Did our vendors pull out on the day we were exchanging/completing???

barnaby-bear

jiggermanch wrote: »

As FTBs, we're not used to this whole game... we took advice from our solicitor re: exchange/completing together, thats just how we were told it would happen. Now we are wishing we had queried it and pushed to exchange before now.

What is the norm? Do people tend to keep the exchange and completion parts seperately or do most people exchange and complete on the same day?

It seems that a lot of this house buying process involved a level of trust on both sides, and when one side isn't playing fair the other is left in quite a vulnerable position. We feel like the vendor has been out for what he can get and just doesn't care about how he affects anyone else.

It's quite common with FTBers if they are moving from mum and dad, have a rental still paying for, can move in with a car/van themselves. It avoids the risk for the FTBer of the mortgage offer being pulled between exchange and completion - which would lose the deposit. It also avoids the need for the FTBer to hand over a deposit which in the times of 95/100% mortgages menat they didn't have the 10% to stump up.

For the seller the huge risk is tht the buyer will gazunder and try to negotiate the price on the day - if they are in a chain and have their possessions packed up in a pickfords lorry the buyer can suddenly say actually £5k less or deals off and what do they do with removals paid for, house packed up....

People with kids/lots of furniture want the guarantee it won't fall through so usually opt for 2 weeks / a month and pack up and arrange removals after it's exchanged and use the time between to arrange the move/post redirection etc.

jiggermanch

Thanks for all your replies! On reflection.... the earliest we could have exchanged was this week (due to deposit money becoming available), and so I think our solicitor was just trying to speed things up by saying we would complete on the same day. This was all checked out with the vendor and his solicitor as acceptable and the day before, the vendor had told his solicitor everything was fine to go for the next day. However, when the next day came around the vendor is suddenly out of the country and uncontactable. Very strange.

We are expecting a call on Monday to say the vendor is pulling out. It so horrible that he has left us hanging. We can only think that he would do this if (a) there has been a change in his personal circumstances and still needs the house or (b) is planning on accepting higher offer and gazumping us and all this carry on is just to bide some extra time.

If it is gazumping, when does gazumping occur? does it really happen on the day of exchange? Would the estate agent tell us if there was other offers on the property if we asked?

The hope of it all going through next week is fading fast. We're devestated that this is happening to us.

sunnysea83

i exchanged and completed on the same day with my first purchase, basically got to the day before exchanging and everything was ready to go so just did both the next day. When I sold the place we also did both on the same day with no problems.

bandofbrothers

It does sound like the seller is being very difficult.

Im at the last stage of selling my property as a 1st time seller.

Completion date is Friday 11th of Sep 09, all being well ! .....fingers crossed.

Ive always made sure all my paperwork has been sent back on time, fone calls answered, appointments kept, and even made the trip to the estate agents and solicitors with the paperwork to ensure no delay or lost paperwork.

I even made a promise to the buyer that even if I received a better offer i would not gazump them, no matter what. My word is my bond, and true to my word when I did receive a better offer I did not accept it.

I wish I was selling my property to you as you would be in your new home by now with no issues at all. I truly hope all does fall into place for you.

I really did not expect this process of buying and selling to be so very stressful. I know I could not work within the property business !

Dont even get me started on how solicitors perform. All too laid back for me. I know alot goes on in the back ground but I did end up bombarding them with calls and e mails to keep them moving.

Good luck.

jiggermanch

Thanks bandofbrothers... we wish we were buying our house from you! This malarky would be so much better if all the buyers that mess around were teamed up with all the sellers that mess around and leave the rest of us honest, good natured folk to get on with it!!!

Our vendor has been money hungry all the way through and has gone back on what he has said on several matters... i would not put it past him to gazump us without a moments thought.

Why is it that when it comes to house buying / selling some people's morals and common sense go out the window? Would these people screw over their friends, family or treat their clients at work? People like that must not be very happy people and have had some very difficult past experiences if they are able to act that way and not care about the impact they have on others.

Good luck for Friday, hope everything goes through for you without any hitches!!!

bandofbrothers

Thank you for the luck.

Good luck with your situation too and truly hope the seller see's sense and concludes this to everybodies satisfaction.

Take care.