PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.Frustrating house sale.
Options
Concerned75
Posts: 296 Forumite
Im still in the process of selling my house, despite neither parties being in a chain, anything else to sell and after 10 weeks, still no exchange or completion date.
I have gone with a company that arranges a quick sale and is supposed to have cash buyers or developers on their books.
They also have a window on the open market to people who can't buy outright, but have been "vetted and have a mortgage in place/principle"
The buyer is from Poland and speaks very little English, so based on what my solicitor and property management say, neither of them have heard much from him, through his solicitor.
It has now got to the point I can't pay the mortgage on the property and council tax, because I have become self employed, due to a long-term health condition, I need to be in more control of my working hrs, so I can manage my health. I have struggled with this for 12yrs on PAYE. So now I wanted a fresh start, my own hrs and some money in the bank, as I am moving in with my partner.
The holdup seems to be, the buyer has gone with a lender that is not known by my solicitor and everything is going through the lender's solicitor.
They are making queries that should have been made back in April.
I suspect the buyer didn't meet the high criteria on the high street lenders and has gone to a small and frustrating business.
It has taken him 2 and half months to fill out his mortgage application and come up with his deposit, even though I was assured he was good to go for a mortgage by my property management. They're his client and it seems he's lied to them or they haven't done their job properly.
I am also annoyed at the property management, because despite telling them I am going into debt until we complete, they have effectively washed their hands of my financial situation, seeing as they are partly to blame.
I did get some legal advice on this and they suggested they could have offered some compensation for the delay or deduct some of their fees.
The property management's 'brand' is completion within 4-8 weeks, not 10week+ and still counting.
I can't back out as I have to work and pay rent on the work studio and I am not living there because of the distance between the properties is too far and costly to travel.
This buyer shouldnt have been on their books in the first place.
Just so upset as there's nothing I can do...
I have gone with a company that arranges a quick sale and is supposed to have cash buyers or developers on their books.
They also have a window on the open market to people who can't buy outright, but have been "vetted and have a mortgage in place/principle"
The buyer is from Poland and speaks very little English, so based on what my solicitor and property management say, neither of them have heard much from him, through his solicitor.
It has now got to the point I can't pay the mortgage on the property and council tax, because I have become self employed, due to a long-term health condition, I need to be in more control of my working hrs, so I can manage my health. I have struggled with this for 12yrs on PAYE. So now I wanted a fresh start, my own hrs and some money in the bank, as I am moving in with my partner.
The holdup seems to be, the buyer has gone with a lender that is not known by my solicitor and everything is going through the lender's solicitor.
They are making queries that should have been made back in April.
I suspect the buyer didn't meet the high criteria on the high street lenders and has gone to a small and frustrating business.
It has taken him 2 and half months to fill out his mortgage application and come up with his deposit, even though I was assured he was good to go for a mortgage by my property management. They're his client and it seems he's lied to them or they haven't done their job properly.
I am also annoyed at the property management, because despite telling them I am going into debt until we complete, they have effectively washed their hands of my financial situation, seeing as they are partly to blame.
I did get some legal advice on this and they suggested they could have offered some compensation for the delay or deduct some of their fees.
The property management's 'brand' is completion within 4-8 weeks, not 10week+ and still counting.
I can't back out as I have to work and pay rent on the work studio and I am not living there because of the distance between the properties is too far and costly to travel.
This buyer shouldnt have been on their books in the first place.
Just so upset as there's nothing I can do...
0
Comments
-
Sorry, it should have said he's their client.They're his client0 -
Back out, drop the price, sell through a traditional estate agent, take the hit on the losses because who knows what's going to happen here maybe you'll still be waiting in another 10 weeks.
And maybe this will incent your current buyer to get a move on.0 -
By anotherJoe.Back out, drop the price, sell through a traditional estate agent, take the hit on the losses because who knows what's going to happen here maybe you'll still be waiting in another 10 weeks.
And maybe this will incent your current buyer to get a move on.
I don't have the money to start again. I can't even afford to pay my current mortgage! My solicitor says he is hopeful we should complete next week, latest 2nd week in July. I just wish they would take some monetary responsibility, under these circumstances.0 -
I wouldn't be surprised if they tried to gazunder if you used the quick buy companies"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Concerned75 wrote: »By anotherJoe.
I don't have the money to start again. I can't even afford to pay my current mortgage! My solicitor says he is hopeful we should complete next week, latest 2nd week in July. I just wish they would take some monetary responsibility, under these circumstances.
Then you'll go into arrears. By the time the mortgage co gets serious you'll have sold and can settle up..
As it is you are open to blackmail, eg a last minute gazundr. You've already been lied to about them having cash buyers lined up it turns out to be someone who needs an mortage, same as if you sold through a normal EA to start with.0 -
Speak with your mortgage provider, they may be willing to do something with regards to your payments based on you being part way through the sale and having financial difficulties.0
-
Thanks for your replies. It is true, I could have gone to an EA. I bought the house in 6 weeks with one and old school; no emails or online pre filled out forms back then.
I have managed to speak to my mortgage Co and after an uncomfortable expediture questionnaire, they agreed a nil payment this month, providing I get an exchange date asap. Ive just come out of debt for the past 7 years, hence the new start. I shouldnt be falling back into it because of this.
Im now robbing Peter to pay Paul with all other bills. Just hope I can get some good news soon.0 -
I suspect that you are actually selling to the company, who are then setting up a shared-ownership deal with their customer.Concerned75 wrote: »I have gone with a company that arranges a quick sale and is supposed to have cash buyers or developers on their books.
They also have a window on the open market to people who can't buy outright, but have been "vetted and have a mortgage in place/principle"
Talk to the lender TODAY. Talk to the LA, too.It has now got to the point I can't pay the mortgage on the property and council tax
If you can't manage such basic outgoings, then is your self-employment viable? Would you not be better simply declaring unemployment?because I have become self employed
Is it serious enough to qualify you for benefits?due to a long-term health condition
The "lender" here is likely to be part of your actual purchaser.The holdup seems to be, the buyer has gone with a lender that is not known by my solicitor and everything is going through the lender's solicitor.
No, they aren't. Until you exchange contracts - which sets a completion date - you have zero contractual relationship with them.I am also annoyed at the property management, because despite telling them I am going into debt until we complete, they have effectively washed their hands of my financial situation, seeing as they are partly to blame.
So what are you going to do when they back out tomorrow? Or they decide to only offer you 50% of the previous offer, else they walk?I can't back out as I have to work and pay rent on the work studio and I am not living there because of the distance between the properties is too far and costly to travel.
This buyer shouldnt have been on their books in the first place.
Just so upset as there's nothing I can do...
You can back out - and if you don't think this is going anywhere fast, you should at least threaten to (and mean it). Then get the place into an auction, or put it back on at a genuine "quick sale for cash buyer" price.0 -
If your solicitor thinks the end of next week is achievable, give this as a deadline and pull out if it is not met.
Your mortgage co will extend their generosity for a while.
You could market at a competitive price with a standard estate agent, or you could consider auction, although there may be additional costs with this but the timescale is set pretty much in stone.
Your fees to sell will not be due until the sale completes so don't worry about being able to 'afford' selling with an estate agent0 -
By AdrianC!!!8220;
I have gone with a company that arranges a quick sale and is supposed to have cash buyers or developers on their books.
They also have a window on the open market to people who can't buy outright, but have been "vetted and have a mortgage in place/principle"
Originally posted by Concerned75
!!!8221;I suspect that you are actually selling to the company, who are then setting up a shared-ownership deal with their customer.
My first home was a shared ownership and I seem to remember the strict criteria I had to meet; getting a written mortgage guarantee offer of a property no more than £80K before I could even consider making an offer with any buyer and getting an approval of lender from the shared ownership team, so if this guy is under something similar, they have certainly didn't quiz him on these things, based on this uneccesary drawn out sale.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards