House Selling Advice From Mortgage Experts?

Page may contain affiliate links. Please see terms for details.

thebig1

Active Member
Joined
Nov 16, 2014
Messages
429
Car
Mercedes C63
Hi Guys,

A long and complicated story so most will switch off lol but anyone who is an expert on house sales etc, please advise.

My died died last year, beginning of November and me being the only child etc, I had to become executor and apply for probate. I did this and all has gone well etc.

I put his house up for sale end of December and sold it mid January.
The buyer is the next-door neighbour (Another story, will knock house down, add to his half etc etc)

We agreed a price, contracts agreed and signed.

Now the difficulty begins!

He had to go through lots of loop holes to produce three month wage slips, proof of earnings etc and then an insurance schedule for the house he is buying and produce these to his lender. Weeks went buy, dates agreed, then pass requesting it to be the next week etc and then end of last month, the day be for completion, his lender declares his 3 month mortgage agreement has ended and he has to re-apply.
He has to produce another 3 months wage slips, a drive by valuation of the house. I find out later that his lender had caused most of the delays and indirectly pushed it over the three month deadline. (Money making I guess)
I herd nothing for 2 weeks then last week I get an email off my solicitor explaining that the lender was a hard one, his words "A last resort lender" and that he had sympathy for the buyer and his solicitor. He also said "Lets see how the next two weeks go, may have to put the house up for sale" 6 months and back where I started.
Tonight I have had an email from my estate agent who say they have spoken to the buyers mortgage broker and they say they have now forward the relevant documents to the bank today"

A bit confused now.

Is the mortgage broker the troublesome lender mentioned earlier? or is the bank the troublesome lender?
Any ideas on next steps, time frame to completion etc?


Cheers guys!
 
A broker does not lend.

I thought so too but a broker was never mentioned before and I was under the impression that all the documentation, wage slips and valuation was sent weeks ago. If not and this is the wage slips etc, what sort of time frame are we talking from the "Bank" Recieveing this today to completion? bearing in mind we was at this point a month ago before the bank asked for wage slips and valuation. Are we talking another 3 months then it runs out of time again or are we talking a week?
 
If you can, have a chat with the buyer and pin a date down and if it's not completed by that day say that you'll put it back on the market.

Sounds harsh but house buying/selling is a game of smoke and mirrors, the more people involved (mortgage lender, solicitor, mortgage broker etc etc) the worse it is.
 
Normally I would agree etc but the area of the house, the comunity surrounding it isnt good. The buyer is like the local leader hand has instructed everyone, behind close doors, to stay away from the house etc.
Plus its not all the buyer, more the others etc.
And I was to try suggest a date etc, from where the sale is up to, what sort of date would be realistic? A week, two weeks, a month etc. I wouldnt want to set a date that wasnt acheivable.
 
Set a date that is ridiculously short then you will find out how quick he really can move.
 
Yeah good idea. But what would people think would be the normal time frame to completion from this point?
 
Its sounds as if he is maybe attempting to take out a secured loan. That is a loan secured by the existing property he already has next door. So the extra survey that was required may not have been done on your property--- the one for sale ---but to value his own property next door which will be being used as security for the loan to purchase yours! :dk:
Secured Loans - Compare Deals On Secured and Homeowner Loans
 
If you want a hassle free sale that (these days) doesn't necessarily mean a reduced sale price, auction it off.

10% of the sale price is paid on the day, the balance within 28 days - legally binding or the buyer is penalised.

You end up paying about the same commission as you'd pay for an estate agent sale, which seems a lot for a bit of internet advertising and a gavel bang, but ultimately it's gone.

If you set an agreeable reserve, it won't be sold for peanuts either.

In any event, it might shake up your current situation.
 
Last edited:
Yeah tha would make sence. But why was the complition date requested as a Wednesday (This was on a Monday) then on Wednesday asked to move to the Friday, it went past three months on the Thursday. I would have thought that too have a "3 month time" run out then he must have had a mortgage or loan offer to start with? The way I was told is he did but because it went past the 3 month offer date, he had to submit his wage slips again and a drive by valuation on the house I am selling.
 
If you want a hassle free sale that (these days) doesn't necessarily mean a reduced sale price, auction it off.

10% of the sale price is paid on the day, the balance within 28 days - legally binding or the buyer is penalised.

You end up paying about the same commission as you'd pay for an estate agent sale, which seems a lot for a bit of internet advertising and a gavel bang, but ultimately it's gone.

If you set an agreeable reserve, it won't be sold for peanuts either.

In any event, it might shake up your current situation.


But I would now be charged by my current estate agent and solicitors for what they have done so far, about £6K then pay the same again if I auction? I just dont get why, if all is sent to the bank today, all being in order, the money wouldnt be transfered same day / next day etc. Why I take out a bank loan, the money is in my acount before I get up off the chair!
 
Yeah tha would make sence. But why was the complition date requested as a Wednesday (This was on a Monday) then on Wednesday asked to move to the Friday, it went past three months on the Thursday.

Something wrong here.

A completion date is agreed between solicitors acting for you and the buyer before exchange of contracts can take place, and they can't agree exchange until all the financials (incl mortgage offers) are in place.

Have you exchanged?
 
I signed all the contracts etc and the exchange date I was told not fill in as this would be agreed later.
 
And according to them, the morgage offer was in place and the agreed date slipt and the offer expired. Now they are in the process of getting the offer re-instated.
 
The process is straightforward - the answer you seek is less so as you appear to be being mucked about.

The only real clout you have is to threaten to pull out and start again - if your buyer is serious he'll act, if he's not then you're no worse off.

I've been delayed in the past by others and sometimes you've got to cut your losses and start again :mad:.
 
Give them a date to complete by. If it's not done by that date put it back on the market

Otherwise I predict the buyer will muck you about more and then ask for a price reduction

If he was a serious buyer with plans to knock the house down & rebuild he'd have his finance in place. He's not, so he hasn't

Nick Froome
 
I will try get hold of my solicitor tomorrow and tell them two weeks or it goes back up, looks like i am about to loose £6K :-(
 
Are you contracted to incur estate agent fees? - most are no sale, no fee.

Even if he'd charged you upfront for advertising it's usually only a few hundred £.

Your solicitor will keep your file and reopen it when a new buyer appears, so you shouldn't be £6K down.
 
Hi Guys,

So I did as suggested, sent an email explaining they had two weeks today before the house would go back on the market. My solicitor responded he would pass it on.
I asked him was that "Resonable time" and his exact words where "Yes SHOULD be"

Then an hour ago I received an email from them stating "We have just recieved an email from the financal adviser that the bank has released the funds" what do you guys think?
 
Hi Guys,

So I did as suggested, sent an email explaining they had two weeks today before the house would go back on the market. My solicitor responded he would pass it on.
I asked him was that "Resonable time" and his exact words where "Yes SHOULD be"

Then an hour ago I received an email from them stating "We have just recieved an email from the financal adviser that the bank has released the funds" what do you guys think?

In the strictest sense it means that you can complete the sale on Tuesday and have the money in your account..................
...............however.............
..........I would be sceptical.

You are paying a solicitor, you really need to make him earn his fee and ask him the questions that you are asking here, after all you are paying him for this.
 

Users who are viewing this thread

Back
Top Bottom