Missives pull out

GDB2222

carolineb5949 said:

GDB2222 said:

_Penny_Dreadful said:

I doubt the sellers are being inundated with offers to purchase 10 properties plus a lot of land.  Even with the multiple dwelling relief I can only imagine that the LBTT will be eye watering and multiple properties plus land seems like quite a specific type of purchase rather than just another family home.  Try and work something out with your sellers and get the English properties back on the market asap hopefully with an estate agent who is better at qualifying potential buyers.

"I doubt the sellers are being inundated with offers" cuts both ways. The sellers don't need any more offers. They have concluded missives with the OP, and if they remarket and the next buyer will only pay say £0.5m less, then the OP is liable for the difference. The OP is dead right to be worried sick by that scenario. 

In practice, suing the OP is a pretty fraught process for the sellers for a number of reasons:

• The case will take ages to come to court.
• The sellers will have to take a loss on the sale to another buyer and hope that they can eventually recoup it from the OP
• The sellers have to win their case, and then extract their money from the OP.
• If the sellers sell for a lot less, the OP may simply go bankrupt and the sellers may only recoup part of their loss.
• Even if the sellers win, they will still be out of pocket for part of their legal fees.

So, it's in the sellers' interests to be reasonable and extend the 1 June deadline a bit. 


 

Thank-you they are very valid points, if the worst happens and our buyers finance does not come through at the end March, all we can do is send the assets to auction which we have been told start to finish is around 10 weeks but no guarantee of a sale and even then it means packing everything up having no idea if actually going. 

Surely, you can’t wait until the end of March before starting the auction process? You need to get in the catalogue, and allow time for viewing, etc.

oldernonethewiser

sheramber said:

oldernonethewiser said:

sheramber said:

oldernonethewiser said:

comeandgo said:

The sellers did not give you an unrealistic deadline, they have been more than generous.  Properties sell in a few weeks in Scotland.  The funding of your buyers should have been checked by your estate agents or solicitor.  This is only March so you have a few weeks to get things sorted.

Bit of a generalisation there.  

Not really.

Potential entry dates are discussed before offering so bith oarties know what the position is. If you waiting for a slae 

House sales can be ready for signing  missives in 4 weeks.

Entry date is agreed before missives are signed.

That is the time to sort out a realistic entry date.  There is no automatically waiting for everybody in a chain to  be ready.  Such a situation would have to be agreed with your seller as it is normal practice in Scottish sales.

My sale was completed and I moved out in 4 weeks, My purchase offer was accepted on 14 October  and my entry date was 1 December.

Nothing unusual in that.

Ah - sorry.  You mean the process once an offer has been made.  I thought you meant that when a house went to market in Scotland it would sell quickly.

Agree than lots can be sorted before pen is put to paper and the actual legal process can be pretty quick.

Can still be a worrying time of course until the Missives are signed.

I received two offers within 6 days of going on sale.  One from someone who had sold and the other from someone renting.

My current house was viewed 5 days after going on the market and they had had 14 viewers already.

Sale went to a closing date  which was 7 days later. There were two offers and mine was accepted two days later,

I sold a property last year, everyone said it would generate a lot of interest.   It didn't but sold pretty quickly as I was happy with one of the offers, not the highest.

There is a property near me that has been on the market for 5 months. Can't see any issues with it but it isnt shifting.

Friend sold and bought within 5 weeks recently.

What does any of this mean?

Sometimes the process is quick and sometimes it isn't.

carolineb5949

GDB2222 said:

carolineb5949 said:

GDB2222 said:

carolineb5949 said:

No cold feet on the purchase, can't wait to get there tbh, just panic over buyers, got a valuation done a while ago from a company who offered auction for a quick sale if thongs did not go as planned, emailed him over the weekend to call me so I can check process and timeline, thanks

It's good that you are being proactive. Do you need to look at different routes to auction the property and sell the businesses you have established?

It's not straight forwards, the auction people will not take the property on with a pending purchase meaning we could not put on until start April, the process then takes minimum 10 weeks as it is not an under the hammer style. The business side I can sell no problem but this is a very small amount compared to the building (a block of 8 rented flats) 

Please, please go with a traditional style of auction, such as is done by Allsop (no connection). You should avoid the modern method of auction like the plague

A firm like Allsop can sell a block of 8 flats with no problem. Take a look at their auction catalogues.

https://www.allsop.co.uk/auctions/

Your flats are pretty much bound to sell at auction, providing you put a realistic reserve on them, with completion normally 28 days after the auction date. If time is tight you can specify a shorter period. 

It is quite common to see lots withdrawn from the auction because they have been sold prior, although you will have some fees to pay in those circumstances.

Hi, thank-you, this is really helpful, will have a look, if you know any other hammer/sale room type auctions, we are in Manchester, please let me know as this was the way I wanted to go as at least you know on the day if you have sold, this online like Yopa you have to advertise for 4 weeks on the auction site, was told 90% of properties sell but not convinced.

carolineb5949

GDB2222 said:

carolineb5949 said:

GDB2222 said:

_Penny_Dreadful said:

I doubt the sellers are being inundated with offers to purchase 10 properties plus a lot of land.  Even with the multiple dwelling relief I can only imagine that the LBTT will be eye watering and multiple properties plus land seems like quite a specific type of purchase rather than just another family home.  Try and work something out with your sellers and get the English properties back on the market asap hopefully with an estate agent who is better at qualifying potential buyers.

"I doubt the sellers are being inundated with offers" cuts both ways. The sellers don't need any more offers. They have concluded missives with the OP, and if they remarket and the next buyer will only pay say £0.5m less, then the OP is liable for the difference. The OP is dead right to be worried sick by that scenario. 

In practice, suing the OP is a pretty fraught process for the sellers for a number of reasons:

• The case will take ages to come to court.
• The sellers will have to take a loss on the sale to another buyer and hope that they can eventually recoup it from the OP
• The sellers have to win their case, and then extract their money from the OP.
• If the sellers sell for a lot less, the OP may simply go bankrupt and the sellers may only recoup part of their loss.
• Even if the sellers win, they will still be out of pocket for part of their legal fees.

So, it's in the sellers' interests to be reasonable and extend the 1 June deadline a bit. 


 

Thank-you they are very valid points, if the worst happens and our buyers finance does not come through at the end March, all we can do is send the assets to auction which we have been told start to finish is around 10 weeks but no guarantee of a sale and even then it means packing everything up having no idea if actually going. 

Surely, you can’t wait until the end of March before starting the auction process? You need to get in the catalogue, and allow time for viewing, etc.

The auction people were aware of my circumstances with the buyer as they were the ones who did a free valuation at the start, unfortunately I was too honest and said ideally we still wanted to sell end March if they got the money, he said I had to sign a contract of "fair rules" to say this auction was my only sale method cos if someone goes and puts a bid on once it was listed on line.... and lets say my buyer came through........


  

GDB2222

carolineb5949 said:

GDB2222 said:

carolineb5949 said:

GDB2222 said:

_Penny_Dreadful said:

I doubt the sellers are being inundated with offers to purchase 10 properties plus a lot of land.  Even with the multiple dwelling relief I can only imagine that the LBTT will be eye watering and multiple properties plus land seems like quite a specific type of purchase rather than just another family home.  Try and work something out with your sellers and get the English properties back on the market asap hopefully with an estate agent who is better at qualifying potential buyers.

"I doubt the sellers are being inundated with offers" cuts both ways. The sellers don't need any more offers. They have concluded missives with the OP, and if they remarket and the next buyer will only pay say £0.5m less, then the OP is liable for the difference. The OP is dead right to be worried sick by that scenario. 

In practice, suing the OP is a pretty fraught process for the sellers for a number of reasons:

• The case will take ages to come to court.
• The sellers will have to take a loss on the sale to another buyer and hope that they can eventually recoup it from the OP
• The sellers have to win their case, and then extract their money from the OP.
• If the sellers sell for a lot less, the OP may simply go bankrupt and the sellers may only recoup part of their loss.
• Even if the sellers win, they will still be out of pocket for part of their legal fees.

So, it's in the sellers' interests to be reasonable and extend the 1 June deadline a bit. 


 

Thank-you they are very valid points, if the worst happens and our buyers finance does not come through at the end March, all we can do is send the assets to auction which we have been told start to finish is around 10 weeks but no guarantee of a sale and even then it means packing everything up having no idea if actually going. 

Surely, you can’t wait until the end of March before starting the auction process? You need to get in the catalogue, and allow time for viewing, etc.

The auction people were aware of my circumstances with the buyer as they were the ones who did a free valuation at the start, unfortunately I was too honest and said ideally we still wanted to sell end March if they got the money, he said I had to sign a contract of "fair rules" to say this auction was my only sale method cos if someone goes and puts a bid on once it was listed on line.... and lets say my buyer came through........


  

The hammer auctions are different, as nobody can bid before the date of the auction. So, you can withdraw your property from the auction at any point until the morning of the sale. 

I’m not convinced that you are better off with a local auctioneer for this sort of property. There are local firms in Manchester, but I haven’t used them. 

From the way you described them, I am pretty sure that the firm you have been in contact with do the modern method of auction, and most people on this forum would tell you to steer well clear. 

Olinda99

yes definitely stay clear of modern method of auction and go to a traditional auction house for properties

Herzlos

Have you spoken to the seller to express concerns and see if there are any other options?
For example, could you rent from them until all of your funds are available?

carolineb5949

It's a possibility I suppose but not like renting a straight forward house, it's a large estate with house and 10 holiday lets so would be very complex because of business income and as we are the new estate managers if they did let us rent the house they would have to employ staff to run the holiday lets as they would expect to continue receiving income.

gazfocus

carolineb5949 said:

It's a possibility I suppose but not like renting a straight forward house, it's a large estate with house and 10 holiday lets so would be very complex because of business income and as we are the new estate managers if they did let us rent the house they would have to employ staff to run the holiday lets as they would expect to continue receiving income.

Not necessarily. They could just rent the entire estate to you for you to do as you wish with (the same way a landlord might rent a restaurant to a tenant, the landlord wouldn’t then expect a percentage of the restaurant profits above what the agreed rent would be). 

Keeping everything crossed for you though that none of this matters and that everything concludes by the deadlines given. 

Herzlos

carolineb5949 said:

It's a possibility I suppose but not like renting a straight forward house, it's a large estate with house and 10 holiday lets so would be very complex because of business income and as we are the new estate managers if they did let us rent the house they would have to employ staff to run the holiday lets as they would expect to continue receiving income.

Why would the management be any different? Presumably you're going to be running the business to get money from the 10 holiday lets?

I was just suggesting a mechanism in which you could stay in at least the main house and start giving them money for what could be a few months before you've raised the money to complete the sale. It'd show that you're serious about moving and doing what you can to accommodate the timeline.