Buyer hospitalised after exchange

gazfocus

chainhell said:

Nothing from our buyers their just waiting for news like the rest of us.  I think I will start looking into alternative financing for worst case scenario 

I would speak to your solicitor as a first port of call and ask if it’s worth you giving your buyers notice to complete as technically speaking, if you do get a bridging loan to complete because your buyers haven’t completed, you should be able to claim the additional costs in doing so from your buyers. 

It really would be in your buyers best interest for them to get the bridging loan for them to complete if they are the ones immediately above the guy in hospital. 

AskAsk

gazfocus said:

chainhell said:

Nothing from our buyers their just waiting for news like the rest of us.  I think I will start looking into alternative financing for worst case scenario 

I would speak to your solicitor as a first port of call and ask if it’s worth you giving your buyers notice to complete as technically speaking, if you do get a bridging loan to complete because your buyers haven’t completed, you should be able to claim the additional costs in doing so from your buyers. 

It really would be in your buyers best interest for them to get the bridging loan for them to complete if they are the ones immediately above the guy in hospital. 

the person directly above the guy in the hospital has the most expense as potentially he could end up with a lot of the expense if the person in hospital doesn't have the funds.  you can't sue someone who hasn't got the money and particularly if they have passed away and everything has to go through probate.  it takes a long time to sort things out and in the mean time this guy above him would have to pay all the expenses that he is liable for.

maybe the solicitors in the chain should encourage that person to look for alternative funding ASAP.

chainhell

Hopefully we’ll know more today regarding sick person.  If not serious action will be needed.  

m0bov

chainhell said:

m0bov said:

Op have you issued notice to complete?

No but I have been advised that a vendor above is serving notice on Friday so I assume that will trigger my solicitor serving notice to my buyer and so on down the chain 

Let's hope so. However i wouldn't want to leave that to change.

chainhell

AskAsk said:

gazfocus said:

chainhell said:

Nothing from our buyers their just waiting for news like the rest of us.  I think I will start looking into alternative financing for worst case scenario 

I would speak to your solicitor as a first port of call and ask if it’s worth you giving your buyers notice to complete as technically speaking, if you do get a bridging loan to complete because your buyers haven’t completed, you should be able to claim the additional costs in doing so from your buyers. 

It really would be in your buyers best interest for them to get the bridging loan for them to complete if they are the ones immediately above the guy in hospital. 

the person directly above the guy in the hospital has the most expense as potentially he could end up with a lot of the expense if the person in hospital doesn't have the funds.  you can't sue someone who hasn't got the money and particularly if they have passed away and everything has to go through probate.  it takes a long time to sort things out and in the mean time this guy above him would have to pay all the expenses that he is liable for.

maybe the solicitors in the chain should encourage that person to look for alternative funding ASAP.

Wow, that’s a scary place to be.  

GDB2222

chainhell said:

AskAsk said:

gazfocus said:

chainhell said:

Nothing from our buyers their just waiting for news like the rest of us.  I think I will start looking into alternative financing for worst case scenario 

I would speak to your solicitor as a first port of call and ask if it’s worth you giving your buyers notice to complete as technically speaking, if you do get a bridging loan to complete because your buyers haven’t completed, you should be able to claim the additional costs in doing so from your buyers. 

It really would be in your buyers best interest for them to get the bridging loan for them to complete if they are the ones immediately above the guy in hospital. 

the person directly above the guy in the hospital has the most expense as potentially he could end up with a lot of the expense if the person in hospital doesn't have the funds.  you can't sue someone who hasn't got the money and particularly if they have passed away and everything has to go through probate.  it takes a long time to sort things out and in the mean time this guy above him would have to pay all the expenses that he is liable for.

maybe the solicitors in the chain should encourage that person to look for alternative funding ASAP.

Wow, that’s a scary place to be.  

Unless your buyer is rather well off, he won't be able to pay all he could potentially owe. So, you're also in a rather scary place. 

You mentioned that the solicitor is visiting his sick client in hospital. That's presumably to take instructions, and perhaps get authorisation letters signed.  So, hopefully, things will start to move in a positive direction. 

Elliott.T123

OP, were there any updates after the hospital visit?

I think I can speak for us all when I say we are hoping for positive news for you!

chainhell

Elliott.T123 said:

OP, were there any updates after the hospital visit?

I think I can speak for us all when I say we are hoping for positive news for you!

Hi sorry for going quiet, absolutely no news on the person in hospital so can only assume bad news.  However there are a few irons in fires to arrange alternative finance lower down the chain.

I’m waiting to hear if notice will be served up the chain.  

As soon as I have a conclusion I will fully update the post so it’s there for anyone in the future.  

Thanks for everyone’s comments to date, they’ve been invaluable.

Flugelhorn

Any news @chainhell ? hope something is happening 

chainhell

I just wanted to fully update the forum now I am finally in my new house.  We never did hear what happened to the person in hospital, in the end my buyers luckily were able to source alternative finance.  The whole chain completed around a month late.  All the solicitors in the chain held firm, no one issued a notice to complete and no late completion penalties were applied..... thank goodness !!!

Although it was very stressful at the time, I think the solicitors did a great job resolving a very unusual situation.

Thanks to everyone who helped guide me, I did start to arrange alternative funding myself but luckily didn't need it.  

I hate to think what would've happed if our buyers hadn't found alternative funding