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Sale fallen through, what do I do next?
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Ask your solicitor to ask their solicitor what is going on. Having been in a similar situation, the buyers solicitor was frankly hopeless and not until I threatened to re market it did they finally pull their finger out.0
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horsewithnoname said:Ask your solicitor to ask their solicitor what is going on. Having been in a similar situation, the buyers solicitor was frankly hopeless and not until I threatened to re market it did they finally pull their finger out.I plan to touch base with my solicitor again today to see if enquiries have indeed started and if not, see what they can do or what they advise. My solicitor has made it clear to the buyer’s solicitor that I need to complete by mid August at the latest.1
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pjs493 said:Back in February I told the tenant of my late husband’s rental property that I would need to sell the property in order to buy a suitable house for me and our children following his unexpected death (currently living in accommodation that came with his job).
I gave the tenant first refusal. They seemed super keen and eager, asked for a couple of weeks to ensure they had the deposit, could get a mortgage, etc and made me a formal offer in March. Two local estate agents came in to give valuations which were identical to the valuation I had done for Probate, so the price was agreed and accepted. It’s a private sale so no memo of sale from an estate agent. I’ve relied on updates from him with regards to his solicitor’s progress.In late April, I found the perfect house and had an offer accepted. With the sale of the rental property (I’m the beneficiary of my husband’s estate) and savings I’m a cash buyer. There is no other chain as the house I’m buying is the vendor’s second home.Long story short, it transpires that the tenant has been giving me the run around and despite sending me evidence of searches being ordered, engaging his solicitor, proof of mortgage offer, etc, it’s all been a lie. Initially they claimed they’d had issues with their solicitor so instructed a new one, but yesterday my solicitor called me to say they’ve yet to hear anything from the buyer’s second solicitor (never heard from the first one either).I’ve told the tenant that I have no choice but to evict them and sell the property to release the equity. I’ve found the forms on the gov website that I need to use to give him notice to vacant.My purchase was on the market for about a year when my offer was accepted. There have been a couple of delays from their end but before I realised my buyer has been taking me for a fool, the purchase overtook the sale despite the sale being a couple of months ahead of the purchase.The sale was originally supposed to complete end of June with purchase due to complete early August. In time for the new school term starting in September.It’s going to be two months before the tenant moves out (assuming they leave at the end of the notice period and don’t make it go to court). It screws up school for the children and will make me homeless as I have to move out of my current accommodation by October.I’m worried my purchase will fall through. The tenant is currently not responding to my texts or calls after I realised they’ve messed me around. So I don’t know how difficult they’ll be with an eviction.Should I ask my solicitor to chase the buyer’s solicitor to double check that it’s not all some misunderstanding? Am I able to contact their solicitor directly? If an estate agent was involved with the sale they’d obviously be chasing things. My solicitor only realised something was wrong with the buyer’s first solicitor when they sent lease docs and received a reply stating my buyer wasn’t one of their clients. The buyer said they’d had numerous issues with that solicitor so moved to a more reputable firm, draft contracts, lease docs, etc were sent to them over a month ago and my solicitor hasn’t heard from them.Should I tell the vendor’s estate agent straight away and explain the situation? What’s the correct protocol?It all seemed so simple when the tenant said they wanted to buy. In hindsight I can’t believe I was taken in by their excuses and false documents confirming they’d paid their solicitor for searches, etc. A copy of their mortgage offer, etc. It all appears to have been faked as a delay tactic and now they’ve ran out of excuses and what at the time seemed to be genuine delays, it appears the game is up.If I was able to keep the rental property on I would, but it would mean getting a mortgage and mortgage companies won’t take the rental income into consideration because it forms part of my husband’s estate. I’ve considered a bridging loan so as not to delay my purchase, but I know these come with risks and can be expensive.Apologies for the long post but I wanted to include as much info as possible to avoid having to answer lots of questions.0 -
MeteredOut said:pjs493 said:Back in February I told the tenant of my late husband’s rental property that I would need to sell the property in order to buy a suitable house for me and our children following his unexpected death (currently living in accommodation that came with his job).
I gave the tenant first refusal. They seemed super keen and eager, asked for a couple of weeks to ensure they had the deposit, could get a mortgage, etc and made me a formal offer in March. Two local estate agents came in to give valuations which were identical to the valuation I had done for Probate, so the price was agreed and accepted. It’s a private sale so no memo of sale from an estate agent. I’ve relied on updates from him with regards to his solicitor’s progress.In late April, I found the perfect house and had an offer accepted. With the sale of the rental property (I’m the beneficiary of my husband’s estate) and savings I’m a cash buyer. There is no other chain as the house I’m buying is the vendor’s second home.Long story short, it transpires that the tenant has been giving me the run around and despite sending me evidence of searches being ordered, engaging his solicitor, proof of mortgage offer, etc, it’s all been a lie. Initially they claimed they’d had issues with their solicitor so instructed a new one, but yesterday my solicitor called me to say they’ve yet to hear anything from the buyer’s second solicitor (never heard from the first one either).I’ve told the tenant that I have no choice but to evict them and sell the property to release the equity. I’ve found the forms on the gov website that I need to use to give him notice to vacant.My purchase was on the market for about a year when my offer was accepted. There have been a couple of delays from their end but before I realised my buyer has been taking me for a fool, the purchase overtook the sale despite the sale being a couple of months ahead of the purchase.The sale was originally supposed to complete end of June with purchase due to complete early August. In time for the new school term starting in September.It’s going to be two months before the tenant moves out (assuming they leave at the end of the notice period and don’t make it go to court). It screws up school for the children and will make me homeless as I have to move out of my current accommodation by October.I’m worried my purchase will fall through. The tenant is currently not responding to my texts or calls after I realised they’ve messed me around. So I don’t know how difficult they’ll be with an eviction.Should I ask my solicitor to chase the buyer’s solicitor to double check that it’s not all some misunderstanding? Am I able to contact their solicitor directly? If an estate agent was involved with the sale they’d obviously be chasing things. My solicitor only realised something was wrong with the buyer’s first solicitor when they sent lease docs and received a reply stating my buyer wasn’t one of their clients. The buyer said they’d had numerous issues with that solicitor so moved to a more reputable firm, draft contracts, lease docs, etc were sent to them over a month ago and my solicitor hasn’t heard from them.Should I tell the vendor’s estate agent straight away and explain the situation? What’s the correct protocol?It all seemed so simple when the tenant said they wanted to buy. In hindsight I can’t believe I was taken in by their excuses and false documents confirming they’d paid their solicitor for searches, etc. A copy of their mortgage offer, etc. It all appears to have been faked as a delay tactic and now they’ve ran out of excuses and what at the time seemed to be genuine delays, it appears the game is up.If I was able to keep the rental property on I would, but it would mean getting a mortgage and mortgage companies won’t take the rental income into consideration because it forms part of my husband’s estate. I’ve considered a bridging loan so as not to delay my purchase, but I know these come with risks and can be expensive.Apologies for the long post but I wanted to include as much info as possible to avoid having to answer lots of questions.0 -
pjs493 said:MeteredOut said:Given the recent updates, do you still believe the proof of funds/mortgage offer was a fake? Has an updated mortgage offer been provided to your solicitor?Solicitors do AML checks - and "proof of funds" checks - i.e. does the buyer have a deposit and mortgage offer that together will cover the purchase price.But solicitors don't generally do affordability checks - in the sense of can buyer afford monthly mortgage payments given their income. So they would not normally looking at a buyer's income.0
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bobster2 said:pjs493 said:MeteredOut said:Given the recent updates, do you still believe the proof of funds/mortgage offer was a fake? Has an updated mortgage offer been provided to your solicitor?Solicitors do AML checks - and "proof of funds" checks - i.e. does the buyer have a deposit and mortgage offer that together will cover the purchase price.But solicitors don't generally do affordability checks - in the sense of can buyer afford monthly mortgage payments given their income. So they would not normally looking at a buyer's income.0
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So it has all fallen through. The tenant was deliberately wasting my time and despite being able to secure a mortgage, just couldn’t make the numbers work. Although given that their mortgage would have been cheaper than the rent, this just seems like a bit of an excuse. They gave notice to move out a couple of days ago.I’ve contacted a local estate agent to enquire about getting it listed and informed my solicitor so they can advise on the next move regarding telling the vendor of the property I’m buying. I want to avoid the cost of a bridging loan so I’m hoping they are happy to wait while it sells again.I’m so upset and angry that the tenant messed me around for six months. My purchase is ready to exchange and complete but may fall through now due to the failure of the sale. I’m hoping the vendor is happy to wait. It’s their second home and it was on the market for a year before my offer was accepted. So fingers crossed.0
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@pjs493, oh no, I am sorry to hear your latest update. It's a horrible thing for the buyer /tenant to do, but it sounds as though they would have loved to buy your house but it just wasn't affordable for them.
Now you have to start again and hopefully sell quickly to a keen and motivated buyer. It sounds like you stand a good chance of your vendor being able to wait for you, especially since the property had been on the market for some considerable time. Definitely not a good idea to be thinking about bridging loans when the timescale is not clear.0 -
pjs493 said:So it has all fallen through. The tenant was deliberately wasting my time and despite being able to secure a mortgage, just couldn’t make the numbers work. Although given that their mortgage would have been cheaper than the rent, this just seems like a bit of an excuse. They gave notice to move out a couple of days ago.I’ve contacted a local estate agent to enquire about getting it listed and informed my solicitor so they can advise on the next move regarding telling the vendor of the property I’m buying. I want to avoid the cost of a bridging loan so I’m hoping they are happy to wait while it sells again.I’m so upset and angry that the tenant messed me around for six months. My purchase is ready to exchange and complete but may fall through now due to the failure of the sale. I’m hoping the vendor is happy to wait. It’s their second home and it was on the market for a year before my offer was accepted. So fingers crossed.I’m a Forum Ambassador and I support the Forum Team on the Savings & Investments, Small Biz MoneySaving and House Buying, Renting & Selling boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the Report button, or by e-mailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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gelato_cat said:pjs493 said:So it has all fallen through. The tenant was deliberately wasting my time and despite being able to secure a mortgage, just couldn’t make the numbers work. Although given that their mortgage would have been cheaper than the rent, this just seems like a bit of an excuse. They gave notice to move out a couple of days ago.I’ve contacted a local estate agent to enquire about getting it listed and informed my solicitor so they can advise on the next move regarding telling the vendor of the property I’m buying. I want to avoid the cost of a bridging loan so I’m hoping they are happy to wait while it sells again.I’m so upset and angry that the tenant messed me around for six months. My purchase is ready to exchange and complete but may fall through now due to the failure of the sale. I’m hoping the vendor is happy to wait. It’s their second home and it was on the market for a year before my offer was accepted. So fingers crossed.0
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