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Cash buyers
Katef19
Posts: 1 Newbie
Hi,
We are in the process of selling our house, we have signed contracts and they are with the solicitors, the government is now saying the buyers can't prove £20,000 of the money to buy the house so the whole thing is gonna fall through!
the buyers are from China and this is where the money has come from, they don't speak English which has made it very hard to communicate!
Is there anything we can do to get this to go ahead? Can they get a loan/mortgage? I'm sorry I have t got much clue in this area and the estate agents army very helpful at all.
Thanks
We are in the process of selling our house, we have signed contracts and they are with the solicitors, the government is now saying the buyers can't prove £20,000 of the money to buy the house so the whole thing is gonna fall through!
the buyers are from China and this is where the money has come from, they don't speak English which has made it very hard to communicate!
Is there anything we can do to get this to go ahead? Can they get a loan/mortgage? I'm sorry I have t got much clue in this area and the estate agents army very helpful at all.
Thanks
0
Comments
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I'm lost. What has the government got to do with it? Do you mean they can't provide sufficient evidence to their solicitors about where the money has come from? Or they're actually £20k short?
No idea whether they can borrow it without knowing more - mortgages aren't easy if you're not a permanent UK resident.0 -
Sounds like they are failing money laundering checks.
I very much doubt they would be able to loan/get a mortgage.0 -
You could drop the price by £20,000 - seriously get the house back on the market ASAP0
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Can't offer any advice, but just wanted to say this is the first and only time I've ever heard of a sale being affected by money laundering checks!0
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.... Me too, but then it's the first time I've heard a story about someone from china buying, who doesn't even speak English though clearly it happens. Glad it's not my house. Good luck.0
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Surely they've got solicitors who speak English? Surely?0
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so your buyers have failed money laundering checks and cannot meet the agreed price leaving you with 3 options:
- reduce the price
- wait until the Chinese buyer finds alternative "clean" money (rather unlikely they will be able to get a UK mortgage if they are newly arrived in the UK based on what you say)
- find a new buyer who can pass money laundering0 -
I am wondering whether they have done this on purpose. Nightmare0
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Ask your buyers to transfer another K20 via official channels if they are willing to.0
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When you say you have signed contracts. Do you mean that you have exchanged contracts?0
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