Exchanged but no deposit

bobbicee

After nearly three years on the market, two buyers who've pulled out and now five months of conveyancing with a new cash buyer, we look like we are still no nearer to selling our house. We've moved out of the house in August into rented accommodation because of my wife's work. The house sits empty, slowly getting damper and unloved but we're still paying a mortgage, council tax (and the new rent) we can ill afford. All of the contract details were sorted out with the purchaser who promised he could pay the full amount up front and the relevant copies sat on each lawyers desks at the beginning of October. Then we waited for the funds to be deposited, but as yet they haven't appeared. We are given various excuses - ranging from the funds being in an ISA and being hard to release, to money laundering regulations meaning a delay to the bank getting the deposit decimal points wrong on the deposit to the bank not telling them why they can't release the funds. We're stressed, exhausted and our lives are on hold. There's nothing legally tying him to the purchase (that can't be activated until the funds are deposited) but we can't face the prospect of withdrawing, paying legal fees (we can't afford to anyway) and then remarketing. We've offered to accept a lower deposit which we've been told is being considered but the guy isn't answering his phone or replying to emails anymore. Is there anything we can do? Our agent and both solicitors just keep saying there is nothing we can do until the money is in the buyer's solicitor's account.

Cakeguts

You say you have exchanged and then you say there is nothing legally tying your buyer to the purchase. Which is correct?

ThePants999

You don't have to officially withdraw from this sale in order to remarket. Just put it back on the market, see what happens. If you get another offer, THEN you can take the decision about whether to boot the current buyer - or put them in a contract race...

bobbicee

I mean the contracts have been agreed but can't be validated because there is no deposit. There's a time limit of five days for buyers with a mortgage to come up with the deposit but no time limit it seems for a cash buyer.

bobbicee

What's crazy is that all of the contract work is done. They just have to come up with a 1% deposit. I don't get it.

AnotherJoe

1%? That's very low. Very. Why so low?

Put it back on the market. Either that will get the current buyer to move, or ,ore likely expose the fact they are about to do a runner.

G_M

Your title says

Exchanged but no deposit

but you don't seem to have exchangd at all.

the purchaser who promised he could pay the full amount up front

so simultaneous exchange/completion? yet:

We've offered to accept a lower deposit

Which?

There's a time limit of five days for buyers with a mortgage to come up with the deposit but no time limit it seems for a cash buyer.

No idea where you get this 5 days from? Which country are you in?

They just have to come up with a 1% deposit.

1% instead of 10%? They're having a laugh.

This sale is not going to happen. Put the property back on the market

I suspect the buyer is waiting till you ar so desperate that you'll significantly drop the price. Are you willing to do that?

Mickygg

After 3 years trying to sell I would carry on with this buyer, as frustrating as it may be. Give them a firm deadline, and then after that walk away and remarket.

xylophone

Would an auction sale be a possibility?

davidmcn

Just remarket in the meantime, the buyer can come back to you when they're ready to proceed.

Bonfire_Bride

Alarm bells would be ringing if my buyer disappeared all of a sudden!!!