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Delay in exchange. I don't understand why?
bflare
Posts: 464 Forumite
I'm a FTB and put an offer in on a house at the end of September 2021. I was told that completion would be Jan / Feb 2022 and advised by the EA to sort my mortgage out. My mortgage offer runs out at the end of March 2022.
Since the end of last year I've received various updates from my solicitor and EA. An update last week sounded promising. The EA said that the very top chain who are buying a new build have agreed to break the chain and move into a rental as their new build is now not going to be complete until the end of March at the earliest. The EA said she would hope we would now be completing in the next couple of week. An update today now sounds less positive and I don't really understand the delay. The EA has said the following:
"I have been speaking to your seller and his onward seller this afternoon unfortunately it seems nothing is getting sorted regarding these dates. You have your predicament and the vendor at the top has issue with securing a rental but won’t look until exchange of contracts, which he is desperate to do."
As far as I'm aware there's 3 parties in the chain. Myself, the people I'm buying from and the people they are buying from. Those at the top of the chain are apparently buying a new build. Can someone please explain what the EA is saying is the problem? If everyone is ready to exchange then what is holding up the process?
I really don't want this to drag on any further and I get the feeling I'm being led on slightly by the EA. My worry is that I'll have to apply for another mortgage and ill not get as good as a deal.
Since the end of last year I've received various updates from my solicitor and EA. An update last week sounded promising. The EA said that the very top chain who are buying a new build have agreed to break the chain and move into a rental as their new build is now not going to be complete until the end of March at the earliest. The EA said she would hope we would now be completing in the next couple of week. An update today now sounds less positive and I don't really understand the delay. The EA has said the following:
"I have been speaking to your seller and his onward seller this afternoon unfortunately it seems nothing is getting sorted regarding these dates. You have your predicament and the vendor at the top has issue with securing a rental but won’t look until exchange of contracts, which he is desperate to do."
As far as I'm aware there's 3 parties in the chain. Myself, the people I'm buying from and the people they are buying from. Those at the top of the chain are apparently buying a new build. Can someone please explain what the EA is saying is the problem? If everyone is ready to exchange then what is holding up the process?
I really don't want this to drag on any further and I get the feeling I'm being led on slightly by the EA. My worry is that I'll have to apply for another mortgage and ill not get as good as a deal.
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Comments
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Why don't you ask your solicitor? They will be in a better position to find out for certain.1
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sounds like the people moving into the new build are hoping to string things along until the new build is finished, they probably won't want to move into such a short term rental (if they can find one )
Even if they are prepared to do so, they certainly won;t commit until the contracts are exchanged4 -
I have done this & the solicitor's response was they were unable to find anything out so they would ask the Estate agent to chase.housebuyer143 said:Why don't you ask your solicitor? They will be in a better position to find out for certain.0 -
This is the bit I do not understand. What will be holding up the exchange of contracts? The EA said that is what is the issue & the top of the chain are prepared to break the chain.Flugelhorn said:Even if they are prepared to do so, they certainly won;t commit until the contracts are exchanged0 -
I suspect that it doesn’t make sense because the top of the chain are fibbing.bflare said:
This is the bit I do not understand. What will be holding up the exchange of contracts? The EA said that is what is the issue & the top of the chain are prepared to break the chain.Flugelhorn said:Even if they are prepared to do so, they certainly won;t commit until the contracts are exchanged3 -
The vendors are most likely struggling to find a suitable property to rent. With the flexibility to terminate the tenancy at minimal cost. Words are cheap. Far more difficult to take the actual action.bflare said:The EA said that the very top chain who are buying a new build have agreed to break the chain and move into a rental as their new build is now not going to be complete until the end of March at the earliest.1 -
I think someone is definitely fibbing. I'm starting not to trust the EA too. However, I'm not sure what else I can do.bouicca21 said:
I suspect that it doesn’t make sense because the top of the chain are fibbing.bflare said:
This is the bit I do not understand. What will be holding up the exchange of contracts? The EA said that is what is the issue & the top of the chain are prepared to break the chain.Flugelhorn said:Even if they are prepared to do so, they certainly won;t commit until the contracts are exchanged0 -
Yes very possible. I'm not sure what else I can do other than wait it out but it's already been 5 months & I'm still no closer to having any kind of date.Thrugelmir said:
The vendors are most likely struggling to find a suitable property to rent. With the flexibility to terminate the tenancy at minimal cost. Words are cheap. Far more difficult to take the actual action.bflare said:The EA said that the very top chain who are buying a new build have agreed to break the chain and move into a rental as their new build is now not going to be complete until the end of March at the earliest.0 -
Start to look again, you are being mess around.
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I would phone the top of the chains Estate Agents and tell them to move into an Airbnb … Whether they will or not is an entirely different matter1
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