Accepted offer 2 weeks ago- no survey booked

[Onlinetherapist]

We accepted a lower than asking price offer 2 weeks ago on the basis that they are cash buyers with nothing to sell. The people we are buying from also accepted a lower offer from us (rather than an asking price offer from a buyer with a house to sell first).

Our buyers are getting a survey done, but to our knowledge have done nothing about it as yet. Until they do, we don’t know if they want to proceed or if they are happy with the agreed price. (They made some remarks about the roof being old, so I am expecting them to want a further reduction following survey).

Even if they book their survey tomorrow, we are probably going to be around 4 weeks in before we know the outcome. We hoped to be moved within 6 weeks as the property we are buying is vacant.

Our solicitor doesn’t operate on a no sale no fee basis, which is understandable, so we are holding back on the paperwork. We have agreed a mortgage in principal, and gone through the full application process, but have yet to sign and return forms digitally as there is a fee to pay on application.

I have asked our agent for an update but he said it’s only been a week since the buyer’s solicitor received the memorandum of sale, as there had been some issues and it needed to be resent. I hadn’t realised that buyers wait for memorandum of sale before booking the survey.

The process of negotiation with our buyers was extremely lengthy, starting with an offer 100k under asking, then upped it considerably which we accepted in return for a quick sale. However, I don’t feel we have gained any advantage from having a cash buyer in terms of moving quickly. Our buyers have expressed a concern that we will lose out to the asking offer people and have nowhere to move to..yet it seems they are dragging their heels..

Any advice?

I’m in a chain at the minute. My buyer didn’t book the survey of my property until I’d done the first few forms (TA6 and the fixtures and fittings) and my solicitor had sent the buyer the first bits of paperwork. My solicitor has told me that they expect the solicitors for my onward purchase to send the first bits of paperwork over within the first two weeks. Once that’s happened, I’ll book a survey. Surveys are expensive and I’d like to see a little bit of engagement in the process from the seller before I spend the money.

Interested to see if others think I’m wildly off base with this. But I would be alarmed by a seller insisting I spend £1k+ on a survey before they even send the basic info about the property over.

and yep I don’t think any solicitor will start work at all until they have a memo of sale.

@Onlinetherapist ah right ok, this has not been communicated to me.

@AnnieRegent for some reason I was talking to myself lol! Thank you, I will take that onboard and get those couple of forms done ☑️

“We hoped to be moved within 6 weeks as the property we are buying is vacant.”

You really can’t go into the conveyancing process with a fixed timescale in mind, especially one this short! This is wildly unrealistic, sorry, even without you actively holding back on paperwork.

I don’t understand how you think conveyancing could be this quick, I initially thought you must be FTB.

I agree with @AnnieRegent about wanting to see some engagement first before booking a survey. Also, as a buyer I would have a lot of trouble believing you wanted to move quickly if you held back on paperwork.

You seem to be operating on a ‘who blinks first’ basis which is unwise. You want to buy this property regardless of who buys yours, right? So you should get on with your mortgage application and get things moving as much as you can. Incurring some solicitor costs without certainty is just how it goes I’m afraid.

I also think you are being a bit unrealistic here. Firstly, hardly anybody gets asking price for their property so to accept an offer under asking isn’t really a great act of generosity or anything meaningful - it’s pretty standard.

Secondly, agree with previous poster that you absolutely must let go of a belief there will be a fixed timescale. There won’t and you will drive yourself insane with stress if you try to get everyone to work to one. Your vendor will want to see progress on its own basis too and not with you waiting each time for your buyer to make a move before committing to the next step. Plenty of times one’s buyer falls through for whatever reason (you only need to read this board for examples) and people then try to keep their vendor whilst searching for a new buyer. It’s a complicated juggle and a stressful one!

My solicitor advised getting searches ordered first and then the survey. Two weeks is no time at all. Try to stay calm and not pressure your buyers too much - although stand firm on your roof if they try to get a reduction, unless they can prove it is compromised and needs replacing - I just withstood my buyers insisting my 120 year old roof needed replacing - there was very little wrong with it other than a couple of maintenance jobs (which I sorted) - I almost felt protective of my lovely Victorian peg roof in the end and wasn’t going to let them claim it needed to be replaced!

I agree with @AnnieRegent plus I think you’re being a bit impatient @Onlinetherapist

6 weeks would be incredibly fast and probably unrealistic particularly as you are not communicating very well yourself. Buying & selling houses does involve a certain amount of risk on both sides. It’s best to accept that if you want to move fast and do everything you can from your side to facilitate things.

@gingerbreddy we have bought and sold multiple properties and are landlords.
The six week timescale this time was suggested by our solicitor because we have a cash buyer with nothing to sell and a vacant property to move into. Our solicitors have completed conveyancing for us before within this timescale so we have every faith in them.

We accepted the cash offer on the basis that it would be completed as soon as possible without any unnecessary delays.
Each time we have bought and sold in the past the survey was booked and carried out immediately, the last time we sold we got a phone call the day before the survey. We are porting our mortgage, everything is done apart from our docusign signatures and fee (£1200) payable immediately. Solicitors forms are complete with supporting documents too.

This maybe an obvious question but did you ask for proof of funds from the cash buyer before accepting the reduced offer ?

@DrySherry thank you, yes, estate agent has confirmed they have seen proof of funds and ID from buyer.

6 weeks if a very tight turn around and in a chain is very unlikely. If you want a fast turn around then you need to deal with paperwork promptly. I really don’t understand why you haven’t done the paperwork and returned it especially in light of you wanting a speedy process.

I can understand you being hesitant to spend out much money until you're sure they will continue with the sale at the agreed price, seeing as they started their offer 100k under asking!
However memorandum of sale does need to happen before anything else.

I'd ask the EA to speak to the buyer and tactfully relay your concerns about survey and explain you would like them to do their inspections promptly so you can then feel comfortable progressing your purchase.

However, there's nothing stopping them doing everything and then gazundering you at the 11th hour.

@HarryHappyPants thank you very much! Just based on the initial very cheeky offer and the game playing that went on until they finally got up to a reasonable price (eventually they just asked what offer we would accept and when we responded said ‘well we’re not paying that!) Estate agent said game playing continued during subsequent viewings with comments about the roof which we’ve never had any issues at all with! It’s a period property so they aren’t going to get the ten year guarantee with this one! Because of the silly offer and protracted negotiations (my agent told them straight they needed to up their offer considerably if they wanted to be in with a chance, they were going up in increments!) I have little faith in these buyers. My house has been taken off the market for them, I wish we could continue with viewings really so we’d at least have a chance of some back up options..

@HarryHappyPants Forgot to say my agent said he had to work hard to defend our asking price which is very fair looking at similar sold properties in the area..

How do you know they haven’t booked a survey @Onlinetherapist ?

The last time a family member of mine booked one the surveyors were all saying they weren’t free to do the survey for 10 days to a fortnight so it may well be that they have booked one after getting the Memorandum of Sale but that hasn’t been communicated to you yet. I would just ask the EA again to check with them have they booked a survey yet?

Re the game playing and silly offers going up by slow increments we had exactly the same thing when we sold my Dads flat in London. In the end I would rather it had sold to anyone but them but theirs was the highest offer and the EA saw proof of funds. There was a happy ending in that they did buy it but I do know what you mean about the feeling that you can’t trust some buyers because of how they negotiate.

@Twiglets1 thank you..because my partner and I work from home, the confidential nature of that work. and how far in advance our diaries get booked up, they and our agent are well aware that they have to agree survey date and time with us too. The survey needs to be arranged via our agent and they have heard nothing. If the game playing already is anything to go be, they are waiting until late stage to try to get a further price reduction when we are more invested..

"they are waiting until late stage to try to get a further price reduction when we are more invested"

That is a common tactic, be it right or wrong. I think all you can do at this early stage is plan for all possibilities. Its very early days though as Twiglets1 points out. I wouldn't jump to the heel dragging conclusion just yet.

But you have no idea how quickly the buyer’s solicitor will proceed. The buyers may well want searches completed before committing to a survey. My buyer isn’t even having a survey! His mortgage lender did a site visit for his mortgage offer before he proceeded. Once all the searches were completed, he sent through a list of queries which I had to respond to - all this is via both solicitors and takes time. It’s been Easter and both solicitors were away, plus buyer was away for Ramadan. Love still carries on around house purchases.

I’m not sure why you actually accepted their offer. Is the market very slow where you are? I had over 10 viewings then 4 offers over asking within 3 days of the property going on the market. It’s being sold at 7k over asking.

You can’t move in 6 weeks 😂 just ask - the surveyor we used didn’t have availability for a few weeks so could be that

You know this already I'm sure, but if they are a cash buyer they don't need to get a survey booked.

Stop showing off @Soontobe60 ! The market is very slow in most parts of the country.

However, @Onlinetherapist , don’t let your distrust of your buyers turn into a self-fulfilling prophecy. House sales only work if both parties commit, and if you’re waiting for them to spend some money before you do, and they’re waiting to see the F and F forms etc before they’ll book a survey neither side will ever get started.

If you really don’t trust them, withdraw and put your house on the market again.

I think your situation is unusual in this current market @Soontobe60 and most sellers do have to be a little flexible on price to achieve a sale

@Soontobe60 Love still carries on around house purchases.

Love this typo. Love DOES still carry on around house purchases!!

@gingerbreddy @Twiglets1 thanks all. This is only my second ever purchase so good to know I’m not doing something dramatically wrong!

If you are so worried at lack of a survey being booked and game playing by your buyers perhaps you should give said buyers a date by which a survey should take place or you will remarket your house. Does your estate agent have other interested potential buyers on his books?