Withdrawing 'cash investments'? Buyer stalling?

hazyjo

MissusP wrote: »

I suppose what is worrying us the most is the vagueness about where the money is and how long it may or may not take to be available. Surely a ballpark figure is a possibility? I would hope the buyer's accountant could at least give an indication.

If you've been speaking with the EA, that's prob why it's vague. Your solicitor should be able to find out. The EA prob wouldn't be told such things and I doubt very much if they've been liaising with the buyer's accountant.


Jx

G_M

Not at all.

I constantly keep an eye out for a 'dream property' and if it ever comes up I'll be a 'cash buyer'. IE

* no linked sale/chain and
* no mortgage needed

But (perhaps like your buyer) my cash is dotted aroun in various accounts and invesments, some of which would need selling, and some require a notice period.

I could not Exchange till I had all my ducks in line, or at least enough ducks in line + time between Exchange & Compketion to line up the other ducks......

(no idea where the duck metaphor comes from)

HappyMJ

To exchange contracts the buyer just needs 10% of the purchase price of the property and can exchange contracts. If this buyer really is a cash buyer I'm sure they can get access to 10% quite quickly.

When contracts are exchanged that's when I'll take the property off the market.

Completion can occur when the buyer cashes out the investments of other 90% of the purchase price which can be at any agreed time even months away if the buyer/seller is willing to wait.

Penelope_Penguin

HappyMJ wrote: »

To exchange contracts the buyer just needs 10% of the purchase price of the property and can exchange contracts. If this buyer really is a cash buyer I'm sure they can get access to 10% quite quickly.

When contracts are exchanged that's when I'll take the property off the market.

Completion can occur when the buyer cashes out the investments of other 90% of the purchase price which can be at any agreed time even months away if the buyer/seller is willing to wait.

Our solicitor told us of somebody who did just that - put down 10% at exchange and then went off to Northern Rock (I think it was ) to access the other 90%. NR went down, and the client was unable to complete, so the 10% was forfeit. We made sure the solicitor had the full purchase price at exchange, some of which had a 3 month notice period.

Gorecki

HappyMJ wrote: »

I personally would not take the property off the market until I have exchanged contracts with a buyer. I'm selling to the highest bidder and if that bidder can't exchange quickly and another buyer offers more then I'll pull out of the first one and sell to the next one.

I hope I never buy from you...

Whilst this gets you the best return, where's the morality in this?

Dan-Dan

HappyMJ wrote: »

T
Completion can occur when the buyer cashes out the investments of other 90% of the purchase price which can be at any agreed time even months away if the buyer/seller is willing to wait.

Unlikely that a chain of any great length would stand for that

HappyMJ

Penelope_Penguin wrote: »

Our solicitor told us of somebody who did just that - put down 10% at exchange and then went off to Northern Rock (I think it was ) to access the other 90%. NR went down, and the client was unable to complete, so the 10% was forfeit. We made sure the solicitor had the full purchase price at exchange, some of which had a 3 month notice period.

You would not agree to exchange until you had a completion date set and therefore the mortgage should have already been approved prior to exchange. You don't exchange contracts without fiannce in place.

Gorecki wrote: »

I hope I never buy from you...

Whilst this gets you the best return, where's the morality in this?

I'd give them a few weeks to exchange after accepting an offer...the OP has been waiting 2 months and still has no date for exchange or completion.

I'm selling because I need the money ASAP not whenever the buyer can be bothered to get around to selling some investments. If someone offers to exchange quicker then the buyer who's waited two months and still can't commit to a date can go and find something else to buy.

Penelope_Penguin

HappyMJ wrote: »

You would not agree to exchange until you had a completion date set and therefore the mortgage should have already been approved prior to exchange. You don't exchange contracts without fiannce in place.

Sorry, I wasn't clear As For the OP, the buyer in question was a cash buyer. It was savings with ? Northern Rock that were frozen, not a mortgage.

AdrianC

HappyMJ wrote: »

You would not agree to exchange until you had a completion date set and therefore the mortgage should have already been approved prior to exchange. You don't exchange contracts without fiannce in place.

But if the lender goes mammaries skywards between exchange and completion...

eddddy

MissusP wrote: »

apparently the buyer doesn't want to commit to this until 'he knows when his investments will be available' and his accountant is dealing with getting monies available ...

As you probably appreciate, this is just what the buyer told the agent.

It may be true or it may be a million miles away from the truth.

e.g. It could be that the buyer is busily offering on another property, but wants to keep you hanging on 'just in case'. Or it could be that the buyer is still trying to raise sufficient cash from 'associates' to complete the purchase.

And if the buyer is playing games, they probably wouldn't tell their solicitor - but even if they did, the buyer's solicitor isn't going to tell your solicitor anything that's detrimental to the buyer.

So don't hold your breath for useful feedback via your solicitor.

TBH, chasing via the EA or chasing the buyer direct is probably your best bet.