Not sure penalties for pulling out of a sale

eddddy

If putting the property back on the market would get you a quicker sale (or make the current buyer hurry up), I doubt that the EA would object - in fact, they'd probably support that idea.

The quicker the property sells, the quicker they'll get their fee.

NameUnavailable

If you haven't exchanged contracts then no deposit has been paid (by the buyer). They might have transferred funds to their solicitors but that's irrelevant.

I can get 6 months bank statements together in a few minutes so if the buyer is saying this is a problem I would guess there's more to the story than they're saying.

You can ask the agent to start remarketing the property - if your buyer is serious then they will get whatever needs doing done long before you get to a similar stage with a potential new buyer!

hazyjo

How long did you think it would take?

In the current climate, I'd expect it to take 3-4 months average. It's only been that now. Less even.

I've done it all in 5 weeks, another time took 5 months (I was aiming for a month as sold to a keen investor!). It nearly always takes longer than you think it should.

Lunchbox

Is it possible it’s a gifted deposit and it’s AML checks on the person who is lending I mean gifting the deposit?

canaldumidi

There's clearly some issue with the deposit funds that concerns the buyer's solicitor. This may or may not get resolved.

If you pull out, there is no contractual issue with the buyer. But there may be with your agent.

As suggested above, if the agent finds you a new buyer whoprogresses smoothly, the agent will be happy. But if, for exaple, you switch agent, or decide not to sell, then much depends on your contract with youe agent.

If the contract has a clause saying "if we find you a progressable buyer" or similar, then they could potentially claim their fee, unless you can prove the buyer was not progressable (hard). But most contracts simply say if Exchange takes place they get their fee.

Read the contract.

Shezz

Thank you all The money (deposit) came from the sale of their house previously, I have read through all your answers, and am going to be talking to my sisters as to re market it, even though we do not want to, but feel all needs a little push in the right direction. will discuss it with the estate agents as well.

Thank you for your reply's

Shezz

hazyjo said:

How long did you think it would take?

In the current climate, I'd expect it to take 3-4 months average. It's only been that now. Less even.

I've done it all in 5 weeks, another time took 5 months (I was aiming for a month as sold to a keen investor!). It nearly always takes longer than you think it should.

These are cash buyers due to the sale of their house which was due to already complete  (hence the wait at the beginning to show funds), and yes we was aware that however long we thought it should take, it does take longer but definitely not this long, I could understand if they had to get a mortgage,  current climate? no hold up for that as the solicitors where working from home if they were not in the office, you did a sale in 5 weeks presume that was also a cash buyer (might be wrong) so it can be done. 

Shezz

Lunchbox said:

Is it possible it’s a gifted deposit and it’s AML checks on the person who is lending I mean gifting the deposit?

Hi it was proceeds from the sale of their house

user1977

Shezz said:

Lunchbox said:

Is it possible it’s a gifted deposit and it’s AML checks on the person who is lending I mean gifting the deposit?

Hi it was proceeds from the sale of their house

So why should they have a problem producing bank statements? If your solicitor asks for bank statements you send the bank statements to your solicitor, not start moaning to your vendor etc about how difficult it all is.

Thrugelmir

Shezz said:

hazyjo said:

How long did you think it would take?

In the current climate, I'd expect it to take 3-4 months average. It's only been that now. Less even.

I've done it all in 5 weeks, another time took 5 months (I was aiming for a month as sold to a keen investor!). It nearly always takes longer than you think it should.

These are cash buyers due to the sale of their house which was due to already complete  (hence the wait at the beginning to show funds),

Perhaps the sale of their property has been delayed.