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Original poster

How long to give buyer

43 replies

Thethreeofusandpooch · 14/02/2022 22:04

Hey all. I’ve posted a few times about a couple of things. Our buyer still hasn’t had their valuation done! We accepted their offer middle of Jan. it’ll be a month ago this weekend. They have started searches and have met with mortgage advisor!

We, on the other hand have had our mortgage offer for a week, survey done, searches complete.

Buyer is driving me mad…EA says they are “laid back” and we are “lightening speed”.

We’ve still got an incomplete chain above us but have told our seller and buyer we would like to aim for end of March beginning of April. So far everyone agrees…buyer is driving me a little mad though. I mean, we cancelled 11 viewings because they offered asking price on the spot with nothing to sell and a sizeable deposit!! Thoughts please….

OP posts:
AwkwardPaws27 · 14/02/2022 22:08

Instruct your EA that, if the valuation survey isn't booked within the next 5 working days, you want them to put it back on the market. That should encourage them!

Original poster
Thethreeofusandpooch · 14/02/2022 22:11

@AwkwardPaws27

Instruct your EA that, if the valuation survey isn't booked within the next 5 working days, you want them to put it back on the market. That should encourage them!
Yeah. Good idea. Our only worry is that we are also buying our onwards through the same estate agent! So, I’m worried it’ll mess all that up.

Blummin hate house buying and selling.

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AwkwardPaws27 · 14/02/2022 22:14

Then they should have even more incentive to ensure your buyer is actually proceeding - as the EA won't get any commission if the sales don't go through Wink

Original poster
Thethreeofusandpooch · 14/02/2022 22:15

Very true!

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Original poster
Thethreeofusandpooch · 15/02/2022 04:20

Anymore thoughts??

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Fedupbuyer · 15/02/2022 04:30

Our solicitor and Ea told us not to spend any money until the chain was complete,we had our offer accepted on the 6th September,chain didn’t complete till 21st October,everything on our side was done in 6 weeks but we still haven’t completed.

Original poster
Thethreeofusandpooch · 15/02/2022 07:03

@Fedupbuyer

Our solicitor and Ea told us not to spend any money until the chain was complete,we had our offer accepted on the 6th September,chain didn’t complete till 21st October,everything on our side was done in 6 weeks but we still haven’t completed.
We spent the money as the seller said they would break the chain. Now they’d “prefer to tie a property in to the transaction”. The word prefer here is important, our aim is to get to the point of exchange and then remind them of that particular word. Equally they knew our timescales when we offered as did the buyer who has paid money 💴 on account for the searches.

We also would have cracked on regardless of the chain being complete or not.

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caprimoon · 15/02/2022 07:08

Complications with their mortgage offer perhaps? The EA normally ask for an AIP but that doesn't guarantee an offer if they can't prove their income.

ballsdeep · 15/02/2022 07:10

I would NEVER believe someone when they say they'll break the chain. So many people, including lmyself, have been shafted this way.
I think march is really wishing on your lucky stars, especially as the chain isnt even solid yet!

Original poster
Thethreeofusandpooch · 15/02/2022 07:38

@ballsdeep

I would NEVER believe someone when they say they'll break the chain. So many people, including lmyself, have been shafted this way. I think march is really wishing on your lucky stars, especially as the chain isnt even solid yet!
Well then they’ll find themselves without a buyer. Due to personal circumstances we absolutely can’t wait!
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Original poster
Thethreeofusandpooch · 15/02/2022 07:40

@caprimoon

Complications with their mortgage offer perhaps? The EA normally ask for an AIP but that doesn't guarantee an offer if they can't prove their income.
Nope. Just laziness. They have a sizeable deposit and have apparently been going through fraud checks! Not entirely how this has taken a month already!
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Original poster
Thethreeofusandpooch · 15/02/2022 07:41

I should mention that our solicitor has confirmed that the buyer has started the searches. This was a week ago as they’ve already had some enquiries through on the sale of our property. Therefore, I don’t think the end of March is a timescale that’s unrealistic. We just need the seller to break the chain above.

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Cuddlywaterfall · 15/02/2022 07:45

Surely the fact that they have started the searches is encouraging? That's the bit that takes ages, not getting the mortgage approved (as long as it's not a first mortgage).

SheWolfOFFrancee · 15/02/2022 07:48

When I purchased my first house it was the mortgage company who arranged the valuation survey. I remember being really frustrated that it took them two weeks to arrange it and then had to wait a week or two for that date to happen. I can imagine there is a bit of a backlog or covid causing absences but yeah get your estate agent to push them hard

Alexis7890 · 15/02/2022 08:00

The mortgage company arrange the survey. We had offer accepted early September, agreed a mortgage with a bank mid September and they did the survey in the second week of October as they had such a backlog of work. Our vendor did chase us on it but there was nothing we could do, it was with the bank so give them a chance

Summersdreaming · 15/02/2022 08:08

As pp said, we had no control over the valuation survey. Had 2 recently, first one was 2 weeks after mortgage application, 2nd one was 2 days. Really nothing we could have done in either case.

(5 months into a no chain purchase here, March is very optimistic for a chain)

Original poster
Thethreeofusandpooch · 15/02/2022 08:17

@Summersdreaming

As pp said, we had no control over the valuation survey. Had 2 recently, first one was 2 weeks after mortgage application, 2nd one was 2 days. Really nothing we could have done in either case.

(5 months into a no chain purchase here, March is very optimistic for a chain)

And again, they knew the timeline. We cannot let it go any further than mid April. March is the target here…
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Chewbecca · 15/02/2022 08:22

If they are not ready to complete in March (which is looking likely), what are you going to do? You’re very unlikely to find another buyer who can complete in that timeframe so is putting it back on the market a bit of an empty / pointless threat? I think your position is a little weak, you need them and their chain end.

Alexis7890 · 15/02/2022 08:25

I’m sure they do know the timeline but again, they don’t control when the survey happens the bank does. If they have started enquiries and searches then they are clearly serious. What’s your plan if your onward won’t break the chain? Pull out?

alwayswrighty · 15/02/2022 08:29

@Thethreeofusandpooch it will be the mortgage lender who requests the survey. Dependent on loan to value they may not even come out to the property, they might just do a drive by to ensure the property exists and is still standing.

It's a good thing they have spent on searches, it shows commitment.

Also be mindful that even if EVERYONE in the chain wants a March completion there is always room for something to bugger that up.

I say that as someone who has worked in mortgage advice for 22 years.

Original poster
Thethreeofusandpooch · 15/02/2022 08:35

[quote alwayswrighty]@Thethreeofusandpooch it will be the mortgage lender who requests the survey. Dependent on loan to value they may not even come out to the property, they might just do a drive by to ensure the property exists and is still standing.

It's a good thing they have spent on searches, it shows commitment.

Also be mindful that even if EVERYONE in the chain wants a March completion there is always room for something to bugger that up.

I say that as someone who has worked in mortgage advice for 22 years.[/quote]
Thanks for your help. My point about the March completion is that it would be with the above breaking the chain which they agreed to do and also said this on one of the property information forms.

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mummabubs · 15/02/2022 08:39

From your OP it sounds like your buyer is doing all that they can to keep things ticking along. We've bought twice, once as FTBs with no chain and the second time was last year with FTBs below and no onward chain above us. So both pretty simple set ups, plus last year we had some luck with how quickly searches came back (ours were back in 2 weeks but the average for the county next to us was 10!) We completed in 10 weeks both times and that was with everyone pushing to the max. I think as your chain is jot yet complete I'm afraid I'd be very surprised if you complete before the end of March (I know that's not what you'll want to hear but there's little you can do about how long a lot of this process takes). If you put the house back on the market all you'll do is delay it all further. I'm sorry it's such a stressful and frustrating process.

Summersdreaming · 15/02/2022 08:46

If your buyer has applied for a mortgage and instructed their solicitor to submit searches there is nothing they can do. If they have a broker they may be able to chase the lender, but realistically they can't do much more. Has your solicitor sent all the completed paperwork and responded to enquiries?

TheHoleNineYards · 15/02/2022 08:47

I think you might be putting your frustrations in the wrong direction. Surely it’s the seller you need to be pushing for action first, not the buyer (who seem committed if they’re spending on searches?)

We just need the seller to break the chain above.
That’s quite a big thing to need. If that’s what needs to happen then get your solicitor to focus on that end of the chain for now. Get a date by which they will confirm they’re not reliant on a future purchase.

We cannot let it go any further than mid April. March is the target here…
But if the chain fails, you could be stuck much later than April. Your focus needs to be on securing that chain.

AnEpisodeOfEastenders · 15/02/2022 08:52

You're saying the rest of the onward chain isn't complete but you want to complete the purchase by the end of March? Sorry but that just doesn't seem likely. We had a cash buyer last year and were ending the chain with our purchase but it still took 3 months and we did things like purchase existing survey.
I don't see any harm in asking to put your house back on the market and take other viewings on it in case a better buyer comes along but not sure you'll speed the chain up that much. It will be a good incentive for your existing buyer though. The pressure needs to be higher up the chain by the sound of it.