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

bartsimpson

spunkeyrich wrote:

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 think this is the crux of their argument - because the lender is 'dodgy', they aren't prepared to exchange due to the risk of them being legally tied down to buying the house and the money not coming through from the lender due to some technicality or other.

Hence they've already applied for the money for this friday, at which point they say they'll exchange as long as the money comes through ok.

I really dont know what to do now other than wait.

???

chant1l

I'm not so sure. Buyer may have a 100% mortgage so exchange and completion on same day. May also be an inexperienced buyer with loads of excuse makers around him, but most likely it will turn out that your solicitor has sat on his hands waiting for the other side, who in turn are waiting for him. In my experience (I am a property trader) it is most likely the vendors solicitor who is tardy.
Go back to your solicitor and ask for a full explanation and allow it to happen,don't assume ill will and don't force anyone to give you a fast no today, when you could have a yes tomorrow.....

benood

I think you've nothing to lose by instructing your agent to get some viewings lined up for late this week or early next week - this sounds to me like game playing by your buyers more than laziness by your solicitor.

Mortgage Express are a subsidiary of Bradford & Bingley specialising in BTL and Self Cert, so not particularly dodgy

You can just say that the people you're buying from have started putting pressure on you so you want to keep your options open, in the nicest possible way of course.

moov-in

clairefun wrote:

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

Great news but make sure your solicitor is up to speed and has sent all necessary doc's to the buyers sol, things like the fixtures and fittings and contract.

Good luck let us know how it goes.

moov-in

Why not cut to the chase and get your buyers phone number and give them a quick call.

If your buyer is ok with this it will give you some confidence and you can talk over the issues and just ask why exchange and complete on the same day.

Is it because they have a 100% mortgage and no deposit or is it something more sinister.

Kaminari_2

I'd still put it back on the market. Just because you put it back on the market doesn't mean you have to end this transaction. It will just show the buyer that you are serious about getting this sold and will not wait any longer for someone that is stalling. It should show them that you have lost faith in their ability to close the deal and motivate them to do what ever possible to get it done as soon as possible. Showing that you have no problem looking for another buyer might also aviod them offering another reduction.
It will be highly unlikely that you will loose this buyer if they can pull through with the deal by putting it back on the market but if you don't you will be continuing to let them control the situation and you may end up with no sale at the end of it anyway.
You really have nothing to loose by remarketing.