Waiting for valuation

[CharlieB93]

Hi

I’m just wondering if anyone is in the same position/has any advice.

We accepted a offer on our rental property (partners old house) the back end of august. We’re still waiting for the buyers mortgage company to value it to make sure it’s worth what they’re borrowing. We’ve been waiting over a month for this and our estate agent/solicitors are saying there’s nothing they can do in the meantime to hurry this along. The property has been vacant since May (rented it to a friend and they left it looking like squatters had been in but that’s a different story). We’re really out of pocket now abs council tax/mortgage/utilities are really wiping out all of our savings.

Anyone else been in this position?

Bump

Why is your agent recommending that you hang around when its been 5 months ?

What does your solicitor say?

Was it on the market for a long time before you got that offer?

What kind of condition is it in? When you say “ like squatters have been in” do you mean its full of rubbish or it was no kitchen / bathroom / floor?

Why dont you spend some time and money clearing it out, paint it and put out back on the market?

It seems totally mad to have waited that long but it’s hard to say when I don’t know the property or the market. That’s why your agent and your solicitor are the best people to advise you.

@C0NNIE thanks for the reply. It’s been such a long drawn out process with lots of excuses along the way. Solicitor is saying everything is done apart from valuation for the mortgage which could just be a drive by - is so frustrating!
Sorry should have explained - I spent about £5k getting the house back to its original state before putting it on the market. The house sold fairly quickly (I think it took just under a month). I accepted slightly below asking as there is no chain so I was expecting a fast (ish) sale....
The agent and solicitor just keep saying they are chasing but the buyers solicitor just says there is no time frame.

What would you do?

Have they actually requested a valuation? There was 3 week wait to get a surveyor's appointment when my buyers booked it at the start of January and that was considered a long wait for a survey.

I think the question to the buyer needs to be why has there not been a survey booked, not when will it be.

@MojoMoon they’ve requested the survey and instructed to do so but the mortgage company is saying there’s a backlog and they can’t say when it’ll take place. They’ve said they’ll do it when they’re in the area but they can’t say how long it’ll be.

If you got an offer within a month in august, it must be a desirable property.

What’s the market like now in your area ? Where I live its still really busy but not quite as crazy as august. If your local market is still moving, why don’t pull out and remarket it?

Have you been watching the market for properties like yours? It’s pretty easy to do on Rightmove etc.

Your solicitor seems strangely passive. It’s their job to advise you, not sit there and wring their hands. All I can say is I hope they are cheap.

I cant understand why you’ve been paying Ct, mortgage and utilities for 8 months - thats so much money! It would be better to reduce the price slightly and get rid of it now. Or let it out through a reputable agency.

If there is a good rental market where you live then you might be able to sell it to an investor who is a cash buyer. You won’t get a top price but it should sell fast.

Thanks for the advice. I think it’s because we’ve been waiting and hoping so long we’re scared to make the jump to pull out. It’s actually an investor who is buying it - I’m quite worried they’re going to pull out on their end.

An investor who can’t get a mortgage in 5 months ? Sounds way dodgy to me.

Have you looked up their company on companies house and Checked their last accounts ?

No I haven’t! Good idea I’ll have a look!

You say the council tax is killing your savings - have you applied for a council tax exception on the empty property?

I looked at a house where they had put it back on the market because their buyer’s mortgage company were moving this slowly. Two months later, the property is back under offer - to the original buyer, who finally has their mortgage offer through.

@vminkookie

You say the council tax is killing your savings - have you applied for a council tax exception on the empty property?

It’s just a reduction now ( if you qualify ). No exemptions since 2013 I think.

But yes, defo worth applying for.

@C0NNIE is it? Those tight gits!

😬 @vminkookie

And if its empty for a long time you have to pay double council tax.

We put in an offer on the 11th of Nov, bank did valuation end of Nov and we had mortgage offer mid December.
Hoping to complete beginning to mid Feb.

Goodness my friend has put her house on the market, sold it and bought another in less than that time frame. Both with mortgages.
I'd tell the agent unless you have a firm exchange date by the end of the week it goes back on the market (they can still buy it if they get a move on).

@vminkookie yep! We had 6 months reduced rate which has now expired ☹️

@BrieAndChilli

We put in an offer on the 11th of Nov, bank did valuation end of Nov and we had mortgage offer mid December. Hoping to complete beginning to mid Feb.

Pretty much the same here, we made an offer on 19th Nov, mortgage application on 24th, bank survey 4th December and offer through that evening. That was with Halifax though, maybe there are bigger delays in certain regions or could be smaller mortgage providers might have a harder time catching up on their backlog.