Last minute demand from buyer

KiKi

What a nightmare! I have to say, though, that when I bought my first flat at the age of 21, I had no clue how important 'exchange' was. My solicitors talked about it, and said we'd exchange on 'x' date - then called me on the day to tell me to go to the office and sign the contract, but I was at work. They hadn't even advised me that I needed to provide the deposit on that day. I was clueless, and relying on them to inform me of what I needed to do.

Thankfully a colleague drove me to the solicitors to sign the contract, and I got a counter-cheque from the Abbey for the deposit, but I *genuinely* had no idea that it was something that had to be done on the set date for all parties concerned, really no idea. I wasn't stupid or thoughtless, I was just relying on experts who didn't outline everything for me and assumed I knew. I didn't really realise what it all meant, I just knew we were aiming for me to have a flat on x date!

Hopefully she's just a bit naive and didn't appreciate that it can't 'just be done tomorrow', as it sounds like this one wasn't dad's idea, either.

Dad sounds just AWFUL.

KiKi

moneyistooshorttomention

I'm not sure I knew how important "Exchange" was either back when I did so on my first house (in my 30s at the time).

I definitely didn't know about the deposit thing. I knew that 10% deposit was required and just thought "No problem - I'm providing a much bigger deposit than that. Sorted". But my deposit wasnt coming from myself personally and I wasnt going to have it until Completion Day (the standard 4 weeks later). It was just sheer pure luck that I could just about scrape together my savings and every last penny in my bank account to "lend" that standard 10% out and then wait to be repaid that money when the Actual Deposit turned up on Completion Day. Just sheer pure luck that the solicitor required very little payment and the removal company required no payment at all until Completion Day or I'd have been snookered (didnt even have a credit card).

Naive was not the word for it - even with own Protective Dad hovering there (don't think he thought of this either - as it's my mother who manages all their finances and is less savvy than I've learnt to be in subsequent years).

But...yes hold your patience. I think some of the problem has come from having such a short timespan arranged between Exchange and Completion (less than a week - eek!). I don't think that short a gap was at all realistic.

Davesnave

Another one here who had the FTB at the bottom taking all the paper work to show her Dad, and then working night shifts / being uncontactable, causing the whole chain to panic.

You'd think a doctor might have more idea, but no.

Ozzuk

Just catching up on this thread and wanted to wish you good luck for today!

SingleSue

I must have been unusual, I knew exactly what it all meant which bearing in mind I was 19 and this was pre domestic internet, is quite amazing. Mind you, I have always been a bit OCD about knowing exactly all terms, all eventualities and prior to it all being at my fingertips online, would spend hours in the library doing my research.

We exchanged and completed on the same day.

moneyistooshorttomention

Well there are more naive people going - some of a quite noticeable age at that. I watched a tv programme yesterday and duly felt sympathetic to this small community of houses right near a clifftop.

You can guess the rest....

An older guy there (80s at a guess) said how he and his wife had been promised the land their home stood on wouldnt be eroded for at least 60 years and he duly thought "It'll last long enough to see my wife and I out". Shoulda got it in writing re that 60 years - he is still here - but the land and road in front of his property has already been eroded away and some of his garden has gone with it and it's a matter for debate whether the rest of his property will last long enough to "see him out". Yes - I sympathise obviously - but I did wonder just how old he was when he believed the person who promised him the property would last at least 60 years....:cool:

Naivety doesnt finish on the dot of 18 or 21 or even going into one's 30s. I've even spotted someone in their 80s being somewhat naive....(no Alzheimers either - as far as I can judge....).

Though Single Sue does have a valid point that the Internet does help a lot in alerting us all to "how things work".

lichfield22

moneyistooshorttomention wrote: »

I'm not sure I knew how important "Exchange" was either back when I did so on my first house (in my 30s at the time).

I definitely didn't know about the deposit thing. I knew that 10% deposit was required and just thought "No problem - I'm providing a much bigger deposit than that. Sorted". But my deposit wasnt coming from myself personally and I wasnt going to have it until Completion Day (the standard 4 weeks later). It was just sheer pure luck that I could just about scrape together my savings and every last penny in my bank account to "lend" that standard 10% out and then wait to be repaid that money when the Actual Deposit turned up on Completion Day. Just sheer pure luck that the solicitor required very little payment and the removal company required no payment at all until Completion Day or I'd have been snookered (didnt even have a credit card).

Naive was not the word for it - even with own Protective Dad hovering there (don't think he thought of this either - as it's my mother who manages all their finances and is less savvy than I've learnt to be in subsequent years).

But...yes hold your patience. I think some of the problem has come from having such a short timespan arranged between Exchange and Completion (less than a week - eek!). I don't think that short a gap was at all realistic.

Remember we were supposed to have a week between exchange and completion but the buyer had already asked us to delay from Friday to Tuesday ...

Hoploz

Wishing you good luck for exchange today.
Hopefully.
When is your seller expecting completion, still Friday?

paddy's_mum

lichfield22 wrote: »

because we will lose our onward purchase if exchange on both properties doesn't happen on Tuesday!

Oh, I do hope not!

It's awful to lose a dream. Fingers crossed for you.

moneyistooshorttomention

A week is incredibly short between Exchange and Completion. It allows absolutely no time at all for inefficiency/naivety/etc/etc.

I was given no option but to stick to the standard 4 weeks when I bought my starter house (which was just as well in the event) and I insisted on that standard 4 weeks when I recently bought current house.