Vendor not had mortgage approved yet?
We are in the process of buying a property. The sellers have found somewhere to buy and there is no chain. We are ready to exchange - searches and surveys done, contract signed and deposit paid to our solicitor r eady for exchange day. We were expecting to get a date today to exchange and another to complete, only to be told the seller doesn't have their mortgage approved yet and therefore aren't ready to exchange. Shouldn't they have sorted this out way back in the beginning?! Does this ring alarm bells? I don't understand how we could get this far and they don't have a mortgage approved yet! What does this say to you?
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