Contract Exchange - Deadlines Looming

jim_ww

Long question - bear with me.

We are the only link in a small chain; our buyers are first time buyers, our vendors are emigrating. Only mortgage required is for the FTB and they have a mortgage offer which is fast approaching it's expiry date (early Sep), this has already been extended and the lenders will not extend again. Contracts for both sales are ready to exchange bar one signature from one of our vendors - who happens to be out of the country until August 31.

We need to exchange within the next few days or our buyers will have to renegotiate their mortgage offer (or possibly pull out). 

Our vendors solicitor's are insisting on a 'wet' signature, and for some reason airmail to UK doesn't seem to be an option. I understand the solicitors could sign a waiver on behalf of our vendors and get the 'wet' signature before completion, but they are refusing to do this.

It seems our only option is to exchange on behalf of our buyers, and take a punt on our vendors and solicitors getting things sorted in the few days before the latest possible completion date. To be clear our solicitors strongly advise against this option.

Just asking in case anyone has had experience of a similar situation and/or could offer any advice.  

user1977

jim_ww said:

Contracts for both sales are ready to exchange bar one signature from one of our vendors - who happens to be out of the country until August 31.

Our vendors solicitor's are insisting on a 'wet' signature, and for some reason airmail to UK doesn't seem to be an option.

Have they explained why not? Unless it's a very remote part of the world or they're on a secret mission by submarine, getting something couriered ought to be an option. And in any event, it ought to have been predicted and Power of Attorney or similar set up in advance, but you are where you are.

nicmyles

Yes, this is literally what FedEx etc are for. Offer to pay for it if it will get it done.

doodling

Hi,

Providing you have somewhere else to live (and put your stuff!) if your vendors decide not to sell you their house then go for it.

Most people don't have a spare house however...

jim_ww

Thanks for the replies - the only 'reason' we have been given for not using post or courier is that it will take too long. Rubbish excuse I know, but then we're asking their solicitors via their agents so who knows what the real reason is.

saajan_12

jim_ww said:

Our vendors solicitor's are insisting on a 'wet' signature, and for some reason airmail to UK doesn't seem to be an option. I understand the solicitors could sign a waiver on behalf of our vendors and get the 'wet' signature before completion, but they are refusing to do this.

This should be Plan A. It must be quicker than the 2 weeks before 31st Aug. I recently had to post out a sim card to a friend in the States, took under a week on bog standard Royal Mail international post. I'm sure there are express options. 

jim_ww said:

It seems our only option is to exchange on behalf of our buyers, and take a punt on our vendors and solicitors getting things sorted in the few days before the latest possible completion date. To be clear our solicitors strongly advise against this option.

Just asking in case anyone has had experience of a similar situation and/or could offer any advice.  

Well its a punt.. if the vendors don't exchange, you would still have to move out on completion with your buyer, and then figure out somewhere to stay / store belongings until you can buy somewhere. Best case its that property, worst case start again with another property, suffering double moving costs, mortgage fees if you can't port your mortgage with a long gap and any change in house prices. You'd have no claim against the vendors for this as until exchange, they haven't agreed to sell you their property (and no, any verbal / email agreements don't count).