How long to give buyer

[Thethreeofusandpooch]

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….

Completely take onboard what everyone is saying but my frustrations are because of the following:

• we have moved like lightening speed; have mortgage offer, home buyers survey done, searches complete and enquiries being raised with sellers solicitor
• on TA10 form the seller stated that they didn’t need to complete on a purchase at the same time as us buying their house. They signed the form! So, we went ahead and started searches etc.
• we cannot apply any pressure up the chain until our buyer is in a place where he can exchange and he is taking his time. Yes, mortgage companies are also slow but it’s been 4 weeks since offer accepted. When our offer was accepted we got straight onto the mortgage lender and applied for the mortgage. Simple! Buyer has sat on this for 4 weeks and only had the meeting with lender yesterday!

@AnEpisodeOfEastenders

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.

But the TA10 form stated that our seller would break the chain. They signed the form and it’s gone through solicitors!!! One of very many frustrations.

@Alexis7890

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?

Yup and stay put. Our house off the market and we won’t move. There are very specific reasons why we have to move within a timescale and I can’t go into them on here.

The TA10 form is just the fixtures and fittings to say what is included and excluded in the house being sold so shouldn't have an impact on the completion date. The mortgage application itself is slow to start but presumably they've had the AIP / offer and are just going through the formalities?
The time consuming part will be the enquiries from the solicitors, they are a nightmare, especially if you get queries about FENSA certificates, gas installation / maintenance, electrical sign off etc and the longer the chain the longer that process takes.
If you're confident in your buyer then it's just a matter of reiterating that message up the chain. Your EA will be in the best position to relay that and as they're involved in both the sale and purchase then you're well placed. If you have doubts about your buyer then you need to get that sorted and if necessary look for a different buyer, a bit drastic though.

@AnEpisodeOfEastenders

The TA10 form is just the fixtures and fittings to say what is included and excluded in the house being sold so shouldn't have an impact on the completion date. The mortgage application itself is slow to start but presumably they've had the AIP / offer and are just going through the formalities? The time consuming part will be the enquiries from the solicitors, they are a nightmare, especially if you get queries about FENSA certificates, gas installation / maintenance, electrical sign off etc and the longer the chain the longer that process takes. If you're confident in your buyer then it's just a matter of reiterating that message up the chain. Your EA will be in the best position to relay that and as they're involved in both the sale and purchase then you're well placed. If you have doubts about your buyer then you need to get that sorted and if necessary look for a different buyer, a bit drastic though.

Not the fixtures and fittings form…perhaps it’s the TA6 then…

I think we are just generally hacked off because the goal posts have shifted significantly since putting our offer in. We put in an asking price offer on the understanding that we would move quickly and by mid April at latest. Our solicitor has reiterated this to everyone in the chain as it stands. The EA has done the same. The seller says they will “move to rented” if it gets awkward?!? They are going to end up as a cash buyer!!!

Has your agent spoke with the buyers mortgage advisor to find out what they delay is?

You could start making ultimatum as the pp suggested, but it is down to the lender to instruct the valuation not the buyer. So really, you need your agent to find out where the mortgage application is up to. So have they provided the broker with everything they need? Is the application has been submitted the broker should be following this up.

Also, it is worth checking if searches have actually been requested by the buyers solicitor. The buyer paying for them means nothing if the solicitor hasn't ordered them.

Thing is, people say what they need to to get what they want. There is no compulsion to stick to it. People in the chain probably don’t believe or expect that you will actually pull out if it is delayed.

Are you sure that their lender isn't just doing a drive by valuation if the buyer has a sizeable deposit. Quite often that will happen if there is enough equity in the property.

Also unless the buyer is opting for a full structural survey they may just be going with the lender's valuation which is requested by the lender (as other pps have said) and not the buyer.

@Chewbecca

Thing is, people say what they need to to get what they want. There is no compulsion to stick to it. People in the chain probably don’t believe or expect that you will actually pull out if it is delayed.

Well, they’ll have a shock coming then!

Hey OP

We're in a really really similar position!
Our buyer is a FTB with a sizable deposit, 'relaxed' and insisting on doing things with solicitors and EA in person rather than quickly via email, we're also 'lightning fast', aiming for completion end of march/start of April and our chain has only just completed!

Is it the mortgage valuation or building survey your worried they havent arranged?

We were worried that we didnt hear anything about a building survey then found out via the EA the buyer isnt going to arrange one. We were then worried that after he'd started the mortgage process we didnt hear anything re a bank valuation for a while, it then transpired the bank did the valuation online rather than in person and he was offered the mortgage no drama.

Try not to panic too much (i am a hypocrite) as it may be wheels are moving without you necessarily being informed. I've been told time and time again the timeline is tight. it is... but its doable. Hang in there and keep your foot on the gas, but try not to get frustrated with anyone just yet and keep that chain happy.

Are you vendors pushing as hard as you and trying to get that chain complete? Until it is you'll have no gauge on how long it could be so I'd apply the pressure there at the mo rather than your buyer.

Good luck on it all!

[quote DanisEndo]Hey OP

We're in a really really similar position!
Our buyer is a FTB with a sizable deposit, 'relaxed' and insisting on doing things with solicitors and EA in person rather than quickly via email, we're also 'lightning fast', aiming for completion end of march/start of April and our chain has only just completed!

Is it the mortgage valuation or building survey your worried they havent arranged?

We were worried that we didnt hear anything about a building survey then found out via the EA the buyer isnt going to arrange one. We were then worried that after he'd started the mortgage process we didnt hear anything re a bank valuation for a while, it then transpired the bank did the valuation online rather than in person and he was offered the mortgage no drama.

Try not to panic too much (i am a hypocrite) as it may be wheels are moving without you necessarily being informed. I've been told time and time again the timeline is tight. it is... but its doable. Hang in there and keep your foot on the gas, but try not to get frustrated with anyone just yet and keep that chain happy.

Are you vendors pushing as hard as you and trying to get that chain complete? Until it is you'll have no gauge on how long it could be so I'd apply the pressure there at the mo rather than your buyer.

Good luck on it all!

I hope everything goes smoothly for you. Just to share our situation. We are cash buyers and have currently been waiting 7 months for our house purchase to go ahead. This is despite the vendors saying all along they will love into rented accommodation when the time comes. They have since changed their mind and we are now waiting for them to carry out conveyancing on the property they want to purchase! It's very frustrating!

@Newuser82

I hope everything goes smoothly for you. Just to share our situation. We are cash buyers and have currently been waiting 7 months for our house purchase to go ahead. This is despite the vendors saying all along they will love into rented accommodation when the time comes. They have since changed their mind and we are now waiting for them to carry out conveyancing on the property they want to purchase! It's very frustrating!

Crickey - 7 months!!! Our mortgage offer will have run out by then.

yay thats great news! We had our mortgage offer 2 hours after the valuation, our buyer had his a few days after. 🤞🏻🤞🏻 fingers crossed its nice and quick for yours!

I'm a crazy person so speak to the EA almost daily and from what i can gather our seller is pretty similar to me (its them that need the completion March/ April due to their mortgage expiring). its the same EA dealing with our purchase and sale so he should be extra motivated for everything to go through quickly to get his double commission.

I'm of the opinion that 'the squeaky wheel gets the oil' but am conscious to always be polite, chase earlier in the week (as EA's and solicitors tend to be busy with completions at the end of the week), so as much as im sure I annoy the EA i think he kinda likes us as we're as considerate as possible :') and we're massively lucky that hes great at communicating updates when he has them.

I also tend to lean on the EA harder than the solicitor because they charge per hour so i want them focusing on the paperwork whereas the EA has his flat fee and needs this to go through to get that.

Defo ask you EA how the end of the chain is getting on and if they've viewed many/are making progress. And if I were you I would bring up again now the importance of your completion date and that they said they'd go into rental to get that reconfirmed. If they've changed their mind, the sooner you know the better to make a decision about how to proceed!

@DanisEndo

yay thats great news! We had our mortgage offer 2 hours after the valuation, our buyer had his a few days after. 🤞🏻🤞🏻 fingers crossed its nice and quick for yours!

I'm a crazy person so speak to the EA almost daily and from what i can gather our seller is pretty similar to me (its them that need the completion March/ April due to their mortgage expiring). its the same EA dealing with our purchase and sale so he should be extra motivated for everything to go through quickly to get his double commission.

I'm of the opinion that 'the squeaky wheel gets the oil' but am conscious to always be polite, chase earlier in the week (as EA's and solicitors tend to be busy with completions at the end of the week), so as much as im sure I annoy the EA i think he kinda likes us as we're as considerate as possible :') and we're massively lucky that hes great at communicating updates when he has them.

I also tend to lean on the EA harder than the solicitor because they charge per hour so i want them focusing on the paperwork whereas the EA has his flat fee and needs this to go through to get that.

Defo ask you EA how the end of the chain is getting on and if they've viewed many/are making progress. And if I were you I would bring up again now the importance of your completion date and that they said they'd go into rental to get that reconfirmed. If they've changed their mind, the sooner you know the better to make a decision about how to proceed!

Literally could have written this ourselves. Our sale and purchase is also with the same agent and we bought the place we are selling with the same agent back in 2016. I make sure I send a once a week email giving an update on our situation. The agents are very communicative and have stressed the need for a completion end of March - mid April. Our seller has responded with “if it gets crunchy then yes”. What does that even mean?!?

Omg so similar - we also bought our property from the same EA but in 2018!

Sounds like you're doing everything you can and have also got lucky with a competent EA, from what i've read on MN thats a rarity.

Urrgh that response would wind me up. So vague?! I would argue the fact its mid Feb, you're 5-8 weeks off needing to complete, and they dont have a complete chain ... so yes its crunchy now! It could take them 5-8 weeks to find a rental in current market depending on where you are, never mind a chain free property.

Maybe see if they will agree to a date, for example if they've not found somewhere by dd/mm then they will begin looking at rental? I would worry that they wouldnt be prompt with responding to enquiries etc and slow the process down if they're not motivated as they could always argue 'its not crunchy yet as you're not ready to exchange anyway' if you see what i mean...?

This whole system is so stressful its ridiculous.

Heres hoping we'll both be in come april

@DanisEndo

Omg so similar - we also bought our property from the same EA but in 2018!

Sounds like you're doing everything you can and have also got lucky with a competent EA, from what i've read on MN thats a rarity.

Urrgh that response would wind me up. So vague?! I would argue the fact its mid Feb, you're 5-8 weeks off needing to complete, and they dont have a complete chain ... so yes its crunchy now! It could take them 5-8 weeks to find a rental in current market depending on where you are, never mind a chain free property.

Maybe see if they will agree to a date, for example if they've not found somewhere by dd/mm then they will begin looking at rental? I would worry that they wouldnt be prompt with responding to enquiries etc and slow the process down if they're not motivated as they could always argue 'its not crunchy yet as you're not ready to exchange anyway' if you see what i mean...?

This whole system is so stressful its ridiculous.

Heres hoping we'll both be in come april

Absolutely hope we are both in by then otherwise we’ll need a major re-think! In fairness, it’s not our vendors but their vendors who haven’t found anywhere. Our vendors will be cash buyers when the sale is complete as they don’t have a mortgage. It’s just all completely ridiculous and wish we lived in Scotland.

The reason we can’t let this drag on is that we have our little son who was placed with us through adoption last year. He has had several moves before finding his family family (us) and is already very anxious about the move. Equally, I go back to work after adoption leave at the end of March! All parties know we want this to happen ASAP purely for the sake of our sons mental well-being…

Aaaah yes i can see why that'd be extra stressful! Keeping my absolutely everything crossed for you!!