Wait for searches?

CraneBeak · 2025-02-02T08:34:09+00:00

Hello everyone, I'm after some impartial advice because I'm not getting anywhere IRL. In essence, DH and I have had an offer accepted on a house, and we've applied for a mortgage (we have a decision in principle with the same bank). We want to wait until we receive an offer to apply for the searches on the property. The seller's agent is getting very antsy about this. He's insisting that we do the searches now, saying that seller isn't happy to wait and that sellers will be very alarmed to hear this. The offer might take another 4, weeks, after which the searches could take another 6 weeks. What should we do? I don't want to create bad will. I also don't want to spend £500 on a search of we don't get the mortgage. YABU - do the searches now, it's just part of the house buying gamble YANB - wait for the mortgage offer

DeltaAlphaDelta79 · 02/02/2025 08:38

I was not aware of this, but you can buy home buying insurance for about £150, that pays out if it all falls through.

I lost £2,000 on my last property as the seller pulled out last minute, that the insurance would have covered had I known. I couldn't get it for the 2nd property as the mortgage was already approved (I think).

No real answer to your specific question, but I would look into the insurance asap.

Itiswhatitis80 · 02/02/2025 08:56

You do the searches,some mortgage applications can take weeks,as do the searches,your adding on extra weeks,that’s part of the gamble with house buying unfortunately.

Original poster

CraneBeak · 02/02/2025 09:51

Itiswhatitis80 · 02/02/2025 08:56

You do the searches,some mortgage applications can take weeks,as do the searches,your adding on extra weeks,that’s part of the gamble with house buying unfortunately.

Thanks! So is it just expected that the buyer takes on this gamble? I guess I will just do it if this is the norm, but want to make sure that I'm not risking needlessly.

OP posts:

Original poster

CraneBeak · 02/02/2025 09:56

DeltaAlphaDelta79 · 02/02/2025 08:38

I was not aware of this, but you can buy home buying insurance for about £150, that pays out if it all falls through.

I lost £2,000 on my last property as the seller pulled out last minute, that the insurance would have covered had I known. I couldn't get it for the 2nd property as the mortgage was already approved (I think).

No real answer to your specific question, but I would look into the insurance asap.

This is excellent advice. I wonder if it would apply in the case of us not getting the mortgage as well. I will look into it.

OP posts:

househelp12345 · 02/02/2025 10:02

It's expected the buyer gets searches asap. Searches take ages and if you wait, it will hold up the deal. I'd not think you were serious if I was your vendor.

Thingsthatgo · 02/02/2025 10:05

The reason that you get the decision in principle is to help with the risk of spending money. It is a gamble (and a rubbish system).

WimbyAce · 02/02/2025 10:25

I remember when we tried to move a few years ago we waited for the mortgage offer as we were borrowing the maximum and I was quite nervous it would be refused.

HavenSprings · 02/02/2025 12:14

I think it depends on a lot of circumstances. Are you in a chain? Are you confident the mortgage offer will be accepted?

We are in a chain, so we waited for the chain to be formed before proceeding with searches. This allowed us to get the mortgage approved in the meantime, and it took only a week, so as to approve the searches right afterwards. At present time, I think we are still ahead of everyone else in the chain (we are at the bottom).

It is all a gamble, but based on the circumstances of the purchase, you might take some calculated risks!

Original poster

CraneBeak · 02/02/2025 13:57

househelp12345 · 02/02/2025 10:02

It's expected the buyer gets searches asap. Searches take ages and if you wait, it will hold up the deal. I'd not think you were serious if I was your vendor.

Ok this is what I was wondering. I am worried that the seller is starting to get pissed off with us, as for various reasons it's taken quite a long time to get to this stage. I am worried that we will have the mortgage refused, but I guess that's the gamble you take.

At the minute, I think that goodwill on part of the seller is worth the risk of losing £400. DH thinks that we'd be crazy to front the money. Agent is on my arse daily about it.

OP posts:

IncaDove · 02/02/2025 13:59

How long ago was your offer accepted?

myotherusernamesarebetter · 02/02/2025 14:00

If your chain is complete I’d expect you to order searches ASAP.

mynameiscalypso · 02/02/2025 14:01

Are you able to proceed without an offer on your house?

SapphireOpal · 02/02/2025 14:03

mynameiscalypso · 02/02/2025 14:01

Are you able to proceed without an offer on your house?

It's the mortgage offer they're waiting for, not a buyer.

WhenTheyComeForYou · 02/02/2025 14:05

You need to show your vendor some commitment as they’re holding up their sale for you. Do the searches.

SapphireOpal · 02/02/2025 14:05

CraneBeak · 02/02/2025 13:57

Ok this is what I was wondering. I am worried that the seller is starting to get pissed off with us, as for various reasons it's taken quite a long time to get to this stage. I am worried that we will have the mortgage refused, but I guess that's the gamble you take.

At the minute, I think that goodwill on part of the seller is worth the risk of losing £400. DH thinks that we'd be crazy to front the money. Agent is on my arse daily about it.

Show quote history

I'd be extremely worried if I was your seller. Not only is this causing an unnecessary delay but the only reason not to do the searches is if you think you're likely to not get the mortgage.

Also, I'm not sure what you mean when you say it's taken so long to get to "this stage". Isn't this...the first stage?!

mynameiscalypso · 02/02/2025 14:05

@SapphireOpal Ah, I read that wrong! My mistake!

Tupster · 02/02/2025 14:14

I can see why your seller is worried. Is there a reason why your mortgage offer is taking so long and why you are so worried that you might not get it? You say it's taken a while even to get this far, how long? And have you done anything to progress the purchase in that time?
As a seller I'd be inclined to say "If you are this worried that you can't actually progress on the property, then I'll remarket and you can let me know if you are ever actually in procedable position."

Original poster

CraneBeak · 02/02/2025 14:32

Tupster · 02/02/2025 14:14

I can see why your seller is worried. Is there a reason why your mortgage offer is taking so long and why you are so worried that you might not get it? You say it's taken a while even to get this far, how long? And have you done anything to progress the purchase in that time?
As a seller I'd be inclined to say "If you are this worried that you can't actually progress on the property, then I'll remarket and you can let me know if you are ever actually in procedable position."

This is fair. Offer was accepted 6 weeks ago. We're first time buyers and don't really know what we're doing. I don't want to signal a lack of commitment to the vendor. I'm worried I might not get the mortgage because we have the bare minimum deposit and a term that takes us beyond retirement.

Is 6 weeks a long time in house buying world?

OP posts:

IncaDove · 02/02/2025 14:45

CraneBeak · 02/02/2025 14:32

This is fair. Offer was accepted 6 weeks ago. We're first time buyers and don't really know what we're doing. I don't want to signal a lack of commitment to the vendor. I'm worried I might not get the mortgage because we have the bare minimum deposit and a term that takes us beyond retirement.

Is 6 weeks a long time in house buying world?

Show quote history

That is way too long!

You need to start searches or be prepared for the seller pull out.

Tupster · 02/02/2025 14:45

6 weeks is definitely a very long time to have not progressed at all!

Thing is, you've asked the vendors to make a huge commitment to you as buyers and this sale by taking their property off the market. Likely they've offered on another property and they've paid for searches etc. At the same time, you are refusing to make any firm commitment at all. It's very unreasonable behavior.

Crouton19 · 02/02/2025 14:50

If you order the searches but don't then proceed, it might be possible to sell them on to another purchaser of the same property via the solicitors. Most searches other than the local search are useful for months afterwards. (Even a local search can still be relied on something like 3-6 months after its date.)

Thingsthatgo · 02/02/2025 14:59

You really need to crack on. Are you having a survey done? Has the mortgage company done their valuation?
I know as FTB it's a bit scary paying for stuff that might be a massive waste of money, but it's just the way it works unfortunately.
If it were me I would start getting stuff done, and also send a message to the vendors via the EA that I was sorry for the delay but it's full steam ahead now. (Before they put the house back on the market).

Ilikewinter · 02/02/2025 15:22

Wow, 6 weeks and no movement, I'm surprised your sellers haven't put their house back on the market. Plus in the grand scheme of things £400 is nothing. Your sale could fall through on exchange day and then your also on the hook for solicitors fees aswell.

mynameiscalypso · 02/02/2025 15:25

6 week is quite a long time. 6 weeks after our offer was excepted, we were agreeing a date for exchange with everything sorted (mortgage, survey, searches, questions)

Poppysocks111 · 02/02/2025 15:30

6 weeks is a really long time! We did ours in sequence. So mortgage offer, and then survey, and searches etc. it took longer but definitely less time than 6 weeks. Also our broker was really good and it didn’t take 4-6 weeks for the offer and we started that as soon as the offer was accepted.

are you at risk of anything? Like not getting the mortgage or not being able to borrow much? Are you worried about a significant down valuation?