Advice on Sale collapse

AndyC27

Hi
Can I ask some advise please about our home sale.
We are top of the chain as we are moving into a new build home,but the people who are moving into our buyers homes mortgage is taking an age to set up their mortgage.. We should have moved into our new home on the 9th yet we are still waiting for for the 1st buyers mortgage to be approved ..Apparently he doesn't answer his phone or seem to be in any hurry to speed things up (we are phoning both estate agent 2/ 3 times a day now) .It is now down to a point if we don't get an acceptance by the 20th we will loose our new home + all the money we have already put into it ( a few thousand).. If we can prove he has been negligent would we be able to sue to get our money back..Or just because he hasn't chased it up his end.....I have been told all he has is a PO box number and no physical address as well which does sound a bit dodgy to me...
Ourselves and our buyer are all ready to move lawyers are just waiting for the go ahead

thanks

Wh05apk

Until you have exchanged, you have no come back on anyone, sorry to be the bearer of bad news, but this feels like it is not going to happen, might be worth putting your house back on the market?


PO box?! who has a PO box? there is no way he would get a mortgage without a proper address.

Thrugelmir

Who agreed the 9th.

Dates are agreed on exchange of contracts. With a chain then they are a multitude of factors to consider.

The FTB may be tied into a rental contract so therefore is stalling for time.

AndyC27

It wasn't an exchange or anything just a preliminary date as such .but that's how long it has taken for this as our buyers solder their house 2 months ago..
And yes I agree how can a advisor have a PO Box very unprofessional.
Just very frustrating that someone can do this type of thing and get away with it ...

Buzby

You don't say which country the transaction took place - in Scotland you can claim your full costs for their non performance (and you cannot be gaze mode either).

If elsewhere, with no exchange there is no commitment - it does sound odd, how can your solicitor check the bona fides of a PO Box? You need to credit check any potential purchaser.

ValHaller

The PO Box sounds like the buyer is one of those 'We pay **CASH** for your home!!!' outfits. The fact that they are stalling is another indicator. What follows next is a gazunder on your buyer.

In your position, I would be asking the buyer for sight of a copy of his memorandum of sale and try to make sense of it by googling the buyer at the bottom - if no Memorandum of sale is forthcoming or if the buyer at the bottom does not check out, you may need to go back on the market. On the other hand, this could just make your buyer pull out when he might have completed.

Thrugelmir

AndyC27 wrote: »

It wasn't an exchange or anything just a preliminary date as such .but that's how long it has taken for this as our buyers solder their house 2 months ago..

8 weeks isn't long in housing transaction terms!

From the bottom of the chain. I wouldn't answer the phone if I felt I was being unduely harassed. Not my problem if others have set unrealistic timeframes.

Nor would I pushed around by developers looking to book sales in this financial years to hit their targets. A sale is a sale. A few weeks later makes little difference.

AndyC27

Well it all fell though,she didn't even have a care in the world either.
No apologies no nothing just oh well if it fell though it fell though.
House is back on the market so here's hoping for a quick buyer as the developer won't hold our house for ever ...Such a pity we can't get both options as we need the help to buy scheme so they can't buy the house from us (It's a new build house)
unless there is a loop hole but doubt it

kingstreet

AndyC27 wrote: »

Well it all fell though,she didn't even have a care in the world either.
No apologies no nothing just oh well if it fell though it fell though.
House is back on the market so here's hoping for a quick buyer as the developer won't hold our house for ever ...Such a pity we can't get both options as we need the help to buy scheme so they can't buy the house from us (It's a new build house)
unless there is a loop hole but doubt it

Builders can offer an assisted sale, but not Part Exchange, with Help To Buy - Equity Loan.