Day before completion & vendor has not signed contract - Help

pararct

maninthestreet wrote: »

Not if the buyer pulls out, I suspect.

The agents job is to secure a buyer who is in a position to proceed, tickle along the legals process until exchange occurs.

No doubt there will something in the small print of the contract that says something along the lines of that if a sale is unable to proceed when every other aspect has been covered bar the sellers procrastination then the sales commision on the agreed price becomes payable.

They will sue to get what they are owed of that the OP can be quite sure.

Up to you OP but if you have contact details for this lady it may be worth once last effort pointing out that she may as well sell to you as she is about to be stiffed by the agents for the sales commission anyway? It will not be an insignificant sum (you should be able to work it out and it will be + 20% VAT) so may concentrate her mind a little.

G_M

What if the buyer doesn't pull out. Just stops doing anything till the vendor acts?

Buyer starts property search again, tells solicitor to take no action till signed contract received from vendor.

EA will eventually claim vendor has frustrated sale to a 'proceedable' buyer.

InkZ

I insisted on 4 weeks between exchange and completion when selling my flat, as I couldn't make alternative arrangements until I knew I would definitely be moving out.

When buying my current house I insisted on 2 weeks between exchange and completion.

If you get 4 weeks in future, that gives you enough time to hand notice in on your rented property and you should have very little overlap, if any at all.

Until you've exchanged, assume you don't know whether you will get the house or not.

kazam401

Well friday was the day thet we said enough is enough - still no communication from that damn vendor she just left us dangling on a rope we withdrew our offer & are now suffering the concequenses which are not good.

We have been shafted by the Leeds BS to the sum of £706 for all the hidden fees which our mortgage advicer never mentioned (the only reason we went with the Leeds on his advice was because of a reasonable rate but with no set up fee - misled right down the garden path:()

Our total costs for NOT buying this house come to the grand total of £2222 (& we think there might be more costs to come as our solicitor has made a right balls up of things meaning we might yet get charged some interest payment for how long she held onto the total mortgage money) She hasn't even mentioned returning our 15% deposit which she has now held for over 3 weeks & has been "out of the office" since friday morning after she promised to call back friday afternoon

This means we cannot afford to even look at buying again till we manage to save this amount up again, which will be between 8 - 12 months.

So fed up with all this house buying just feel like saying sod it lets go & holiday with what we have & not bother buying.

Lets this be a warning to any other 1st timers - it IS a mine field out there - trust NO ONE

Yorkie1

So sorry to hear this. What a disappointment and financial pain.

Take time out, take stock of where you are once it feels less awful, and remember that not all sellers are like this one!

Ulfar

Don't blow your deposit, something better and cheaper may come along.

Nobody can predict what is going to happen in the housing market but things don't look good for sellers. You have learnt some things that are useful though it might not seem like it now.

JQ.

It's fate. That house was never meant to be yours and a better house will come up before you know it.

Good luck with it all. There's better houses out there, it might not feel like it right now, but they are there.

ruggedtoast

The mortgage will still be valid for a while so you won't have lost the set up fees yet. Get a cheap survey next time and things aren't so bad.

kazam401

ruggedtoast wrote: »

The mortgage will still be valid for a while so you won't have lost the set up fees yet. Get a cheap survey next time and things aren't so bad.

Thanks for that ruggedt but the mortgage offer runs out on the 1st August - 3 weeks time

This really has left a bitter taste in my mouth - I've done nothing wrong, I've tried to go about things the right way asking knowlegeable people who should be advising me not trying to get there piece of flesh.

I feel very very let down by the whole process & won't be in a hurry to jump back into the house buying ring

kazam401

ruggedtoast wrote: »

The mortgage will still be valid for a while so you won't have lost the set up fees yet. Get a cheap survey next time and things aren't so bad.

Oh just one point with that ruggedt "the set up fees" when looking into the mortgage with the independant mortgage adviser fella (working in the same EA) the product he steered me towards with the Leeds BS only had a fee of £199 but a slightly higher interest rate than I could have got from other lenders. This seemed ok for me at the time & I trusted what he was telling me.

At no point did he ever mention any other fee regarding this mortgage, all he mentioned was that the £199 would be covered in the buyers protection policy (which I got for free by employing him to sort everything out) should the sale not proceed (I was taken in hook line & sinker )

It's only since I have been charged the £706 by the Leeds BS that I have read the small print (stupid me but another lesson learned) & it seems that along with various other charges a fee of £350 goes to the EA dealing with this sale whether the sale went through or not - this was lost in the small print.

So it would seem the EA got £350 of my money just for showing me round the property twice, they have done nothing else for me apart from "tut" on the phone when I have been harranging them regarding this missing vendor.

So for a mortgage - with what I thought was a fee of £199 I have been charged - £905 :eek:

This mortgage adviser fella told me he was independant but could only offer insurance cover (life/building/contents) from Legal & General & boy did he try to sell that
Luckily I never bought any but that now makes me think that perhaps the only mortgage deal I was ever going to be shown was the Leeds BS one with the little (£350) fee tucked away in the tiny print

They really did seen me coming & I now do strongly believe I have been mis sold at best & scammed at worse

Easy money for vultures :mad: :mad: :mad:

I don't think I will ever trust anyone else with my money & will certainly read all the print - I may even don the reading glasses for the small stuff - now theres commitment

Good luck to any 1st timers out there & I hope you all have a less harrowing time of it & manage to buy your dream houses without any of the sh1te I've just been through

That was my tale of woe being misled by proffesional people non of whom seemed to be on my side, very few who I actually met in the flesh & a vendor who I think may have something nasty buried at the house I nearly bought

Be careful out there - they will try to strip you bare - Trust no one but keep asking questions & demanding explanations & deadlines.



ps I will up date if any more fees come in & will up date if I try to do anything about this tale of woe.