, I would definitely have a chat with a broker as they can be very informative! Ours saved us a few hundred pound a month on our deal with what we had found online etc as they do have access to the whole of market and therefore have all the best deals. An initial meeting is free anyway so you may as well and if he can't help you can just walk away! Ours took just over a week to be submitted and agreed despite them having several weeks delay so I think they can also get things done slightly quicker but that's just from my experience lol others may disagree!
Six in the chain sounds scary and time consuming, we are waiting to hear if our vendor has found something - we may end up in the same position as you! Our buyer is cash and our mortgage is agreed but who knows what the upward chain will be!?

Little - if your porting presumably your not increasing your mortgage which should make things easier in terms of underwriting your risk?

I hope it doesn't take our vendor three months to find somewhere but we will hang on as we love the house if we lost our buyer we would just remarket and have an open day! But would rather not have the hassle.

Well today is a new day so fingers crossed for everyone waiting on news

Thank you - that's very helpful.

Good luck with your vendor. Hope they find something chain-free.

isthere- it's more complicated. The mortgage being ported is in my name only and is in a 5 year fixed. We now need to borrow more and bring it under a joint mortgage.

WE'VE EXCHANGED!!!!!

Completion next Friday! At the start of this week, I never thought we'd get here! What a relief, now the mad scramble of getting things arranged starts. I'm just so happy we've got a maximum of about 4 more weeks in this crappy rental house!

at least you get 4 weeks.... I got one