Advice on missives

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Hi, need some advice.

We are in the process of selling and buying. We have a property under offered in early March and today received a call from estate agent and said the buyer is still waiting for mortgage decision.

This stress me out as buyer has agreed the move in date will be in about next 2 weeks and we haven't conclude missive yet.

Is this normal? I called the estate agent and he said that's pretty normal and nothing to worry about.

Am I overthinking?

Thanks

Mortgage decisions are taking much longer than usual because lots of people have been trying to complete before today, 31 March.

So yes, it’s quite possible that it’s taken 4 weeks. But no, you are not over thinking to be stressed about it.

It’s possible that your buyers won’t be ready in time and you will need to change the proposed date of entry. But as you are selling first and then buying, you will be ok.

What does your solicitor advise ? They should be in touch with the buyers solicitor to find out what’s happening. Most of them have been REALLY busy with lots of transactions today - things will be calmer after the holiday weekend.

Unlikely you will be able to complete in 2 weeks of no decision on buyers mortgage yet
Some mortgages are taking ages at the moment

Check with your solicitor after the holiday weekend

You can potentially conclude missives the same day as your date of entry, it is unusual but it does happen from time to time. Lenders are really busy too at the moment unfortunately but fingers crossed your purchasers get their offer of loan soon.

As others have said lenders are extremely busy. Some lenders turn applications around really quickly but others are taking ages.

We are finding plenty of transactions are concluding on the date of entry at the moment. It’s just the way things are just now.