I am on the verge of backing out of a property sale. What are my options? [Merged]

saajan_12

bobster2 said:

eddddy said:

Have you checked with your seller what their preference/plan is for exchange and completion?

Is the seller (or anyone else) living in the property? If so, what are their plans?

Answers all in this thread...

https://forums.moneysavingexpert.com/discussion/6554853/i-am-on-the-verge-of-backing-out-of-a-property-sale-what-are-my-options/p1

I read your other thread and it sounds like you're looking for reasons to pull out. The speed of this transaction and the appliances you want are really just red herrings. If you no longer want to buy this property then just pull out and save everyone the hassle. If do want the property then focus on the core issues - namely waiting for the lawyer's checks and then arranging dates to exchange.  

raptor2004

saajan_12 said:

bobster2 said:

eddddy said:

Have you checked with your seller what their preference/plan is for exchange and completion?

Is the seller (or anyone else) living in the property? If so, what are their plans?

Answers all in this thread...

https://forums.moneysavingexpert.com/discussion/6554853/i-am-on-the-verge-of-backing-out-of-a-property-sale-what-are-my-options/p1

I read your other thread and it sounds like you're looking for reasons to pull out. The speed of this transaction and the appliances you want are really just red herrings. If you no longer want to buy this property then just pull out and save everyone the hassle. If do want the property then focus on the core issues - namely waiting for the lawyer's checks and then arranging dates to exchange.  

It isn't the appliances, its the front electric gates and speed of transaction. And you are right, I am getting more and more inclined to pull out and with conviction if these issues are not resolved.

BonaDea

The searches require answers from the local authority and some take 7-8 weeks to get them back to your solicitor.  No amount of stamping your feet and feeling aggrieved will alter the council's workloads and timescales.

housebuyer143

raptor2004 said:

Thanks.

what I don’t understand is why is the searches taking so long?

I paid my solicitor 6 weeks ago now.

When did they order them? They take at least 2-3 weeks to come back and they need to review them and send enquiries to the other side. Then those replies will generate more questions. 
You are also not their only case, so they might only look at your file once a week. 

raptor2004

BonaDea said:

The searches require answers from the local authority and some take 7-8 weeks to get them back to your solicitor.  No amount of stamping your feet and feeling aggrieved will alter the council's workloads and timescales.

But they are not coming from the council. They use third party companies that simply pull information from the local authority/public databases, that anyone here can access.

raptor2004

housebuyer143 said:

raptor2004 said:

Thanks.

what I don’t understand is why is the searches taking so long?

I paid my solicitor 6 weeks ago now.

When did they order them? They take at least 2-3 weeks to come back and they need to review them and send enquiries to the other side. Then those replies will generate more questions. 
You are also not their only case, so they might only look at your file once a week. 

I ordered them in early August and made initial payment (around £600) on 16th August.

I am still waiting for a response on the fittings and fixtures list (waiting 2 weeks now and counting). I spoke to the EA last week and he claimed that the vendors have responded back to all queries and has been sent back to my solicitor. Not sure what is going on here but it is taking way too long... 

Myci85

I would echo that you need to manage your expectations better in terms of timeliness. The generally expected time for a simple sale is 3-4 months. When we started the process I was working on 6 months, and anything less would be a bonus. We had offer accepted mid May, we're currently hoping to complete this Friday, and yet we are 2 days away, with half hour until solicitors close and we've still not exchanged. 
If you get so impatient at such an early point in the process, I think you're just going to make buying any property 100 times more stressful than it already is. 

EssexHebridean

TheJP said:

raptor2004 said:

Thanks.

what I don’t understand is why is the searches taking so long?

I paid my solicitor 6 weeks ago now.

Your solicitor will use a third party company to commission the searches as they are across various organisations, on top of the other conveyancing checks they will do the searches are usually one of the last things that get done.

It's not standard to leave the searches until late on - generally they are one of the earlier things to get instructions on and deal with, once contract papers have been checked and any mortgage offer received. 

As for "why so long" - because some local authorities are truly, painfully slow. Sad but true - and that has been pretty much the same situation for well over 30 years to my knowledge, and I suspect longer! 

OP one thing I would suggest is that if you are considering pulling out over the issues you've stated, perhaps this is not the right property for you? If you do pull out and start looking elsewhere, bear in mind that as said, there is no certainty that will be any faster, and of course everything including mortgage offer will have to start from the beginning again. 

raptor2004

I am in the conveyancing process of a probate property.

An offer was agreed and accepted back in early August and I paid monies and appointed a solictor around mid-August.

Searches are complete and I cannot get an answer from the estate agent or my solictor on when we can agreed some rough timescales on the exchange date and completion date.

I did a search myseld on the two executors (brothers) and the probate was granted by the high courts back in March this year. The adminstration of the estate was granted to one of the brothers only but there the probate letter also states, "Power reserved to another Executor".

So from my understanding, the probate has been granted, searches complete etc. so why can't we agree on an exchange date??

DE_612183

probably depends on your buyers - perhaps they are still getting their mortgage sorted, or in the process of selling their house.

Do you know if there is a chain?