Not sure penalties for pulling out of a sale

Shezz

Basically we put my deceased mothers house on the market  back in June, we received quite a few offers, the fist offer we accepted pulled out a week later, we then got a cash sale offer which we agreed on the 16th June 21, to cut a long story short, it has taken forever and we seem to getting no where, in the end we asked our solicitor at the beginning of this month to let the other solicitor know we wanted to complete by the end of September, we heard nothing,

We had already been informed that all the searches had been completed, but still nothing happened, we contacted the estate agents who sent an email to say that on the 18th of this month the  buyer had informed them that they signed the contract and deposit had been paid.

Today we asked again as we had heard nothing, to be told that the buyers solicitors now want 6 month bank statements as proof of where the deposit money came from, the buyer did say to the estate agent that he cannot understand why. (we do know that the buyers have often said they would be doing this or that but do not do it and need to be chased to get it done, took ages to show estate agent proof of funds, then ages to produce stuff to the solicitors, and it goes on.)

Just wondered what would the implications be if we contacted the estate agents and pull out of the deal (we don't want to go down that route) as we feel this is taken far to long.

user1977

Probably none. Depends what your estate agents contract says, but the buyer obviously isn't "ready willing and able" even if the contract refers to that.

sammyjammy

As long as they are still committed to purchasing why would you pull out?  It's not like you need to move out/on.  A bird in the hand is worth two in the bush.

MaryNB

Shezz said:

Today we asked again as we had heard nothing, to be told that the buyers solicitors now want 6 month bank statements as proof of where the deposit money came from, the buyer did say to the estate agent that he cannot understand why. (we do know that the buyers have often said they would be doing this or that but do not do it and need to be chased to get it done, took ages to show estate agent proof of funds, then ages to produce stuff to the solicitors, and it goes on.)

Anti money laundering checks. Standard for all house buyers. 

Shezz

MaryNB said:

Shezz said:

Today we asked again as we had heard nothing, to be told that the buyers solicitors now want 6 month bank statements as proof of where the deposit money came from, the buyer did say to the estate agent that he cannot understand why. (we do know that the buyers have often said they would be doing this or that but do not do it and need to be chased to get it done, took ages to show estate agent proof of funds, then ages to produce stuff to the solicitors, and it goes on.)

Anti money laundering checks. Standard for all house buyers. 

Solicitors have already done the Anti money laundering checks, and so has the estate agents, 

Shezz

sammyjammy said:

As long as they are still committed to purchasing why would you pull out?  It's not like you need to move out/on.  A bird in the hand is worth two in the bush.

Maybe, but how long do you wait, the place needs to be sold we want to wrap probate up, it is not just my property

MaryNB

Shezz said:

MaryNB said:

Shezz said:

Today we asked again as we had heard nothing, to be told that the buyers solicitors now want 6 month bank statements as proof of where the deposit money came from, the buyer did say to the estate agent that he cannot understand why. (we do know that the buyers have often said they would be doing this or that but do not do it and need to be chased to get it done, took ages to show estate agent proof of funds, then ages to produce stuff to the solicitors, and it goes on.)

Anti money laundering checks. Standard for all house buyers. 

Solicitors have already done the Anti money laundering checks, and so has the estate agents, 

Did your buyer say the checks were actually completed? It's common for solicitors to ask for more documents if the initial information wasn't satisfactory. My solicitor was a nightmare for that. She'd sit on information and them ask for more a few weeks later.  6 months is standard for bank statements as part of AML checks so surprised they didn't ask for that in the first place. 

Shezz

MaryNB said:

Shezz said:

MaryNB said:

Shezz said:

Today we asked again as we had heard nothing, to be told that the buyers solicitors now want 6 month bank statements as proof of where the deposit money came from, the buyer did say to the estate agent that he cannot understand why. (we do know that the buyers have often said they would be doing this or that but do not do it and need to be chased to get it done, took ages to show estate agent proof of funds, then ages to produce stuff to the solicitors, and it goes on.)

Anti money laundering checks. Standard for all house buyers. 

Solicitors have already done the Anti money laundering checks, and so has the estate agents, 

Did your buyer say the checks were actually completed? It's common for solicitors to ask for more documents if the initial information wasn't satisfactory. My solicitor was a nightmare for that. She'd sit on information and them ask for more a few weeks later.  6 months is standard for bank statements as part of AML checks so surprised they didn't ask for that in the first place. 

The buyers told the estate agents when they first went with the solicitors, supposedly and I agree why did the solicitors not ask back then if they did not check out, and why did they check out of with the Estate agents

Shezz

user1977 said:

Probably none. Depends what your estate agents contract says, but the buyer obviously isn't "ready willing and able" even if the contract refers to that.

Will check that out thank you. just wondered if the buyers have as they say put a deposit down what are the implications from them.

TripleH

You would hope the anti-money laundering /ID checks were done at the start. Again it's pretty poor if it's only now they are verifying where funds have come from (if there has been a crane in circumstances its pretty poor that you weren't kept in the loop).

Don't cancel the sale, give a deadline for them to complete otherwise you'll end their exclusivity and relist the property. Tell them you are prepared to continue on with the purchase but you will just allow others to offer on it. Worst case is they pull out but you're no worse off than you are now, best case is it speeds up the process / you might sell for more.

user1977

Shezz said:

user1977 said:

Probably none. Depends what your estate agents contract says, but the buyer obviously isn't "ready willing and able" even if the contract refers to that.

Will check that out thank you. just wondered if the buyers have as they say put a deposit down what are the implications from them.

Do you mean are you liable to the buyers? If you haven't exchanged then no, either party is free to walk away for any reason they like. Not sure what you mean by "putting a deposit down" - if all that means is they've paid funds to their solicitor in anticipation of exchange (but exchange hasn't actually happened), that's irrelevant.