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sellers solicitors threatening to pull out because my solicitors are delaying exchange
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anthonypilling
Posts: 6 Forumite
Hello,
I have an off plan new build flat I am buying as a first time buyer. I reserved back in January and it should have been a 28 day exchange. Here we are months later still not exchanged and my solicitors putting in another search just yesterday. The sellers are now threatening to withdraw if the contract exchange doesn’t happen by end of play tomorrow. What can i do? I constantly try and contact my solicitors, I very rarely get through to them and when I do they can’t give me a reason why they won’t exchange.
I have an off plan new build flat I am buying as a first time buyer. I reserved back in January and it should have been a 28 day exchange. Here we are months later still not exchanged and my solicitors putting in another search just yesterday. The sellers are now threatening to withdraw if the contract exchange doesn’t happen by end of play tomorrow. What can i do? I constantly try and contact my solicitors, I very rarely get through to them and when I do they can’t give me a reason why they won’t exchange.
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Comments
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Are you buying with a mortgage?1
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yes but I’ve been told to not process with that Ute as the build isn’t complete so the offer could expire. I have transferred my deposit and done everything on my side. They raised a un1 form earlier this week out of the blue and then an os2 search which they then have said they had to resubmit.0
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Your solicitor is unlikely to exchange without a valid mortgage offer in place. The solicitor also has the lender as their client all the ducks need to be lined up.2
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i have signed a letter saying that they can as I believe this is often to process for new builds.0
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Which would you rather happen?
1. Your solicitors exchange right now to keep the other side happy.
2. Your solicitors protect your interests by doing all the searches necessary to understand the risk to you in a purchase involving hundreds of thousands of pounds, and those that your lender will need to have had done before they can give you a mortgage.
I'd want the second.
And don't constantly contact your solicitor, it will be stopping them doing their job and makes things even slower.6 -
What happens of you canlt et a mortgage?anthonypilling said:i have signed a letter saying that they can as I believe this is often to process for new builds.0 -
They can withdraw if they like, how likely is it that any alternative buyer will be able to overtake you?anthonypilling said:
The sellers are now threatening to withdraw if the contract exchange doesn’t happen by end of play tomorrow. What can i do?1 -
It seems unlikely that you will be able to persuade your solicitors to exchange tomorrow - and that's a good thing for the reasons given above(My username is not related to my real name)1
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big guided by your solicitor if you can't exchange there is a good reason0
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If you exchange and have an issue getting a mortgage then you would be in a whole world of pain.. Be guided by your solicitor as he is on your side.2
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