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    • Concerned75
    • By Concerned75 1st Jul 18, 9:39 PM
    • 256Posts
    • 130Thanks
    Concerned75
    Frustrating house sale.
    • #1
    • 1st Jul 18, 9:39 PM
    Frustrating house sale. 1st Jul 18 at 9:39 PM
    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...
Page 1
    • Concerned75
    • By Concerned75 1st Jul 18, 9:41 PM
    • 256 Posts
    • 130 Thanks
    Concerned75
    • #2
    • 1st Jul 18, 9:41 PM
    • #2
    • 1st Jul 18, 9:41 PM
    They're his client
    Sorry, it should have said he's their client.
    • AnotherJoe
    • By AnotherJoe 1st Jul 18, 9:43 PM
    • 9,889 Posts
    • 11,048 Thanks
    AnotherJoe
    • #3
    • 1st Jul 18, 9:43 PM
    • #3
    • 1st Jul 18, 9:43 PM
    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.
    • Concerned75
    • By Concerned75 1st Jul 18, 9:52 PM
    • 256 Posts
    • 130 Thanks
    Concerned75
    • #4
    • 1st Jul 18, 9:52 PM
    • #4
    • 1st Jul 18, 9:52 PM
    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.
    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.
    • csgohan4
    • By csgohan4 1st Jul 18, 10:06 PM
    • 4,658 Posts
    • 2,909 Thanks
    csgohan4
    • #5
    • 1st Jul 18, 10:06 PM
    • #5
    • 1st Jul 18, 10:06 PM
    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"
    • AnotherJoe
    • By AnotherJoe 1st Jul 18, 10:44 PM
    • 9,889 Posts
    • 11,048 Thanks
    AnotherJoe
    • #6
    • 1st Jul 18, 10:44 PM
    • #6
    • 1st Jul 18, 10:44 PM
    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.
    Originally posted by Concerned75
    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.
    • KL0001
    • By KL0001 1st Jul 18, 11:07 PM
    • 88 Posts
    • 83 Thanks
    KL0001
    • #7
    • 1st Jul 18, 11:07 PM
    • #7
    • 1st Jul 18, 11:07 PM
    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.
    • Concerned75
    • By Concerned75 2nd Jul 18, 8:01 AM
    • 256 Posts
    • 130 Thanks
    Concerned75
    • #8
    • 2nd Jul 18, 8:01 AM
    • #8
    • 2nd Jul 18, 8:01 AM
    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.
    • AdrianC
    • By AdrianC 2nd Jul 18, 8:10 AM
    • 17,821 Posts
    • 16,133 Thanks
    AdrianC
    • #9
    • 2nd Jul 18, 8:10 AM
    • #9
    • 2nd Jul 18, 8:10 AM
    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
    I suspect that you are actually selling to the company, who are then setting up a shared-ownership deal with their customer.



    It has now got to the point I can't pay the mortgage on the property and council tax
    Talk to the lender TODAY. Talk to the LA, too.


    because I have become self employed
    If you can't manage such basic outgoings, then is your self-employment viable? Would you not be better simply declaring unemployment?


    due to a long-term health condition
    Is it serious enough to qualify you for benefits?

    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.
    The "lender" here is likely to be part of your actual purchaser.


    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.
    No, they aren't. Until you exchange contracts - which sets a completion date - you have zero contractual relationship with them.


    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...
    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?


    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.
    • Hoploz
    • By Hoploz 2nd Jul 18, 12:08 PM
    • 3,693 Posts
    • 3,231 Thanks
    Hoploz
    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 agent
    • Concerned75
    • By Concerned75 5th Jul 18, 11:32 PM
    • 256 Posts
    • 130 Thanks
    Concerned75
    !!!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.
    By AdrianC

    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.
    • G_M
    • By G_M 6th Jul 18, 3:41 AM
    • 44,748 Posts
    • 53,258 Thanks
    G_M
    .......
    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 property management's 'brand' is completion within 4-8 weeks, not 10week+ and still counting.
    ....
    Originally posted by Concerned75
    This is the crux of your problem. The so-called 'quick sale' companies are

    a) only quick if they themselves actually find a buyer quickly - which they often don't, and
    b) never pay anywhere near market value

    The property management does not care how long it takes, as long as in the end they get their (huge) cut of the very low sale price.

    Have you paid them any upfront fees? eg for a valuation? Or admin charge? Or....? If yes, you will be understandably reluctant to walk away (that's why they charge these fees!).

    But the best advice is to walk away and sell in the conventional manner. Even by selling a bit below market value for a quicker sale you'll get more than via the so-called 'quick sale company'!

    If ongoing finance is an issue, SPEAK TO YOUR MORTGAGE LENDER IMMEDIATELY.
    • Catsacor
    • By Catsacor 6th Jul 18, 6:22 AM
    • 50 Posts
    • 46 Thanks
    Catsacor
    May I just add that the length of time house purchases/sales take these days has actually increased a lot, generally though.


    In the last couple of years i was selling in a chain whereby I was buying an empty property, my own buyer was cash (no mortgage required to buy mine), and the whole process took six and a half months - I was convinced this was unusually long but solicitors and agents both told me it wasn't and that it was infact quite normal.
    There were no complicated reasons for the delay.


    I think the days of quick housing transactions are fewer and further between, sadly.
    • RubyHouse
    • By RubyHouse 6th Jul 18, 9:44 AM
    • 44 Posts
    • 27 Thanks
    RubyHouse
    I would let them know you have made an appointment with an EA to arrange to sell conventionally and you will list the property unless they set an exchange date within 10 days.

    I myself am buying my first house, the house we are buying is empty, we got our mortgage offer approved and survey completed within 3 weeks, yet we are now on week 10 as there are numerous queries.
    My point here is, they have taken this long to complete the application form, whats to say you wont be in the same position in another 10 weeks?
    Have they had their survey done? Have you answered all queries and ensured they are passed immediately to the buyers solicitor?
    • Concerned75
    • By Concerned75 7th Jul 18, 8:24 PM
    • 256 Posts
    • 130 Thanks
    Concerned75
    The buyer didn't have a survey done. Im not sure about a valuation, as these days, they don't need to go to the property to do this, I was informed.
    Anyway, fingers crossed is an update to complete a week Friday. We have exchanged contracts and I hope from now on in, the rest of this goes smoothly and I can get on with leaving this experience behind me.
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