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Vendor decides to pull out, need help

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  • diggingdude
    diggingdude Posts: 2,445 Forumite
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    The biggest problem you have I'd £3.5k for a broker. Is the house a multi million pound house? :)
    An answer isn't spam just because you don't like it......
  • minirisks
    minirisks Posts: 15 Forumite
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    It is an expensive graded listed house. I did not expect it to be completed in early August even if I am buying with cash as I literally just received the contract and was still waiting for the reply of enquires and missing documents from the seller’s solicitor.
  • anselld
    anselld Posts: 8,283 Forumite
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    minirisks wrote: »
    Unfortunately, it took almost one month for me to prepare the mortgage documents after I received the agreement in principle in June. As I said, many documents needed to be translated and notarized. We formally submitted the mortgage application in early July, and the bank would make decision in August.

    That is a very long time.
    Why translated and notarised? Presumably this is a UK property with a UK mortgage. You seem to be overly complicating the normal process which is no doubt giving the vendor the jitters.
  • Simby
    Simby Posts: 240 Forumite
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    The vendors funds are from overseas, this is normal if the documents proving sources of funds are not in English and yes it can take time.. not sure what the op could have done to speed that part of the process up.

    Op maybe talk to the EA again and explain the hold up, it’s unfortunate but I am guess neither your Vendor nor the EA updating them understand how slow getting overseas documents and then translating and notarizing is ( you can’t just get any translator and depending on the language there can be a backlog).
  • warby68
    warby68 Posts: 3,022 Forumite
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    In a nutshell, availability of funds need to be confirmed as soon as possible so that the vendor has confidence and considers it worthwhile going through that 3m process you refer to. If you can't source the funds and 3 months have gone by a lot of time will have been wasted.

    Why does your Bank need another month to decide? Has it run out of funds? Is it a less than conventional lender? Why did you not prepare your documentation in advance knowing your mortgage wasn't straightforward? How certain it it you will get this mortgage? These are all questions that will make a vendor nervous this long after accepting your offer so they are trying to call your bluff.

    Its wrong to say the vendor is pulling out - it is you who is casting doubt on the deal at the moment.

    Lots of negotiation and reassurance needed from you to vendor - broker can perhaps confirm likelihood of approval?
  • minirisks
    minirisks Posts: 15 Forumite
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    The broker has already written to EA that the mortgage will be approved in August. And he has chased the bank to speed up the process. My lender is an unconventional bank. Unfortunately I do not have many mortgage options because most of my fund are from overseas countries.

    The problem I have now is the seller or the seller’s solicitor did not reply to my solicitor’s enquiry. Even if I can pay by cash in this transaction (I chose mortgage as I did not want to undertake the risks of currency exchange rate), the contract is not in a good shape to be exchanged.
  • cloo
    cloo Posts: 1,291 Forumite
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    Does the vendor's *solicitor* say this is the case? Set your mind at rest, ask your solicitor to check with the vendor's solicitor if this is the case. My money is on it not being so.

    Estate agents will say any old b*llsh*t to get people to hurry up... this could just a complete lie on EAs part to chivvy you along. I have learned never to let myself be bullied/intimidated by agents suddenly changing deadlines or telling you the other party is 'really angry' that you've dropped your offer because the survey suggests significant costs or whatever. In my experience of 3 purchase that has always been the case.
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