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Advice on this please, Ref house sale
Tuscan
Posts: 323 Forumite
Hi all
we are waiting to exchange in a 3 way chain, us selling and buying our buyer currently renting and FTB and our vendour moving in with parents..
We have all been ready to exchange for a week now and was due to exchange last thursday when our buyers SOL announced that they wont be exchanging now that day until they have confirmation from my buyers lender that the monies will be available on the completion date of the 21st of May (at the time thats 3 weeks away) according to my SOL this isnt normal and they shouldnt need this at such a late stage before exchanging but we have had to run with it.
My SOL has been chasing them to find out when they will have it and bascily getting no where with our buyers SOL, i understand it was a long weekend but far as we are aware its no more than a phone call or email to the lender to get this confirmation sorted.
Today we have told our buyers SOL that if we dont exchange by Friday of this week then we cant complete on the 21st of May as we need at least 2 weeks notice to get time off work etc and by friday will be down to 13 days and thats our cut off.
Today i spoke with my EA who said they had just spoken to the buyers SOL who had told them that they had not as yet even asked the lender to confirm monies !! but said they would do it straight away and would be ready to exhange this afternoon, again nothing happened no exchange and my SOL has been chasing them yet again this afternoon and getting nothing..
We are starting to get a bit worried that theres more to this situation and that maybe our buyers are stalling for some reason maybe deposit.
We are now wondering what our next move should be if this is not sorted soon, if we dont exchange this week maybe next week tell them if we dont exchange in 7 more days we will put house back on the market ? am i just getting paranoid with all the other stress involved with the move, by the way we are relocating over 100 miles so that dosent help the situation...
Regards
T
we are waiting to exchange in a 3 way chain, us selling and buying our buyer currently renting and FTB and our vendour moving in with parents..
We have all been ready to exchange for a week now and was due to exchange last thursday when our buyers SOL announced that they wont be exchanging now that day until they have confirmation from my buyers lender that the monies will be available on the completion date of the 21st of May (at the time thats 3 weeks away) according to my SOL this isnt normal and they shouldnt need this at such a late stage before exchanging but we have had to run with it.
My SOL has been chasing them to find out when they will have it and bascily getting no where with our buyers SOL, i understand it was a long weekend but far as we are aware its no more than a phone call or email to the lender to get this confirmation sorted.
Today we have told our buyers SOL that if we dont exchange by Friday of this week then we cant complete on the 21st of May as we need at least 2 weeks notice to get time off work etc and by friday will be down to 13 days and thats our cut off.
Today i spoke with my EA who said they had just spoken to the buyers SOL who had told them that they had not as yet even asked the lender to confirm monies !! but said they would do it straight away and would be ready to exhange this afternoon, again nothing happened no exchange and my SOL has been chasing them yet again this afternoon and getting nothing..
We are starting to get a bit worried that theres more to this situation and that maybe our buyers are stalling for some reason maybe deposit.
We are now wondering what our next move should be if this is not sorted soon, if we dont exchange this week maybe next week tell them if we dont exchange in 7 more days we will put house back on the market ? am i just getting paranoid with all the other stress involved with the move, by the way we are relocating over 100 miles so that dosent help the situation...
Regards
T
0
Comments
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I might be wrong but it sounds to me like there is a problem with your buyer's mortgage.
Maybe it will be confirmed.
Maybe the purchase will collapse.
How long should you wait before looking for a new buyer? Only you can decide.....0 -
thanks yes that what we are now thinking, its been 3 months now with everything else done so seems odd that theres a problem now, but dont see any other reason for what seems like delaying tactics
0 -
Oh dear good luck, hope it gets sorted out for you0
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Thanks
does anyone no if asking for a final confirmation from the lender just before exchange that monies will be available on day of completion is just BS or has anyone come accross this before ?0
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