How can you confirm the buyer is financially qualified to proceed

theartfullodger

When the money arrives in your account & the solicitor confirms it's all sorted.

Until then something can (and sometimes does) go wrong

eddddy

20122013 said

is this a ready, willing, and able buyer?

What is the motivation behind your question?

Are you just curious to hear people's personal opinions?

Or are you asking from a contractual/legal perspective? e.g. Because the estate agent's contract uses the phrase "ready, willing and able buyer" - and you want to withdraw from the sale without paying a fee

20122013

https://forums.moneysavingexpert.com/discussion/comment/82030728#Comment_82030728

Yes, please to all 3 questions =)

What is the motivation behind your question?

I would like to know whether a date for Exchange can be set within the next few weeks and what are the deciding factors so I can weight up whether I should cancel this sell and start over. eg time to wait for this seller vs how long it will take to find another buyer vs length of lease remaining & costs of keeping this property. As this buyer is unlikely to be proceed for at least another 3 months? and their mortgage offer expiring or not longer valid due to them getting funds from their (ex) partner. I had mentioned about 'able, willing and ready' is because two months ago the agent said that the buyer is but this is not the case. If I need to terminate the contract with this agent, I should be able to without having to pay a fee. PS: Yes, I am also curious to hear people's personal opinions as I do not know much about this process.

Tiglet2

https://forums.moneysavingexpert.com/discussion/comment/82030786#Comment_82030786

Dates don't get set for exchange of contracts, only the completion date gets set.

When all the outstanding bits are dealt with, you will be asked what completion date you want, as will the buyer. Once you have agreed a completion date, the solicitors will exchange the contracts.

The Deed of Covenant will be signed and lodged with the solicitor. It will stay on the solicitor's file until completion.

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/82030786#Comment_82030786

Conveyancing is very rarely a straight forward or quick process.

I think you need to take a step back, calm down and let the solicitors do their jobs. It will take as long as it takes and there is very little you can do to speed up the process.

If you pull out on this buyer who is to say that you will get another one quickly? It is odd economic times with a war caused many miles away severely affecting economics on our shores. People will tend to be more conservative with their major purchases (i.e buying houses) when the outlook for the economy is uncertain.

otb666

We are 8 months into process after being told our buyer had sold their house Their buyer pulls out just before exchange So new buyer found for our buyer but they are selling a leasehold. In the meantime we are racking up costs of £500 pm on an empty house. However in EA eyes we have a willing buyer so its check mate and we are just stuck it seems. So I can understand where you are coming from completely. Have not got an answer for you

20122013

Update, I have recently completed and I want to say thank you for all the support and suggestions.