Help! Completion date won’t be met - New Buyuer

vitaweat

GDB2222 said:

I do feel for the OP, as she’s been caught up in the ongoing dispute between the divorcing couple. The current resident of the house could drag this out for months.

^^This.
In the current circumstances there is unlikely to be much lost by just hanging on for a bit.  I'd ask for a discount but that's just because I can.

Soot2006

Tiglet2 said:

Soot2006 said:

I do find the Estate Agents suddenly become useful in these times - they WANT this sale (the solicitor doesn't care - if they're at point of exchange they've already earned their cash). I'd be on the phone to the EA and get them to hassle their client ... They work for the client, but they won't get their money with the ex-husband in place, from you or from anyone. Our EA hassled us on "behalf" of our buyer. Hassled our buyer on our behalf, hassled all the solicitors (and since we were in a chain of 5, they hassled all the other estate agents, too) ... It's literally in their job description to be annoying, so perhaps they can help e.g. by identifying rentals for the ex-husband to consider (helpful if they do rentals as well as sales, but they'll know someone who does anyway) ...

Just so you know, solicitors don't earn anything until completion but it is not their job to hassle everyone.

I totally agree, hence the estate agent can do the hassling.

However on the payment front, I suppose it depends on the agreement with the solicitor. But I've always had to pay before exchange (as indeed, did the OP since she talks about money already sent) and had a summary of charges that would be due if exchange/completion fell through.

Tiglet2

Soot2006 said:

Tiglet2 said:

Soot2006 said:

I do find the Estate Agents suddenly become useful in these times - they WANT this sale (the solicitor doesn't care - if they're at point of exchange they've already earned their cash). I'd be on the phone to the EA and get them to hassle their client ... They work for the client, but they won't get their money with the ex-husband in place, from you or from anyone. Our EA hassled us on "behalf" of our buyer. Hassled our buyer on our behalf, hassled all the solicitors (and since we were in a chain of 5, they hassled all the other estate agents, too) ... It's literally in their job description to be annoying, so perhaps they can help e.g. by identifying rentals for the ex-husband to consider (helpful if they do rentals as well as sales, but they'll know someone who does anyway) ...

Just so you know, solicitors don't earn anything until completion but it is not their job to hassle everyone.

I totally agree, hence the estate agent can do the hassling.

However on the payment front, I suppose it depends on the agreement with the solicitor. But I've always had to pay before exchange (as indeed, did the OP since she talks about money already sent) and had a summary of charges that would be due if exchange/completion fell through.

OP has paid the deposit for the property which you do have to do before exchange.  That isn't payment for the conveyancing that the solicitor has done.  Solicitor fees (not disbursements) are taken out of the completion monies on completion.  

blue_max_3

GDB2222 said:

blue_max_3 said:

If the vendor didn't tell their solicitor that there was a tenant, then the fault lies directly with the vendor. And it is going to cost an absolute fortune! There are specified costs which can be reclaimed. You need to contact your solicitor to sent a notification to their solicitor to start the process.

This is misleading. It only costs the vendor money if contracts have been exchanged and the vendor is unable to complete. If contracts have not been exchanged, it costs the vendor nothing.

The OP thought he had exchanged at the time. Obviously if it turns out he hadn't this doesn't apply.

bethan11

Tiglet2 said:

Soot2006 said:

Tiglet2 said:

Soot2006 said:

I do find the Estate Agents suddenly become useful in these times - they WANT this sale (the solicitor doesn't care - if they're at point of exchange they've already earned their cash). I'd be on the phone to the EA and get them to hassle their client ... They work for the client, but they won't get their money with the ex-husband in place, from you or from anyone. Our EA hassled us on "behalf" of our buyer. Hassled our buyer on our behalf, hassled all the solicitors (and since we were in a chain of 5, they hassled all the other estate agents, too) ... It's literally in their job description to be annoying, so perhaps they can help e.g. by identifying rentals for the ex-husband to consider (helpful if they do rentals as well as sales, but they'll know someone who does anyway) ...

Just so you know, solicitors don't earn anything until completion but it is not their job to hassle everyone.

I totally agree, hence the estate agent can do the hassling.

However on the payment front, I suppose it depends on the agreement with the solicitor. But I've always had to pay before exchange (as indeed, did the OP since she talks about money already sent) and had a summary of charges that would be due if exchange/completion fell through.

OP has paid the deposit for the property which you do have to do before exchange.  That isn't payment for the conveyancing that the solicitor has done.  Solicitor fees (not disbursements) are taken out of the completion monies on completion.  

I had to pay the deposit and all of the solicitors fees at the same time which is what I did on Tuesday, so the solicitors have had their payment off me.

bethan11

steampowered said:

Why should the tenant leave the property in the middle of a global pandemic? It isn't the tenant's problem that it causes a delay to their landlord's transaction.

The tenant isn't going to move out if they don't have anywhere else to go. Why should the tenant make themselves homeless. The tenant can't view new properties right now, this would be the case even if they weren't self-isolating. You and the vendor are just going to have to wait.

It isn't your solicitor's fault. Your solicitor is not responsible for communicating with your vendor's tenant. It's not really anyone's fault since the pandemic simply changes people's plans.

If you have exchanged contracts the vendor may be liable for any costs incurred, but it sounds like you haven't actually exchanged.

If the tenant was really genuine then I’d be so accommodating and understanding with the present crisis and would tell him to take his time! But he’s not, he’s lying about being in self isolation and has had 4 months to look for other accommodation and hasn’t even bothered to start to look (as confirmed by my estate agent)!

bethan11

I’ve heard absolutely nothing from my solicitor - still not returning phone calls or emails! 

bethan11

wilfred30 said:

I don't understand how you can have a completion date of 8 May when it's a bank holiday and solicitors don't work on bank holidays?

My solicitors and estate agents had both agreed that that day was fine and they would make accommodations for it

babyblade41

Due to not having exchanged I would walk away, if the ex hasn't bothered moving or at least looking I doubt he will move out in a hurry.

This could go on for months, obviously you will have your deposit back but will possibly have to pay the solicitor for work done already .

It happens but make sure you get as much as the back story as possible next time .

If the ex has signed to vacate the property before exchange and hasn't done so then he is playing silly beggars ..walk away...in fact run , your solicitor wouldn't allow you to exchange before you checking that the property is vacant by having another look  to make sure there is no evidence of anyone living there 

I

bethan11

Comms69 said:

mcpitman said:

Comms69 said:

mcpitman said:

Comms69 said:

bethan11 said:

Comms69 said:

Price just dropped 10k I assume?

As in the asking price for the house before I purchased?

No. If you haven’t exchanged; drop the price.

Why do this?

Because this is a money saving forum?

No !!!!!!. I didn't ask what website I was using.

I'll reword for you - "What is the purpose of dropping the price?" "Is there a risk involved where the buyer could lose the house buy doing this" "Do you have a magic ball that is indicating in real time house values and how do you know that a £10k drop is either appropriate or realistic".

I am interested into the intention of the offer drop, is it purely financial, is it to be difficult, do you know something we don't?

Careful, MSE towers isnt keen on colourful language.

"What is the purpose of dropping the price?" - to save money
"Is there a risk involved where the buyer could lose the house buy doing this" - yes, but divorcing couples are often desperate to get things over with
"Do you have a magic ball that is indicating in real time house values and how do you know that a £10k drop is either appropriate or realistic" - No. and: because they're desperate.

I wouldn't say 'difficult'. I'd say it's looking after number 1. Desperate vendor, awkward ex / soon to be ex. Perfect opportunity to save some cash. I might even carry on dropping on a daily rate as an incentive to get him out. 

(i wonder if he pays rent?)

I don’t want to make the sellers life anymore difficult than it already appears to be but I also don’t want to be taken advantage of which I feel like I am. He’s living there with literally nothing - basically an empty house! He’s just staying because he wants to make it difficult for the seller which is in then having an effect on me.