House sale falling through after exchange of contracts

marsman802

Oh wow I can't wait to read that story

jaydeeuk1

Subbed, looking forward to the outcome, hope you get it sorted OP.

Daletoon7

Well today's the day we should have completed. I was up early with so many thoughts running through my head rather than packing things into a lorry ready for moving.

Waiting to speak to the solicetor about what happens next. Will prob offer a small extension on completion date to give them time to sort this out

maninthestreet

chrissie57 wrote: »

Anyone else's mind instantly go back to this?

https://forums.moneysavingexpert.com/discussion/1806123

Classic thread

I can't believe that thread was almost 7 years ago - feels like only 2 or 3 years at the most.

mrschaucer

Your buyer has exchanged with no money to complete. Surely, as has been pointed out earlier, the simplest thing for everybody is for her to get a bridging loan asap, complete, and let the whole chain move on. Common decency. Think of the extra time, stress and risk involved for everybody in the chain in letting her pootle about (in YOUR home) with unknown builders who might or might not succeed in doing the work to her lender's satisfaction. How long is it going to take, once the builders have "finished", to get her lender to come out and sign off the process - I can't think they have someone sitting in a hi-viz jacket ready to move the instant she phones? Do you even know the extent of what these builders will be doing to your property? If your buyer isn't scurrying around searching for a loan RIGHT NOW she needs to be pointed in the right direction by her/your solicitors.

mystic_trev

mrschaucer wrote: »

Your buyer has exchanged with no money to complete. Surely, as has been pointed out earlier, the simplest thing for everybody is for her to get a bridging loan asap, complete, and let the whole chain move on.

Bridging loans aren't that easy to obtain and it's a very specialised market. They used to be commonplace in the 70's and 80's but not anymore.

Daletoon7

Thanks everyone - I am suggesting some of the solutions put on here like a bridging loan etc.

As it stands the chain is setting a new completion date of the 31 of March giving my buyer a few days to try and deal with her money issues.

We have a new mortgage lender doing a survey thu and the original lender doing a resurvey fri. Fingers crossed they can fix their mess asap

mrschaucer

If she's a buy-to-letter can she investigate remortgaging her existing property (if she has one) temporarily rather than the one she's buying?

Daletoon7

No idea but the EA said a bridging loan will cost her 5-8k. In the short term that seems allot - but if she pulls out and breaks the chain after we have exchanged - she is facing 70k + in law suits

I would not want to be her or her solicitor tbh

Jon_B_2

What's remarkable is how reasonable and accommodating the chain are being. Rather refreshing.