never a buyer nor seller be!

correll

I haven't actually got a question. I just feel I need to vent. We put in an offer on a property in October 2018. We were told we had 2 weeks to get an offer on our property on the seller would put back on the market.

We had 2 offers within a week and accepted a first time buyer with a mortgage in principal. We ordered searches on the property we were buying and then 48hrs later the vendor pulled out, saying her daughter was ill so she did not want to move.

Not wanting to let our buyers down, we set about finding another property (vacant possession).

By December we had found a new property and everything was moving along. In February we were asked to pick a completion date and opted for the 28th. We started packing boxes and got very excited. On the 27th February our solicitor phoned and said that the buyers solicitor couldn't do the 28th, but had not given an alternative date. 4 weeks passed with us wondering if it would be this week and our solicitor chasing the buyers solicitor for us to find out on the 31t March that the buyer had lost his job and the mortgage had been revoked.
Our house went back on the market on the 1st April and that afternoon the estate agent said that we had an offer from the other person who offered in October and there were 3 people wanting to view. She said he was a cash buyer (BTL), that she had seen his funds and had the name of his solicitor. worried about losing our property and not feeling like starting viewings again with half the house packed up we went for the cash buyer.
Now, 6 weeks later, we have had a surveyor come round for a buy to let mortgage! I am furious and upset that a) he lied about being a cash buyer b) he has waited 6 weeks to do the survey c) we could lose our property we are buying because of him
We feel like we are in limbo and at the mercy of other people, with no idea of when (or even if) we will nove:mad::(

anselld

Mainly bad luck, but personally I wouldn't have been giving a second chance to someone who pulled out once before. He will probably gazzunder when the survey comes through.

correll

That would just put the top hat on it!

eddddy

correll wrote: »

In February we were asked to pick a completion date and opted for the 28th. We started packing boxes and got very excited. On the 27th February our solicitor phoned and said that the buyers solicitor couldn't do the 28th, but had not given an alternative date. (

So it sounds like you were planning to exchange and complete on the same day.

That adds hugely to the stress.

If you stipulate 2 or maybe 4 weeks between exchange and completion... you just stay relaxed until exchange happens... then you have 2 or 4 weeks to pack boxes and get very excited.

And you can be (very nearly) certain that you'll be moving on the day that you expect.

hazyjo

As above really - massive risk trying to do it all on the same day. Exchange a week or two before completion.

Also, never pack or confirm removals or anything until exchange.

Some people refer to themselves as 'cash buyers' when they don't have anything to sell but still need a mortgage. I would always clarify. tbh it shouldn't make a lot of difference time-wise.

My buyers waited around 8-9 weeks or so to do the survey after saying they weren't having one. Wasn't happy, but spelled it out to them (via EA) that if they thought they could drop the price by leaving it so late and trying to hold me over a barrel, they could take a running jump. They didn't thankfully. Lots say investors have a habit of dropping the price last minute so I would have been cautious in your shoes. I have sold to a couple of investors before who were both fine.

Unfortunately it's all pretty normal in the world of house buying.

correll

Our solicitor hasn't even hinted at a date for exchange this time

correll

The EA had seen evidence of his funds, so he could pay cash if he wanted. I will never move again!!

Johnhowell

correll wrote: »

Our solicitor hasn't even hinted at a date for exchange this time

I would not rely on your solicitor to suggest dates. Based on the progress that your solicitor gives you, you can then work out the best dates for you for Exchange and Completion. I would then take off a week or two to allow the Vendors up the chain to negotiate to the later days - but with you suggesting dates hopefully will gee them up.

You take control as it is your purchase.

I would also be aware of the final invoice from the solicitor - check against the original quotation - taking into account different VAT rates assigned to each item. I noted that the format of the final invoice was very different form the quotation - same items were described slightly differently - same had VAT included some did not. They do not make it easy to check apples with apples and pears with pears. My solicitor's final total was about £104 more than the sum of the items. I queried it and lo and behold a revised invoice was e-mailed within a day!

How many invoices are not checked and are paid regardless. Money for nothing...

Good luck,
J

correll

:T our solicitor has contacted us today. We have to wait for the buyer to get his mortgage offer and then we can go to contracts. We are aiming for early June :j