Help! FTB holding us all to ransom! Exchange today!

oldone_2

Why can't all the Estate Agents involved chip in and pay this. After all they are making money out of the transactions.

puddy

moromir wrote: »

Maybe his landlord said it was extend for a month or get out?

Extend by a month or be potentially homeless, its an easy choice!

i would imagine this is exactly what happened. does the OP really think that the landlord is going to wait until a few days before the end of the tenancy for his tenant to make a decision about whether he is staying for another month or not? of course not, he wants to know now and if you're staying you pay another month now.

if the OP was the ftb, what would they do in that circumstance? would they just risk homelessness?

whether you would ask for the money is another matter but essentially everyone thought they were moving on the 18th and then one of the chain says he cant do it until 26th. that causes anxiety and you need to safeguard your position

personally i think OP is very brave (read: stupid) to buy a repossession in such a long chain as quite rightly the bank have a deadline which cannot be guaranteed in a chain. what will the OP do if the deadline is missed due to another buyer's bank missing a piece of paperwork which has been sent in several times (this happened to us)

Milliemoodle_2

BornAtTheRightTime wrote: »

Tell your agents that they need to drop their charge to you by £100 or the sale falls through and they get nothing.

I have told them this and they said they won't drop their fees. So it can't be that likely to fall through. The agents have now said they think this guy is just trying it on. If it comes via solicitors we will pay I suppose, begrudgingly. Anyway, the guy second up in the chain's solicitor has now announced she is going on holiday this afternoon so it doesn't look like we'll be exchanging anyway. She has not passed any information up the chain about this allowance thing either.

I despair.

puddy

Milliemoodle wrote: »

Anyway, the guy second up in the chain's solicitor has now announced she is going on holiday this afternoon so it doesn't look like we'll be exchanging anyway.

I despair.

exactly, exchange and completion will not happen to plan, that is the only given when buying and selling property

look on the bright side, if completion over runs past the 26th the ftb has no grounds to ask anyone to pay the months rent

although bad news for your purchase i would imagine

hazyjo

So what if someone outbids you on the repo in the meantime? I'd be trying to get this signed sealed and delivered before anyone goes off on their jollies! Surely the solicitor is handing work over to someone else!

Jx

[Deleted User]

I hope you get it sorted, I'm almost at your stage & also buying a repossesion. I have past my deadline by 3 weeks. It's being held up now by the asset management company. All the best. :-)

Milliemoodle_2

puddy wrote: »

if the OP was the ftb, what would they do in that circumstance? would they just risk homelessness?

personally i think OP is very brave (read: stupid) to buy a repossession in such a long chain as quite rightly the bank have a deadline which cannot be guaranteed in a chain. what will the OP do if the deadline is missed due to another buyer's bank missing a piece of paperwork which has been sent in several times (this happened to us)

Actually, initially we were just selling as the house we wanted to buy and were about to offer on came off the market. The FTB set a completion deadline of 29th July and we were ready to exchange on our sale by then. He wasn't ready on his purchase. We then noticed that the house we wanted had been repossesed so we put in an offer and had it accepted. We made everyone in the chain aware of this and the deadlines. We got our purchase, including mortgage ready to exchange within 12 working days. Everyone is ready to exchange now, but the completion dates are the issue. The bank has given us no flexibilty at all on the completion dates and everyone knows this.

Why are we stupid to buy a repossession in a chain? We can't buy unless we sell and repossessions usually aren't on the market long enough for us to have waited until we had sold before putting an offer in.

Milliemoodle_2

funk_punk wrote: »

I hope you get it sorted, I'm almost at your stage & also buying a repossesion. I have past my deadline by 3 weeks. It's being held up now by the asset management company. All the best. :-)

I sympathise and hope you can get yours sorted soon too. I'm sure all will be forgotten once we have moved in (if it goes through!). I have calmed down a bit from my initial rant earlier and told my solicitor that we will pay if we have to (even though I don't see why we should have to cover his costs when he's not going to cover ours!)

puddy

because when we buy and sell property, none of us are really in control of the exchange and completion dates. we had a spectacular nightmare due to barclays losing information over and over again. everytime we wanted to exchange there would be another problem which was never communicated to us by barclays until the day of exchange and barclays refused to communicate to each internal department themselves

it took 5 months for us to move and i was porting my mortgage! it taught me the importance of short chains (thankfully our vendor was moving to rental and i had a ftb) however, i still had to move into my parents spare room, with my 2 cats and my OH had to pay for extra months rent whilst we waited, otherwise i would have lost my buyer as her mortgage deal ran out on a certain date

you cannot guarantee anything or say 'ftb wasnt ready' as things like this are completely out of all our hands

puddy

forgot to add that even completion was delayed as i recall and i was camped out in a local barclays branch refusing to move until someone was able to confirm they had information which had been sent to them 5 months previously. it was a nightmare