Should I be worried !

bandofbrothers

Hi to all members.

My question is ; Should I be a little worried or am I thinking the worst case scenario ?

The stage im at is : completion.

Everything has been signed off by me and the buyer.
No Chain involved at all.
Ive no mortgage to settle on the property.
They are first time buyers.
Im a first time seller.

The completion date is Friday 11th of September 2009 as this is the date wanted by the buyer, to which I agreed.

The buyer has buildings insurance sorted, and seen his solicitor to sign off the mortgage and contract last week.

They are still yet to lodge their deposit with their solicitor.

Both my ea and solicitor say not to worry as they have until early next week to give this deposit to their solicitor, which will allow the date to be met.

I would have thought it normal for the buyer to take along the deposit when making an appointment with their solicitor to sign the mortgage paperwork ! , or is this not the norm ?

Im totally lost with this current situation and feeling a little stressed with making sure the property is vacant of everything, making it ready for the completion date, and now worrying its cutting it too close ?

help !!!!

poppysarah

They've signed the contract though?

bandofbrothers

Hi,

Yes all parties have signed the contracts.

fubar4164

From my understanding of the posts and buying houses (by no means comprehensive!), even though the contracts are signed they are not technically exchanged just yet (have just been through this with my solicitors on my purchase - I have signed and returned the contract, but they will not exchange it with the other solicitor until I have agreed for them to do this, and they are satisfied that I have the funds to purchase.)

While it could all still fall through, this is the worst case scenario, it is more likely that the buyers didn't quite appreciate how long a money transfer would take from their account to their solicitors to clear (at least 3 working days) and it might simply be in transfer. Hope it all works out for you.

bandofbrothers

Thanks for the reply.

I too understand that all is not signed sealed and delivered until the funds have been drawn down.

I just found it weird that when an appointment is made with a solicitor that one would not also take the deposit with you. Maybe like you say they are moving money around accounts etc to get the deposit together , although I would not envisage this to take a week to perform.

fubar4164

It takes ages to move money unless you pay £30+ for telegraphic transfer. Even if they took a cheque with them to their solicitors, they still need to wait for it to clear in the solicitors' bank a/c before progressing, which will take 5 working days.

Stay optimistic about it, as there's nothing you can do this weekend, you may as well not fret about it. As yet nothing has gone wrong! Even if the money isn't there on monday, it probably means the deal is just delayed by a couple of days.

The purchasers are probably fretting about their funds too, it is very unlikely that they are simply messing you around. Remember they're FTB and so probably didn't appreciate the intricacies of buying houses. Call your solicitor on Monday for an update.

bandofbrothers

Hi,

Thanks for the advice.

Im sure im just worrying when I shouldn't be !

I understand its alot of money to arrange and pass over so fully appreciate the buyers side of the equasion.

Both my ea and solicitor say they will keep me updated , although i'll take your advice ,and make a follow up call on Monday to both offices.

KiKi

I've always done telegraphic transfers the day before when I'm purchasing a house! I wouldn't panic.

Have a hot chocolate instead, and settle down to an evening of bad television.

Cheers
KiKi

bandofbrothers

Lol..... Thank you KiKi

So you provided your deposit by this type of transfer which is accepted.

Think I may have a mocca instead !

I suppose in the end its not going to help by worrying and just wait and see what develops from Monday !

KiKi

Don't forget, if one party pulls out after exchanging they are liable for all costs incurred for the other party. I have only ever heard of it happening twice, and both on this board, and both earlier this year! A first time buyer is very unlikely to do it as the thought of having to pay out the amount they will is enough to scare most people!

Normal bank transfers are only 3 days.

And even if it does happen you can't impact it anyway so worrying is only wasting your precious time! Enjoy the hot choc.

KiKi

Richard_Webster

While it could all still fall through, this is the worst case scenario, it is more likely that the buyers didn't quite appreciate how long a money transfer would take from their account to their solicitors to clear (at least 3 working days) and it might simply be in transfer. Hope it all works out for you.

I agree the money transfer issue is a common one. I provide a report for my buyer clients with all the papers they have to sign and tell them I will need a deposit and explain carefully the various different ways of getting the money to me and the likely time-scales. I often still find that there is a delay while they get the money to me.

OP's situation is very common and one solicitors are dealing with all the time. OK it is possible for something to go wrong, but generally it all works out fine.