Is it worth applying pressure or am I being messed about?

gazfocus

So as I’ve posted before, we are in the process of selling our house. The house is currently empty and all of our legal work is done and we are just waiting for the buyers side to be ready. 

Our buyers had a buyer lined up for their house before they even viewed ours back at the beginning of February, and are really keen to complete but they are selling to FTBs who seem to have an issue that is waiting for approval from their mortgage lender. 

We have been waiting now for 3 weeks for our buyers buyers to resolve this issue and the last update from my solicitor on Friday was that my buyers solicitor is still ‘dealing with enquiries from our buyers buyers’.

It’s been 15 weeks since offer accepted now and so I’m just wondering whether it’s worth trying to apply some pressure to get things moving or am I more likely to risk everything going pear shaped? Our estate agent doesn’t seem to want to get things moving so I’m losing the will to live a little. 

My concern is that if the sale doesn’t go through in the next 3 weeks, Halifax are upping my interest rate as I currently have consent to let on the mortgage. They won’t remove the ‘consent to let’ unless I’ve moved back in which isn’t the case.

I also currently have landlord insurance on the house which isn’t really suitable anymore so I’m wondering whether to switch the insurance to standard house insurance but then the house is empty so not sure how that works. 

tacpot12

It's worth trying to apply some pressure, but you can't really force someone to exchange contracts when they aren't willing to, and they won't be unless they have also exchanged contracts with their buyer. So you might as well apply pressure nicely. Tell them you are considering putting the house back on the market, but won't do so for another three weeks. Ask them to let their buyers know that their purchase might fall through if the don't resolve the issue in a couple of weeks. 

It looks like one of you moving back into the property might say a good deal of money, as unoccupied house insurance is much more expensive than occupied house insurance. You will need unoccupied house insurance when your normal house insurance no longer covers you - you should check how long you can leave the property unoccupied on the current insurance and call your insurer if this isn't clear. I would try to avoid telling them the house is currently unoccupied, tell them you are asking because you are away and want to extend your stay away. You might find you need an insurance broker to get you unoccupied home cover at a reasonable price.

anselld

Is your agent also representing your buyers in their onward sale?  If so they will not be keen or proactive in any re-marketing.   If that is the case you will need to threaten to remarket via another agent (check your contract first).

eddddy

gazfocus said:

... but they are selling to FTBs who seem to have an issue that is waiting for approval from their mortgage lender. 

In your position, I would try to find out what the issue is - and how likely it is to be resolvable.

For example, is it something like...

• An issue that could be resolved by the FTB agreeing to indemnity insurance? (So potentially easily solvable, if the FTB agrees. And if so, why hasn't the FTB agreed so far?)

• Or the mortgage lender requires a lease variation, and the freeholder has refused? (So very likely not solvable.)

I would push your estate agent to find out more information from your buyer (and/or your buyer's estate agent), and say that if your buyer won't provide information, you'll have to start assuming the worst - that the issue is probably isn't resolvable.

gazfocus

Thanks. I want to try and avoid having to move back into the house if I’m honest but will definitely speak to the insurers.

Our estate agents are also the estate agents our buyers have sold their house with, so has access to our buyers and our buyers buyers. 

The last time I spoke to the Estate agents was 10 days ago and have emailed a few times since with zero reply. They said the issue was to do with a slight error on the title plan that didn’t bother the buyers but obviously needs approval from the mortgage lender to proceed. I have also just noticed they the house the buyers are selling is leasehold as well so wonder whether that’s an extra complication with this error that’s come to light. 

I think what frustrates me the most, and I’m fully aware that it’s not our buyers fault, is that there’s very little in terms of actual transparency. The solicitors just say ‘we are still dealing with enquiries’ and not giving any meaningful update, and our solicitor only chases when I pester them, then the estate agent not even replying, just getting very frustrated. 

eddddy

gazfocus said:

I think what frustrates me the most, and I’m fully aware that it’s not our buyers fault, is that there’s very little in terms of actual transparency. The solicitors just say ‘we are still dealing with enquiries’ and not giving any meaningful update, and our solicitor only chases when I pester them, then the estate agent not even replying, just getting very frustrated. 

I'm not sure if you're misunderstanding the roles.

• A solicitor works for their client and should only give updates to their client.  They shouldn't be giving updates to the other solicitors, the estate agents, or others in the chain.

• If you think the buyer's solicitor is going slow - the person to chase is the buyer. You should be telling the buyer (maybe via the estate agent) to get their solicitor to hurry-up.

• The solicitors' job is to do the legal stuff. It's not really their job to chase other solicitors. It's your job to chase your solicitor (if required), and your buyer's job to chase their solicitor (if required).

And a good estate agent will...

• Chase both buyer and seller
• Pass updates between buyer and seller
• Pass other messages between buyer and seller
• Tell buyer and seller that they need to chase their respective solicitors, as and when required

TripleH

Ring the estate agents up and ask them about timescales for when they want to be paid their commission on 'both' transactions.

Reminding them that this is 2 simultaneous deals for them may help focus their minds.

gazfocus

Just a bit of an update...well, not much to report really. 

Spoke to the EA last week and they were going to speak to the buyers at the bottom of the chain, then another week went by with no further contact, then spoke to the EA again on Tuesday and they still hadn't had an update despite chasing at which point I said this could potentially derail the entire chain... then got an email from the EA on Wednesday saying they are struggling to get hold of the buyer or their solicitor.

I know things take time and I'm trying my hardest to remain optimistic but in my experience when people start to go quiet, there's usually something up.

housebuyer143

gazfocus said:

Just a bit of an update...well, not much to report really. 

Spoke to the EA last week and they were going to speak to the buyers at the bottom of the chain, then another week went by with no further contact, then spoke to the EA again on Tuesday and they still hadn't had an update despite chasing at which point I said this could potentially derail the entire chain... then got an email from the EA on Wednesday saying they are struggling to get hold of the buyer or their solicitor.

I know things take time and I'm trying my hardest to remain optimistic but in my experience when people start to go quiet, there's usually something up.

Unfortunately my house sale fell through twice and each time I could pinpoint the moment it went wrong as the buyer would suddenly go quiet and stop replying when previously they were communicative. 
It then took a further 2 weeks for the first one and 6 for the second to admit they couldn't proceed. 

Hopefully it's not the case here but like you say, going quiet isn't a good sign normally. 

gazfocus

Still nothing from anyone in terms of news or updates. Emailed the EA again yesterday and again got radio silence and emailed our solicitor who replied saying she'd left a message for our buyers solicitor to ring her back but nothing since then.

I think I'm going to give it til lunch time tomorrow and then call the EA and say I want the house putting back on the market. If anything progresses before we get another buyer then that's fine, but if not, I'll be considering whatever offers come in.

TripleH

Tell your solicitor to hold fire on work as well.

I would ring the estate agent today and advise them that you are continuing with the purchase at present but are now open for other interested parties to contact you.

It could be something daft like a change of job and they need 3 wage slips for their mortgage but why people don't say this I don't know...