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What to do next

Legacy_user
Legacy_user Posts: 0 Newbie
edited 22 May 2015 at 11:25AM in House buying, renting & selling
I have received a lot of guidance and advice and would appreciate some more!

In very brief terms:

Process began early Jan, first buyer pulled out because his survey said house was worth 10k less, accepted offer within a couple of days for 15k more than the previous survey value and then had a nightmare with buyers who came back at the last minute with 3 further surveys and wanting to renegotiate.

Didn't work and they then decided to go ahead and offered to exchange last Thursday and complete yesterday.

On the other side I was buying and last Tuesday we asked my buyer to confirm if the exchange and completion was acceptable or propose an alternative. We heard nothing until this Tuesday ( a week after the query!) and that was just a letter stating that Friday exchange would not have been possible. No specific reason given other than she has an issue stopping her from doing so. The house is currently vacant. EA and solicitor have not been able to make contact with the seller or her solicitor. The only guide given was that the issue could be resolved immediately or in 4 months.

So my position is that I like the house. I'm not willing to wait on exchange, but completion for 4 months is OK. That would then tie in my buyer and if they didn't want to then we can go ahead and find someone and just exchange when they get to the end of conveyancing.

The issue is that she is not responsive. So my thought is an ultimatum as we do now need to move further on the process. I have been ready to exchange for 5 weeks now and it was only my buyer that tries to negotiate that put that back.

Since she has no immediate need to sell I guess that any ultimatum will be a no. But that is OK because I have had my life on hold all year. Right now I just want to be able to book a family holiday and just in general make sure we have a good summer. I certainly don't want to wait around for someone to just make their mind up.

Second point is that prices have risen around 20k since we offered. Fortunately so has the value of my house (probably more) I don't really have an extra 20k so I would have to put it back on the market. Really don't want to do that but the truth is that I have no more compromises to make so I can't see any other way.

Does the ultimatum and general points above seem reasonable? I would appreciate any feedback and pointers.

Comments

  • mrginge
    mrginge Posts: 4,843 Forumite
    Why start another thread?
  • cloo
    cloo Posts: 1,291 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    The 'immediately or in four months' thing is total BS. The top of our chain, on the day when we we first tried to exchange, but couldn't due to someone being off sick, tried that exact same thing.

    Despite the top house being empty, the agents for that were suddenly saying to our agents that if we didn't exchange on that day (late April) then they couldn't complete until August. Some vague reason to do with moving stuff out of the house was given (again, manifest nonsense, there was no reason that could affect anything). Nonetheless, I passed an anxious morning until our solicitor called our vendor's solicitor (who'd presumably know if his clients had been told that they must exchange that day) and, suprise, surprise, he wasn't aware of any pressure to exchange, it was just some rubbish made up by the EA and I suspect something similar is the case here.
  • System
    System Posts: 178,374 Community Admin
    10,000 Posts Photogenic Name Dropper
    No one at the moment can guess her motive. All we know as of now is that she is not responsive and neither is her solicitor. We have the same EA. The EA and the solicitor are both saying nothing is coming back from her or her solicitor.

    She already lives elsewhere and she doesn't need the money so no one can tell us what it is she actually wants as she hasn't said what her issue is.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Hoploz
    Hoploz Posts: 3,888 Forumite
    If there is an 'issue' preventing exchange on the sale of this empty house. It makes me wonder whether they have found a probate problem or something.
  • System
    System Posts: 178,374 Community Admin
    10,000 Posts Photogenic Name Dropper
    We had withdrawn last week as the vendor had not been communicating and begun viewing further properties. Then out if the blue my solicitor calls today and says she has contact with her counterpart and would you be interested. I said yes and the solicitor checked with my buyer and they were OK too. She did the paperwork and at 4 called and said she needs me to insure the property immediately. Do this and send the certificate to her by 4.45 and she will exchange.

    So it finally happened and completion is for 12 June which is exactly 6 months since began and the date my mortgage offer expires!
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Hoploz
    Hoploz Posts: 3,888 Forumite
    Oh that is good news! Congratulations!
  • System
    System Posts: 178,374 Community Admin
    10,000 Posts Photogenic Name Dropper
    Thanks! It was a huge relief just to get to the end of the process.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
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