Feeling Blindsided

TWIGLET1234

My solicitor went to exchange today and was then told that the seller of  our “no forward chain” purchase now has a related purchase and is not ready. Totally surprised and think it’s a bit off really as its not been mentioned until this late stage. 

Seller solicitor says that they are buying a property for cash and with no searches. Although the seller solicitor has not yet received the contract pack on that purchase they said they can get it turned around by 31 July and that we can aim for completion then.
Is it actually possible for a cash purchase to be sorted so quickly?
Should we push for exchange nonetheless? The Estate Agent said that although it’s a purchase it’s not a related purchase and there’s no reason we can’t exchange straight away. 

Seller solicitor has been slow to respond throughout which doesn’t help the nerves. 

 I’m so bloody annoyed. One of the reasons this house was so attractive to us was because of the no forward chain status! 

I know it’s only 2 weeks but now we are dependent on her forward purchase and any related hold ups so surely they can’t guarantee 31 July completion 

greatcrested

sounds like seller won't exchange till their purchase is ready.

No guarantee that will be July 31.

Nothing you can do except wait unless you're willing to pull out

hazyjo

No guarantees it'll be possible. I'd say it's unlikely.

Someone tried it with me once and I said I was furious and they could do what they first said they'd do and rent or stay with friends/family or I'd walk. Meant it and they knew it. If you don't mean it, don't threaten it. Grit your teeth and wait. 

TWIGLET1234

To complete by 31 July I need to exchange by 24th, so if it’s not likely at that point I will have to express my annoyance. Reality is that we won’t pull out. This is the only house that’s been suitable and we won’t want to start the whole process again, I just think it’s all a bit off really. She told us at the viewing she was gonna move in with her friend and take her time to look for something to buy. She obviously found that place sooner than planned but couldn’t just let us know out of courtesy? I’ve been asking for an estimated completion date for days 

hazyjo

TWIGLET1234 said:

To complete by 31 July I need to exchange by 24th, so if it’s not likely at that point I will have to express my annoyance. Reality is that we won’t pull out. This is the only house that’s been suitable and we won’t want to start the whole process again, I just think it’s all a bit off really. She told us at the viewing she was gonna move in with her friend and take her time to look for something to buy. She obviously found that place sooner than planned but couldn’t just let us know out of courtesy? I’ve been asking for an estimated completion date for days 

Why? You could just exchange and complete on the same day (presuming your lender allows that). That is generally what is being advised atm anyway.

Of course she will try her luck first and try to get you to hang on. Anyone would. But he's Plan B would probably be to stay elsewhere. So say to the EA you're seriously not happy and please could they ask her if she's still willing to honour that 'agreement'. If she's that sure she can complete within a couple of weeks, she won't be outstaying her welcome anywhere will she?

TWIGLET1234

Our lender needs 5 working days notice 
Ultimately we aren’t going to pull out and will have to suck it up if we are delayed. I will let them know I’m not happy of course. The seller was super nice when we met and I walked away confident that she’d not mess about....just goes to show! 
Main thing for me is working out if it’s realistic to happen by 31 July if they push on with the cash purchase. Two weeks seems too little time but I’m not experienced in this house buying lark. I still have hope that we’ll be done and dusted on time but it seems unlikely 

hazyjo

Last time I tried to exchange within 3 weeks, it took 5 MONTHS. These things are often unpredictable.

Thrugelmir

TWIGLET1234 said:

 The seller was super nice when we met and I walked away confident that she’d not mess about....just goes to show! 

Never lose sight of the fact that it's a business transaction and everyone has their own agenda. The world is full of great actors. 

TWIGLET1234

hazyjo said:

Last time I tried to exchange within 3 weeks, it took 5 MONTHS. These things are often unpredictable.

Gosh! Well if that were likely then I’d be pulling out for sure! 

davidmcn

TWIGLET1234 said:

Our lender needs 5 working days notice

Every lender says they "need" 5 working days notice - in practice they don't, and anyway there's nothing stopping your solicitor from requesting the funds before exchange - otherwise how do you think all of the simultaneous exchange and completions happen?

TWIGLET1234

davidmcn said:

TWIGLET1234 said:

Our lender needs 5 working days notice

Every lender says they "need" 5 working days notice - in practice they don't, and anyway there's nothing stopping your solicitor from requesting the funds before exchange - otherwise how do you think all of the simultaneous exchange and completions happen?

I didn’t think about it at all, I didn’t have reason to doubt the solicitor when he told me he needs a week between exchange and completion and that 5 days notice are required to pull down the mortgage funds 
I don’t know how people cope with same day exchange and complete, I just imagine being all packed up and then something happens for it all to fall through. Must be soul destroying.