Buyer hospitalised after exchange

chainhell

Thanks for the info so far.  I will update when I have more facts as it may help someone else in in the future plus it’s very helpful for us !!

Albermarle

As he was a cash buyer, then you will get your money back as at least he clearly has assets! 

It sounds a bit like a conspiracy theory, but I would not 100% discount that the buyer has not actually got enough cash, and the hospital bit is a delaying tactic.
I am most likely wrong, but you never know.....

AskAsk

Albermarle said:

As he was a cash buyer, then you will get your money back as at least he clearly has assets! 

It sounds a bit like a conspiracy theory, but I would not 100% discount that the buyer has not actually got enough cash, and the hospital bit is a delaying tactic.
I am most likely wrong, but you never know.....

not entirely impossible.  there could be a delay to him getting all the money for completion or he is finding himself short and so is pretending to be in hospital to buy time.

but yeah, the penalty for not completing is quite high, charged at the amount owed on BBR + 3% i think.

the problem is that he is going to have a lot of costs because this is a chain so he may not have enough to cover all the resultng costs as well.

chainhell

No it’s definitely genuine, I’ve seen the email from buyers solicitors and they are an established local firm so just very unfortunate circumstances.

EA said if funds were there completion would have gone ahead but not had that confirmed from the solicitor.

AskAsk

chainhell said:

No it’s definitely genuine, I’ve seen the email from buyers solicitors and they are an established local firm so just very unfortunate circumstances.

EA said if funds were there completion would have gone ahead but not had that confirmed from the solicitor.

the solicitors only has what the buyer had told them so if the buyer told them he is in hospital, they will take that at good faith.

chainhell

solicitor has to have proof of funds to exchange.  

user1977

AskAsk said:

chainhell said:

No it’s definitely genuine, I’ve seen the email from buyers solicitors and they are an established local firm so just very unfortunate circumstances.

EA said if funds were there completion would have gone ahead but not had that confirmed from the solicitor.

the solicitors only has what the buyer had told them so if the buyer told them he is in hospital, they will take that at good faith.

And he may have no "next of kin" in the UK but presumably either the buyer is communicating or somebody else is around if that information has been relayed to the solicitor?

AskAsk

chainhell said:

solicitor has to have proof of funds to exchange.  

proof of funds is done early on in the process and it doesn't get done again at the end so he may have investments that he can't get access in time because of unforseen circumstance or he had investments that had fallen in value, or he had unexpected expenses.

jeeze, he could be in prison for all we know and he has made the excuse of the hospital up, lol

chainhell

I won’t say too much as this is a public forum but I have enough facts to know this is genuine.

AskAsk

user1977 said:

AskAsk said:

chainhell said:

No it’s definitely genuine, I’ve seen the email from buyers solicitors and they are an established local firm so just very unfortunate circumstances.

EA said if funds were there completion would have gone ahead but not had that confirmed from the solicitor.

the solicitors only has what the buyer had told them so if the buyer told them he is in hospital, they will take that at good faith.

And he may have no "next of kin" in the UK but presumably either the buyer is communicating or somebody else is around if that information has been relayed to the solicitor?

yes, he would have told the solicitor or someone on his behalf.