Tearing my hair out over house sale - please help!!

clairefun

moov-in wrote:

I am an estate agent for my sins and I get worried if we don't have both sides solicitors within 48hours!

Your EA should have advised you to remarket along time ago. Get another agent this ones fast asleep.

Thank you for your advice but as it happens it's now all moving at last - she's got a mortgage in place, she's seen the survey, she's paid for searches & instructed solicitors so now just searches & contracts so it shouldn't take too long now. Seems like she *was* just waiting to get a mortgage after all - but all is fine now...:T

bartsimpson, well why *haven't* they sent off the certificate? you've made it clear when you want to exchange?

bartsimpson

I can't tell whether it's the buyer messing about or just a totally incompetent solicitor.

The solicitor has now said that there is no way they'll exchange before thursday next week. Unfortunately our solicitor for some reason didnt ask why not - because as far as we're concerned there's now absolutely nothing left for them to use as an excuse.

First thing tomorrow our EA & solicitor are on to them to find out EXACTLY why they cant exchange til thursday - if we get another flimsy excuse we're re-marketing


Just thought that this being moneySAVINGexpert.com - is this kind of gazundering not encouraged on this forum? :-)

Kaminari_2

I'd remarket anyway. They will then realise that you are serious and do their best to get it all done as soon as they can to beat anyone else that might become interested.

Remember that they have spent a huge amount of money already on searches and solicitors fees that they will not want to loose. You are in control and you must show them that.

bartsimpson

Well just an update - no exchange yet surprise surprise!

Please could you tell me whether this is a legit excuse:

(From their solicitor - the general gist, not word for word)

"We are only willing to exchange VERY close to completion (ie same day or next day) because the mortgage lender is very picky and possibly could not send the funds on the required day because of a technicality (eg wrong forms of id provided) - we will only exchange when we know we have the money for sure, which means that we need to complete at the same time.

Even if we do exchange one day this week, we can only legally hold the money for a couple of days before the lender takes the money back, this is why completion has to happen so close to exchange. "



Is this legit?

Thanks,

spunkeyrich

Sounds a bit odd to me. Most Mortage companys require 5 days between the solicitor requesting the money for it to get to the solicitor. If the solicitor requests the money on exchange for a completion of say 2 weeks later, then the solicitor requests it 5 days before that completion.

I would also check with your solicitor that he is able to exchange and complete on the same day, as he wont request the money from the morgage company until he knows your in a position to exchange. so therefore you may not be able to do it on same day anyway. (depends on the morgage company i think)

cheers

rich

dougk_2

My advice would be put the house back on the market TODAY.
Give the buyer a fixed period to exchange or you will NOT sell to him regardless. If the lender is the problem , why haven't they found another....
The way i read it you are being messed about for no good reason. If the buyers solictor is not doing the job they should sack him - plain and simple.

[Deleted User]

as an objective observer: it looks very much as though the buyers are going to put in a lower offer just prior to exchange. This happened to two sets of friends and we were warned by our estate agent that this is happening much more often. OP you really have to call their bluff now and instruct your estate agent to get it back on the market today and to call their solicitor to say that this is what you have done. PS put it back on at the original price

Doozergirl

I don't like the sound of that at all.

Like spunkeyrich says, most lenders prefer more time to arange transfer of funds. Why would a lender take back the money after they had agreed to issue a mortgage? Why does it make sense to put themselves under MORE pressure to get the 'technicalities' like ID correct (which should have been supllied with the initial applcation anyway? A guarantee of the sale taking place only comes with exchange so I really have no idea what they are talking about. Soounds like a 'dodgy' mortgage company more than a 'picky' one.

Why don't you find out who the mortgage is with, see if any of the brokers here know the protocol surrounding them?

I agree you put the pressure back on by remarketing straight away. It's your way or no way. If they are genunine, the remarketing will give them a massive kick up the behind. I would not set myself up to be gazumped on moving day (it happened to my sister-in-law also and you could have seen it coming the way the buyer was playing it).

ownerofthemoneypit

I've just posted on the race to be in for 2007.

I am in similar position. I have SSTC twice and going on for almost a year. The first time, the buyer kept asking questions and dragging feet for five months (no chain) and at the last min the buyer wanted £10k off the price, I'd accepted under asking price and said no.

This time the buyer seemed to be heading the same way asking weird and wonderful questions and delaying the sale by not signing documentation, and I have made decision to remarket - If I ever accept under the asking price again, I'll put a realistic time condition (fair to me and buyer) on exchange, to avoid risk of another timewaster.

bartsimpson

Doozergirl wrote:

Why don't you find out who the mortgage is with, see if any of the brokers here know the protocol surrounding them?

It's with Mortgage Express. Does that mean anything?

PS thanks for all the help so far, it's great to get knowledgeable opinions on this when you're as inexperienced as us! (1st house sale)