Buyers reluctant to pay deposit

davidmcn

Slips36 said:

Thrugelmir said:

Slips36 said:

Getting there slowly, the EA said the buyer texted her that he has paid the deposit. Not heard from the solicitors so still waiting for exchange. Fingers crossed 

Money laundering checks first. 

Maybe, I’m sure right at the start the solicitors check 6 months bank statement, 6 months payslips,p60,id check.

Sure, but they also need to check that the money they've received actually came from the source they expected.

Slips36

Still nothing from the solicitors. The EA is just relying on buyers text, still in doubt 

Slips36

Still waiting for solicitors, relying on text to EA from the buyer.. 
EA chasing buyers solicitor since 2.30 

Slips36

No failed to get sales and purchase exchanged. Fingers crossed for tomorrow, according to the EA the buyer has paid the deposit but she hasn’t received confirmation from the buyers solicitor. He paid around midday so solicitors probably got deposit around 3:00.
Still no emails from solicitor regarding exchange, leaving it late for 5th March completion.
My solicitor hasn’t asked deposit from me, I’m selling 2 bed house for £255k and buying 3 bed for £305k. Why has he not requested 5k deposit from me?

Seashell517

Slips36 said:

No failed to get sales and purchase exchanged. Fingers crossed for tomorrow, according to the EA the buyer has paid the deposit but she hasn’t received confirmation from the buyers solicitor. He paid around midday so solicitors probably got deposit around 3:00.
Still no emails from solicitor regarding exchange, leaving it late for 5th March completion.
My solicitor hasn’t asked deposit from me, I’m selling 2 bed house for £255k and buying 3 bed for £305k. Why has he not requested 5k deposit from me?

Presumably he doesn't think you're close enough to exchange to need to ask for it? If you're worried, and you have the bank details, then you can just transfer the money so that it's there ready? (Deposit is usually 10% of price, so not sure where you're getting £5k from?)

AnotherJoe

Slips36 said:

No failed to get sales and purchase exchanged. Fingers crossed for tomorrow, according to the EA the buyer has paid the deposit but she hasn’t received confirmation from the buyers solicitor. He paid around midday so solicitors probably got deposit around 3:00.
Still no emails from solicitor regarding exchange, leaving it late for 5th March completion.
My solicitor hasn’t asked deposit from me, I’m selling 2 bed house for £255k and buying 3 bed for £305k. Why has he not requested 5k deposit from me?

Most likely because hes agreed wit your vendor that he can just pass the deposit you got from your buyer on to the vendor with no need for a top up. And almost certainly this was explained to you but theres' a lot to take in .

Slips36

Seashell517 said:

Slips36 said:

No failed to get sales and purchase exchanged. Fingers crossed for tomorrow, according to the EA the buyer has paid the deposit but she hasn’t received confirmation from the buyers solicitor. He paid around midday so solicitors probably got deposit around 3:00.
Still no emails from solicitor regarding exchange, leaving it late for 5th March completion.
My solicitor hasn’t asked deposit from me, I’m selling 2 bed house for £255k and buying 3 bed for £305k. Why has he not requested 5k deposit from me?

Presumably he doesn't think you're close enough to exchange to need to ask for it? If you're worried, and you have the bank details, then you can just transfer the money so that it's there ready? (Deposit is usually 10% of price, so not sure where you're getting £5k from?)

We were supposed to exchange today but didn’t, will have to exchange tomorrow for 5th March completion.
I'm selling my house for £255k so buyers deposit £25.5k, I’m buying for£305K so my deposit is £30.5k, my solicitor uses buyers deposit of £25.5k so I need £5k deposit.
We are due to exchange tomorrow but he hasn’t asked for £5k from me. If he does want 5k I can do bank transfer fairly quickly. 

Slips36

AnotherJoe said:

Slips36 said:

No failed to get sales and purchase exchanged. Fingers crossed for tomorrow, according to the EA the buyer has paid the deposit but she hasn’t received confirmation from the buyers solicitor. He paid around midday so solicitors probably got deposit around 3:00.
Still no emails from solicitor regarding exchange, leaving it late for 5th March completion.
My solicitor hasn’t asked deposit from me, I’m selling 2 bed house for £255k and buying 3 bed for £305k. Why has he not requested 5k deposit from me?

Most likely because hes agreed wit your vendor that he can just pass the deposit you got from your buyer on to the vendor with no need for a top up. And almost certainly this was explained to you but theres' a lot to take in .

No he didn’t explain to me but you may be right he may use my buyers deposit. It’s taken over 5 months also the completion date was rushed by the buyer wanting on 5th March.

AnotherJoe

Slips36 said:

AnotherJoe said:

Slips36 said:

No failed to get sales and purchase exchanged. Fingers crossed for tomorrow, according to the EA the buyer has paid the deposit but she hasn’t received confirmation from the buyers solicitor. He paid around midday so solicitors probably got deposit around 3:00.
Still no emails from solicitor regarding exchange, leaving it late for 5th March completion.
My solicitor hasn’t asked deposit from me, I’m selling 2 bed house for £255k and buying 3 bed for £305k. Why has he not requested 5k deposit from me?

Most likely because hes agreed wit your vendor that he can just pass the deposit you got from your buyer on to the vendor with no need for a top up. And almost certainly this was explained to you but theres' a lot to take in .

No he didn’t explain to me but you may be right he may use my buyers deposit. It’s taken over 5 months also the completion date was rushed by the buyer wanting on 5th March.

Its pretty common, mine did and i coudl easily have missed it in the flurry of info but because I was expecting it, i picked up on it.

Slips36

Due to exchange today, I have already emailed on Wednesday my permission to exchange with completion on 5th March. I was told to phone them also my wife had to speak to them. I Phoned them and told them my permission to exchange my wife did the same.
Will they phone again today before exchange and need both of our permission?
My wife will be working and she doesn’t take her mobile with her, will this cause delay?