Exchange - is our deposit safe?

bluebell_woods

We're in the process of trying to exchange contracts. Our buyer is an investor cash purchaser. We're buying an empty property with no chain. We were being pushed to exchange last Friday - we paid our deposit and were told that everything was in place to exchange except for one document - a form about indemnity that our solicitor then found later in the day, but they said too late to exchange on Friday so we would exchange first thing today (Tuesday). Now they're saying that our buyer's deposit hasn't reached our buyer's solicitor yet. That our buyer paid it on Friday but it still hasn't arrived. This message has come to us via solicitors rather than directly from our buyer. Now getting really worried. What if he hasn't paid it? Is our deposit safe?

ValHaller

Ask your agent to investigate and report back.

Your solicitor should not be exchanging either way until everything is in place, so he should still hold your deposit.

Thrugelmir

Your deposit is safe.

Bank transfers take hours not days. I would be more concerned that your "cash buyer" is playing games.

bluebell_woods

I've been trying to find out how long bank transfers take and like you say @Thrugelmir@ I'm thinking it only takes hours rather than days so getting really worried now that our buyer might have pulled out and not told the solicitor.

topbargainhunter

CHAPS payments are instant. BACS take 3 working days. I'm not aware of any that take longer.

Thrugelmir

bluebell_woods wrote: »

I've been trying to find out how long bank transfers take and like you say @Thrugelmir@ I'm thinking it only takes hours rather than days so getting really worried now that our buyer might have pulled out and not told the solicitor.

Cash buyers (investors) have a nasty habit of offering less at the 23rd hour, or even viewing and making offers on other properties.

bluebell_woods

CHAPS payments are instant. BACS take 3 working days. I'm not aware of any that take longer.

That's what's worrying me, we still haven't exchanged and as far as the solicitors are concerned the buyer's deposit just hasn't arrived yet.

bluebell_woods

Thrugelmir wrote: »

Cash buyers (investors) have a nasty habit of offering less at the 23rd hour, or even viewing and making offers on other properties.

That's what I've been worrying might happen. Will just have to wait and see now.:(

dj.boz

We completed on Friday to a cash buyer. It did take a few days for the money to be trasnferred (which did make me nervous), but our buyer explained that the money was coming from 3 or 4 seperate accounts (with different banks, to give the buyer maximum protection against any 'bank collapse' or such) and that she simply did not want to pay 3 x sameday bank transfers.

It could be as simple as that, I would speak with Estate Agent / Solicitor (or buyer if you have there number) to ask what is wrong.