House sale still not completed, going on since October!

lea

Hello

My husband and I split up this time last year, and put our house on the market last October. Luckily the first person who viewed it made an offer, and we accepted. Nearly 6 months on, we still havent even exchanged contracts!

There was a problem with the cellar (severe damp) and the buyers said the offer was subject to us fixing this, which we agreed. During December and January the cellar was completely 'fixed' and renovated and damp proofed, at our own cost. Our estate agent implied that this was what was holding the sale up. In February we were advised that the buyers have reapplied for their mortgage to get a better rate, and this took a number of weeks while the mortgage company did their checks. Our estate agent told us we would complete by end of Feb. This didnt happen.

We're now heading towards the end of March and it seems to be problem after problem, brought up by the buyers solicitor. Last week they wanted to know more info about a tree in the garden, and this week its something to do with an indemnity policy (I don't even know what one of these is!)

All this time me and my ex are renting (seperate) properties, our old house has been empty since November, and we are still having to scrape to find the £700 a month mortgage.

Should this be taking this long??!! I have never sold before, and I speak to my estate agents practically every other day, who do not seem to think this is an issue.

I dont have the money to pay the mortgage next month, plus the rent on my current property plus bills etc. Is there anything I can do to hurry things along?

Thanks
Lea

pawpurrs

It does seem to be taking some time, the only thing you can do as such is give the buyers an ultimatium, that they exchange by XX date or you will be remarkerting the property. You seem to have been more than accomadating, doing all the work to the property like that, and they need to pull their socks up!
Be warned though obviously this can backfire!

RetroBob

Can you contact the buyers direct?

MojoBug

Lea

You are not alone - my husband and I have been waiting since October as well!! Its a huge nightmare isnt it?!

Our buyers have been a complete pain - they have been horribly slow at everything, their solicitors and finance advisor have been less than friendly, and we actually lost one house we were buying because they dilly-dallied for so long

We have found another one though, and after actually going back on the market to give them a kick up the wotsit (which seemed to work), we were aiming to exchange tomorrow - only to be told about an hour ago that their solicitors (only now) have said they need to take out some kind of chancel indemity insurance and we might not exchange tomorrow now after all!

Its driving us mad - I cant offer any advice I'm afraid but just to let you know you arent alone with nightmare buyers!

Hope you get sorted soon - just keep the pressure on them, phone everyday and get the EA and your solicitors to keep pestering them until they get things done!!

Good Luck!!!!

chickmug

Lea

Have you asked your EA to give you an explanation why it is taking so long.

I found most sales were slower to go through than any targets being set by the sellers or buyers. I found several very very slow ones including a terrible '12 month to exchange' one. Without going into all the detail -- if it could of gone wrong it did. The seller had no choice as he knew he was getting a much better than hoped for offer. He also knew if it was re-offered there was no guarantee it would sell again within even the medium term.

On the other hand there are sales where it appears the buyers and/or their solicitor are dragging their heels for months and finally the sale collapses so I think you need to brace yourself for this latter eventuality. I hope not but.....

lea

Thanks for your replies.....

Was told on Friday that we were aiming to exchange contracts today-heard nothing yet but fingers crossed.

Will let you know if/when it finally goes through!

Lea

chickmug

lea wrote: »

Thanks for your replies.....

Was told on Friday that we were aiming to exchange contracts today-heard nothing yet but fingers crossed.

Will let you know if/when it finally goes through!

Lea

Good luck.

I found that most exchanges took place last thing of the day so you have a few hours to go biting your nails before getting the champagne out.

MojoBug

Hi Lea,

Thats great news, hope it all goes through ok!

We are still in limbo - our solicitor sorted the insurance thing our with our buyers people on Friday (apparently they didnt realise it wasnt required to exchange!), but apparently we are now waiting for some confirmation about cash being moved around with our buyer so they have all their funds for completion.

I just want to wring these peoples necks at the moment - they knew since they applied for a mortgage that these funds would be needed, but have they had them ready and in place since the mortgage offer came in? No! They wait to think about that until the day of exchange, and then apparently cant sort that out in a day either. Despite us being able to CHAPs transfer our deposit funds in half an hour.................and breathe..................

Hope you get yours all sorted though!!

Mojo

JayZed

Lea, Mojo - our last house sale took over six months from offer to completion, essentially because our buyers' solicitor was worse than useless. We were very lucky not to lose the place we were buying.

It's extremely stressful and frustrating, and I remember that when I was at the stage you were at - just before exchange - I was going completely up the wall. As soon as the exchange went through (after a couple of false dawns) we felt so much better. I'm crossing my fingers for both of you.

MojoBug

Thanks JayZed - your'e right the end is the worst, so close and yet so far after months of torment!

Ours has just got worse - apparently the funds are now on the way and a confirmation has been sent, but their solicitors are now refusing to exchange until the funds arrive - despite saying on friday all they needed was the confirmation it was on the way!! Argh!

I need a very large drink......

lea

Contracts exchanged yesterday afternoon AT LAST!! Completion next Tues 31st March Would like to point out, neither us or the buyer are in a chain! 6 months of Solicitors dragging their heels. At last I can see the light at the end of the tunnel!

Thanks for your replies
Lea