Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Is a mortgage in principle enough to get the balling rolling?

29 replies

Penfield · 04/10/2021 14:05

Is it enough to start the ball rolling for our buyers to get started on buying our house?

The offer was put in at the end of July. We found somewhere to move to in August. But our buyers still have not had a proper valuation done.

Is a proper house valuation necessary? Or is a mortgage in principle enough to get them started?

OP posts:
TakeYourFinalPosition · 05/10/2021 17:57

My point really is why is this only happening now?

Has the buyer only just put their first mortgage offer in?

I still think a lot of the confusion here has come from you referring to valuations; which the buyer has no control over, versus their mortgage application.... and the estate agent has now followed your lead, presumably because they think you're worried that the valuation won't be enough.

My best guess would be that the buyer has put their full mortgage application in, and the bank is now going through the motions, which will include validating their deposit if it's from overseas. That can take some time, depending on where it is.

It's more than possible that the bank has been crazy, especially with the stamp duty holiday, and they've only just got round to this part. It's totally out of your buyers' hands, as is the valuation, because the bank will order and arrange that when they get to that part of the process.

Do you know if your buyers want a survey? They'd have control over the timing of that, although they will likely be advised by their solicitor to wait until they've got a mortgage offer to have that done.

It is a really frustrating process at times Flowers. Our last buyer was using Kensington, and they're even slower than mainstream banks - usually 6 - 8 weeks for an offer, but they were quoting 10 - 12 during July and August. Our mortgage with Barclays took 4 days from application to full offer, for comparison.

CrimeJunkie01 · 05/10/2021 18:10

When I bought my house I was getting a mortgage from Virgin Money and it took FOREVER!! They would send a vague email requesting something that the solicitor didn't understand and the only way for the solicitor to contact them was via an email that they took a minimum (said this in the auto reply) of 48 hours to respond to. This meant that a request for one thing could take over 8 working days to be provided to them. Our vendor nearly pulled out because of it because it took I long. We offered in May and ended up exchanging me completing in 24 hours on 25th September. It was frankly ridiculous.

This certainly doesn't sound bad on the part of the buyer. They are clearly serious and have put in the full application, the bank are just dragging their feet.

mrsbyers · 05/10/2021 18:32

A lot of sales are falling through on valuation so this is a key step and should be prioritised if they are serious

daviesbrownsmithgreen · 05/10/2021 18:43

I'd be very concerned. We are close to completing on our first house and had the offer accepted in July. We had all searches and mortgage offers back by August

New posts on this thread. Refresh page
Swipe left for the next trending thread