Buyers reluctant to pay deposit

Slips36

Thrugelmir said:

Plenty of time yet if exchange isn't until the 5th March at the earliest. Little point trying to second guess events over which there's no visibility.

No completion is 5th March. Exchange needs to be done by at least by Friday. The buyer is first timer and thinks you can deposit money and exchange straight away.
its taken since early October and he was getting impatient since middle of January. He hasn’t come to view since he made his offer. I wonder if he is getting cold feet and insisting on 5th March and give him excuse to pull out if I don’t agree to the completion date.

greatcrested

You're guessing. As is everyone here. Ad your esate agent is probably guessing to some extent too.

Only the buyer really knows why he is deferring the transfer....

All you can do is either be patient, or set a deadline. But if you do that and it's missed, will you pull out/???

Slips36

greatcrested said:

You're guessing. As is everyone here. Ad your esate agent is probably guessing to some extent too.

Only the buyer really knows why he is deferring the transfer....

All you can do is either be patient, or set a deadline. But if you do that and it's missed, will you pull out/???

No, my deadline would be end of March, I sold at under market value in order to beat stamp duty deadline. The problem was my sale was ready for exchange in a month back but my purchase is only ready now.
its basically out of my hands, so much work done by mortgage broker, estate agents, solicitors, myself will go to waste if my buyer pulls out. The conveyance system really needs to be changed.

NameUnavailable

In my experience, if things don't happen when you expect them to happen it means there's a problem. OK sometimes stuff happens but two excuses in a row, for something as important is a property purchase suggests a problem.

You need to be direct and ask them what it is.

AskAsk

the estate agent is going to be the best person to find out what is the cause of the delay.  speak to your EA and ask him to chase the buyer for an explanation of what is causing the delay.

Thrugelmir

AskAsk said:

the estate agent is going to be the best person to find out what is the cause of the delay.  speak to your EA and ask him to chase the buyer for an explanation of what is causing the delay.

The buyer doesn't have to justify their actions. Not as if it's causing any delays as yet. 

Slips36

Thrugelmir said:

AskAsk said:

the estate agent is going to be the best person to find out what is the cause of the delay.  speak to your EA and ask him to chase the buyer for an explanation of what is causing the delay.

The buyer doesn't have to justify their actions. Not as if it's causing any delays as yet. 

The buyer wants to pay deposit but his solicitor wants confirmation of completion date from my solicitor and my sellers solicitor. 
Why is the buyers solicitor reluctant to take his deposit money?

martindow

youth_leader said:

Could he be having trouble transferring his money?  I had a right faff early yesterday morning, but I've started early and have lots of time.  I had rung the solicitor to double check the account details, told them was going to send a tester amount, then tried to set it up. The the bank came back with 'name doesn't match' and I had to decide what to delete from the requested payment reference because it was too long.  I had to log off and ring the solicitor to check and tried again, went through this time,half an hour later the solicitor confirmed test amount had arrived, so I sent the first large amount.  I thought it would be through in two hours and felt pleased with myself as I'd felt nervous about doing  it.

About 2.30 pm I was out at the beach and I got a call from an unknown number asking to 'verify' - I was worried to call back without checking the number as it wasn't the usual one.  Came home and rang my bank, held on for 30 minutes and eventually was put through to security with the fraud department.  The money I'd transferred at 10am hadn't been released and only went through about 3.30 pm after they'd 'verified' it was me. It's good they check but I was surprised it took them four hours to contact me.

I had the same issue.  Santander told me that two transfers close together raises a flag and the second transfer was held until they had spoken to me.  It didn't seem to matter that the first payment ws a nominal amount, but I suppose we should be pleased that banks are being pro-active with large transfers.

Seashell517

Slips36 said:

Thrugelmir said:

AskAsk said:

the estate agent is going to be the best person to find out what is the cause of the delay.  speak to your EA and ask him to chase the buyer for an explanation of what is causing the delay.

The buyer doesn't have to justify their actions. Not as if it's causing any delays as yet. 

The buyer wants to pay deposit but his solicitor wants confirmation of completion date from my solicitor and my sellers solicitor. 
Why is the buyers solicitor reluctant to take his deposit money?

How does the solicitor have a choice about accepting the deposit money? Buyer has solicitors bank details, buyer sends 10% of purchase price?

Indigo_and_Violet

Slips36 said:
 He hasn’t come to view since he made his offer. I wonder if he is getting cold feet and insisting on 5th March and give him excuse to pull out if I don’t agree to the completion date.

 If it's any consolidation, we were desperate to go and see our place between offer and exchange but didn't feel we could ask because of covid. I wouldn't read too much not coming to see it again.