Exchange of contracts buyer's solicitor is stalling

Willis75

Having a wobble.

 Should have exchanged yesterday but buyers solicitor states they only have partial funds and expecting the rest yesterday afternoon and now say rest today.

My solicitor keeps chasing them but they don't respond. Even she doesn't know what the issue is. I have said I will accept a lower deposit but again they don't respond. Really worried now. Should I be suspicious or is this something that happens along the way at times?

The stress is killing me.

eddddy

You could contact your estate agent and ask them to ask the buyer what's happening - or you could ask the buyer yourself (as long as you don't think things would get 'heated'.)

It might give you some useful insight - but bear in mind that the buyer might fib to the estate agent and/or you.

user1977

Sounds like you have already been told what the issue is - they're expecting the rest of the funds. Which they're expecting today. Today isn't over yet. And they've probably got a bunch of other stuff to occupy themselves with, so the stress isn't killing them.

Willis75

user1977 said:

Sounds like you have already been told what the issue is - they're expecting the rest of the funds. Which they're expecting today. Today isn't over yet. And they've probably got a bunch of other stuff to occupy themselves with, so the stress isn't killing them.

I get that, what I don't get - and my solicitor also, is why they don't respond. Nearly 4 pm and no word.

It is rather galling that I am moving out into expensive holiday accommodation for 2 months so that my buyer can move in as he is desperate and my new build is not ready until next month.

My cut off for cancelling this accommodation without penalty was 4 pm yesterday. This has now been and gone and I have had to pay the whole 2 months upfront or lose it. He and his solicitor knew this and have known it for a full month so don't understand the delay. This is what you get for doing a favour

 I assume this is what you get from a buyer - probably not his fault, that goes with a solicitor that the EA has recommended and his solicitor cannot be bothered to do their job.

Thanks for all the replies.

user1977

Willis75 said:

user1977 said:

Sounds like you have already been told what the issue is - they're expecting the rest of the funds. Which they're expecting today. Today isn't over yet. And they've probably got a bunch of other stuff to occupy themselves with, so the stress isn't killing them.

I get that, what I don't get - and my solicitor also, is why they don't respond. Nearly 4 pm and no word.

Because they're still waiting for the funds to come in. Not much point spending time having a chat about the lack of money so far, if they're expecting it in later. They may well have dozens of other transactions on the go, which they can actually progress.

eddddy

Are you sure it's the buyer's solicitor's fault?

The buyer's solicitor is saying they only have partial funds. Doesn't that imply that the problem is the buyer hasn't sent them the full funds yet?

Which is why it might be sensible to ask the buyer when they will be sending the funds.

Maybe the buyer will explain that they can't send the for funds for another 2 or 3 days - so then you'll know nothing will happen before then.

TripleH

It could be the buyer hasn't realised a daily limit for transferring funds (without paying chaps fee), has left everything to last minute so now must transfer over in tranches each day upto maximum limit?

Willis75

user1977 said:

Willis75 said:

user1977 said:

Sounds like you have already been told what the issue is - they're expecting the rest of the funds. Which they're expecting today. Today isn't over yet. And they've probably got a bunch of other stuff to occupy themselves with, so the stress isn't killing them.

I get that, what I don't get - and my solicitor also, is why they don't respond. Nearly 4 pm and no word.

Because they're still waiting for the funds to come in. Not much point spending time having a chat about the lack of money so far, if they're expecting it in later. They may well have dozens of other transactions on the go, which they can actually progress.

I long chat is not necessary, just a quick curtesy call or email would suffice. I understand they may well be busy but so is my solicitor, she is also dealing with other transactions as well as mine but she makes the time to chase a solicitor who has gone suddenly silent. 

Willis75

Eddddy,

not sure if or why they don’t have sufficient funds. My worry is that the buyer now has a financial issue and is unable to proceed with the purchase hence silence from his solicitor or are they telling porkies?

I also do not have contact details for him so cannot speak to him directly.

eddddy

Willis75 said:

Eddddy,

not sure if or why they don’t have sufficient funds. My worry is that the buyer now has a financial issue and is unable to proceed with the purchase hence silence from his solicitor or are they telling porkies?

I also do not have contact details for him so cannot speak to him directly.

Exactly.  That's why it's best to try to get into contact with the buyer.

• If the buyer has financial problems, it's very likely that they wouldn't tell their solicitor.

• Or if they did tell their solicitor, it's very unlikely that their solicitor would share confidential information with your solicitor - such as "My client has financial problems".

If the estate agent or you contact the buyer, they might lie about their situation, but the estate agent or you can judge whether their story/excuses sound credible.

user1977

Willis75 said:

user1977 said:

Willis75 said:

user1977 said:

Sounds like you have already been told what the issue is - they're expecting the rest of the funds. Which they're expecting today. Today isn't over yet. And they've probably got a bunch of other stuff to occupy themselves with, so the stress isn't killing them.

I get that, what I don't get - and my solicitor also, is why they don't respond. Nearly 4 pm and no word.

Because they're still waiting for the funds to come in. Not much point spending time having a chat about the lack of money so far, if they're expecting it in later. They may well have dozens of other transactions on the go, which they can actually progress.

I long chat is not necessary, just a quick curtesy call or email would suffice.

I'm sure they will eventually, but the bottom line is if they haven't yet said they're ready to exchange, then they're not.