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Original poster

Is my house sale going tits up?

10 replies

ohhello · 21/06/2015 20:16

We are selling our house to upgrade. Offer accepted by someone who really wants ours, 12 weeks ago. We STILL haven't exchanged contracts even though everyone keeps reassuring me we will complete and move next week. Turns out the third person in the chain hadsnt got their mortgage offer still, apparently verbally been agreed but had all sorts of crazy admin issues and holdups. Very stressed now. The estate agent yesterday suggested putting our house back in the market Confused
Is there a chance this could all come good in time for next weeks move date? Or am I kidding myself Confused

OP posts:
windchimes23 · 21/06/2015 21:46

I don't think you're moving next week to be honest. But there are things you can do:

Phone every estate agent in the chain, harass them. They want commission.

Call all the solicitors morning and afternoon, make a nuisance of yourself. Be very firm.

We were in the same position in 2012. In the end I called every party involved on Monday morning. I stated that we exchanged by 12 on Friday or we'd pull out and go back on the market. I meant it.

In the end the buyers estate agent (wanting their commission) and my solicitor got things together.

I took a call at 11:45 on Friday, they said exchange could go ahead at 1pm. I said no way. 12 or nothing. My solicitor talked sense into me and we exchanged at 12:50.

Push hard, you can make this happen. Good luck.

Original poster
ohhello · 21/06/2015 22:06

im phoning and emailing but its the actual mortgage coming through where its stuck. All other legal stuff ready to roll. my buyer came over last week to apologise but was very confident it would all still happen by next week. but how can it take this long Hmm

OP posts:
MrsPJones · 26/06/2015 09:26

A mortgage shouldn't normally take 12 weeks but that doesn't mean it can't. There is a lot more underwriting and dotting I's and crossing T's than there used to be. If there is any self employed income they may have been waiting for year end accounts to be completed by an accountant or a HMRC certificate to come through...or they may be on shaky ground. Try and find out why the mortgage is being held up. If there was a survey done the mortgage should have been approved. Has there been a survey?

Original poster
ohhello · 26/06/2015 10:04

Thanks for replies, their mortgage was refused ConfusedConfusedConfused

OP posts:
hereandtherex · 26/06/2015 10:42

As in, the sale is now dead?

Original poster
ohhello · 26/06/2015 11:24

As in, they cocked their application up s bit and are reapplying go another lender with better advice from s broker. Hoping beyond hope it works out!

OP posts:
Superexcited · 26/06/2015 11:31

All is not lost then and they clearly want the house. A broker will know which lender is best for your buyers and which is most likely to offer them a mortgage.
Did they say why the mortgage offer was refused?
If they don't earn enough then that is worrying.
If it is due to the survey then that is worrying.
If it is because they have a less than 100% credit file then that is worrying but slightly less so because a broker will find them a company who is more likely to lend.
If I was in your position I would re market the house but let the current buyers know that this is just a precaution in case they unable to secure a mortgage as the people you are purchasing from also need a completion date soon. As long as their survey is completed and mortgage offer confirmed within two weeks then go ahead and complete with them otherwise be willing to accept offers from other viewers.

ifonly4 · 26/06/2015 11:48

Hang in there. We had the same thing last year, I knew us and both sides were ready to exchange with a completion date that had been agreed between all parties approx. six weeks before. When I asked why nothing had happened at the bottom of the chain, we found out they had only just applied for their mortgage, which was subsequently refused. They did manage to get one pretty quickly after than and we moved four weeks later than planned.

bilbodog · 26/06/2015 17:22

some of the banks and building societies are taking a very long time to issue mortgage approvals - everyone seems to have some sort of system where the application goes in one end and it can't be extracted and looked at or bumped up the chain for any reason until it comes out the other end. Very frustrating. I can be more difficult to get a mortgage approval at the moment if they are self-employed - they want so much information now, much more than before. Hang on in there.

Original poster
ohhello · 27/06/2015 11:27

Thanks for these replies, very reassuring that others have survived this!
The survey/income stuff was fine, it's a buy to let and was some obscure doubts over whether she was really going to rent it or live in it. She has 3 other buy to let's so hoping the next application will go through. Time will tell!

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