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What do we do here? Carry on, or end the misery?

10 replies

KeepOnKeepingOnAgain · 04/09/2021 18:13

Long story short... Our sale fell through in May '20, due to our buyer being furloughed so not being able to get the mortgage. We stayed put.

We got 2 offers when we relisted, for the same amount, on the same day. Our EA recommended that we go with someone that they'd sold to before, and as the chain on the house we wanted to offer on was ready, we went with them.

They have been SLOW. Despite us asking a few times, the EA wasn't sure how they were financing the house, the buyer didn't instruct their solicitor for ages, they didn't put searches in... It came to a bit of a head last week when the rest of the chain complained that they were constantly being told contradictory information. We were all told that the mortgage valuation was being done the week just gone, and searches due back Friday.

We heard from our seller's EA on Friday that according to our EA, we are "weeks away" from exchange. It seems something has gone wrong with the mortgage valuation on the other property, so they now need to do one here, which doesn't seem to be booked in yet. The estate agents agreed to pass that information up the chain, which has resulted in the second house in the chain saying they no longer want to proceed. Our seller is considering his options.

I am annoyed that all of this has happened without the EA talking to us, and that the EA keeps telling us that it'll take as long as it takes, and we need to wait. It's not even just about the stamp duty holiday - I'm pregnant, which they know, and we want to be settled. Our EA says our buyer also wants to make the SDLT holiday, but its "out of his hands". They've been telling us that his survey will be "next week" for four weeks now.

We'll be okay if we need to be here, but we'd much rather be in the house.

Do we push the EA here? Is it worth it? They are supposed to act for us, but also work with him, so I think we're getting the short end of the stick...

I don't think I can live in limbo for the rest of the month, if we're going to have the baby here, I need to get ready, we need a washing machine and to do some redesigning etc.

Our solicitor maintains that she's heard nothing from his, other than the enquiries that we answered, but that the mortgage is the EA's responsibility.

Our sale is now ready to exchange, like the rest of the chain. I do appreciate the buyer can't do anything about mortgage times but ours took four days to come through six weeks ago.

OP posts:
Wisteriac43 · 04/09/2021 19:27

It's difficult. It took us ages to get our mortgage, simply due to the bank being overworked but we did keep everything else moving (searches, surveys). Have your buyers done any other bits?

The EA should be working for you but I found once they got the sale they did become complacent. If it was me I'd push for more information on the mortgage and make it very clear that you now need information to make a decision. If there is no information then that will inform your choice. We were messed around by buyers for 2 months with zero support from the EA and then they pulled out.

I'm sorry this is happening while you are pregnant - it is a truly rubbish system.

BasementIdeas · 04/09/2021 19:32

I would give them an ultimatum that if there is no progress in the next couple of days then you will be relisting the property

I would also make clear that you will be using a different estate agent to relist

CatAndHisKit · 05/09/2021 00:35

I've been in a similar situation with buyer's lender being ridiculously slow with endless enquiries, but really, pushing EA will do nothing - my EA does her best chasing the buyer and his sols, but if the lender is not ready/taking their time, no one can do anything!
If it's unreasonably slow, the buyer could complain to lender's manager I suppose, but not sure if that works.

ShingleBeach · 05/09/2021 08:26

Your EA sounds very inefficient.

They should have fine due diligence in checking where the ££ for the purchase was coming from.

When I bought recently the offer was accepted, in writing, conditional on my having instructed solicitors within a certain (short) time frame and commissioned the survey.

KeepOnKeepingOnAgain · 05/09/2021 15:18

Thanks all.

@ShingleBeach I agree... They've been awful.

@CatAndHisKit I'd understand if it was our buyer's lender, but I'm not sure he's got that far. The EA hasn't known whether he was getting a mortgage, or whether he was remortgaging an existing property... now we've got no idea if the remortgage idea failed and we're starting again, or what. Nobody knows. The only info we've had is that he made his application four weeks ago.

@Wisteriac43 and @BasementIdeas Thank you, I'd been wondering that. I'm going to put together an email today with our position, and call tomorrow.

OP posts:
maofteens · 05/09/2021 20:24

I don't understand how it's the EAs job to deal with the mortgage. Though your EA should have done due diligence and seen proof of funds and AIP or what have you at the offer stage - I used an agent I've used about six times and they didn't cut any corners, I had to stump up all the docs (ID, proof of address etc, even though I had bought the house through them)! My lawyer did this too - I had to show her where the funds were coming from etc.
Your solicitor can be more proactive. But the fact remains it is out of your, your solicitor's and EA's control.

KeepOnKeepingOnAgain · 05/09/2021 21:06

Me neither, @maofteens; but apparently the solicitor deals with everything else, but doesn’t get involved in the mortgage until the offer is received and it’s referred to the solicitors… the EA is responsible for chasing the buyer until then.

I suspect it’ll all collapse and there won’t be much we can do about it, but I don’t feel like I can sit and do nothing, so it’s worth putting it to everyone to be passed on, I think…

Your agent sounds a lot more proactive than mine! They did wait for ID from the buyer again, but it doesn’t seem that they saw any proof of funds.

The whole process is so slow and baffling!

OP posts:
CatAndHisKit · 06/09/2021 00:55

Yeah, that's bad - EA should urgently find out where the funds will be coming from. Mine buyer messed aroumnd wuth his options too - cash, the mortgage, then another (new deal) mortgage!
The whole thing is a nightmare where evrying rests on thin ice until last minute.

SoundBar · 06/09/2021 01:25

Really weird the EA didn't get proof of funds before taking the property off the market..

Redsquirrel5 · 06/09/2021 02:15

Makes you wonder if s/he has a vested interest. Family / friend purchaser?

Sorry to see what an awful and frustrating time you are having.

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