Last minute mess?

Sib2018

Hello was wondering for some advice, basically our buyer and are seller (no chain), have all signed and no we are at the point of exchange contracts.
Basically our seller has agreed to pay towards cost of repairing fencing and to replace a damaged door.
For some reason our solicitor has decided to write to our lender to inform them the amount is less then 1200 not sure why they had to do this. As it feels like it may cause another delay in exchange and completion something all parties are not happy with.

davidmcn

Sib2018 wrote: »

not sure why they had to do this

Because they need to report the net price to the lender ie minus the "cashback".

As it feels like it may cause another delay in exchange and completion something all parties are not happy with.

Then the parties should have agreed the amended price at an earlier stage...

Sib2018

Completion for next Friday is not looking good then, sorry just venting

ACG

Completion for next friday is still a possibility if you can get this sorted by Monday at the latest.

Thrugelmir

Sib2018 wrote: »

For some reason our solicitor has decided to write to our lender to inform them the amount is less then 1200 not sure why they had to do this. As it feels like it may cause another delay in exchange and completion something all parties are not happy with.

Your solicitor happens to be the lenders solicitor as well. With you footing the bill. Solicitors are duty bound to inform.

Sib2018

They faxed the lender 2 days ago, and they are aware completion date required.

Sib2018

Still nothing back from lender we just chased, plus our solicitor is on holiday today. This is just getting silly now for the sake of a pretty much small amount. The whole thing grinds to a halt at the mk ent, we are not asking the lender to give us anymore money is just a reduction.

ACG

But it may be classed as an incentive which in turn could be seen as affecting the value of the property.

I do not necessarily disagree with you but where is the cut off point? £1201? A percentage of the purchase price? Why has it become a problem so late in the day? This should have been sorted ages ago, did you and the vendor agree late in the day or has the solicitor left it until the last minute?

Sib2018

Basically we knew last minute from the vendor about the damage and the feedback from the query we raised about the fencing.

Sib2018

Worried our buyers could pull out because of this delay, we said we did not want the reduction to slow anything down. Then our solicitor goes and faxes the lender, just great.

Sib2018

Or would it be best if we just chase the lenders ourselves to get this sorted.