Nearing completion...smell a rat

madmish00

We have had plenty of drama in relation to selling our old house and buying the one where we are now. We were due to exchange and complete simultaneously back in May but then it all fell through last minute as it turned out our buyer's buyer was not infact the cash buyer they purported to be and there were two more people in the chain - the bottom pulled out.

We went ahead with our purchase anyway deciding that we would rent out our old house. However between exchange and completion on the new property our buyer came back to say they had found a new buyer (FTB). We were led to believe by the estate agents that the FTB had agreed to use the same solicitors as their previous buyer so that the searches could be re-used as they were still in date.

Fast forward 7 weeks (so much for sped up by re-using searches!) and I was told on Thursday that we were looking to complete this Friday. Now I am being told that the FTB's dad is on holiday and the FTB won't do anything without him as he is a 'very nervous' kind of person.

Obviously I am currently paying mortgages on two properties and couldn't rent the old one out with a sale going through so no rental income to cover the bills on that.

Is it just me getting paranoid because everything fell through last minute last time or does this explanation seem a bit suspicious to you?

I'm thinking of giving my buyer an ultimatum that we exchange contracts by next Monday or I pull out as I will need to get the property on the rental market soon if I want to get a tenant in before the next mortgage payment is due.

But at the same time if it is a legitimate thing I don't want to upset the apple cart as it really would be much easier if is sold.


Bit of a ramble really but just wondered what other people think/would do?

poppysarah

madmish00 wrote: »

Obviously I am currently paying mortgages on two properties and couldn't rent the old one out with a sale going through so no rental income to cover the bills on that.

You did think about this being a problem before you went ahead?

House buying is fraught with difficulties.

Ask if they'll consider a completion date as you want. Can't hurt. Don't appear desperate though.

kiki*_2

As a FTB myself I can understand wanting the support of parents. However if it was me I would complete and just not move in until my parents could help but maybe he's not in a position to be able to do that.

Doesn't sound like a rat, just a scared FTB.

DannyboyMidlands

I wouldn't go with the ultimatum. If they want Dads help then they want Dads help. If the holiday is just a week or two then wait it out.

Paying 2 mortgages was always going to be a risk.

madmish00

You did think about this being a problem before you went ahead?

Yes I did and the money is available to cover the payments but it means I can't get on with getting the work down on my new place because I have to put £400 a month a side to cover bills on the old house. I am not willing to do this indefinitely why they um and ah - he's had 7 weeks to discuss with his dad and they were the ones who originally put forward a completion date of 15th August but then couldn't complete that day as they were still waiting for a search...

My solicitor says that she is being told that their solicitor is being very secretive and I am just getting a bit nervous myself having had it all fall through once.

Thanks kiki - I hope you are right. I just don't know why they didn't mention that dad was off on his jollies as they originally wanted to complete yesterday apparently.

BornAtTheRightTime

madmish00 wrote: »

My solicitor says that she is being told that their solicitor is being very secretive

Does your solicitor think this is a worrying thing? I ask because I had a sale fall through despite my EA's assurances that all was ok, and from quite early on my solicitor had been saying to me that he thought something didn't feel right. He couldn't (wouldn't?) put his finger on exactly what he'd noticed but said it was the vibes he was getting from the buyers' solicitor that made him uneasy. Sure enough when push came to shove our 'guaranteed cash buyers' pulled out unable to get funds.

madmish00

Does your solicitor think this is a worrying thing?

She thinks it is a bit odd that the only information is coming from the EA not from the solicitor - obviouslt because it is not my buyer that is the issue she hasn't personally had dealings with the secretive solicitor. Seems strange that the solicitor wouldn't just pass up the chain that FTB's dad is due back on X and suggest a date shortly after that.

At the minute I am waiting for my EA to get hold of my buyer who is apparently in contact with their buyer to find out how long he is away for. It is the lack of communication from the bottom of the chain that concerns me more than anything

BornAtTheRightTime

madmish00 wrote: »

She thinks it is a bit odd that the only information is coming from the EA not from the solicitor

In my experience most of what the EAs say is spin to gloss over potential problems/delays, whereas anything the solicitors say to each other is accurate. If a solicitor isn't saying something, the likelihood is that it isn't true. Sorry.

nicoelli

My FTB went on holiday after submitting an offer which we accepted and I've heard absolutely nothing since. Seems that they (FTBs) are all scared!!!

King_Of_Bling

nicoelli wrote: »

My FTB went on holiday after submitting an offer which we accepted and I've heard absolutely nothing since.

Perhaps they are getting cold feet thinking they've made too higher offer?

chappers

Ask the estate agent to see if they have proof that the buyer can procede i.e proof of mortgage offer and deposit etc.
If they refuse then maybe issue the ultimatum if they are genuine then they have no reason not to.
Get the EA to pass on your concerns.