Possibilities of fall this transaction over

CampNou

Dear All, now we are in final stage of exchange. I have signed the contract from my end but my solicitors are waiting for a document from Council to before they do the exchange. Meantime seller also waiting to complete her new property & emailed my solicitor through her agent to say below:

“I have had a call from the vendor and the agent she is buying through to say there has been another offer on the related purchase and that the vendor is considering switching buyers due to the amount of time this is taking. I am fully aware you are waiting for the local authority and this is out of your control but the agent is asking if you are holding signed contracts and deposit money so that you can exchange once you have the replies.”

Actually can this happen after signing the contract from my end? What are the possibilities of falling this transaction over?

Thanks.

Jhoney_2

They are simply asking your solicitor if he has your signed paperwork and deposit, ready to go once the council supply the missing information. If he has those things, there is nothing to worry about. They just do not want to wait any longer than necessary.

Does your solicitor have the deposit money?

CampNou

No they haven't asked deposit yet. This case has been with solicitors more than 2 months now. I also have to hand over my current rented house by this weekend & move into a temporary place.

Jhoney_2

Just make sure that you have it ready when asked for. If you have to give any notice to take out money from bank etc - some require that, make sure it is done so that people further up the chain are not kept wait unduly. That is their concern.

2 months of waiting is quite a long time and your seller wants to see your committed. Until exchange you are not...and nor are they.