Buyers reluctant to pay deposit

Slips36

Seashell517 said:

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?

I’m not sure it could be he will only deposit if he can get 5th March completion.
According to EA he rings his solicitor to pay deposit but the trainee conveyancer tells him to wait for confirmation of 5th March completion.

youth_leader

Fingers crossed for you Slips36, I hope you have a happy solution.  

Seashell517

Slips36 said:

Seashell517 said:

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?

I’m not sure it could be he will only deposit if he can get 5th March completion.
According to EA he rings his solicitor to pay deposit but the trainee conveyancer tells him to wait for confirmation of 5th March completion.

Maybe someone needs to tell buyer that the solicitors will not transfer the money onwards without his permission? So it's perfectly 'safe' to send it now and if his completion demands aren't met then the solicitors will just send it back later? There's a far better chance of March 5th happening with the deposit already transferred too...

Slips36

Well I got all the parties to agree on 5th March completion but still no sign of buyers deposit. It’s taken over 5 months to get to this point, I got sneaking feeling the buyer has played everyone along.
The EA phoned this morning and wanted my solicitor to confirm my sellers agreed to 5th March completion but they hadn’t this morning, she said the buyer is just going to press button to pay deposit. Well this afternoon got my sellers agreement for completion but still no deposit money from my buyer.
The EA said he is 100% on this purchase. Is she just being gullible?

AskAsk

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. 

i find from experience that the estate agent can put a lot of pressure on the buyer to do things as they can pull the sale and put the property back on the market, or threaten to do so.  so the buyer will respond to the estate agent as estate agents also have a way of pushing people along.  this is where a good estate agent earns their money.  they have a good after sales process, where they keep things moving between all parties and apply pressure where necessary, on both the buyer and the seller.

youth_leader

I don't understand it Slips36, what exchange date have you got, I thought that had to be agreed so the completion date is set?

Slips36

youth_leader said:

I don't understand it Slips36, what exchange date have you got, I thought that had to be agreed so the completion date is set?

There was no definite exchange date, as soon as we can agree on completion date, I wanted 12th March, the buyer wanted but sooner so we decided on 5thMarch.
The EA was trying to get exchanged on Tuesday but my solicitor only received my signed paperwork on Tuesday morning. So we were going to go for exchange today but had to get my sellers solicitor approval for 5th March completion, we got this at 3:00 this afternoon. According to the EA the buyer has lost his solicitor bank details so she was going to email him the details. The EA 100% sure he is going to buy the house.
I'm not sure has she has been trying to get him to pay the deposit since Monday.
Soon find out tomorrow. I’m moving to a nicer 3 bed house from my 2 bed.
The whole experience has been very stressful has I had to constantly chase the solicitor.
lots of hard work will have gone to waste. Staying positive but getting nervous. 

Slips36

If it all goes pear shaped tomorrow, I’m going to be gutted has 5 months of hard work gone. How do you get over that?
I will have few months rest and put it back on the market but would have lost my dream home.
Any cash buyers on this forum?

BrownTrout

i think someone is getting their knickers in a twist for no reason.....

greatcrested

The EA was trying to get exchanged on Tuesday but my solicitor only received my signed paperwork on Tuesday morning

and you are complaining about the buyer delaying deposit transfer? When you have been equally tardy with transferring paperwork.

I was under the impression you were 'ready to go'!