Argh!!!! Thinking things were going well...

lovelldr

Hi we thought things were going well with us. We had our prospective buyers come over yesterday to have a look through things we're leaving. They mentioned that they needed to go to solicitor to sign a form about a loan.

Anyway, today, we went to the solicitor to sign for the sales and purchase, and we were told by her that we can't go ahead and move on the prospected completion date, since the buyers have to sign this form, and we have to wait 7 days after to complete, because of the cooling off period!!!

It's starting to be a nightmare! We were expecting to move in next week, cus we have the week off, so can pack everything, and move in, and get ready before starting back at work! Now we'll be back at work before we move, and that's if we can move, because the solicitor said that the builders might be !!!!!! off with us for putting them back (can't see why, since we've only been about 8 weeks max since we reserved!!!), and then decide that they don't wanna sell to us!!!

Is there anything we can do to get this moving?! Is the solicitor correct about this 7 day cooling off period for the loan?

Thanks alot,

David

clutton_2

7 days is the normal cooling off period yes.

lovelldr

and that cooling off period means that they cannot go ahead and buy the property? (I guess the lender won't release the funds???)

lostfarmer

Hmm.. something similar happened to us with our buyers having a secured loan on their property but then the 7 days just seemed to evaporate- we ended up moving three days later..

Ask again, make a fuss and see what happens would be my advice!

Good Luck

lovelldr

Hopefully, we'll get somewhere sooner rather than later with this...

Tried speaking to the estate agent, and the woman who's dealing with it is meant to be calling us back! She never seems to though! Will probably have to go down there in the end

lostfarmer

EA's never call back, especially if it's not good news (or if they haven't really got any news). Any chance of speaking with your buyers directly? They may not be aware of the situation and will be able to create more of a fuss? It's the only way we ended up moving!

Good luck, xx

lovelldr

Estate agent finally got back to us this afternoon. They've applied for a waiver of the 7 day cooling off period apparantly. Hopefully this will work!

I guess that if they don't have the cooling off period, then that's not deterimental to us at all is it?

As for contacting the buyer directly, I did this. Spoke to them, and they didn't seem to be in too big of a rush to sort it out Although you never know, some people don't sound how they intend...

lovelldr

Well I've just spoken to the buyer of my house and the solicitor this morning, and we're still going for the date we had originally set, so hopefully could be moving next week!

But the solicitor has told me, that because the buyer is having a 100% mortgage, we need to exchange and complete on the same day.

Could this have any problems. Obviously, we need to sort out the removal company. We've provisionally booked them, but it could all be a complete nightmare if it ends up being a day later than we originally stated... So should everything still be ok doing it this way? Or could things be delayed even longer???

Thanks in advance, to all who can help

lostfarmer

Are you and your buyer the complete chain? If so at least you've only got one weak link (assuming your solicitor is on the ball!) so you should be OK. Check three / four days before you are due to exchange / complete that both your solicitor and your buyers solicitor have requested money from lenders- this will mean they think it's going to happen.

Also check the status of the loan, I assume it's a secured loan? The loan company / remortgage company may have their own solicitors acting on the purchase / sale? If they have, check they are up to date with your buyers solicitors (ours were not, and it was a nightmare...).

If both the above are OK you just have to keep your fingers tightly crossed!! Royal Mail have a backlog with redirections at the moment so get your form in ASAP if you're having your mail redirected!

It's a horrible situation, all I can advise is keeping up the relationship (if any) you have with your buyer directly so that they inform you if they hear there may be a problem. You should be OK! We were after much worrying and wine drinking!

Really good luck.

Bossyboots

Another option would be to speak to your solicitor about waiving your buyer's exchange deposit. This means they can exchange before completion as they do not need to hand any money over. They would still be liable for the whole 10% if they fail to complete and this might give you some peace of mind

lovelldr

Bossyboots wrote:

Another option would be to speak to your solicitor about waiving your buyer's exchange deposit. This means they can exchange before completion as they do not need to hand any money over. They would still be liable for the whole 10% if they fail to complete and this might give you some peace of mind

Well, I asked my solicitor if there was any way that we could just exchange so we can be sure of a completion, but she said that the problem was whether buyer would have the money from lender in time. And if not, then we would break the contract with our builders, so they could sue us!

Is just going to be a nightmare!!! lol Someone help keep my sanity here! Hehe