Completion offered with buyer no mortgage

surrender_in_pity

Wondered if anyone could offer advice?
We are selling a house with no onward purchase.


The buyers of said house are selling a flat to first time buyers.


In September we signed our contract.
In October we were told that the exchange and completion could happed simultaneously to both properties.
That failed and we were then told of multiple exchange dates to happen but they also failed.


We are told that knotweed was the reason 1st November, but then the purchaser of the flat didn't have a mortgage.
We were then told this week, that the valuation on the flat has just come through.


So how the heck did we get offered exchange and completion.
That day we literally were waiting for it to happen..

AdrianC

If they don't need a mortgage, they don't NEED a survey or valuation.

Maybe they changed their mind on whether they wanted one.

GDB2222

surrender_in_pity wrote: »

Wondered if anyone could offer advice?
We are selling a house with no onward purchase.


The buyers of said house are selling a flat to first time buyers.


In September we signed our contract.
In October we were told that the exchange and completion could happed simultaneously to both properties.
That failed and we were then told of multiple exchange dates to happen but they also failed.


We are told that knotweed was the reason 1st November, but then the purchaser of the flat didn't have a mortgage.
We were then told this week, that the valuation on the flat has just come through.


So how the heck did we get offered exchange and completion.
That day we literally were waiting for it to happen..

You have been royally mucked about. I’d put the place back on the market. That won’t stop you selling it to your current non-buyers, and it puts them under some pressure to perform.

Do you have a sole agent or multiple agents?

surrender_in_pity

GDB2222 wrote: »

You have been royally mucked about. I’d put the place back on the market. That won’t stop you selling it to your current non-buyers, and it puts them under some pressure to perform.

Do you have a sole agent or multiple agents?

We have a single agent whom have been fine.


I don't understand why Knotweed would arise after completion date and that they don't have funds. The flat buyers are first time buyers also.


The knotweed is 9 metres away , on the other side of a river to their third floor flat.


Its taken a month of investigation, and now they are suggesting that location of the knotweed is being sent to the lender.


We have been told the solicitor is holding money (without a completion date agreed)
Then told the lender wont release funds without a completion date agreed.

surrender_in_pity

AdrianC wrote: »

If they don't need a mortgage, they don't NEED a survey or valuation.

Maybe they changed their mind on whether they wanted one.

That would be after exchange and completion were agreed, and without the solicitor telling anyone involved in the chain?

G_M

You will never know the full truth of what is happening and why.


All that matters toyou is
1) there have been delays
2) the delay is ongoing
3) you must decide whether to wait patiently, pull out, or start looking at properties again while still waiting (just in case).


Property deals always take longer than you expect or want,and issues frequently arise.

surrender_in_pity

G_M wrote: »

You will never know the full truth of what is happening and why.


All that matters toyou is
1) there have been delays
2) the delay is ongoing
3) you must decide whether to wait patiently, pull out, or start looking at properties again while still waiting (just in case).


Property deals always take longer than you expect or want,and issues frequently arise.

I appreciate that point but we are not robotic instruments, and you cant tell me what matters to me.
One persons ice cream is another sausage and chips.


For a million pounds delivered by the spices girls,
I wont proceed without explanation of why exchange was offered when that solicitor that offered exchange and completion possibly knew or was incompetent to their flat buyers position.

surrender_in_pity

surrender_in_pity wrote: »

I appreciate that point but we are not robotic instruments, and you cant tell me what matters to me.
One persons ice cream is another sausage and chips.


For a million pounds delivered by the spices girls,
I wont proceed without explanation of why exchange was offered when that solicitor that offered exchange and completion possibly knew or was incompetent to their flat buyers position.

I would also say that no valuation or environmental search having taken place when a completion is due to happen that day, well that feels more than issues arising?


Unless that's perfectly normal for a solicitor to say we are exchanging today and have no idea what stage their buyer is.
Maybe it is.

AdrianC

surrender_in_pity wrote: »

I appreciate that point but we are not robotic instruments, and you cant tell me what matters to me.

Not "matters to you" in an emotional sense. "Matters to you" in terms of how it can actually affect your transaction.

G_M

surrender_in_pity wrote: »

I appreciate that point but we are not robotic instruments, and you cant tell me what matters to me.
In terms of what is relevant to this purchase, yes I can. And I have.

One persons ice cream is another sausage and chips. No idea what you are talking about. I eat neither ice cream, nor sausages. Especially not during property transactions.

For a million pounds delivered by the spices girls, Deliveroo? Or Just Eat?
I wont proceed without explanation of why exchange was offered when that solicitor that offered exchange and completion possibly knew or was incompetent to their flat buyers position.

Well there you go. Your choice. As per my 3rd point!

you must decide whether to wait patiently, pull out, or start looking at properties again while still waiting (just in case).

surrender_in_pity

G_M wrote: »

Well there you go. Your choice. As per my 3rd point!

4 Wait impatiently


5 ask for a timescale and ask reason why you can say at 9am we are completing and at 4pm say the buyer hasn't had a valuation or has a mortgage.


Ive done 3(a), then 4 now 5.


I'm presently on 6, which is to ask for answer on why the shenanigans or I revert to 3(b)


As I mentioned I'm not buying a property, it would be sell, rent out or leave empty, auction etc.