House sale falling through after exchange of contracts

G_M

Daletoon7 wrote: »

......they needed to do some work on the kitchen and bathroom to be able to rent it out. They have had months since then to do this work ..............

.?????????????

how could they do this work? It's not their property!

SmlSave

G_M wrote: »

.?????????????

how could they do this work? It's not their property!

I think the op has worded this badly they needed to do some work on the kitchen and bathroom to be able to rent it out. They have had months since then to do this work or plain doesn't understand how such a thing would work.

OP, your buyers should have contracted you to get the work done, as it's your house, and a timescale/money to be agreed before they could exchange.

SmlSave

Sorry to hear it's gone pear shaped though!

Keep a record of every expense so you can claim it back.

Daletoon7

I know - as it stands we have exchanged and the estate agent has said they will get the survey and my buyer will send a builder in to do the work hopefully before the 1st of April then get it reinspected and then completed. But they all could see the mortgage offer was not valid. They have exchanged with no money to complete until work is done and a new survey done to get the retention lifted

Daletoon7

Sorry for not making it 100% clear - as you can imagine the story keep unfolding by the hour and more !!!! ups come to light.

All I know is we have done all our part correct and have our mortgage amount and deposit with my solicetor ready to exchange tomorrow. It's crazy this issue was clear to those that could see the mortgage offer months ago and yet we exchanged and had one day to go until completion 😢

mrginge

Daletoon7 wrote: »

Sorry for not making it 100% clear - as you can imagine the story keep unfolding by the hour and more !!!! ups come to light.

All I know is we have done all our part correct and have our mortgage amount and deposit with my solicetor ready to exchange tomorrow. It's crazy this issue was clear to those that could see the mortgage offer months ago and yet we exchanged and had one day to go until completion 😢

So have you exchanged or not?

SmlSave

I hope it all works out for you Daletoon7, keep us updated please?

In 8 years I've never experienced failure to compete over 24hrs and my boss hasn't in the past 47 years! He was saying that it can cost easily over half a million in principle with court fees etc

SmlSave

Daletoon7 wrote: »

Sorry for not making it 100% clear - as you can imagine the story keep unfolding by the hour and more !!!! ups come to light.

All I know is we have done all our part correct and have our mortgage amount and deposit with my solicetor ready to exchange tomorrow. It's crazy this issue was clear to those that could see the mortgage offer months ago and yet we exchanged and had one day to go until completion ��

You said you've already exchanged!?!

pathtofreedom

If you are selling a house to them, you wouldn't let them come rip your kitchen out until you have completed, not just exchanged. I read your first post as the mortgage company is saying they have to show they have 15k in the bank which they planned to use for the renovations or something, which is seperate to their deposit.

How bad is your kitchen and bathroom, normally to get a residential mortgage at least, they need to both work even if they don't look pretty. I wouldn't think for btl they would need to be show room standard or anything.

cajef

Daletoon7 wrote: »

I know - as it stands we have exchanged and the estate agent has said they will get the survey and my buyer will send a builder in to do the work hopefully before the 1st of April then get it reinspected and then completed.

How can a builder do alteratiions to the property which is not yet the buyers until after completion, are you allowing it before you complete?