Waiting on buyer mortgage offer

[geminiflanagan]

We accepted an offer from our buyers 12 weeks ago. I spoke to our EA today to see if they knew what the current situation was with our sale, and it turns out they are still waiting for their mortgage offer. I knew a fortnight ago that their conveyancer was waiting for a formal offer letter, and their lender did a valuation survey about 10 days ago. But still no offer.

They've gone direct to the lender apparently rather than via a broker. They had AiP when they offered, and a 10% deposit. First time buyers. Our EA is going to chase the lender on Monday to see what the hold up is.

Should I be concerned? I'm irritated as well as worried tbh, as I expected the entire process to be drawing to a close by now really - first time buyers on one side, no onward chain on the other. I did not think that after 12 weeks, we would only be at this point!

If the valuation survey has been done, the offer should come out within the next few weeks - it used to be reckoned that there was about 3 weeks between valuation and actually receiving the offer, but these days, it's hard to say. The buyer has obviously committed themselves by paying for the valuation, so I wouldn't worry too much.

I guess I am just concerned as to why it has taken 12 weeks for them to get to this stage. We had our offer on the onward house accepted a fortnight later, and our mortgage offer was in 2 weeks after that. How can they be so behind?!

I'm just ranting really - I really hoped we would be on the cusp of completion at this point, slightly galling to read tales of people in chains who completed within 8 weeks!

Fingers crossed that the valuation comes in at what the buyer is expecting. Seems to have been a lot of down valuations in July. They are being particularly cautious when valuing for small deposit ftb.

I was just wondering how u got on xx I’m in exactly the same situation as you had valuation done 9 days ago and been 10 weeks since we excepted off. I’m a very nervous person and overthink everything xx

We accepted offer from 1st time buyer in March we are buying an empty property we move in 2 weeks took 5 1/2 months. We didn’t think we’d ever get there!

Did they have a in person valuation done xx and do u remember how long it took after that until they received mortgage offer xxx it’s so stressful isn’t it glad it’s all worked out for u in the end xx

Hello, sorry I didn't come back to this! Apparently they received their offer Friday, so a week on from when I posted. According to our EA, the valuation came in as expected so no downvaluing which I am v relieved about! Have heard absolutely zip since then.

Current hold up is a query on the onward house which I fear has created a situation which could take another 3 odd months to resolve, dependent on the speed of the LA . But this Wed will be week 15...