When is a property SSTC?

[Darthvadersmuuuum]

FTB so looking for some clarification. We've had an offer accepted on a property and sent the EA proof of deposit, ID documents & solicitor's info. The mortgage application is underway and the broker advised that this takes 22 days to finalise. Fine. We can arrange the survey etc within that time.

My confusion stems from the EA saying that it is only SSTC when they have details of the mortgage offer. By that time we would have paid out for solicitors & surveyor. As it's still for sale on RM there's an added risk that viewings and offers from other parties are possible. Is the EA right or do I need to get them to take it off the market pronto? TIA

It is up to the vendor to instruct ea to no longer market it. It can be at whatever point they define but sstc means very little in practice.

It is up to the seller when they want to take it off the market. Do you have an agreement in principle for the mortgage? Otherwise I can see the seller's/EA's point, you may not have the funds to buy it and complete the sale unfortunately.

It's a stressful time anyway and I can understand that when you find a house that you want the thought of someone else grabbing it is awful! I hope everything proceeds smoothly and quickly for you.

I would have made it part of my offer that they take it off the market. EAs are full of shit. They're always trying to make more money so they will say oh we've had a higher offer, you should increase yours. It's all bullshit. Tell them to take it off the market or you'll withdraw your offer

It's sstc right up until exchange happens and anything could go wrong. Your agent is being picky.

I would probably have said at the start that my offer was subject to the property being taken off the market.

I forgot to say I sent the EA a Decision in principle, which states we can clearly afford the mortgage at the asking price +++. So am I within my rights to say take it off the market or we're pulling out?

The vendor accepted a low offer after we left it on the table for a week. We since found out that a previous sale had fallen through at a late stage so I suspect they're edging their bets.

You can say that, but if that's not what the sellers want to do then you've lost it.

Ah well the low offer explains it a bit, they want someone to come along with more money.

If you want it and it's still being marketed, and you feel with your low offer you got a bargain, then you neee to proceed as quickly as possible so no one else comes along. It depends on the market where you are and whether it's moving or stagnant.

Thanks for your replies. So much stress so early in the game! It is a slow market ATM but I'm still anxious that someone could come along with a higher offer whilst our mortgage application goes through. I'm going to ask the EA to ask the vendor to take it off the market and see what happens.

Get home buyer's insurance! If the sale breaks down at any point that's not your fault, you can get a refund on your solicitor/survey fees.

It cost us £69 - an absolute bargain given the lack of protection.

hoa.org.uk/advice/guides-for-homeowners/i-am-buying/homebuyer-protection-insurance/

You have to buy it before the survey, and our policy lasted 6 months.

I also offer with the terms that if it is accepted they need to take the house off the market. It sounds like they are waiting for someone else to come along so I'd be tempted to maybe pull out anyway before you spend money and then potentially lose it.

Sorry, one more question. Is it worth taking out critical illness cover on top of life insurance when taking out a mortgage? Generally, I'm not a fan of insurance but I understand the need for life insurance for paying the mortgage off if the worst was to happen.

I thought it was common practice to make the offer based on the seller taking it off the market that day (or as it's done nowadays, marking it on the websites as SSTC). Doesn't everyone do this ? If the seller refuses, then the offer isn't an offer (as far as I'm concerned) because the wording of the offer says it's on the basis that the house is removed from sale. Any vendor who accepts the offer but thinks they can keep the house up for sale isn't someone I'd want to deal with.

Our seller took it off the market as soon as they accepted our offer. It was a condition of our offer. It was updated on Rightmove to SSTC within an hour.

We offered on a house, offer accepted and was SSTC.
5 weeks down the line someone else came in with a higher offer and buyer accepted.

Make your offer on the premise that all further viewings are cancelled and no further viewings are accepted and house is marked SSTC. It doesn't stop people being utter wankers people trying to gazump but you (and the EA) can and should do your best to try and stop it happening

Good luck!

Why would the EA - who is working for the vendor - try and do their best to stop someone putting in a higher offer? That would be mad.

I have always put in offers subject to the property being taken off the market but the OP didn't ask for that. It's worth asking for it now but they may not do it, given that wasn't a condition of the original offer.

The EA is the seller's agent. They will likely be paid a % of the sale price so their interest is in getting the highest price.

I always make offers subject to the property coming off the market and being removed from rightmove, etc. You could still be gazumped but it reduces the risk.

We went sstc once we had our offer accepted ( and sent over dip and id)