Frustrating house sale.

Concerned75

Im still in the process of selling my house, despite neither parties being in a chain, anything else to sell and after 10 weeks, still no exchange or completion date.
I have gone with a company that arranges a quick sale and is supposed to have cash buyers or developers on their books.
They also have a window on the open market to people who can't buy outright, but have been "vetted and have a mortgage in place/principle"
The buyer is from Poland and speaks very little English, so based on what my solicitor and property management say, neither of them have heard much from him, through his solicitor.
It has now got to the point I can't pay the mortgage on the property and council tax, because I have become self employed, due to a long-term health condition, I need to be in more control of my working hrs, so I can manage my health. I have struggled with this for 12yrs on PAYE. So now I wanted a fresh start, my own hrs and some money in the bank, as I am moving in with my partner.
The holdup seems to be, the buyer has gone with a lender that is not known by my solicitor and everything is going through the lender's solicitor.
They are making queries that should have been made back in April.
I suspect the buyer didn't meet the high criteria on the high street lenders and has gone to a small and frustrating business.
It has taken him 2 and half months to fill out his mortgage application and come up with his deposit, even though I was assured he was good to go for a mortgage by my property management. They're his client and it seems he's lied to them or they haven't done their job properly.
I am also annoyed at the property management, because despite telling them I am going into debt until we complete, they have effectively washed their hands of my financial situation, seeing as they are partly to blame.
I did get some legal advice on this and they suggested they could have offered some compensation for the delay or deduct some of their fees.
The property management's 'brand' is completion within 4-8 weeks, not 10week+ and still counting.
I can't back out as I have to work and pay rent on the work studio and I am not living there because of the distance between the properties is too far and costly to travel.
This buyer shouldnt have been on their books in the first place.
Just so upset as there's nothing I can do...

Concerned75

They're his client

Sorry, it should have said he's their client.

AnotherJoe

Back out, drop the price, sell through a traditional estate agent, take the hit on the losses because who knows what's going to happen here maybe you'll still be waiting in another 10 weeks.
And maybe this will incent your current buyer to get a move on.

Concerned75

Back out, drop the price, sell through a traditional estate agent, take the hit on the losses because who knows what's going to happen here maybe you'll still be waiting in another 10 weeks.
And maybe this will incent your current buyer to get a move on.

By anotherJoe.
I don't have the money to start again. I can't even afford to pay my current mortgage! My solicitor says he is hopeful we should complete next week, latest 2nd week in July. I just wish they would take some monetary responsibility, under these circumstances.

csgohan4

I wouldn't be surprised if they tried to gazunder if you used the quick buy companies

AnotherJoe

Concerned75 wrote: »

By anotherJoe.
I don't have the money to start again. I can't even afford to pay my current mortgage! My solicitor says he is hopeful we should complete next week, latest 2nd week in July. I just wish they would take some monetary responsibility, under these circumstances.

Then you'll go into arrears. By the time the mortgage co gets serious you'll have sold and can settle up..

As it is you are open to blackmail, eg a last minute gazundr. You've already been lied to about them having cash buyers lined up it turns out to be someone who needs an mortage, same as if you sold through a normal EA to start with.

KL0001

Speak with your mortgage provider, they may be willing to do something with regards to your payments based on you being part way through the sale and having financial difficulties.

Concerned75

Thanks for your replies. It is true, I could have gone to an EA. I bought the house in 6 weeks with one and old school; no emails or online pre filled out forms back then.
I have managed to speak to my mortgage Co and after an uncomfortable expediture questionnaire, they agreed a nil payment this month, providing I get an exchange date asap. Ive just come out of debt for the past 7 years, hence the new start. I shouldnt be falling back into it because of this.
Im now robbing Peter to pay Paul with all other bills. Just hope I can get some good news soon.

AdrianC

Concerned75 wrote: »

I have gone with a company that arranges a quick sale and is supposed to have cash buyers or developers on their books.
They also have a window on the open market to people who can't buy outright, but have been "vetted and have a mortgage in place/principle"

I suspect that you are actually selling to the company, who are then setting up a shared-ownership deal with their customer.

It has now got to the point I can't pay the mortgage on the property and council tax

Talk to the lender TODAY. Talk to the LA, too.

because I have become self employed

If you can't manage such basic outgoings, then is your self-employment viable? Would you not be better simply declaring unemployment?

due to a long-term health condition

Is it serious enough to qualify you for benefits?

The holdup seems to be, the buyer has gone with a lender that is not known by my solicitor and everything is going through the lender's solicitor.

The "lender" here is likely to be part of your actual purchaser.

I am also annoyed at the property management, because despite telling them I am going into debt until we complete, they have effectively washed their hands of my financial situation, seeing as they are partly to blame.

No, they aren't. Until you exchange contracts - which sets a completion date - you have zero contractual relationship with them.

I can't back out as I have to work and pay rent on the work studio and I am not living there because of the distance between the properties is too far and costly to travel.
This buyer shouldnt have been on their books in the first place.
Just so upset as there's nothing I can do...

So what are you going to do when they back out tomorrow? Or they decide to only offer you 50% of the previous offer, else they walk?


You can back out - and if you don't think this is going anywhere fast, you should at least threaten to (and mean it). Then get the place into an auction, or put it back on at a genuine "quick sale for cash buyer" price.

Hoploz

If your solicitor thinks the end of next week is achievable, give this as a deadline and pull out if it is not met.

Your mortgage co will extend their generosity for a while.

You could market at a competitive price with a standard estate agent, or you could consider auction, although there may be additional costs with this but the timescale is set pretty much in stone.

Your fees to sell will not be due until the sale completes so don't worry about being able to 'afford' selling with an estate agent

Concerned75

!!!8220;
I have gone with a company that arranges a quick sale and is supposed to have cash buyers or developers on their books.
They also have a window on the open market to people who can't buy outright, but have been "vetted and have a mortgage in place/principle"
Originally posted by Concerned75
!!!8221;I suspect that you are actually selling to the company, who are then setting up a shared-ownership deal with their customer.

By AdrianC

My first home was a shared ownership and I seem to remember the strict criteria I had to meet; getting a written mortgage guarantee offer of a property no more than £80K before I could even consider making an offer with any buyer and getting an approval of lender from the shared ownership team, so if this guy is under something similar, they have certainly didn't quiz him on these things, based on this uneccesary drawn out sale.