Vendor won't exchange

Locowo

Since March when our chain completed we have had 4 moving dates- all cancelled due to an investor buying on the bottom. Finally, on Tuesday evening all contracts were signed off and the top agreed to exchange the next day and 2nd Aug for completion. The investor then decided he wanted another report from a company (even though his solicitor had checked and said it was fine ) so all was on hold again. There have been several pieces of information fed back through the chain that have been misleading- if not completely untrue- that have made us think we were ready to exchange- hence all the moving dates. We have just heard that our buyers mortgage offer runs out on Monday and as he has had to request it twice because of all the false starts it will be refused if he asks again. It looks like the whole chain will collapse because of one person who won't be moving in anyway. There should be a better way of doing this as lack of communication throughout the chain has caused major problems- why isn't there an independent coordinator who can talk to all the Estate agents and Solicitors.
Sorry, title should read Buyer NOT Vendor.

Thrugelmir

The chain has been ready to exchange since March?

G_M

Locowo wrote: »

....why isn't there an independent coordinator who can talk to all the Estate agents and Solicitors?

What you want to add yet another person into the mix of chinese whispers? :eek:

Locowo

No, not ready to exchange since March - that was when the chain completed and the searches etc began...

anselld

Sounds like you are still confused about what the problem is. You say "vendor won't eschange" but then it is the investor below you that is the problem. Then your buyer mortgage runs out on Monday (31 July) but they were planning to complete 2 Aug. Sounds like it was never going to happen.

You can't have had 4 moving dates as moving date is only fixed at exchange. Sorry, but you need to remember that until exchange it is all just wishful thinking.

Locowo

The problem is the investor- he is the VENDOR at the bottom of the chain. We HAVE had 4 moving dates as each time we were told we were ready to exchange- hence the mis information/ untruths fed back through the chain from the investors estate agent.

Locowo

Sorry- should have read BUYER at the bottom of the chain ( the investor) See, this is all scrambling my brain - apologies...

da_rule

I guess the question come down to how badly do you want the property you are buy? And how badly does your buyer want yours?

You can go for the 'nuclear option' - impose a deadline for exchange and if it isn't met then you walk away causing the chain to collapse.

PasturesNew

Investors like to think they're the "Big I am" - but they do like to !!!! people around at times, because they can. Because it's not their home, not their life, just a little "fun" round the edges.

You have no chain.... your buyer is just pulling out. They can still be interested in buying it, but until they find a new buyer for theirs they can't.... and that's the same for all of you.

The only way this has been "quickly" resolved in the past has been by the ones at the top of the chain (most often the wealthiest) being able/willing to buy the house at the bottom of the chain, then resell it.

It's a rare chain where that can happen ... and you've lost your buyer in any case, so would've been something to do 2-3 months ago.

Thrugelmir

Locowo wrote: »

There should be a better way of doing this as lack of communication throughout the chain has caused major problems- why isn't there an independent coordinator who can talk to all the Estate agents and Solicitors.

Buyers and sellers all have their own agendas. Ultimately these are the only people that matter. When it comes to agreeing dates. Solicitors act on their own clients instructions.

enthusiasticsaver

Investors can be a pain in the neck in chain because they have no emotional attachment to the house they are buying. When my daughter sold hers she accepted an offer from an investor last August/September and was moving areas for a new job. She found a flat which was being rented out in her new city so effectively only 2 properties in a very short chain. They did not eventually complete until February of this year so six months in spite of the flat she was buying being empty and an investor buying her house. The holdups were entirely due to the investor and his solicitor. Luckily she was able to rent a room in a friends house so she could start her new job in November but otherwise she would have struggled renting somewhere and paying her mortgage on her house.

Do you know if the investor has signed his contract and decided on the report afterwards? Surely something can be done about the mortgage offer if the whole chain depends on it. Effectively someone needs to give the investor a deadline but I understand how difficult it is when you have got this far along in the process. Hopefully it will happen on Monday. An independent coordinator should not be needed. It is down to the solicitors and estate agents to chase the chain up.