Uhm....Simultaneous Exchange & Completion.....!!

Oddgy

We received a letter from our Sellers Solicitors stating that as there is no deposit, they are requiring Exchange and Completion on the same day.

Well - all i can say is that im shocked at this, the thought of packing, loading the van up and to be told their is a problem, and to move back in your house as your not moving today!

The thought of problems which involves time off work, removals, cancelling fones, tellys, electrics, gas etc etc.....This is panicking me!!

Now we are only gettin a 75% LTV mortgage, so the rest is being made up of equity and cash savings, but apparantly as our Buyer has 115% mortgage, (borrowing more than the house and then having the remainder as secured loan) this is where the problem is.

We only have 3 in the chain, our buyers, us and our sellers which are moving in with family.

Can any one advise what we should do now and the options we have open to us?

Cheers.
Oddgy.

pawpurrs

Morning,
Are all the other problems now resolved?
As for what you can do can your buyers come up with any deposit? Can some of the money be released earlier? Other than that no, although the EA should have asked if they had a deposit as to me it would affect whether I accepted their offer in the first place.
Going through hell with my own sale at the moment, its just one blinkin thing after another isnt it!
ho hum!
PPxxxx

Julysea

I did this when I sold my last flat (and was moving to rented, so now onward purchase) and I can honestly say it was one of the most stressful days of my life - we hovered with full vans waiting to hear that all could proceed. I wouldn't do it again if it could be avoided, but it sounds in your case as if it can't be avoided. If you've tried your best to avoid it and can't, I guess you just ahve to grit your teeth and trust to fate...

Oddgy

Our Sols have written to our vendors Sols, to ask them what is the lowest deposit they would accept for exchange and completion to be done on seperate dates.

Depending what their reply is, oblviously then our sols will need to write to our buyers sols and ask them for this amount.

Sureley if our buyers are deadly serious then this wouldnt cause a problem. Of course i guess they wouldnt be able to fund the deposit as they would of in the first instance, but to see whether they can get a temp loan from mum dad or someone??

Well thats what i was thinking - am i thinking the wrong lines or is it more complicated that this??

pawpurrs

No that should work, have you had the valuation report through yet?

Oddgy

Hi Pawpurrs, no not yet. We are still waiting and chewing our fingers off in the meantime :-/

pawpurrs

Im having a nightmare with my chain, but hopefully it will be all good in the end, so stressed, didnt sleep a wink last night cant wait for this all to be over, keep placing all mystuff in the new house and imagining myself there!