Should I pull out of the house sale and what fees/charges will I require to pay other than deposit?

Yk2021

Hi,

 

I live  in Scotland and in the process of signing missives(not signed it yet as its in discussion). Our solicitors are in possession of the missives to be signed which the purchaser has signed.

 

The main problem is the new build (Persimmons) and the funds. The funds will be transferred on the same day as the settlement date. Persimmons will not allow us to move any furniture until they have the full amount.  Persimmons solicitors have suggested we move the furniture to a large van and keep it there which I think its a bit rude for them to say.

 

Can you please advise if it its possible to ask the purchaser to transfer funds a few days prior the settlement date so which we can move furniture over to the new home.

 

On the other hand,  I am thinking of backing out . What would the fees and charges I would require to pay if I was to pull out of the sale as there isn't enough time (2 weeks) to sort of the missives and to move all furniture on the settlement date is a joke.

 

Any tips and suggestions is appreciated.

RedFraggle

Can I ask what you thought the buying process was? 

user1977

When you buy a house you pay the money, become the legal owner, and get the keys simultaneously. No buyer is going to hand over the money without everything else happening at the same time (and if they're buying with a mortgage it would be impossible for them to do so even if they were daft enough to want to). And sellers are not likely to hand over the keys before they've got their money. 

It's also normal (when you're selling and buying on the same day) that you load up your removal lorry in the morning, and unload at your new place in the afternoon.

If you don't understand the basic stuff in the process then I suggest you contact your solicitor and have them walk you through it.

As for fees for pulling out, apart from any fees you've already paid you're only likely to be liable for a proportion of your solicitor's fees, but you'd need to check their terms of business to see what they'd charge in those circumstances.

flashg67

The fact it's a new build shouldn't change anything. Would you let someone move stuff into your house before you'd been paid in full? We put some stuff in storage before our move to ease the pressure on moving day, leaving us with the essentials for the last few days which were enough to fill a van on the last day

scottishblondie

Your purchaser is not going to send you the funds in advance. No solicitor would agree to do that. You get the funds on the date of entry. 

It’s perfectly normal to move all your furniture in 1 day. What Persimmon are suggesting is in fact how it’s usually done. All your stuff is packed up in the moving vans and then you loiter outside your new house until the funds are transferred and the keys are released. 

Are you planning to move yourselves, and that is why it seems ridiculous to you to have to do it in one day?  If so I would rethink that and hire a moving firm. They will take care of it no problem. 

TBagpuss

as others have said, this is perfectly normal and will be the same with any property you buy.

Removal companies are used to this and will cope - and yes, you may well end up with your furniture sitting in the removal van for part of the day. If you are not having your removal company pack for you then you'll need to pack in advance of moving day ready for them to load everything into the van. 

If you don't plan to use a removal company then you will have to work out how long it will realistically take you to pack and load, and then unload everything, bearing in mind that the point where you (your solicitor) gets the money and you can move into the new house, is the same time that your buyers get the keys and can start moving their stuff into your old house, so you need everything to be packed and out of the house at that point  - so you can't make multiple trips back and forth . Plan ahead and if need be, load most of the stuff up the day before so you aren't holding everyone up on moving day. 

[Deleted User]

Yk2021 said:

Hi,

 

I live  in Scotland and in the process of signing missives(not signed it yet as its in discussion). Our solicitors are in possession of the missives to be signed which the purchaser has signed.

 

The main problem is the new build (Persimmons) and the funds. The funds will be transferred on the same day as the settlement date. Persimmons will not allow us to move any furniture until they have the full amount.  Persimmons solicitors have suggested we move the furniture to a large van and keep it there which I think its a bit rude for them to say.

 

Can you please advise if it its possible to ask the purchaser to transfer funds a few days prior the settlement date so which we can move furniture over to the new home.

 

On the other hand,  I am thinking of backing out . What would the fees and charges I would require to pay if I was to pull out of the sale as there isn't enough time (2 weeks) to sort of the missives and to move all furniture on the settlement date is a joke.

 

Any tips and suggestions is appreciated.

In what way was that a bit rude of Persimmon’s solicitor? 

You can certainly ask for the funds early but if I were your purchaser’s solicitor I would strongly advise my client agreeing. 

If the settlement date is a joke why did you agree to it? How long have you known you would be moving? Longer than 2 weeks? What have you been doing to prepare for the move so far? 

How much furniture have you got to move? Unless you’re packing up Buckingham Palace I don’t see why it couldn’t be done in a day. If you don’t feel confident then you could pay for a removal company to do the packing for you. 

If the missives haven’t been concluded then you are free to withdraw from the sale of your property. Your solicitor will probably charge for his/her time though. 

What about the Persimmon home? Have you already concluded the missives for your purchase? Can you afford to continue with the purchase without selling your current home and have you factored in the LBTT Additional Dwelling Supplement?