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Enhanced Due Diligence
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CED60
Posts: 8 Forumite
Wonder if anyone can help … we accepted an offer on our house back in February (no chain) the purchaser in rented accommodation and we already have a property we have moved into. The sale has still not completed apparently due to Enhanced Due Diligence which is being carried out on the customers funds which are coming from South Africa . What sort of timescale does this sort of thing normally take ? Wondering whether we should be looking to pull the plug on this deal and try to find another buyer . How often does EDD fail ?
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Depends! If it's their own money and it's been in a legit South African bank account then no reason why it should take any longer than if it were in a UK account. If it's coming from e.g. daddy's business in SA then probably longer.
How long has this been the excuse so far?2 -
Well firstly they said that they had to change solicitors as their original ones were unable to deal with funds coming from SA and now for approx the last month it’s been about the replacement solicitors carrying out this EDD ?0
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I'd be wondering if the problem isn't so much EDD on their money but whether they've got the money at all...do you know how they're funding it? Could be something like selling a property (or other investments) in SA which has been delayed.1
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Mmm, that’s a thought although the estate agent is in touch with their solicitor allegedly and apparently the solicitors have confirmed they are in the process of doing the EDD0
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But then it can just take that long. I started conveyancing on the house I'm buying mid feb, we're completing this coming week. There have been no issues at all other than a flipping slow solicitor1
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A purchaser currently in rented accomodation is going to want to time their exit to their financial advantage. Not going to give notice until exchange is imminent and certain. Relisting the property isn't going to neccessarily speed matters up at all. Though no harm in ramping up the pressure. In case your buyers are playing games for an entirely different reason to the one being given. Which you can only ever take at face value.1
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