Got to exchange and found out buyer doesn't have mortgage (shared ownership). Anything I can do?

Boozle

How does this happen?
The sale has been going on 5 months. We recently signed contracts and were told that exchange was 1-2 weeks. Everything then went silent and I have been chasing our solicitor daily. Eventually today he responded to tell me that the buyer had changed solicitors and he didn't have the details. It's a shared ownership flat, so I contacted the housing association who then contacted the buyer. They called me back to say that the buyer's potential mortgage lender had insisted that the buyer switch to their own solicitor, however there is no mortgage offer in place. The HA found this out 2 weeks ago and did not pass this on to my solicitor or myself. The HA is blaming my solicitor (which is the solicitor they told me I had to use), my solicitor is blaming the HA. Nobody seems to be able to tell me how this has happened.
Searches have all been done and questions raised etc. My solicitor is now chasing the new solicitor to find out the situation, but I just can't believe this has been allowed to happen. It's been 5 months. We continue to be liable for rent and service charge of over £600 a month. 
Some background - the sale was agreed in October. We were told completing of 31 Jan. My husband has become disabled, requiring a wheelchair. He was unable to access our flat as it was up several flights of stairs. We are fortunate to have had an inheritance and been able to buy another (accessible) property cash, so moved mid Jan. The property is sitting empty as we are not allowed to rent it.
Is there anything I can do?  I am at a loss.

newsgroupmonkey_

Until exchange, nothing is finalised as far as I see it.

You have 2 choices. Wait it out or put it back on the market.

Okydoky25

From experience don’t look to expect any help from the HA. When I sold my SO out of all the lovely ready to go 1st time buyers they chose a couple that not only didn’t have a MIP but were not even on the housing register. After months of sorting that out the buyers couldn’t get the full mortgage meaning I walked or accepted their revised offer. That difference came out of my share not the HA! Never again. 

Boozle

Is it nobody’s job to check the buyer actually has funds before proceeding? When I bought the flat (off plan) I had to have my mortgage offer confirmed before they’d take it off sale. We nearly lost it at one point.
When I bought my new home in cash I had to provide legal documentation as to where the money came from and prove the chain of ownership of the money.
I don’t understand how the buyer hasn’t had to do this and, of course, everyone is busy covering their backsides now.

Boozle

newsgroupmonkey_ said:

Until exchange, nothing is finalised as far as I see it.

You have 2 choices. Wait it out or put it back on the market.

Yes, I know. That’s not what I’m asking.

greatcrested

newsgroupmonkey_ said:

Until exchange, nothing is finalised as far as I see it.

You have 2 choices. Wait it out or put it back on the market.

Boozle said:

Yes, I know. That’s not what I’m asking.

To be fair, the final sentence of your initial post was:

Is there anything I can do?  I am at a loss.

Boozle

Okydoky25 said:

From experience don’t look to expect any help from the HA. When I sold my SO out of all the lovely ready to go 1st time buyers they chose a couple that not only didn’t have a MIP but were not even on the housing register. After months of sorting that out the buyers couldn’t get the full mortgage meaning I walked or accepted their revised offer. That difference came out of my share not the HA! Never again. 

That's a nightmare. I have a feeling that might be where this is headed. The sale is based on a survey done in August, and the HA already told me that the potential mortgage provider want a new survey. If that's lower, I then have to pay for yet another survey for the HA to decide whether or not they will accept the lower valuation or not. If they don't then either I pull and go back on the market or wear the cost from my share. All because they have messed up. The HA officer is very apologetic, but what can she do? She picked up this file today. Basically any which way, I'm the one who gets screwed.

Boozle

greatcrested said:

To be fair, the final sentence of your initial post was:

Is there anything I can do?  I am at a loss.

Fair enough. I did mean about the lack of communication/diligence by the HA and solicitor, but I can see where that might not translate.