House Sale Completion Time....

I'm still waiting for Nationwide to get back to me about my mortgage for a purchase on my new place. Had all surveys done etc just them holding the process up.

Must have heard me talking about them...mortgage offer accepted this morning!
 


Accepted an offer on our house in June. And reserved a new build. Completed and moved out of our old house 4 weeks ago and solicitors taking it to the wire today to exchange and complete on our new house today. Should have been sorted weeks ago. Contracts they first sent out had the wrong house number on took 2 weeks to get new ones and then second contracts had my name spelt wrong. Took 2 hours to sort that instead of 2 weeks. Stressing me the fuck out when I should have had my feet up for the last two weeks waiting for the keys.
 
I had the same problem at the beginning of the year. One offer in but no mortgage. I made sure the estate agent was activity marketing the house and made it clear in principle I accepted the offer but until they had a mortgage I would accept other offers.

we had another offer in the same week and it went ahead.
 
Yes, for the rental income each year, and also when the property is sold it'll need to be declared for capital gains
Yes thought so. And the tax you on earning after mortgage (if you have one). Guess each situation is different but always seemed less lucrative when it’s boiled down.
 
Its bloody crackers the way they millk it.

Mams house
No chain at all
Cash buyer
Has now been over 6 weeks since offer accepted and still expected 4 weeks to go.

Ridiculous

That isn’t terrible tbf.

I bought 3 years ago, no chain involved and it took 8 weeks and we had a few niggles along the way. The house company the people I was buying off paid my solicitor to work faster and exchange and complete on the same day.

Took a week for the cash being released by nationwide for it to hit the solicitors account as well.

Still have to do all the searches etc. and the solicitors don’t deal with everything as and when it comes in, it goes into a queue.
 
That’s a piss take that mind.

In the good old days pre COVID I could have a mortgage at offer in a day if it auto val’d. I’m noticing much more that solicitors are taking twice as long to do their part. So going from an average of a month for say a first time buyer it’s taking 2 now at best.

a lot of it comes down to the actual buyer as I’ve dealt with quite a few who drag their heels over everything and they’ll be doing the same getting documents to the solicitors etc. There’s one who me and 5 of my predecessors have started an application for and he’s still in the same f***ing house.
 
Got an email today asking all kinds of questions about my mams house.

Rang the bloke and explained that unless I get a medium, I'm not sure I can answer the questions.

Christ knows how long this will add to it all.
 
we should have a system like portugal. you sign a promissory contract when a sale is agreed and pay a 10% deposit. if the buyer pulls out they lose their deposit and if the seller pulls out they have to pay the buyer twice the deposit. i think a few other european countries have a similar system.
 
That’s a piss take that mind.

In the good old days pre COVID I could have a mortgage at offer in a day if it auto val’d. I’m noticing much more that solicitors are taking twice as long to do their part. So going from an average of a month for say a first time buyer it’s taking 2 now at best.

a lot of it comes down to the actual buyer as I’ve dealt with quite a few who drag their heels over everything and they’ll be doing the same getting documents to the solicitors etc. There’s one who me and 5 of my predecessors have started an application for and he’s still in the same f***ing house.

Yeah not amused. The buyers were from the village as well, so I'm a tad shocked at their behaviour to be honest, though the estate agent said the lad was heavily influenced and badly advised by his mother.

The buyer was a young lad (26ish) and his mother was going on the mortgage as well who was a mortgage broker, so for them to not have a mortgage offer 10 weeks in was wholly unacceptable.

The house is back on the market and I have absolutely no regrets doing so after how they behaved. Wanted £4000 off after 8 weeks, 2 weeks later 40 questions, no mortgage offer and searches not started. As mentioned a question asked if the house is on a flight path ffs

I do agree with what others have said, the law/regs need to change in that deposits are paid for. We will be insisting on proof of funds going forward because even during the viewing stage when the house went on the market, people were taking the piss and not turning up etc.

11 and a half weeks wasted is annoying though
 
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Yeah not amused. The buyers were from the village as well, so I'm a tad shocked at their behaviour to be honest, though the estate agent said the lad was heavily influenced and badly advised by his mother.

The buyer was a young lad (26ish) and his mother was going on the mortgage as well who was a mortgage broker, so for them to not have a mortgage offer 10 weeks in was wholly unacceptable.

The house is back on the market and I have absolutely no regrets doing so after how they behaved. Wanted £4000 off after 8 weeks, 2 weeks later 40 questions, no mortgage offer and searches not started. As mentioned a question asked if the house is on a flight path ffs

I do agree with what others have said, the law/regs need to change in that deposits are paid for. We will be insisting on proof of funds going forward because even during the viewing stage when the house went on the market, people were taking the piss and not turning up etc.

11 and a half weeks wasted is annoying though
Your estate agent should be asking for proof of funds the minute they put the offer in. We had a phone call about half an hour after we’d offered, asking us a load of financial questions, including things like our salaries, our deposit amount. We also had a mortgage in principle agreed at the time too. If your buyer doesn’t pass the test, you don’t take it off the market until they do.
 
Yeah not amused. The buyers were from the village as well, so I'm a tad shocked at their behaviour to be honest, though the estate agent said the lad was heavily influenced and badly advised by his mother.

The buyer was a young lad (26ish) and his mother was going on the mortgage as well who was a mortgage broker, so for them to not have a mortgage offer 10 weeks in was wholly unacceptable.

The house is back on the market and I have absolutely no regrets doing so after how they behaved. Wanted £4000 off after 8 weeks, 2 weeks later 40 questions, no mortgage offer and searches not started. As mentioned a question asked if the house is on a flight path ffs

I do agree with what others have said, the law/regs need to change in that deposits are paid for. We will be insisting on proof of funds going forward because even during the viewing stage when the house went on the market, people were taking the piss and not turning up etc.

11 and a half weeks wasted is annoying though

Id plough on n avoid the rental option if it is an option mate, worst thing I ever done.
It’ll go eventually.
 
Yeah not amused. The buyers were from the village as well, so I'm a tad shocked at their behaviour to be honest, though the estate agent said the lad was heavily influenced and badly advised by his mother.

The buyer was a young lad (26ish) and his mother was going on the mortgage as well who was a mortgage broker, so for them to not have a mortgage offer 10 weeks in was wholly unacceptable.

The house is back on the market and I have absolutely no regrets doing so after how they behaved. Wanted £4000 off after 8 weeks, 2 weeks later 40 questions, no mortgage offer and searches not started. As mentioned a question asked if the house is on a flight path ffs

I do agree with what others have said, the law/regs need to change in that deposits are paid for. We will be insisting on proof of funds going forward because even during the viewing stage when the house went on the market, people were taking the piss and not turning up etc.

11 and a half weeks wasted is annoying though

“ the buyers were from the village “ , wtf is that meant to mean ?

It‘s a business like decision, keep emotions out of the equation.

Only accept an offer when proof of funds are available, otherwise keep it on the market , change the agent if needs be.

If i was selling I’d get the agent to verify their ability to purchase before I‘d even let them view.
 
“ the buyers were from the village “ , wtf is that meant to mean ?

It‘s a business like decision, keep emotions out of the equation.

Only accept an offer when proof of funds are available, otherwise keep it on the market , change the agent if needs be.

If i was selling I’d get the agent to verify their ability to purchase before I‘d even let them view.

Im guessing he means rather than a faceless stranger its someone you may see regularly (probably related;)) so youd expect a little more open behaviour.
 
Anyone sold/bought a house recently, and if so how long did it take from offer accepted to contract exchange?

In a nutshell we accepted an offer 74 days ago........... still here now. 2 weeks ago buyer wanted £4000 knocked off, we said no.

Last week the buyers solicitor sent in a list of questions, 24 in total with 1 question having 16 sub questions (71 days after the accepted offer).

Yesterday our estate agent e-mailed stating the buyers have now requested searches to be done (73 days after accepted offer) and are also currently waiting for their mortgage offer to come in.

Is this sort of thing normal?

About ready to just pull the plug to be honest, we've missed out on properties because of this.
Daughter bought one June 17th Moved in august the 14th. No chain though.
 

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