Update: House sale could fall through at anytime

jabe22

Following on from my original post:

http://forums.moneysavingexpert.com/showthread.html?t=212363

This is where were at now.

Yesterday we sent back to our solicitor the last documents he needs for exchange and the environmental search query has been answered so he will receive everything by 1pm Monday (sent documents via special delivery to ensure he'll receive them) so it will be Tuesday 20th for exchange.

I asked our solicitor if it would be possible to complete for the following Friday 23rd, but he's strongly advised against this due to the possibility of the drawn down funds for the mortgage money not coming through in time. He said is can take between 5-10 working days but our buyers won't wait this long, but then we don't want to chance it and then be sued by our sellers if it doesn't come through it time!!


I'm getting so upset/distressed with all this, i just don't know what to do :sad:

Jorgan_2

Your solicitor is right not to put you in a situation where you exchange & may not be able to complete. Can you not get you buyers to hold on for a few days longer? Has your solicitor requested funds for next week? Remember you don't have to complete on a Friday, try for earlier in the week, if your buyers will go for it.

Best of luck.

silvercar

When you exchange on Tuesday your buyer will have to reach agreement on a fixed completion date. They may moan and groan but when faced with a stark choice of complete on 30 June for definite or walk away, I'm sure they will realise that exchanging is the only way they are going to be moving anywhere quickly. Once Tuesday has passed they will be nice as pie.

jabe22

This is just getting better and better - Our FTB's have said that if we cannot complete on the Friday, then they want us to pay for the four extra days in B&B!

Never again!!!!!!!!!

Jorgan_2

Is this something you are willing to do Jabe? It may seem harsh at the moment but in 12 months you will have forgotten how bad this has been. How much is the B&B for four nights?

When I moved, my buyers, buyer wanted to extend the lease on the flat. Freeholder wanted £8k to do this. My buyer paid £1500 towards this, his buyer very kindly paid £1000 & the person I was buying off contributed £1500 (I was paying the asking price on his), I paid the remainding £4k. I was fortunate to be moving to a cheaper area so it was £4k less to go in the savings account. Within 3 months of moving I had forgotten about paying the money, it was a means to an end. It got us into our new home & the new life we wanted.

silvercar

I think its time you stopped taking calls from your buyer. If you don't complete on friday what are they going to do, camp out on the street?

Tell them you are suffering from stress and to comunicate through the solicitors until exchange.

itsakidsworld

Just hold in there and let it happen.

Anything you force in life will always end up going wrong. Let the course of the sale continue in the hands of the legal people and tell the FTBs that you have done everything you can.

Chip in with afew days B & B only if it feels right for you to do it. Or invite them round for a free breaky!!!! Then you can have a chat and calm them down. They will refuse of course but you have then reversed the situation into your favour (hopefully).

Good luck