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Buyer did on complete on time

shazamaca
shazamaca Posts: 566 Forumite
in House buying, renting & selling
I am looking for any advice I can get on my current situation.


My house sale was due to complete on Thursday. However I received a telephone call from my lawyer on Wednesday to advise that my buyer did not have the funds ready yet. I have been on the phone to lawyer several times since then to try to get this resolved but am not getting anywhere and don't know what to do. The buyers solicitor has advised mine that the buyer is not contacting them

I was also due to complete on house purchase on Thursday but due to buyer nor completing I have been unable to do so. Thankfully this is a new build so I'm not affecting anyone else's move.

I am now sitting in limbo surrounded by cardboard boxes anxiously waiting to move.

can anyone give me any advice as to what will happen now?

Just started comping again, wish me luck!!!


:T :j :T :j :T
«1

Comments

  • Fosterdog
    Fosterdog Posts: 4,948 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Have you exchanged contracts yet?
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 3 June 2017 at 10:24AM
    If you have exchanged contracts, then the buyer "has" to buy your house. And/or recompense you in the long run for any additional costs you have incurred (nothing for worry/stress).

    If you have not exchanged contracts, then that's it. Game over. You have no come back on your buyer and cannot chase him. He's gone. All you can do is sigh, unpack and remarket the house.

    EDIT: I now note that the OP is in Scotland, which has differing terminology and processes.
  • 00ec25
    00ec25 Posts: 9,123 Forumite
    1,000 Posts Combo Breaker
    Fosterdog wrote: »
    Have you exchanged contracts yet?
    pretty obviously yes otherwise their solicitor would not be talking about buyers funds not being available 1 day before completion.

    OP your options are limited:
    - your solicitor will serve a notice to complete (or whatever the correct technical term is) on your buyer
    - if your buyer fails to complete within the timescale of the notice your solicitor will advise on further action
    - you in the meantime are entitled to claim reasonable costs from your buyer if you incur any such as a result of the failure to complete on the original date (eg had to cancel removal company and were billed by them for that). Naturally whether your buyer has the funds available to pay such a claim is a different and next problem
    - you sit and wait and at a time in the future you decide it is never going to happen and you need to start again finding a new buyer. Only do that however on advice from your solicitor since at the moment you have a legal contract with the buyer to sell to them given you have exchanged, so you cannot drop your buyer without it bouncing back and biting you.
  • shazamaca
    shazamaca Posts: 566 Forumite
    This is all new to me so please excuse me for being a bit naive. I think contracts have been exchanged although when I checked in with lawyer on Tuesday I was told they were still waiting for disposition from buyer. Does that mean they are not?

    Just started comping again, wish me luck!!!


    :T :j :T :j :T
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 3 June 2017 at 10:07AM
    shazamaca wrote: »
    This is all new to me so please excuse me for being a bit naive. I think contracts have been exchanged although when I checked in with lawyer on Tuesday I was told they were still waiting for disposition from buyer. Does that mean they are not?

    Sorry, even I missed that this is Scotland. Have you concluded missives for either your purchase or sale? If you have then your solicitor will have told you (probably in writing, so check what they've sent). Waiting for the Disposition could mean either.
  • shazamaca
    shazamaca Posts: 566 Forumite
    davidmcn wrote: »
    Sorry, even I missed that this is Scotland. Have you concluded missives for either your purchase or sale? If you have then your solicitor will have told you (probably in writing, so check what they've sent). Waiting for the Disposition could mean either.

    I asked lawyer the other day and I was told missives have not been conclude

    Just started comping again, wish me luck!!!


    :T :j :T :j :T
  • glentoran99
    glentoran99 Posts: 5,825 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    00ec25 wrote: »
    pretty obviously yes otherwise their solicitor would not be talking about buyers funds not being available 1 day before completion.

    You do know you can exchange and complete on the same day?
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    shazamaca wrote: »
    I asked lawyer the other day and I was told missives have not been conclude

    Does that apply to both your sale and purchase? If so then nothing you can do for the meantime other than wait and see what your purchaser says. Nothing legal happens.
  • shazamaca
    shazamaca Posts: 566 Forumite
    I think so. it is all very stressful all the waiting and not knowing is driving me mad. I have two small children so living out of boxes is very difficult.

    I had set up everything for my move, mail redirect, new insurance etc.

    Any idea how long I will be in limbo for because obviously I will need to sort mail etc

    Just started comping again, wish me luck!!!


    :T :j :T :j :T
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Exchange/Completion is irrelevant. This is Scotland.

    My understanding (limited ) is that in Scotland, if missives have not been concluded there is nothing you can do.

    OP - what happended with your purchase? How far has that got?
This discussion has been closed.
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