Move from hell, purchasers failed to complete HELP!

cajef

moneyistooshorttomention wrote: »

So you are in your new house (as you have completed)?

and your buyer is in your old house (as they have completed)?

Or...was your buyer the Duffhead at the "beginning of the queue"?

For the second time try reading the title of the thread.

Megamonty

No we never completed we had to partially move back into our OLD house as it failed to complete.

notanewuser

moneyistooshorttomention wrote: »

So you are in your new house (as you have completed)?

and your buyer is in your old house (as they have completed)?

Or...was your buyer the Duffhead at the "beginning of the queue"?

All of the information is in the thread. If he was in the new house, there wouldn't be a problem, would there?!

moneyistooshorttomention

Ah right....clear now...

Well being referred to as "honourable lady" is a first for me Dave LOL.

Wonders what political party I should stand for?....

Megamonty

Mgman1965 wrote: »

Exactly the same happened to us last time we moved. There was four in our chain and we were at the top buying a vacant property.

When our chain collapsed at around 5pm Friday (when our EA phoned and told us money's hadn't been transferred and solicitors were now shut for the weekend) our buyers went into meltdown as they sat outside our house with their removal van. As with you, it was number 1 in the chain and it collapsed from the bottom up to the top.

Our brilliant EA suggested at least us and our buyers still move under licence which we (via our conveyencer) agreed to do. Unfortunately our vendors refused as they said their solicitor advised against it.

This left us with no option but to stay in our old house and tell our now devastated buyers they could now not move into our house as we needed it still. To then make matters worse our removal men who had been sitting outside our new house all day told us they could not store our possessions over the weekend or move us on Monday as they were fully booked so then had to come back andempty their lorry back into our old house (they were thrilled at that). Our buyers (he was very angry and she was in tears, not at us though I add) had to do the same.

Luckily we did complete and move on the Monday but for us it meant us hiring a 7.5 ton lorry (that was a driving learning curve never having driven anything bigger than a small car) rallying friends and relatives, and moving ourselves, as no firm I could get hold of on Saturday could move us on the Monday.

Like said we had to recover costs from those down the chain. The house we were buying was vacant so our sellers apart from being inconvenienced and not very helpful lost no money. We had to pay our removal firm and claim off our buyers who did the same to theirs and so forth down the chain.

It was very traumatic and emotional and I have every sympathy for the OP, I feel their pain.

This feels very similar to us, we were told we were not able to complete under license because "the funds were not in the system" because the firm at the bottom had not received all the money from the buyers "being 17K short". What was the position with your chain, was it the arrival of late purchase funds like ours or was it just slow going through the banking system?.

ruggedtoast

Is this covered under some kinds of insurance policy I wonder?

Everyone is saying blithely that the bottom of the chain will pay for it all. Considering they're already £17k short and seem to split their time between three different continents, are they really going to be that bothered about the UK small claims court?

Considering the OP's solicitor has told him he can be liable for £1 million costs and has the prospect of suing some unreliable possibly non resident first time buyer - to retrieve his losses. Well, I would be bricking it too.

moneyistooshorttomention

Been back and checked and Duffhead is "£17k short to make a purchase of £500k", so they do have a sizeable amount of money (presumably from another house???) and if they end up losing a lot of their nearly £500k because of their inefficiency then on their head be it.

silvercar

ruggedtoast wrote: »

Everyone is saying blithely that the bottom of the chain will pay for it all. Considering they're already £17k short and seem to split their time between three different continents, are they really going to be that bothered about the UK small claims court?

They have a property on which a charge can be placed - assuming they do find the 17k and complete.

Mgman1965

Megamonty wrote: »

This feels very similar to us, we were told we were not able to complete under license because "the funds were not in the system" because the firm at the bottom had not received all the money from the buyers "being 17K short". What was the position with your chain, was it the arrival of late purchase funds like ours or was it just slow going through the banking system?.

Apparently number one in the chain was using a sub prime lender who for reasons unknown to me didn't release their mortgage money.

Davesnave

moneyistooshorttomention wrote: »

Well being referred to as "honourable lady" is a first for me Dave LOL.

Wonders what political party I should stand for?....

Errrrr.... <Restrains himself>:rotfl: