Why do people lie!!! so upset!!!!

worrypants

Well expecting exchange last Friday even had a copy of a letter sent from buyers solicitor to our solicitor saying this.Our buyers are not borrwing themselves as their house only just gone on the market, they were using equity relesaed from the mothers home via a loan from HSBC all this was agreed with HSBC 3 weeks ago and was just a case of waiting for the funds to go through the banking system.Buyer signed all contracts a week last Thursday in readyness and we signed the transfer deed ( which had come via buyers solicitor with buyers sigs already on ready for completion on Monday this week( completion was due for next Tuesday)Now this is no ordinary move as we are going to live in Canada so after speaking to buyer last week and being reassured by the agent, our solicitor and buyers solicitor that absolutely everything is ready and funds definitly agreed and on their way we had no option but to get our home cleared as much as possible.Our bed is sold along with all chairs and tables most furniture etc plus all of our personal belongings books photos etc etc etc have gone in 2 van loads over 2 weeks to my parents house for sale and store which is 220 miles away.Our dogs were booked for collection to go to the doggy travel agents on Monday in readyness to be flown out to us the day after our arrival.We were due to be waking up in Canada a week today.Now wait for it our buyer PULLED OUT at 10am yesterday reason stated HSBC agreed the funds then changed their mind due to northern rock crisis!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! has anyone heard such a load of tripe???? fisrt of all HSBC is not in trouble, secondly if it was BOE would be bailing them out , third I do not believe for one minute that any of the banks including northern rock have gone back on any agreed funds and mortgages have they.We are left with an almost empty home we are devastated how could people lie like this if only they had been honest last week I told the buyer on the phone last wednesday that our bed was going last thursday plus a lorry load of furniture and was she certain the money was agreed etc etc she said we cant wait to get in and can we complete octber 8th.These buyers are evil and dishonest sorry for my rant just did not believe it would go wrong at the 11th hour when all contracts signed all legal work done and both solicitors saying money definitly agreed just going through banking system.Im not daft I know it can and does go wrong but usually much earlier in the process than this, we should have been on another continent this time next week and we are going to be here for lord knows how long cant even post a link to the house as stupid estate agent has removed it from their website
House reduced by over £12000 we are paying stamp and legal etc etc just wondering how much further we have to reduce( this offer was made full asking price on August 30th ) not sure how much worse the market has got since then?will be back later with a link to the house.

Mrs_Thrify

Hiya, I can't belive it! what a night mare! I thought once the contracts were signed you had to go through! poor you. Can you not still go through with your big move and leave the house in the hands of agents? I serpose you will still be needed to sign things though!

Sad wishes and big hugs

worrypants

thanks Juliewe need the equity in the house to go with unfortuantely.We had a rental organised in Canada plus 14 viewngs arranged ready to buy.All contracts were signed by both us and buyers but not actually exchanged.for some reason this site isnt letting me do spacings between paragraphs so sorry for a non easy read

IveSeenTheLight

Not sure how the system works in England, but in Scotland the buyer would still be legally bound to the property.
If there are cash flow problems then the buyer has to pay something like 8% of the mortgage to cover the interest on the mortgage.

Best check with your solicitor to see what can be done as all contracts were signed

worrypants

nothing can be done as although all contracts were signed they were not exchangedI hate the house buying system but doesnt everyone!

MissMotivation

I really feel for you, this an awful situation!

Unfortunately signing the contracts means nothing.....it's the exchange that makes it legally binding.

Is it possible for you to let your house for a short while whilst trying to sell?

worrypants

Have thought about letting but cant really we need the equity out and wouldnt think halifax will allow us to convert to buy to let mortgage as our income mutiple is not high enough to voer mortgage( husband changed jobs since we bought this house in Feb this year, now he doesnt hae a job at all!) We have a little bit of other income but not a lot.

silvercar

Really difficult situation for you.Could it be that HSBC gave an agreement in principle but not a formal mortgage offer?

Could you use the equity from the probate house you are selling?

I wonder if one of the quick sale companies would help you out. You would get less money but at least you would sell quickly?

If you do decide to remarket, I would insist on a month between exchange and completion, so that you don't need to pack up in advance of exchange.

sm9ai

That really sucks, and I feel really sorry for you.

However I am aware of one other bank, well building society, pulling a mortgage offer due to the Northern Rock issue that was offered to one of my friends. :mad:

Have you spoken to the buyers, if they are still interested they could still probably get a loan from someone else.

Generali

I'd put it up for auction. Better than using one of those parasites.

Jennifer_Jane

Just want to say how sorry I am about this to worrypants. The system is abysmal. You would hardly think we lived in a democracy and had a choice about who to vote for. A similar thing happened to me two years ago - a definite sale then two chains fell through below my purchaser and then the purchaser said my house was jinxed and pulled out when the chain got back. I am still paying the opportunity cost of having pulled investments etc to pay for the next house. Had I left them I would be in a much better financial position, apart from solicitors fees, searches, etc, and perhaps worst of all, losing my little dream house that I have to pass every day and still am upset about losing. I realise that this is not to the scale of what you are going through, but actually wanted to post partly in sympathy, and partly to thank silvercar, who I think could have solved a lot of problems (and I didn't know you could do this), by insisting on a month between exchange and completion). This (almost) turns the whole thing into what goes on in Sweden, US, South Africa, Australia, etc - which is you offer to buy and everything is binding apart from what was stated as 'subject to' ('subject to mortgage approval' etc). Everything then goes along smoothly, people move into each other's houses as and when it suits each party paying 'occupational rent', and completion gets done some time in the future.

So often on this board you get a 'life-changing' hint, thanks, silvercar.

Anyway, worrypants, I suppose you're really busy trying to put plan B into operation. Whose house is the name in, if you've signed the Transfer Deed? Sorry to be naive - not used to the English system. Am so very sorry about all this. It is devastating for you.

Heartbreaking!
Jen
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