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Exchanged but no deposit

245

Comments

  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    bobbicee wrote: »
    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.

    What does contracts agreed mean? You say in the title that you have exchanged and are now saying contracts agreed. What do you actually mean? Have you exchanged contracts or not?
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Cakeguts wrote: »
    What does contracts agreed mean? You say in the title that you have exchanged and are now saying contracts agreed. What do you actually mean? Have you exchanged contracts or not?
    I suspect either the respective solicitors have drafted /agreed the contracts & got their clients to sign in readiness, or possibly the OP is in an overseas jurisdiction where the process & terminology is completely different.

    Just guessing.
  • eddddy
    eddddy Posts: 18,206 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    So you have a cash buyer, who after 5 months, is still unable to even raise a 1% deposit.

    How/when will they raise the other 99%?

    Is this the same house in West Sussex that you discuss in a previous thread?
    https://forums.moneysavingexpert.com/discussion/comment/70232229#Comment_70232229

    So is the sale through Gascoigne-Pees EA? Have they seen proof of funds from the buyer? What is their opinion of the credibility of the buyer?

    Based on what you say, I would be telling Gascoign-Pees (or another EA) to start marketing again.
  • eddddy
    eddddy Posts: 18,206 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    eddddy wrote: »
    So is the sale through Gascoigne-Pees EA? Have they seen proof of funds from the buyer? What is their opinion of the credibility of the buyer?

    ... or just another thought.

    Has this come about because you were you approached by a company or individual claiming to buy any house for cash?

    If so, have you signed anything? Like an option agreement?
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    bobbicee wrote: »
    I mean the contracts have been agreed but can't be validated because there is no deposit.

    So they haven't been exchanged.
    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.

    There's no difference in "time limit" between the two. You will not exchange until the agreed deposit is paid. Whether you decide the sale's off, and pull out, before that happens is entirely up to you.
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Put it into an auction.
  • bobbicee
    bobbicee Posts: 25 Forumite
    We've offered 1% just to legally bind him to the sale. At least it'll cover our legal expenses. However, it doesn't seem to have worked.
  • bobbicee
    bobbicee Posts: 25 Forumite
    Auction is becoming the most likely option for us.
  • bobbicee
    bobbicee Posts: 25 Forumite
    AdrianC wrote: »
    So they haven't been exchanged.

    Unfortunately this is true.


    There's no difference in "time limit" between the two. You will not exchange until the agreed deposit is paid. Whether you decide the sale's off, and pull out, before that happens is entirely up to you.

    Yes indeed. This is what is so frustrating. All of the legal work is complete. We're just kept hanging.
  • bobbicee
    bobbicee Posts: 25 Forumite
    eddddy wrote: »
    ... or just another thought.

    Has this come about because you were you approached by a company or individual claiming to buy any house for cash?

    No. It's a private individual.

    If so, have you signed anything? Like an option agreement?

    No option. Just a regular contract.
This discussion has been closed.
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