Hi,
This is extremely long but it's complicated. I am grateful in advance to anyone who takes the time to read it and advise me. I am getting pretty desperate.
We accepted an offer at the start of June on the house. EA said buyer was in rented and had mortgage in place. Like a fool, I instructed Countrywide and have had to complain formally to them. My case has since been passed to a solicitor at CW who appears to be proficient.
I told the previous twerp in the first conversation with him in early June that I would not be prepared to proceed to exchange without a deposit from the buyer. I also told him that in order to make the whole process quicker, we were going to move into rented. We are moving across the country, so I also told him we would need some four to five weeks between exchange and completion to find somewhere to rent. I am certainly not about to take the risk of paying out on renting until we have the buyer's deposit at exchange.
My solicitor - the first one - would not speak to buyer about dates, so I got the EA to do it on 16th July. Finally, last Monday, buyer agreed to exchange soon as, with completion on 1st September. On Wednesday, buyer's lawyer says buyer's mortgage offer expires on 21st August and can't be extended. As we are moving a distance, removals have told us it will be cheaper mid-week, so I proposed a completion date of 19th August. I made it clear that I can only agree to that completion date if we can exchange - with buyer's deposit in place - at the start of next week.
Buyer's lawyer came back at close of play last Friday and said that owing to a 'transaction' on which the funding of the buyer's purchase depends, buyer can't exchange until 31st July. They were kind enough to tell me that it's up to me whether we exchange on 31st July or after bank holiday, 4th August. Buyer's lawyer had gone home so no explanation forthcoming. Instead we have been left wondering all weekend.
My timescale is being squeezed more and more with the buyer's camp setting and then resetting the dates. They are putting me at risk with their demands, and the constantly shifting timescale is making our position impossible. It will be a push to find rental at the other side of the country with only two weeks to go. If I go with the timescale the buyer is demanding, and if I don't find rented in time, the costs will be huge - temporary accommodation, cattery, and I work from home so will lose business if I am holed up in the Travelodge for weeks on end.
I am entirely ready to rent to bring the sale to completion which is surely where the buyer wants to be as well. However, I am concerned because there is clearly to be no negotiation, no consideration of my situation, only the buyer's lawyer dictating the terms. My own solicitor, the second much-improved version, is saying that they don't want to nag as buyer's lawyer may dig her heels in.
On top of this, what the EA is passing on to me from the buyer's mortgage broker and the buyer and then what buyer's lawyer is saying to my solicitor regarding the deposit is different between the two and it changes daily. I have been told that buyer is remortgaging another property for the purchase - yet she had a valuation on my house. I have been told that the deposit is there with the broker ready for buyer's lawyer to request, only to be told a day later that the buyer is having to raise it from her business. Despite having asked last Monday, I still have no idea how much the deposit will be.
I need advice PLEASE. Has anyone else come across a buyer doing this kind of thing? Is it just me who thinks the buyer's finances sound dodgy? Can anyone shed light on what they are doing? If anything? Other than being plain inconsiderate, that is.
Also, advice please on what to do regarding the buyer and the buyer's lawyer. Do I tell them that exchange with the deposit happens this coming Monday or Tuesday or the deal is off? We don't want to lose the buyer but the situation is becoming untenable and I am running out of time because the buyer has determined when completion has to happen.
I need to take control of this ridiculous situation so advice on how best to do it, PLEASE
Sally1723
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Legal matters
Urgent advice needed: Buyer, buyer's mortgage broker and buyer's solicitor are driving me mad
Sally1723 · 25/07/2015 20:09
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