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Does anyone know what this means?

3 replies

TheStarburstConcept · 09/09/2021 11:04

We're six weeks into buying & selling. Our buyer's mortgage situation has been ambiguous, to say the least. We've pushed our estate agent to clarify it, but they keep coming back to say they don't know.

I know he's had another property revalued, which happened last week.

Today's update is that he won't get confirmation on the revaluation until Monday, as it's been referred to the underwriters, but that he's "doing what he can to prepare on the lender side for our house" in the meantime.

Does that mean he's expecting a mortgage offer on Monday? The last bit has concerned me...

We're in a chain of six who are very unhappy that this has taken so long, and have sent several threats to pull out if it's not completed soon, and definitely by the end of the month. All enquiries and everything are done down the entire chain; we're all just waiting on his mortgage offer (and a survey if he still wants one).

OP posts:
ReeseWitherfork · 09/09/2021 11:06

As in, another property that he owns? Is he taking the money out of that one to buy yours?

ReeseWitherfork · 09/09/2021 11:07

Six weeks doesn't seem that long btw, I think your chain needs to calm down a wee bit.

TheStarburstConcept · 09/09/2021 11:14

As in, another property that he owns? Is he taking the money out of that one to buy yours?

I presume so, but I have no idea.

I'm with you on six weeks not being that long. Sadly it took three weeks for him to prove his ID, so while our estate agent is saying there's only been 6 weeks since the memorandum of sale, the rest of the chain see it as 9 weeks - and the rest of the chain were fully formed and ready when we offered on ours, so the top of the chain have been waiting since March.

We were hoping there would be some leeway, but they made it clear on Friday with an official email from the solicitors of the top house that they would not progress if completion hasn't happened by the 29th September, and third in the chain is "considering their position" as they didn't want to move so late and are rethinking selling.

We chose this buyer over our others as he said he was ready to move fast, but the reality has felt very different! Longest six weeks ever Blush

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