Due to Complete Next Friday but still haven't exchanged - Very Concerned. Need Help

Doozergirl

The thing is, that your situation is more common than not. The key difference is how you react.

Maybe the vendor isn't very nice and being the last link is some kind of karma, but it doesn't help anyone.

Focus on the fact that their solicitor is working hard and believe that it will probably end up happening. Your solicitor can draw funds, just in case.

If it doesn't, just work on being flexible. It is stressful, no one is going to deny you that, but you cannot control what you cannot control so you just do what you can to be helpful at this point.

hazyjo

Stand by what I have always said. The only thing that causes stress when housebuying is deadlines! And you're the FTB without any need for deadlines!


As above, never buy, order or arrange anything for before exchange.


Doesn't matter that you'll be without things for a while. You'll survive. Plenty of free or cheap stuff online to see you through (sofa, white goods, etc).


Loads of people say they'll rent or stay with friends then change their minds if they find something and try to play catch up.


Sorry but I agree with Doozergirl. Totally down to naivety I'm afraid

Doozergirl

pinkteapot wrote: »

Here's the actual short version:

Chain of 4 has agreed 7 Feb as a completion date but has not yet exchanged. Vendor’s mortgage offer for their onward purchase expires on 7 Feb with no further extension possible.

OP (FTB) is ready to exchange.

Vendor is not ready to exchange. Next two paragraphs copied directly from OP’s post as they’re the pertinent part, regarding an issue with their vendor's onward purchase:

Vendors finally signed the contracts Monday but for some reason their conveyancer sent off for a land registry priority search prior to exchange rather than completion. An OS2 was sent on Tuesday. Their onward purchase is potentially unregistered, we were waiting for clarification and Wednesday we are told the search is back but there is a problem. Finally got clarification this morning and their seller had recently re-acquired some garden ground from his neighbour prior to sale and his solicitors has applied for a transfer pf part to be registered in the sellers name.

Their sellers conveyancer applied to expedite the application with the Land Registry due to the deadline and our sellers conveyancer had been on the LR portal this morning and seen a requisition had been raised by the LR. They spoke to the sellers conveyancer this morning and she assured them she had responded to the requisition yesterday through the portal. They are certain its being worked on. But we think they are living in dreamland.

Does anyone know how long the Land Registry will take to resolve this?

Days if there are no queries from the LR.

The solicitor should keep an eye on the portal for any questions from the LR. The LR rep on the LR thread is really helpful on specifics, but this isn't the OPs sale/purchase.

AdrianC

ahepworth1991 wrote: »

Ok I’m actually quite shocked to how some of you have responded. I was asking for help not to be basically bashed on top of everything we’ve been through.

Not bashed. I'm sorry if that's how having the neutral reality pointed out to you feels...

You have no idea what the vendors are like

It's irrelevant. They aren't your friends. They're just people you're buying something from. You don't need to talk to them. EVER. When we sold our last house, I never spoke to the buyer once...

We are in a very stressful situation right now. So i wrote this from a place of stress and upset.

Yes, we understand. But that stress is brought on by you not appreciating the reality of the situation. Chill. Detach your personal feelings about somebody from the reality of the transaction. Understand what's happening, when, and why - and don't try to jump the gun and get fixated on specific dates.

I just wanted some guidance

Which you've had.

Ultimately 3 out of 4 parties are anxiously waiting for this to go through and are all ready and waiting. Our vendors are the ones who have caused this last problem at the very last minute.

NO, THEY ARE NOT.

Their solicitor has discovered an issue with the property they are buying.

You are A, the bottom of the chain..
A -> B -> C ->D

The problem is with C. B is not ready to buy from C, because C is in the throes of changing what's for sale.

To push and push and push us and blame us every step of the way for things that werent our fault then leave all other parties in the chain hanging is really unfair. All of us sorted these problems much earlier.

You are ready. If everybody else was ready, you'd have exchanged by now. You'd be completing today. You haven't, because everybody else isn't ready. They thought they were, but something has cropped up. If you want to shout at anybody, shout at C.

This para is the reason for your delay...

ahepworth1991 wrote: »

Vendors finally signed the contracts Monday but for some reason their conveyancer sent off for a land registry priority search prior to exchange rather than completion. An OS2 was sent on Tuesday. Their onward purchase is potentially unregistered, we were waiting for clarification and Wednesday we are told the search is back but there is a problem. Finally got clarification this morning and their seller had recently re-acquired some garden ground from his neighbour prior to sale and his solicitors has applied for a transfer pf part to be registered in the sellers name.

Notice the bit I've italicised? At exchange, the buyer is legally bound to buy. You don't work details out after exchange. If the buyer doesn't know for 100% sure what they're buying, they do not exchange. They thought they did, but C has done something to the registration at the last minute and changed something. Quite simply, B would no longer be buying what they thought they were buying. B's solicitor is trying to find out what B is buying...

Would YOU exchange if B had suddenly changed the LR registration on the eve of exchange? No, of course you wouldn't.

RF87

davidmcn wrote: »

This is the short version?!

Why be rude? Unnecessary if you ask me.

ahepworth1991

See the thing is we were happy to be flexible. We were on no timeframes. Then the 31st January was put out there. Due to the sheer amount of costs of the work that needs doing to the place and cashflow we asked for the nearest date we could possibly do where our first mortgage payment would fall for both mine and my partners pay dates which was the 7th. We did try to reduce the sale price following the stuff the survey dragged up but vendor would not do it, we wanted the house so we accepted it but we told them we would need more time which they accepted.

Thing is if they wanted to go later then we could work to that too but they are all set on the 7th and we've been really pressured and no its halting. I just wish they would be honest and say its not going to work we need to reevaluate and provide another date. Its the stress of time running out and all parties have agreed to this date. They don't want to go later than next friday so theres no further movement from anyone. But i just don't see how its possible to continue with next week.

I just rather someone be honest and we work to another date and then the pressure can be taken off.

I know all conveyancers in the chain are doing all they can. Its actually our vendors onward purchase conveyancer that is doing all they can. Unfortunately it is our vendors conveyancer that has causef all the problems and is not working hard enough. All parties in the chain even our vendors are very unhappy with how their own conveyancer is dealing with things and delaying stuff. all other conveyancers have been great and there have been no problems.

I apologies if my post angered some people that they felt the need to fire back at me but i have alot on my plate at the moment aside from the house and not knowing whats going on is really difficult. so i am in a really stressful place at the moment hence the post may not have come across great.

pinkteapot

ahepworth1991 wrote: »

Thanks Pinktea pot. Appreciate you trying to help. I know it was long apologies. Thanks for not being too hard on me either.

Maybe some of my comments were warranted but I cannot explain how much stress i am under at the moment

It's OK - when you're stressed you can't see the wood for the trees. Just wanted to pick out the key parts of your post to help you get more replies.

You'll make mistakes as a FTB that you'll never make again when you move! Agree with doozer and everyone - be prepared to cancel/change the arrangements you've made. It's still possible you'll complete next Fri, but it'll get less likely as time ticks on. That being said, it is possible to exchange and complete same day in the worst case, so there's still a week (just) for it to get resolved.

What I would do in your position is ask the EA to find out if the rest of the chain is still going to be happy to complete on the 7th if exchange isn't until some point next week. Someone in the chain may have wanted a minimum period between exchange and completion - you want to check that's not the case and all four parties are on the same page.

AdrianC

ahepworth1991 wrote: »

See the thing is we were happy to be flexible. We were on no timeframes.

Great!

Then the 31st January was put out there.

Because that was when their mortgage offer expired.

Thing is if they wanted to go later then we could work to that too but they are all set on the 7th

They can't do the 7th. They aren't ready. Why? Because of C.

but we told them we would need more time which they accepted.

And that's why the mortgage offer expiry became an issue.

Unfortunately it is our vendors conveyancer that has causef all the problems and is not working hard enough.

No, it isn't. C has changed something at the last minute, and is no longer selling what B thought they were buying. B cannot buy without knowing what they're buying.

This chain may yet collapse because of B's mortgage offer. But it's not your fault, it's not Bs fault, it's not any solicitor's fault. Everybody was trying to get ready before the mortgage expired - but then this additional curveball got thrown in.

babyblade41

The woes of buying and selling.

OP as a FTB this will be the least stressful transaction... just wait until you are buying and selling, then the fun really begins

Flugelhorn

What a shame it is being so stressful, yes house buying and selling can be stressful, but if you can you have to chill.

Re furniture etc then improvise - we have in the past bought second homes, slept on airbeds, used picnic tables and folding chairs and managed with a few plates and a saucepan, in fact no more than car full - add to that mobile broadband these days and there is no problem.

TBH I would also chill as your vendor might just get utterly fed up of it all. I am buying at the moment (no chain) , there are some complex legals and we are 6 weeks over the initial exchange date but hey that's life and no-one is getting frazzled.

***