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Original poster

Someone in the chain has "co*ked it up"

14 replies

nell15 · 02/12/2016 12:53

We're almost ready to exchange contracts then we found out this week that one person in the chain haven't even got their mortgage offer. This chain started in August!! All the legal stuff is done. We were thinking we'd move on 9th or 16th Dec but this is highly unlikely now.

I can't understand how these people could have got this far and not got a mortgage yet.

I'm ringing our estate agent daily to get updates on progress

I feel frustrated and angry as I know how hard we've all worked in this chain to keep things running smoothly

OP posts:
scaredofthecity · 02/12/2016 13:06

It might not be that bad. It took us nearly 2 months to get the mortgage agreed. Mostly due to factors outside of our control. Once we did it all went through very quickly. Have the searches ect been done?

YelloDraw · 02/12/2016 13:11

Below you or above you?

Original poster
nell15 · 02/12/2016 13:20

They are buying the house that our buyers are selling.

OP posts:
Original poster
nell15 · 02/12/2016 13:21

Sorry yes, apparently all their legal stuff has been done.

OP posts:
YelloDraw · 02/12/2016 13:30

Oh :-(

If it was above you you oculd havae at least still sold.

Original poster
nell15 · 02/12/2016 17:35

No news yet. I don't know if they're still committed to buying the house or not.
We live across the road from the estate agent of our buyers and their buyers (the ones in question) so l called in this afternoon and met the boss and he told me that the buyers have rung to speak to ea twice and the person they wanted to speak to was out. Also our ea has been ringing the elusive one too. The boss told me he'll get the elusive one to speak to the buyers and let me know what's happening ........ I'm waiting ......

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ijustwannadance · 03/12/2016 11:24

Our mortgage provider keeps deciding they needed extra bits of info. Instead of just giving a list of what they would need about the house we wanted in the first place. We'd sort out one report then a week later they'd want something else.
We're the start of the chain so people are waiting on us. We all thought we'd be in by now and have had to pay an extra month's rent.
It might not be their fault.

Original poster
nell15 · 04/12/2016 17:54

We had an email from our buyers to say their buyer have put the final mortgage forms in on Friday. I'm still mystified as to why only do it now when the chain has been active since the beginning of October. Perhaps they were turned down with their first application, I was told they were buying the house with money from their family and maybe it's doesn't cover the full price of the house. Perhaps their estate agent didn't keep his EE on the situation. Oh well, I can't keep stressing about it, I'll try and get our estate agent to find out.

Apparently all the conveyancing throughout the chain is done and contracts are ready to be exchanged - we just need these people to get their mortgage

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DelphiniumBlue · 04/12/2016 18:04

Hope it all works out in the end.
It is possible to exchange very shortly after receipt of the mortgage offer, provided any mortgage conditions have already been anticipated and dealt with. Realistically, the buyers need to have paid their deposit so that it is ready for exchange, and be prepared to go to their solicitors and sign everything as a matter of urgency as soon as the mortgage offer is received. My experience as a conveyancer was that there was often a delay at this point - people not being able to get time off work, things stuck in the post, unanticipated mortgage conditions.
If the buyers have at least paid the deposit to their solicitors to hold in readiness, that would be a good indicator of serious intent on their part.
10 days between exchange and completion reduces the chances of mishap , so I would go for the later date if possible.
And don't aim to exchange or complete on the last working day before Christmas!

Original poster
nell15 · 04/12/2016 20:15

Thanks Delphiniumblue that's really helpful I think they've put a deposit down - I'm sure that's what our buyers told us. I'm amazed that they've been so slack or complacent though. I wonder if it's the estate agent whose at fault because every time our estate tries to contact him he's "in a meeting" and doesn't seem to return his calls which sounds a bit sloppy and unprofessional

I think we'll speak to our solicitor to make sure all the conveyancing paperwork has been done by all in the chain so that when the mortgage is in we're all ready to go as soon as possible. I see what you mean about not being the last day before solic goes offf on xmas break. Smile

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Original poster
nell15 · 12/12/2016 12:40

Two weeks on and we're still no further on with things. This weekend we had two emails from our buyers telling us their solicitor says they've not heard yet if their buyers mortgage applications is going through the 2nd email was to tell us that their estate agent rang to say their buyers have put the paperwork in a mortgage. This EXACTLY what they told us a week or more ago.

It seems like these people at the bottom of the chain are holding everyone in the chain to ransom while they try to sort out their mortgage. We were all set to move fri 9th Dec everything was in place and then two weeks ago we found out that our buyers buyer were applying for a mortgage with a different company instead of the one they'd gone with in the first place.

Our estate who is the one chasing things up throughout the whole chain has suggested we give them til the end of this week and if there's no progress then we tell them we are re-marketing our house in the new year. Our buyers are keen to get our house and they made an offer on it when we first offered on it over three years ago and lost out because they couldn't sell their house, so I'm hoping this might push them to put pressure on their buyers and their estate agent

We have spent almost two years trying to find a house in the location that we want- it extremely frustrating and annoying to be stuck in limbo at the last hurdle

OP posts:
NiceFalafels · 12/12/2016 12:50

It's often a 8-12 week process these days. Often first step is waiting for a phone interview (we waited 2 week), then an 90 minute phone interview, alplication accepted in principle soon after, then a few weeks to throw terms/figures/ rates/checks/paperwork about (all the time applicant and mortgage company are trying to work out doable option - which isn't always straight forward), then mortgage is formally ok'd. It's such a pain in the arse.

Original poster
nell15 · 12/12/2016 13:38

NiceFalafels. We are have been in this chain since the beginning of October - everything is in places and all contracts are signed ready to be exchanged. The only problem is that the people at the beginning of the chain haven't (for some unknown reason) got a mortgage offer. Everyone else in the chain has their fu ding in place except these people.

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wowfudge · 12/12/2016 16:56

Hmm - the mortgage lenders of the buyers receiving family money will want proof it is an outright gift or that the buyers can afford to repay all monies lent to them. There may have been documents for family members to sign and all sorts. That said, it doesn't excuse them not keeping the rest of the chain up to date.

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