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  • FIRST POST
    • HolySalami
    • By HolySalami 14th May 17, 9:11 AM
    • 7Posts
    • 23Thanks
    HolySalami
    Seller Delayed Exchange at Last Minute
    • #1
    • 14th May 17, 9:11 AM
    Seller Delayed Exchange at Last Minute 14th May 17 at 9:11 AM
    Finally found ourselves in a position to buy our first house early this year, having 2 kids made selection of house really difficult as most three bedrooms have a tiny box room as the 3rd bedroom. but, We found one, just near where we are so no school change for the eldest etc.

    Offer made late Feb, mortgage application to full approval 8! days... solicitors... well ours are rubbish theirs are rubbish, to be fair to the EA she has been great really assisting in pushing both sets of solicitors on.

    We have tried setting timescales for exchange a number of times to try and pressure replies from queries to come through. Last one through Friday morning, all ok to exchange. paid deposit to our solicitors... phone rings at 2:30pm... excitement builds, i answer expecting to be told yes you've exchanged and completion date of 26th agreed.

    BOMBSHELL!!! Solicitor called to advise vendors cannot exchange as they are in negative equity... I believe they thought they maybe but the mortgage redemption has turned this up for sure. We had no idea!

    Weekend ruined... no idea where we are now, if it will even happen... we're approx £1,500 of non refundable costs into this transaction, another 4-6months saving to re-coup...

    What next... need to get onto the EA Monday morning (off ill on Friday)...
Page 1
    • warby68
    • By warby68 14th May 17, 9:20 AM
    • 818 Posts
    • 8,817 Thanks
    warby68
    • #2
    • 14th May 17, 9:20 AM
    • #2
    • 14th May 17, 9:20 AM
    How frustrating but don't give up quite yet.

    If its only come to light when the redemption figure was supplied, hopefully it isn't a huge amount and there will be a proposal to cover it that the mortgage lender can live with.

    Hopefully it isn't a tactic to squeeze more out of you to settle their shortfall by leaving it to the last minute when you are very committed.

    Keep your fingers crossed. Weekends are the worst when you have something like this going on.
    • HolySalami
    • By HolySalami 14th May 17, 9:24 AM
    • 7 Posts
    • 23 Thanks
    HolySalami
    • #3
    • 14th May 17, 9:24 AM
    • #3
    • 14th May 17, 9:24 AM
    Thanks,

    I'll be standing firm on the cost, they know we're at the top of range and from the sound of it they need the sale as there struggling financially...
    • moneyistooshorttomention
    • By moneyistooshorttomention 14th May 17, 5:40 PM
    • 13,422 Posts
    • 36,578 Thanks
    moneyistooshorttomention
    • #4
    • 14th May 17, 5:40 PM
    • #4
    • 14th May 17, 5:40 PM
    My first thought on them "being in negative equity" was = They arent very good with money then - not to know how much they owe.

    Now that someone has suggested it could be a tactic to try and push up what you offer at the last minute - I would carry straight on with my first thought and pretend total innocence of any thought having crossed my mind it might be a tactic. I'd probably give the general message to any intermediary person between myself and them that my reaction translates into a "Taking it at face value and buyer is clearly absolutely astonished vendor has only just found out about this and is now just sitting waiting for vendor to sort it out". So - there wouldnt be a murmur from me that implied the thought had even crossed my mind of offering them more money

    They're either daft (ie bad money managers) or greedy. Either way - it's not up to you to do a thing basically.
    If there's "4 tendencies" type of people (Gretchen Rubin) = yep....Questioner type here
    - Meets an expectation only if they believe it's justified and resists anything arbitrary or ineffective
    • HolySalami
    • By HolySalami 14th May 17, 6:14 PM
    • 7 Posts
    • 23 Thanks
    HolySalami
    • #5
    • 14th May 17, 6:14 PM
    • #5
    • 14th May 17, 6:14 PM
    We originally offered 10k under asking and settled on 7k under which takes us to the top of our range. They had reduced the property after it had been on a month for £5k more than when we viewed so I guess they were hoping for more.

    As suggested my plan is to leave it to them to sort, it's not my issue. Will speak to EA and try to gauge whether they can sort or if it's a dead duck!

    What gets me is I can't believe they are short of cash... when we views the property it was in really good condition, sky tv installed, netflix being watched, 2 cars, garage with 2 expensive road bicycles in.
    Last edited by HolySalami; 14-05-2017 at 6:18 PM.
    • G_M
    • By G_M 14th May 17, 7:07 PM
    • 41,077 Posts
    • 47,190 Thanks
    G_M
    • #6
    • 14th May 17, 7:07 PM
    • #6
    • 14th May 17, 7:07 PM
    Just chill for a couple of days. Anything can happen.
    • HolySalami
    • By HolySalami 14th May 17, 7:09 PM
    • 7 Posts
    • 23 Thanks
    HolySalami
    • #7
    • 14th May 17, 7:09 PM
    • #7
    • 14th May 17, 7:09 PM
    Cheers!

    Just a bit gutted after Friday as that would have meant we'd have been in in 2 weeks.
    • HolySalami
    • By HolySalami 17th May 17, 12:16 PM
    • 7 Posts
    • 23 Thanks
    HolySalami
    • #8
    • 17th May 17, 12:16 PM
    • #8
    • 17th May 17, 12:16 PM
    Update is.... no update.

    Aparently they are trying to sort a payment plan with their lender(s) for the negative equity issue. EA belives this is a relativly small value of circa £2k. how long do these things normaly take to sort?
    • HolySalami
    • By HolySalami 18th May 17, 6:33 PM
    • 7 Posts
    • 23 Thanks
    HolySalami
    • #9
    • 18th May 17, 6:33 PM
    • #9
    • 18th May 17, 6:33 PM
    Great news! We exchanged today..!
    • debbie2311
    • By debbie2311 18th May 17, 8:59 PM
    • 7 Posts
    • 1 Thanks
    debbie2311
    Glad it all worked out, Holy Salami
    • HB58
    • By HB58 18th May 17, 11:07 PM
    • 1,750 Posts
    • 1,622 Thanks
    HB58
    Great news! I hope you have a smooth run to completion now.
    • kerri gt
    • By kerri gt 19th May 17, 12:09 AM
    • 6,659 Posts
    • 47,159 Thanks
    kerri gt
    Congratulations! I read your thread when things looked in limbo, so pleased they've worked out.
    Feb 2015 NSD Challenge 8/12
    JAN NSD 11/16


    • moneyistooshorttomention
    • By moneyistooshorttomention 19th May 17, 6:52 AM
    • 13,422 Posts
    • 36,578 Thanks
    moneyistooshorttomention
    Yay!
    If there's "4 tendencies" type of people (Gretchen Rubin) = yep....Questioner type here
    - Meets an expectation only if they believe it's justified and resists anything arbitrary or ineffective
    • MEM62
    • By MEM62 19th May 17, 9:32 AM
    • 1,331 Posts
    • 953 Thanks
    MEM62
    What gets me is I can't believe they are short of cash... when we views the property it was in really good condition, sky tv installed, netflix being watched, 2 cars, garage with 2 expensive road bicycles in.
    Originally posted by HolySalami

    That is probably why they are short of cash.
    • teffers
    • By teffers 19th May 17, 2:25 PM
    • 671 Posts
    • 585 Thanks
    teffers
    Glad to see it worked out :-)
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