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Buyers' buyers wants simultaneous exch / comp
Comments
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Your buyers could exchange and complete on their sale while the rest of you just exchanges at that time, and completes later. They'll be 'homeless' for a while (days/week/whatever), but it puts the problem back in their court, not yours.
Yes, that's an option I guess. I'll pose that question to my solicitor when he gets in touch next.0 -
As I say, ask your EA if they know what's going on. They should be in touch with EAs down the chain - and might give them a quick call.
Is that appropriate now? When I contacted them a few weeks ago asking for update on situations they told me to ask the solicitors as they would be handling everything now.
My partner has told me to leave it for the time being and stop nagging everyone!0 -
Is that appropriate now? When I contacted them a few weeks ago asking for update on situations they told me to ask the solicitors as they would be handling everything now.
Hmmm... are they an estate agent that you pay up-front?
'No sale, no fee' estate agents that get paid on completion, tend to work hard to get these types of issues resolved - because they want their money.
If the estate agent lower down the chain is being paid on completion, you could try phoning them - that has worked for me in the past.0 -
Hmmm... are they an estate agent that you pay up-front?
'No sale, no fee' estate agents that get paid on completion, tend to work hard to get these types of issues resolved - because they want their money.
If the estate agent lower down the chain is being paid on completion, you could try phoning them - that has worked for me in the past.
No, our EA is a local one, as is our buyers'. Both work on no sale no fee. So if I rang our EA, they could in turn contact our buyers' EA?0 -
My son exchanged and completed the same day when he bought his flat. However, he was a FTB and his vendor had already moved on, so the flat was empty.
I can see why it might be difficult if you are in a chain.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
Speaking as someone who is also a terrible over-thinker, when I bought my first place a couple of years ago I was basically transferring 6 years of my savings from working incredibly long hours, at the click of the button. I had read so many horror stories about people exchanging then having their mortgage offers pulled and being sued etc, that I didn't want to take the risk. Luckily my seller was an exiting BTL landlord so it worked fine for both of us - so there really may not be any more to it than that.
So do you think the bottom of the chain could be nervous about exchanging due to the fears you have noted?
Bit of a catch 22 if they fear exchanging and we fear not exchanging!0 -
If you are in a chain someone somewhere along it is going to put their foot down and say 'no' even if you aren't willing to0
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My guess would be that they may not have realised that it's standard for them to have to come up with a 10% deposit at exchange - it's a topic that gets raised quite frequently by FTBs on this board.
Perhaps they don't have that amount of ready cash easily to hand, so its been suggested to them that they can circumvent this by exchanging and completing on the same day.0 -
p00hsticks wrote: »My guess would be that they may not have realised that it's standard for them to have to come up with a 10% deposit at exchange - it's a topic that gets raised quite frequently by FTBs on this board.
Perhaps they don't have that amount of ready cash easily to hand, so its been suggested to them that they can circumvent this by exchanging and completing on the same day.
Possible. What would be the answer to this? To just exch/com on same day or lower deposit throughout the chain.
Also, wouldn't the 10% deposit come from their mortgage deposit? That's me assuming they have a decent deposit on their mortgage.0 -
Ah, the perennial confusion over the two meanings of the word "deposit"...Also, wouldn't the 10% deposit come from their mortgage deposit? That's me assuming they have a decent deposit on their mortgage.
At exchange, there's a security deposit - typically 10% - paid to show the buyer's commitment to the deal.
The mortgage "deposit" is the buyer's equity in the purchase, the amount they aren't borrowing.0
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