We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Exchange of contracts deadline or repossession
cunningbyrne
Posts: 1 Newbie
Hi MSE users, hoping for some advice.
We are 2nd time buyers who had an offer accepted on a house on 2nd Feb and accepted an offer the same day on our current property. Small-ish chain behind us and no upper chain on the property we are buying.
Conveyancing-wise our buyer has been a bit slow because they moved solicitors twice.
Today we have received a letter via our solicitor from our sellers dated 17 April stating that the vendor has been advised they have 8 weeks to exchange contracts or the house will be repossessed. I haven't heard of this before and all my googling is coming up with seems to be advise for people buying repossessed homes. Today is the first time we've been alerted to the vendors issues. EA told us the couple were separating, then later that there was some sort of housing scheme/key workers loan which was complicating the sale and asked us to share our survey with them.
I'm a bit confused as to whether the vendor or EA withheld the info and how normal a scenario it is- as I said can't find anything online.
Anyway, I'd be interested to hear anyones experiences of this. At this stage I wonder whether we are likely to feasibly exchange in 5 weeks and should pull out and start looking for another house?
We are 2nd time buyers who had an offer accepted on a house on 2nd Feb and accepted an offer the same day on our current property. Small-ish chain behind us and no upper chain on the property we are buying.
Conveyancing-wise our buyer has been a bit slow because they moved solicitors twice.
Today we have received a letter via our solicitor from our sellers dated 17 April stating that the vendor has been advised they have 8 weeks to exchange contracts or the house will be repossessed. I haven't heard of this before and all my googling is coming up with seems to be advise for people buying repossessed homes. Today is the first time we've been alerted to the vendors issues. EA told us the couple were separating, then later that there was some sort of housing scheme/key workers loan which was complicating the sale and asked us to share our survey with them.
I'm a bit confused as to whether the vendor or EA withheld the info and how normal a scenario it is- as I said can't find anything online.
Anyway, I'd be interested to hear anyones experiences of this. At this stage I wonder whether we are likely to feasibly exchange in 5 weeks and should pull out and start looking for another house?
0
Comments
-
No one witheld information...... except that they did not share with you the personal information that they have money problems.
They offerred the house for sale, in good faith, and appear to be both willing, and able, to sell to you. Their money worries are private.
Unfortunately it seems that there have been delays (buyers changed solicitors..... twice??!!), and it is because of this that your sellers are running out of time, and hence are sharing the problem with you in the hope of speeding things up.
If the property IS repossessed, you might be lucky and be able to buy off the bank. A buyer ready to Exchange immediately is attractive to the bank.
However, banks also have to show they have made efforts to get the best price, so they may insist on re-marketing.
The best advice is to encourage, chivvy, persuade all parties to Exchange contracts.
You have not said what is now holding up Exchange. Is it your buyers? How close are they? Or someone else in the chain?
Time to find out.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.1K Banking & Borrowing
- 254K Reduce Debt & Boost Income
- 454.8K Spending & Discounts
- 246.2K Work, Benefits & Business
- 602.3K Mortgages, Homes & Bills
- 177.9K Life & Family
- 260.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards