First time house seller. Help!(5 Posts)
(Repeated on legal board)
We're about 14 weeks into the process and we're in the middle of a chain. Above us is the people whose house we're buying. They are buying a vacant possession. Below us is our buyers. When we sold the house to them they going to rent out their flat so were appealing buyers. 5 weeks down the line they decided to sell their flat instead but to a family member, so it didn't seem too bad.
Now it is just dragging on. We're all ready to exchange at the top of the chain. After many weeks of slowwwww queries from our buyers, we're all ready there too. Now, it seems the process of queries is beginning all over again at the bottom of the chain between our buyers and the family member buying their flat. I cannot understand why this hasn't occurred simultaneously to our buyers queries being sorted out by our Solictor.
The people we're buying from wanted to move at the end of May. They're being very patient. I thought we'd be moved by mid-June. The Solicitors in the chain below us don't appear to be working to any set deadline.
Our Estate Agents are beyond useless and only chase things up or return calls when we chase them. I just have this feeling that no-one is interested in getting to the point of exchange very soon. Our buyers are teachers and I feel they may not care about moving until the school holidays. But it would be nice to know.
I don't know what to do next as we're in the middle of the chain. I'd actually welcome the people at the top of the chain putting some pressure on everyone below. Shouldn't we be talking dates by now? At least a date to try and work towards or else what's to stop the bottom of the chain's Solicitor from keep putting the work to the bottom of the pile?
Can we demand a work towards- date is set? Who do we need to demand that from? Do we get our Solicitor to do this?
Please help. I feel so helpless.
How desirable is your house - ie how quickly could you find another buyer? We were in a similar position last year. In the end we threatened to pull out and put the house back on the market and after that exchange happened within a week. You have to be prepared to go through with the threat though.
Our hous esold within a week and was very desirable in March when we put it on the market. I fear the market has come to a standstill sicne then so I don't think we're in a position to make the threat of pulling out. It seems unfair to the people above too us too.
Perhaps discuss it with your estate agent - you are paying them a hefty whack after all. Ask them if they have any other prospective buyers in the pipeline. At the very least it will make them realise how twitchy you're feeling, and maybe they will then put some pressure on your buyers.
If you are ready to exchange then yes you should be talking dates as that forms part of the Exchange of Contracts. It doesn't necessarily mean a delay as theoretically exchange and Completion can take place on the same day. Your solicitor could start to pressure theirs if it is otherwise all ready to go but if they are financially dependent on their family buyer it may not get you very far. It could be the quereis are being raised now because of an issue over the mortgage or a lease if it is a flat.
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