buying house vendor cant find or has lost deeds

nik1984

update , signed the final contract for house , now theres some confusion of price this is now 6months in , our offer of 197,000 was accepted for house and have paper work from estate agent of offer acceptance . there was a vendors gift offering £500 towards legal fees , which makes it £196,500 but vendors saying it is 197,500. we have several paper work showing £197,000 these are statments from the solicitor

not sure what to do as i dont want to pay anymore money now!

shimano

If you signed/exchanged on 197,500, then it is too late.

The price you paid should have been 197,000 yes, not 196,500 as solicitor fees are extra

nik1984

it has been signed at 197,000 at the moment, but the vendors gift was disscused after the the offer acceptance of 197,000 so makes it 196,500 not including solicitors fees?

shimano

the solicitor fees is not part of purchase price, so say if your solicitor fees were 1k, you'd have paid 167k plus 1k for the property. Rather now you would pay 167k plus £500. However it remains to be seen if they charge you a fair rate or overinflate.

next time use a solicitor completely independant from the seller's side...

nik1984

hi is 167k an example ?

nik1984

this sale is turning into a nightmare 8 months in we have signed contract but not legally binding , contacted solicitor to check situation and told us that the vendor is yet to find a home so that means they cant move out , but we were told few months ago that they were in process of a house buy .
this is taking the pi** now , it surely cant take 8 months , is there anything we can do
problem is if we pull out of sale we would lose solicitors fees and valuation fees , we like the house and dont want to pull out
we also feel the solicitor is not acting on our behalf , have lost faith in him now
there has got to be something we can do please help!

thanks in advance

nik

dawyldthing

surely they can move out and rent while they are looking for somewhere to buy?

DVardysShadow

nik1984 wrote: »

this sale is turning into a nightmare 8 months in we have signed contract but not legally binding , contacted solicitor to check situation and told us that the vendor is yet to find a home so that means they cant move out , but we were told few months ago that they were in process of a house buy .
this is taking the pi** now , it surely cant take 8 months , is there anything we can do
problem is if we pull out of sale we would lose solicitors fees and valuation fees , we like the house and dont want to pull out
we also feel the solicitor is not acting on our behalf , have lost faith in him now
there has got to be something we can do please help!

thanks in advance

nik

The advice in September was to change solicitor. That advice still stands, else you will be here grizzling about how long it is taking come March. Either change solicitor or walk away from this.

At least instruct the solicitor not to exchange and get your signed contract back first thing on Monday. If it comes to exchange, well you can hand it over and exchange if you have a completion date. Otherwise, you could be held to this deal which might not happen for years. Seriously, you potentially have some big problems here, unless you get your contract back.

G_M

You can:
1) cut your losses, walk away
2) Demand a reduction in price and threaten 1) above
3) Insist on a completion date and threaten 1) above
4) Do 2) and 3) and threaten 1) above
5) Wait till the vendor is ready to Exchange

Your choice. That's house buying.

Richard_Webster

Fairly basic to check how seller's chain is doing.

When you first made offer what were the seller's intentions? Were they buying something else? Had they found anything?

If they hadn't found then you should have been on to estate agents and sellers every couple of weeks asking about progress in them finding something to buy. If after several weeks they hadn't found anything you should have walked away and gone after another property.

I'm just surprised that you were completely unaware of the seller's position.