Two weeks until mortgage offer expires, can we complete in this time?

[PAtothegruesometwosome]

I could really do with some advice and guidance on our situation if possible.

We are first time buyers who had an offer accepted in April, our mortgage offer runs out in two weeks time and we seem to be hitting our heads against the wall with solicitors/ estate agents to get any progress and agreement on completion.

Our sellers are buying an out of probate chain free bungalow that according to the estate agents is good to go apart from an energy certificate. We have been pushing our solicitors constantly for weeks and weeks now to ensure we complete before our mortgage offer runs out. However, the sellers solicitor is apparently the scarlet pimpernel and notoriously hard to get hold of. I feel he has us all to ransom and it takes a good week to ever get any sort of reply from him.

Anyway, our solicitors have got everything in place bar awaiting last queries that have been outstanding for a month, but can apparently report to us on. Everyone seems so non committal to getting this purchase done that I just don't know what to do to knock their heads together and get a completion date agreed. Our solicitor has vaguely said it is doable but with a very tight exchange - complete timescale which is fine, but just so sketchy about it all. I feel beyond stressed, in an already stressful job, that I am trying to plan time off around but no one wants to commit.

A couple of questions. Can anyone confidently tell me that we have got enough time to complete by our two week deadline? Secondly, how on earth/what can I say to my solicitor and the estate agents to get some progress and action? I've told them already it's all off it it doesn't happen but could really do with some advise and key stuff to say as my solicitor openly sighs whenever I ring him for a progress update (which is currently once a week).

Thanks.

Joining you in sympathy as our offer runs out on the 12/11/22 and it seems very out of our control.

Wish I could say something more positive.

Ummm I'm arranging to get our funding ready into the solicitors client account in advance and I have a list of what the other side is expecting to progress.

Thanks for the reply. We have our money good to send to our solicitors this week. He promised to report to us and tell us where and when to send the money.

What else are you prepping that may also be required?

Do you think you can complete in time? I'm sorry you're going through this too. It's honestly fully consuming and stressful isn't it!?!

Possible if all parties pulling together, the vendors agents should be your friend here as their commission depends on meeting the deadline, you should be able to stamp your feet a bit with them and they can get the vendor to approach the solicitor their side (they 'should' listen to their client) as well as approaching the solicitor directly, I am assuming your vendor is motivated and understands the situation. You could get backup from your legal and agent too.

We're in a similar position but with more motivated solicitors- I know what you mean about their manner, ours is superb and constantly reassuring but does sound a bit casual at times, like it's all some kind of computer game.

In terms of where you're at, sounds to me like all that needs to happen is that the vendor needs to respond to final queries, this needs to get relayed back to your solicitor who reports to lender and both parties sign deeds. Keep in mind lenders might need some notice to release funds (this could be prior to exchange in your case)

What has helped here is chasing. I was calling the vendors agent every 10 mins, completely ignore when they take a message, then don't accept messages being left with vendor or solicitor - it's too late for that. It was a mix of persuasion and cajoling- their agent offered to ferry documents around in the end but they still needed constant pressure, I had to speak to the office manager a couple of times, and was willing to turn up there if I was unable to get hold of them on the phone. I tend to leave our solicitor alone but if they were like you describe I'd be doing the same with them. It's far too late for anything to be going in the post (esp with strikes), I offered to arrange courier and same needs to happen vendor's side. Don't rule out contacting vendor directly. You're right you need to be armed with the right questions and be very assertive - that might get the solicitor a little more responsive, I pointed out some issues with the title to ours that both solicitors had missed and it moved things on a bit.
Hope it goes well.

I would pick a date a few days prior to your mortgage expiry and ask your agent to see whether your sellers will aim to complete then. Get solicitor to work towards that date but also ask the agent to chase your sellers solicitors to return outstanding enquiries. I would also ask whether your sellers will consider breaking the chain and going into rented if they can't complete on their sale.

We have just exchanged with very similar tight timescale and we went from outstanding enquiries to exchange within a week with completion date a week after that. So it is possible but needs everyone to be motivated to keep things moving and our solicitor was excellent. It's in your sellers' agent's interest to get it through so they should be pushing everyone else.

It's possible, but you definitely need to be phoning at least daily to make it happen.

Our last queries were sorted on the Wednesday, exchanged that afternoon, completed on the Friday. We had been supposed to exchange the Friday before but something wasn't back in time

Start the process of extending your mortgage offer NOW!
You will hopefully not need it, but better safe than sorry.
My extension took only two weeks to approve and has given me an extra 3 months grace period to complete. Same rate, same terms as the original.

You’d think it would be enough of a threat to get the job done but we learned that it isn’t. We set so many deadlines that in the end we pulled out. We had a shit solicitor at the top to the chain so no one really cared at all if it all fell through, which it did. The stress was unbelievable.

It's possible, but everyone needs to want it.

I'd be ringing ALL the estate agents in the chain, and making it clear if you are not completed by (a few days before mortgage offer expires) you will be unable to complete.

Good luck. It's amazing what can happen if everyone is working towards a common goal.

I would echo driving important documents, we did that last week with postal strikes.

Re the transfer of funds I'm bypassing the solicitor and organising transfer directly with his PA, I think there's definitely a psychological element in missing the deadline and then having to return it.

I'm not sure if our deal is more straightforward as we are buying out commercial property from our own SIPP so in theory have clout both ways but this has been going on since January, they are just hopeless.
At 53 and 65 we have been told we won't get another mortgage easily in the current climate so it's now or never.
Best of luck this week.

If the EPC is outstanding I'd maybe offer to arrange and pay for the vendors, only £60 for ours and sorted within two days.

Also wondering if the mortgage can be drawn into the client account earlier in preparation?

Do you have any contact info for the vendors? If so I would contact them and say plainly that your mortgage offer is running out and if you cannot exchange and complete in time you will be unable to buy.

Is your EA in contact with vendors EA? They need to be. Progressing the sale is their most important job.

Sorry, my mistake, you are FTB and do not have an EA. Your vendors EA is able to talk to their solicitor. Call the EA this morning and explain the urgency.

EAs only get paid on Completion, they have more skin in the game than solicitors. It is their job to keep the sake progressing.

Thank you for all of the advice.

We sadly can't extend our mortgage offer bar the cursory 15 day extension that they offer. But my solicitor is twitchy to use this because of the current climate.

I've emailed and left a message for my solicitor today and the same for the estate agent progression team, I'm not overly convinced that anyone will get back to me today, that will be another day with no news.

I'm not in contact with the sellers, only through the estate agents. I'm half tempted to go knock on their door tomorrow and see where they are at with everything but don't want to be THAT person 🤦🏻‍♀️.

Be that person. This is the situation now. I agree with the person who suggested calling the estate agents and solicitors every ten minutes until you hear something. The squeaky wheel gets the grease. Make them sort the issue so they don’t have to keep hearing from you. Don’t be afraid to be annoying, especially when the alternative is a 7% mortgage rather than a 2-3% one (based on aprils prices!) Where is your fight? Make them make it happen. Go knock on your vendors door today.

Absolutely, go and knock!
A flurry of emails arrived today from various parties so I'm feeling a little more confident.

Do you know the EAs etc in your chain? Anyone who offers a free service often means they’re also using suggested solicitors who are absolutely terrible. Purple bricks is one.

Yes is there any merit to swapping solicitors?

We completed in the two week grace period and it was utterly terrifying! Our mortgage offer expired on the18th January and we completed on the 21st. I was so sure it would all go wrong and the mortgage wouldn't go through, I think the moment I got the text from Nationwide saying our funds had been released was one of the happiest moments of my life!

Go and knock. We progressed our sale by bypassing our agent and communicating with our buyer directly.

Also, don’t call and wait for a response. Keep chasing, and if it is your solicitor, complain. The solicitor you are buying from should be talking to you and your buyer, but I totally agree about trying to get in touch with your vendor. Put a note through their door ASAP, with your contact details. Rubbish solicitors almost wreaked our chain. Good luck!

Not a good update.

Our offer had two completion dates on it, 12/11/22 headlined at the front and 18/10/22 in the last of the special conditions hidden outside the conditions box.

Missed by both the solicitor and the broker who are saying two conflicting dates are not legal.

Sigh.

Mortgage company is however delighted to offer us a new deal at 7 something %
Ughhh hope everyone else is faring better.

That’s so disappointing. Assuming both the broker and solicitor had enough time with the documents, I would be looking to talk to a solicitor about their obvious negligence leading to you losing the mortgage. If they’d done their job properly they would’ve spotted the discrepancy sooner.