Timings - would you wait?

orangecrush

Hi All,

FTB here with a sense-check request!

We put an offer in on a property in the middle of January, subject to the condition that we complete by the end of April. Vendors were happy with this, and we were told by the EA (lesson no.1 - don't believe EA) that they had found a property but couldn't get their offer accepted as they hadn't accepted an offer on their house. But otherwise, EA said there was no reason why they couldn't complete quickly. (But obviously I know there are no crystal balls, the house they found may have had issues, their vendors may be in a chain etc...)

We got our mortgage arranged, survey & searches done, and then found out the vendors were doing a transfer of equity. Our solicitor said it would take 6-8 weeks but there was nothing for us to worry about. (Lesson no.2 - don't accept solicitor recommendations from the EA.). Solicitor then informs us that actually, there may be a problem as our building society may not lend on a property where owners have been registered for less than 6 months.

In her last email, the solicitor said that our building soc currently looking at the transfer of equity issue, and that we'll hear when we hear. But then she mentioned in passing that the vendors are getting divorced. This itself isn't an issue, but what's worrying us is that whenever we've been speaking to our solicitor, we've asked her to find out when the vendors expect to be able to exchange. She says she has asked them, but it seems like they won't answer the question.

We are on a tight timescale for several reasons, and whilst we realise that there is still time for it all to come together, we're a little nervous about the timescales given the issues so far.

So, sensible and rational MSE folk, would you wait or would you start looking for backup options?

Thanks and happy Thursday!!

ThePants999

Oh, yikes. If you still need to complete by the end of April, I'd strongly recommend you go find a backup option, though time is seriously short for that too!

marksoton

If end of April is imperative i'd say you have one option only and that's to push very hard on the existing potential purchase.

And never use EA services! :wall:

orangecrush

Thanks both!! And I know, we're total chumps. Despite reading all the advice on here about EA services we thought "how bad can it be??"... Yeah, that advice is there for a reason. We know this now!

Going to see a few chain-free properties tomorrow so fingers crossed.

(And end of April isn't imperative, it's just that May is logistically more difficult.)

marksoton

orangecrush wrote: »

(And end of April isn't imperative, it's just that May is logistically more difficult.)

Then yes, start viewing elsewhere. And make sure the EA etc on this property know you are doing so...

eddddy

orangecrush wrote: »

what's worrying us is that whenever we've been speaking to our solicitor, we've asked her to find out when the vendors expect to be able to exchange. She says she has asked them, but it seems like they won't answer the question.

That means your solicitor has sent a letter or email and is waiting for a reply. Solicitors don't chase, they just wait.

(Similarly, the seller's solicitor may have sent a letter or email asking the seller. Again they don't chase, they just wait for a reply.)

It's much better to progress this with the EA or seller. The EA will get on the phone and hassle the seller.

Like you, the EA wants exchange and completion to happen - so they get their fee. (Unless they are an up-front fee agent, which is not so good in these circumstances.)

orangecrush

marksoton wrote: »

Then yes, start viewing elsewhere. And make sure the EA etc on this property know you are doing so...

Thanks - just sent a shot across the bows!

eddddy wrote: »

Like you, the EA wants exchange and completion to happen - so they get their fee. (Unless they are an up-front fee agent, which is not so good in these circumstances.)

Thanks, this makes sense! EA subcontracts the post-offer stuff to a 'progression' company though, who I've been in regular contact with, and who are aware of our worries! I've just given them another poke but they haven't been able to generate answers, either.

eddddy

orangecrush wrote: »

Thanks, this makes sense! EA subcontracts the post-offer stuff to a 'progression' company though, who I've been in regular contact with, and who are aware of our worries! I've just given them another poke but they haven't been able to generate answers, either.

Wow - that's weird - subcontracting 'sales progression' to another company.

Sounds like some kind of 'faceless' sales progression factory. Was it a 'faceless' online EA?

With a local EA, sales progression would normally be done by a person that has met you (and the vendor) and that showed you round the property and negotiated your offer. (And who will get a chunk of commission on completion.)

Although some larger chains have different people for sales and progression - but all within the same company.

orangecrush

eddddy wrote: »

Wow - that's weird - subcontracting 'sales progression' to another company.

Sounds like some kind of 'faceless' sales progression factory. Was it a 'faceless' online EA?

With a local EA, sales progression would normally be done by a person that has met you (and the vendor) and that showed you round the property and negotiated your offer. (And who will get a chunk of commission on completion.)

Although some larger chains have different people for sales and progression - but all within the same company.

We thought it was really weird too; it's just adding extra layers of communication which mean extra opportunities for delay/ miscommunication. But that's their business decision I guess...

It's a large national chain EA, though with high street presence. We never met the vendors, or the sales negotiator at the EA (it was a person who just does viewings [yet knew little about the property] who showed us round) or this company doing the progression. It was all very faceless and a bit disconcerting, and being naive, we trusted everyone.

I don't know whether the vendors are stalling, or whether it's the companies that aren't doing their jobs properly, but there's only so many voice-mails and emails we can let go un-returned before we start to doubt!

TBH we didn't "love" the property - it was a sensible choice, £100k under budget, that we could add a bit of value to and move on in 2 years. My heart went to a property at the top of our budget (that I still feel sad about missing out on) but I've spent the day on Rightmove and there are some in-between properties out there. We're going to see two (both chain-free) this weekend, so fingers crossed one of those will turn out to be 'the one' or the warning shot spurs everyone into action and we exchange on our current purchase instead!

Thanks for all your advice folks, much appreciated

dc197

eddddy wrote: »

Solicitors don't chase, they just wait.

Good to know. All my emails to my solicitor asking him to chase for answers to the queries he's raised for me my have been futile.
Back to the EA then....

orangecrush

Update: After much chasing, the progression company called the vendors who have said that they are waiting on a new build, with a "long stop date" of end of May. They are trying to negotiate an earlier completion via their solicitors. I suspect this is not going to happen. *SIGH*