Wee rant, unsure what to do but need to make a decision

[parisdisneyfan]

Originally Posted by craigyboy84

Got the house back in the market week past Monday, had a fair few viewings and yesterday a cash buyer came in offering what we need for our next move.

Here is hoping 3rd time lucky.

Anyone any idea how quick a cash purchase could conclude?

Thanks.

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Good luck, we were 3rd time lucky too this time last year. The people who bought ours were not quite cash buyers but very small mortgage for price if property ie deposit sized mortgages with a mortgage sized deposit, if that makes sense! However they took ages as went on holiday and then, probably because it was their money, they were so b****y picky😡 It took us about 5 months with only 3 in chain, we were the only ones buying and selling! Hope it is easier for you, good luck and enjoy your new home!

[sueandco]

Good luck, we are in a chain of us, our seller and our buyer and both we and our seller have been ready to exchange for weeks but our buyer/his solicitor are constantly delaying and I really don’t know if it is going to happen or not.

[Ds4ljs]

We have cash buyers for ours. Sold overnight but searches are taking 6-8 weeks in our area at present

[MrsG26]

Just to add to what the other poster has said, I am a mortgage broker in Scotland and the mortgage market is in absolute turmoil right now. There have been 500 lender criteria changes in the last week alone and it’s so hard to keep abreast of the changes. I had a sure thing mortgage in principle agreed for a client yesterday with TSB for a standard shared equity purchase and at 3pm TSB emailed out to say they were pulling shared equity products at close of business. I had no where else to go with this client and it was a race against the clock to get everything I needed to submit it with 2 hours notice. I don’t think it’s as much as the estate agent not vetting the applicant, it’s the lenders are tightening restrictions so much that it’s so much harder to get a mortgage now, even for Doctors and dentists I’m struggling to place cases with with due to all the changes and rules that lenders keep bringing in. And lenders like Nationwide, TSB, Clydesdale, Santander etc it’s pretty much a given minimum 6-7 weeks for an offer .

I appreciate this is a stressful time, however I tell All my clients straight now that if you want to buy a property during a pandemic you must be prepared to wait. Or don’t bother buying at all, I can’t threaten lenders to escalate the process any faster when there are thousands all at the same stage in the process. I know not what you want to hear OP but a bit of perspective from the other side.
I see you have a cash buyer now which is great but be prepared that if money is coming from outside the UK that will have its own challenges and money laundering regulations and rules to be adhered to. Sit tight and hope for the best. Good luck.

[Fairysparkled]

Dont get me started on estate agents. I had one that bought a house I was selling, he wanted it for himself. Price agreed, on the day of signing he tries to get me to drop the price by £1000s. I tell him no chance. He nearly comes to blows with me,shouting and screaming and squaring up.

[marypoppins38]

Our neighbours sold their house just before lockdown within a week of it being marketed. First buyers had their mortgage knocked back. Second buyers had moved here from another country and were cash buyers. However they failed the money laundering checks as they quite literally wanted to pay in bags of notes as they didn’t want the money to go through a bank as it would affect their benefits! It has only gone to completion in the last couple of days though another new buyer. I really felt for my neighbours, it’s been a real nightmare for them.