Last house we sold on the first day of viewings.
Buyers had agreed price for their house, had mortgage in principal letter and were good to go. They had been through Credit Checks and bank statements and lots of other checks so thought they were half way there
Mortgage company decided that was irrelevant and started again.
In total mortgage company asked for 46 items and despite buyers getting everything back to them the same day they were asked it took mortgage company around 3 days to process each item and then ask for the next item on their list. (We have dealt with similar mortgage company practices before and it’s like pulling teeth)
Mortgage company refuse to give you a list so you can quickly get it all together and send it off in one go.
Buyers were also asked to FAX some items Mortgage Company refused to look at these items if they hadn’t been faxed
By the time they got to the last item most of what had been sent was out of date and they had to get a lot of it all again
Agreed everything in February and didn’t actually complete till September.
We missed out on a property that even now I get angry at this buying and selling process
It got so long and so delayed by their actions that mortgage company forgot to send round a surveyor.
We do need to do something about how we buy and sell housing. It’s so ridiculously long winded and over complicated
I would start by buyers having to put down a sum of money when they agree to buy. It might not be much but something they will be loathe to lose. They can have it returned if something comes up in the survey or searches but it might focus people on not playing with peoples lives.
Banks and mortgage companies also need to look at streamlining/quickening up their processes.