soonbethere

Does anyone know how long a mortgage offer lasts for, our buyers are happy to wait till July (when we hope to be on our way)
We wondered if anyone else out there is selling their house without having their visa??
We don't want the buyers to spend money on a valuation/ survey until we hear from our agent, but if we leave it till April (which would be 4 months since it was lodged, and it looks as though thats about average) we may be cutting it a bit fine?

Just wondered how long a mortgage offer would last if they got on with the purchase say mid march??

Still don't want them to spend their £ incase we don't get our visas in time... any ideas???
thanks

Wendy

The mortgage offer should be indefinate. Providing their circumstances don't change. It is only a guide to how much they can borrow, not to how much they have to spend.

However if say they have a motgage offer of say £100k, but a valuer values your house at say £95k, then usually the most the bank will lend on the house is £95k - first time buyer 100% mortgage or 90% (85,500) - any other mortgage.

Lewis Lapthorn

A formal written mortgage offer has a life span dependant on the lender's terms & conditions. Most are around 90 days.

soonbethere

Thanks I thought so, I wasn't sure if its 6 months, or as you say 90 days from mtg offer
Thanks
We'd best hold on then

grahampaula

Hi if your buyers are wanting your house why don't you ask for a deposite of £5k it would put your mind at rest and if they pull out they loose not you?

sme

I would suggest that you exchange contracts as soon as you can with the completion date set for July. Lots of people on this forum have had their fingers burnt with buyers pulling out at the last minute

soonbethere

Thanks for the advice, can you ask for deposits though? years a go it was a no no, cos solicitors wouldn't hear of it.
your not the first to suggest it either!
Thanks x

grahampaula

Well i 'm sure you can ask for deposite iv'e seen it posted on here loads of times it's worth ckecking on nothing to loose

sme

If you have exchanged aren't you legally obliged to complete sale or lose the deposit

spottydog

I think its normally fairly easy to extend mortgage offers. I remember a friend having to do it a number of years ago when it took 6 months to get issues with the lease on the flat she was buying sorted. As others have said I would certainly get them to exchange with a long completion as they can't pull out easily, if at all, after exchange.

Melbguy

Hi,
Typically a UK mortgage offer will last for three months from the date of issue. This can sometimes be extended, for example due to a problem chain. I would suggest that if your buyers are serious then they submit their full application but hold back on the survey until you have further news. Once you are sure then they can instruct their lenders survey and have a mortgage offer out quickly. I would also suggest that they instruct solicitors asap and have searches done again to speed up the process. If you need any further assistance email me.

Bordy

Estate agents are loved on this site, I'm sure you will get on fine here.

Now get back to work.

soonbethere

Thanks Melbguy, so helpful, the buyers are calling tomorrow to show their parents round, I will suggest what you said.
Thanks