Possible hiccup in house purchase

anxiousnow

Our vendor's EA has told us the vendor cannot proceed to completion before Christmas (a condition our buyer requested). Feeling anxious now that things aren't going to proceed.

Vendor's reason is family issues which I fear might not be resolved any time soon - property was meant to be chain free hence quick and easy...!

I need to speak to our EA tomorrow to see what our buyer has to say about any delay - but am also worried that vendor could pull out any time before exchange and by then we would have incurred more nasty charges, lots of stress and disappointment and it STILL might not happen - however I realise there's always this risk before exchange .

So far I have applied for a mortgage, paid a booking fee and homebuyer's report, and instructed conveyancer. Also paid a search fee package. The solicitors advertise no fee if things don't proceed (apart from any search costs already incurred).

If things don't go ahead what will I get back and what will be a dead loss? Should I e-mail my solicitor now asking her not to do any more chargeable work or any searches until further notice?

Help/advice would be much appreciated

Yorkie1

You don't get any fees back as such. If you find another property soonish and your lender agrees, you may be able to transfer those fees & the product over to the new property but you'll need to fund another survey on the new place.

I'd wait to see what the EA says about things before emailing your solicitor. You could delay things a little with the solicitor but bear in mind that some searches can take several weeks to come back, and you don't want to be the cause of further delay because you stalled your solicitor for too long.

Difficult dilemma, good luck.

anxiousnow

I have asked the solicitor to hold off for now, I will go back to them when I have got something sorted between the EAs... feeling gutted. Hoping it can be resolved and a date can be agreed but worried as anything could happen.

Does it make a difference that the survey hasn't been conducted yet? Could it be transferred to another property? I can't see that we could find another property that fast :-( but would like to think it hasn't all gone to pot.

tommy5

As others have said, you could lose the solicitors' fees, but the survey could be transferred to another property provided you give them enough notice. R u sure the vendors' problems wont be resolved before you find the next property? In your position I would be more worried about losing my own buyer, what if they run out of patience? What have you been doing on that front?

Chains are tricky, good luck with it all.

timmyt

anxiousnow wrote: »

Our vendor's EA has told us the vendor cannot proceed to completion before Christmas (a condition our buyer requested). Feeling anxious now that things aren't going to proceed.

Vendor's reason is family issues which I fear might not be resolved any time soon - property was meant to be chain free hence quick and easy...!

I need to speak to our EA tomorrow to see what our buyer has to say about any delay - but am also worried that vendor could pull out any time before exchange they say they cannot complete but what about an exchange...what is the issue, as surely an exchange (and therefore peace of mind) can take place and by then we would have incurred more nasty charges, lots of stress and disappointment and it STILL might not happen - however I realise there's always this risk before exchange .

So far I have applied for a mortgage, paid a booking fee and homebuyer's report, and instructed conveyancer. Also paid a search fee package. The solicitors advertise no fee if things don't proceed (apart from any search costs already incurred).

If things don't go ahead what will I get back and what will be a dead loss? Should I e-mail my solicitor now asking her not to do any more chargeable work or any searches until further notice?

Help/advice would be much appreciated

as in red OP

Sensible_Jess

Agree with timmyt - your vendor may have 'family issues' which means they cannot complete the sale before Christmas, but you can press to exchange before this date. Then you'll have the confidence that the sale will go through in the New Year.

Your buyer may be happy with this - what is their situation? Is Christmas an arbitrary deadline or do they have to leave their property by then?

If you seller doesn't want to contemplate an exchange before Christmas, I'd be starting to hear alarm bells OP:(

S_J

anxiousnow

I am worried about the buyer as well as they want to move quickly. That is the main concern actually, whether they will wait, but I am hoping we can agree something (to exchange before Christmas with a longer completion date). Fingers crossed- waiting to hear back. Thanks for all your suggestions and support.