House sale still not completed, going on since October!

chickmug

lea wrote: »

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

Well done.

Wouldn't it be fun if you asked your solicitor for a detailed 'time line' on how and why it took so long;)

Pee

I hope it happens soon. There seem to be reasons for the delay. It is very worrying when all goes quiet and you think, I hope they can renew their mortgage offer...

PD1

MojoBug wrote: »

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!!!!

This is exactly the reason for exchange and completion dates being adhered to. I realise in the real world that there will be delays, but month upon month of delays is ridiculous. Quite simply, I think there should be financial penalties for unacceptable delays, as in the construction industry.

JayZed

Excellent news, lea. Congratulations and enjoy your new home!

Mojobug, hope there's good news for you as well soon.

JayZed

PD1 wrote: »

This is exactly the reason for exchange and completion dates being adhered to. I realise in the real world that there will be delays, but month upon month of delays is ridiculous. Quite simply, I think there should be financial penalties for unacceptable delays, as in the construction industry.

There are certainly financial penalties for failing to meet completion dates. However, until exchange of contracts neither party is obliged to meet any specific timeline or indeed to proceed with the transaction.

That's the beauty of the property-buying process in England and Wales - no contractual commitments are made until shortly before completion, thus ensuring a thrilling element of uncertainty in every transaction!

PD1

JayZed wrote: »

There are certainly financial penalties for failing to meet completion dates. However, until exchange of contracts neither party is obliged to meet any specific timeline or indeed to proceed with the transaction.

That's the beauty of the property-buying process in England and Wales - no contractual commitments are made until shortly before completion, thus ensuring a thrilling element of uncertainty in every transaction!

You mention England and Wales, I take it things are different in Scotland - and that don't have that wonderful uncertainty over sales we have.

By the way, what are the penalties for failing to complete on time, and when do they come into effect - is it only when exchange of contracts has taken place?

puddy

i sympathise with you both and worry that im going to be in the same situation.

we are the middle of a short chain, i have a ftb and im buying a house where the vendors are going to rent.

a month ago, i paid 340 quid to my solicitors to get some queries answered by my managing agents for my flat, which were being asked by my buyers solicitor. this week i find that the queries havent been answered, so i ring the managing agents to have a go to find out that my solicitors havent even paid them the money yet. thats a whole month wasted, nothing done at all.

PD1

That's terrible Jenner, excuse my ignorance, but can't you just get the answers direct from the managing agent yourself - saving yourself £340 and a lot of grief

JayZed

PD1 wrote: »

You mention England and Wales, I take it things are different in Scotland - and that don't have that wonderful uncertainty over sales we have.

By the way, what are the penalties for failing to complete on time, and when do they come into effect - is it only when exchange of contracts has taken place?

Yes, Scotland has a completely different system under which "missives" (i.e. contracts) are exchanged and a "date of entry" (completion date) is agreed at the point that an offer is accepted, so both parties are obliged to go proceed with the sale (or face penalties) from the start.

In England and Wales, the completion date is agreed when contracts are exchanged, and there are provisions in the contracts regarding penalties for failing to meet the completion date (basically interest calculated on a daily basis).

MojoBug

lea wrote: »

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

Congratulations Lea!! I bet thats a huge relief for you, now you have all excitement of planning a move and enjoying your new home - after this long you certainly deserve it!

We are still waiting sadly We've been on the point of exchange for 4 days now and I am going slightly more insane with every day. We are stiill waiting for our buyers extra funds to arrive...........

Our aim is still to complete on Mon 30th as our vendor is getting very twitchy and because of work commitments its really the only time we have free to move before the end of April!

Apparently this morning the buyers solicitors 'helpfully' said "no problem we can exchange and complete on the same day if the money takes a while"!!! Erm NO!!?? We are the only people in the chain who actually need to move on the day (buyer is renting and vendor is moved out already) - they really dont have a clue!! Grrr.......