Should be moving house tomorrow

[boo2]

I’m feeling frustrated and a bit deflated today. We should have been moving house tomorrow but our buyer is struggling to get a mortgage. We have given them another 2.5 weeks, they are confident that they will get it in just the wife’s name (husband doesn’t have reliable income at present) If we didn’t love the house we were supposed to be buying we would have given up on them and put our house back on the market.
I live in Scotland and the last time we sold our house there was none of this nonsense. If an offer was accepted then the sale was almost guaranteed to go through. When did it all change because this is just an awful situation to be in? I’ve not slept for weeks, it so stressful!

[123]

Originally Posted by boo2

I’m feeling frustrated and a bit deflated today. We should have been moving house tomorrow but our buyer is struggling to get a mortgage. We have given them another 2.5 weeks, they are confident that they will get it in just the wife’s name (husband doesn’t have reliable income at present) If we didn’t love the house we were supposed to be buying we would have given up on them and put our house back on the market.
I live in Scotland and the last time we sold our house there was none of this nonsense. If an offer was accepted then the sale was almost guaranteed to go through. When did it all change because this is just an awful situation to be in? I’ve not slept for weeks, it so stressful!

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We are selling our house (thankfully our buyers got their mortgage as their finances are simple and they earn well and only looking for 45% mortgage).

The buyer's mortgage took 5 weeks to get approved despite it being straightforward due to backlogs at the banks. I think you might need to extend them longer than 2.5 weeks

[Bellasmummy]

Wow, I didn't realise it could go to the wire like that.

We've sold ours and the estate agent didn't show us as sold until he'd seen all their paperwork including offer in principle.

We put an offer in on a house last week, they also wanted to see our of our documents including bank statements and mortgage offer before marking it as sold. We've since been gazumped, but that's a different story!

Did their situation change and that's why they're now struggling?

[sparklegirl]

I think everything changed when the lending market became more stringent. I bought a new build in Scotland 3 years ago and my mortgage took 2 months to get through and i work in a government post. I am afraid that being up here is no surer than anywhere right now and I do think that 2.5 weeks may be optimistic but hopefully its just a matter of them looking at it again and reassessing. stay strong and fingers crossed

[boo2]

Originally Posted by Bellasmummy

Wow, I didn't realise it could go to the wire like that.

We've sold ours and the estate agent show us as sold until he'd seen all their paperwork including offer in principle.

We put an offer in on a house last week, they also wanted to see our of our documents including bank statements and mortgage offer before marking it as sold. We've since been gazumped, but that's a different story!

Did their situation change and that's why they're now struggling?

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There situation didn’t seem straightforward but we asked for clarification before we accepted their offer. They said they didn’t need to sell their property and had savings and money from family, it seemed strange but solicitor said it all seemed okay. They now seem to be selling their house (now under offer) and need a mortgage so a complete change of situation! I feel I can’t trust anything they say!
We were up front and honest when we put an offer in. We had our house on the market ( no offers) and a decision in principle for our mortgage.
I’m just so frustrated that people seem to be able to say anything! Previously in Scotland a sale rarely fell through, a solicitors name was on the line and it was very much accepted that if an offer went in it was honoured.
I hope you find something else soon and manage to move without any further problems.

[ClaireNJ]

Originally Posted by boo2

There situation didn’t seem straightforward but we asked for clarification before we accepted their offer. They said they didn’t need to sell their property and had savings and money from family, it seemed strange but solicitor said it all seemed okay. They now seem to be selling their house (now under offer) and need a mortgage so a complete change of situation! I feel I can’t trust anything they say!
We were up front and honest when we put an offer in. We had our house on the market ( no offers) and a decision in principle for our mortgage.
I’m just so frustrated that people seem to be able to say anything! Previously in Scotland a sale rarely fell through, a solicitors name was on the line and it was very much accepted that if an offer went in it was honoured.
I hope you find something else soon and manage to move without any further problems.

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I really feel for you & cannot believe that it was left this late in the day to find out as you were meant to be moving tomorrow, it’s unacceptable, I would have thought you’d be informed before this, keeping my fingers crossed you have some luck, it does seem strange about your buyers finances though

[Gryff]

That’s very very unusual in Scotland but I do know now our niece a lawyer advises not to accept any offers that don’t have everything in place first
When we sold the last of our rental properties the tenants bought them and had everything in place first even then we had one of them who’s lender lawyer faffedabout so much it took 10 weeks the poor guy was demented as he knew we had others interested

[boo2]

Originally Posted by ClaireNJ

I really feel for you & cannot believe that it was left this late in the day to find out as you were meant to be moving tomorrow, it’s unacceptable, I would have thought you’d be informed before this, keeping my fingers crossed you have some luck, it does seem strange about your buyers finances though

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Thank you, yes their financial situation is strange! They said they needed another week to get everything sorted but they have had since 5th August and it was them that picked the move date of tomorrow. Our mortgage has been sorted for for 6 weeks, I just don’t trust them! I’m now thinking they waited until their house went under offer before they started looking at mortgages.
We had to show our decision in principle (explain we were porting our mortgage and only asking for half the amount, not an increase and prove where our funded were coming from to put in an offer) I don’t understand how their solicitor has allowed them to do this!

[tspill]

We had something similar a couple of years ago. It took a couple of attempts at a completion and maybe 3 weeks for it to get sorted. I was just about to go to Florida for three weeks so basically said if it wasn't 100% sorted by the time I got gone it was going back on the market immediately.

[Guest]

So sorry to read that .
We are in the process of moving , sold our house in august and just had our surveys completed so hopefully not much longer . Getting bored of waiting but I should be grateful considering what you’re going through .
Really hope it all comes together for you soon .